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CLP HOLDINGS LIMITED

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Delayed Hong Kong Stock Exchange  -  04:08 2022-06-24 am EDT
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Hong Kong's elite join leadership candidate's campaign as Beijing watches

04/20/2022 | 12:57am EDT
Hong Kong tycoon Li Ka-shing, chairman of CK Hutchison Holdings, meets journalists as he formally retires in Hong Kong

HONG KONG (Reuters) - Hong Kong's sole leadership candidate John Lee has picked nearly 150 heavyweights, including the city's richest man Li Ka-shing and other powerful businessmen and politicians, to join his advisory teams to show broad support for his bid.

Lee, the former No.2 official of the Asian financial hub, is set to replace Chief Executive Carrie Lam on July 1 with backing from Beijing.

"The members have rich experience and contribution to the society...they will be helpful to the platform drafting and other work in the future," Lee's campaign office director Tam Yiu-chung told reporters on Wednesday.

Lee is expected to announce his platform later this month, media reports said, ahead of the election on May 8.

Since Hong Kong returned from British to Chinese rule in 1997, there have been four chief executives, all of whom have struggled to balance the democratic aspirations of some residents with the vision of China's Communist leaders.

All of the city's leaders have been backed by Beijing and chosen by an "election committee" stacked with Beijing loyalists.

Among Lee's 58-member campaign advisory team are the city's biggest property tycoons, including CK Asset's Li Ka-shing, Henderson Land Development's Lee Shau Kee, Sun Hung Kai Properties' Raymond Kwok and New World Development's Henry Cheng.

Other advisers include former World Health Organization director general Margaret Chan, chairman of electricity company CLP Holdings Michael Kadoorie, and casino magnate Lui Che-woo.

Apart from the advisory team that serves a honorary role, there is also a 90-member presidium that Lee is consulting to draft his platform.

The presidium includes former Hong Kong chief secretary and a standing committee member of China's top advisory body the Chinese People's Political Consultative Conference, Henry Tang, business magnate Allan Zeman, former director of Public Prosecutions Grenville Cross, former chief executive of Hong Kong Exchanges and Clearing (HKEX) Charles Li, as well as movie star Jackie Chan.

Lee has secured 786 nominations from the 1,500 members of the election committee in charge of selecting Hong Kong's new leader, higher than the 188 nominations required to run.

A former career police officer, Lee is widely expected to prioritise security issues if he gets the top job, having previously urged new legislation to fully implement a sweeping national security law Beijing imposed on the city in 2020.

Lee said he will be the conductor to "a new symphony" early this month when he announced his candidacy. He said loyalty to China's central government was a priority for any chief executive and part of his platform will include accelerating plans to resolve the city's chronic housing shortage.

(Reporting by Clare Jim; Editing by Kim Coghill)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
CHOW TAI FOOK JEWELLERY GROUP LIMITED 2.91% 14.14 Delayed Quote.-2.00%
CK ASSET HOLDINGS LIMITED 1.49% 54.6 Delayed Quote.9.46%
CLP HOLDINGS LIMITED 0.31% 65.2 Delayed Quote.-17.46%
HENDERSON LAND DEVELOPMENT COMPANY LIMITED 0.17% 29 Delayed Quote.-12.80%
HONG KONG EXCHANGES AND CLEARING LIMITED 4.12% 374.2 Delayed Quote.-21.08%
NEW WORLD DEVELOPMENT COMPANY LIMITED 0.54% 28.15 Delayed Quote.-9.24%
SUN HUNG KAI & CO. LIMITED 0.56% 3.61 Delayed Quote.-13.70%
SUN HUNG KAI PROPERTIES LIMITED -0.22% 92 Delayed Quote.-2.54%
WYNN MACAU, LIMITED 5.50% 4.6 Delayed Quote.-31.55%
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Financials
Sales 2022 83 007 M 10 575 M 10 575 M
Net income 2022 11 037 M 1 406 M 1 406 M
Net Debt 2022 49 746 M 6 338 M 6 338 M
P/E ratio 2022 15,1x
Yield 2022 4,81%
Capitalization 165 B 20 986 M 20 986 M
EV / Sales 2022 2,58x
EV / Sales 2023 2,48x
Nbr of Employees 7 061
Free-Float 71,6%
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Number of Analysts 13
Last Close Price 65,20 HKD
Average target price 79,71 HKD
Spread / Average Target 22,3%
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Managers and Directors
Richard Kendall Lancaster Chief Executive Officer & Executive Director
Nicolas Alain Marie Tissot Chief Financial Officer
Michael David Kadoorie Chairman
David Christopher Smales Chief Operating Officer
Roderick Ian Eddington Independent Non-Executive Director
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