One of Hong Kong’s family-controlled business empires — Li Ka-shing’s — has just been simplified. Its main constituent stocks popped by more than 10 per cent. No such luck for minority shareholders in South Korea’s empires, which are as messy as ever. The founding families of South Korea’s chaebol exercise control through cross-holdings. Investors’ time is often best spent determining where the family interests lie, rather than analysing the economic performance of group companies.
香港有一家由家族（李嘉誠的）控股的企業帝國剛剛完成結構上的理順。其主要股票一下子上漲10%以上。南韓企業帝國的少數股東就沒這麼好運氣了，這些企業帝國的股權結構仍空前凌亂。南韓財團的創辦家族通過交叉持股來控制企業。投資者與其分析集團企業的經濟表現，往往不如花時間確定家族利益所在。
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