When Li Ka-shing – one of one of the world’s most successful asset traders – sells anything, the question is always why. For Hong Kong Electric, the first of two big spin-offs expected from Mr Li this year, the answer looks simple at first glance. The sale will help fund juicier investments at Power Assets Holdings, HK Electric’s parent, whose businesses range from keeping the lights on in southern Australia to distributing electricity to the London Underground. But the smarter question is: why now?
李嘉誠(Li Ka-shing)是全球範圍內在資產買賣方面最成功的商人之一，每當他出售任何一項資產時，人們總要問個爲什麼。外界預計，他今年將實施兩宗大型分拆案，第一宗涉及的是香港電燈有限公司（Hong Kong Electric，簡稱港燈）。乍一看，分拆理由很簡單：出售港燈能爲其母公司電能實業有限公司（Power Assets Holdings，簡稱電能實業）籌集資金，用於回報更豐厚的投資。電能實業的業務廣泛，從爲澳洲南部供電到爲倫敦地鐵配電等。但更聰明的問題是：爲什麼是現在？
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