Hongkong Chinese Limited

Hongkong Chinese Limited is a Bermuda-incorporated Hong Kong listed company. It was the holding company of Hongkong Chinese Bank, which was sold in 2002. The listed company now engaged in real estate development in China and had properties in Singapore. Hongkong Chinese Limited is an indirect subsidiary of Lippo Capital, which was owned by Indonesian entrepreneur Mochtar Riady and his family members. The chairman of Hongkong Chinese Limited, Stephen Riady, is the son of Mochtar.

Hongkong Chinese Limited
FormerlyThe HKCB Bank Holding
Typepublic
SEHK: 655
IndustryReal estate, equity investment
Founded20 October 1992 (1992-10-20)
Headquarters24/th, Tower 1, Lippo Centre,
Hong Kong Island
,
Hong Kong
Key people
Stephen Riady(chairman)
John Lee(CEO)
Revenue HK$01.327 billion (2015–16)
HK$00204 million (2015–16)
Total assets HK$11.417 billion (2015–16)
Total equity HK$10.501 billion (2015–16)
Owner
Riady family via Lippo Limited(65.84%)
Farallon Capital(09.98%)
public shareholders(24.18%)
ParentLippo Limited (SEHK: 226)
Websitehkchinese.com.hk
Footnotes / references
in consolidated financial statement; financial year ended on 31 March[1]

History

The HKCB Bank Holding Company Limited was incorporated in 1992 (and registered as a foreign company in Hong Kong on 20 October 1992). In 2001, the subsidiary Hongkong Chinese Bank was sold to CITIC Ka Wah Bank for HK$4.2 billion.[2][3] The holding company itself was renamed to Hongkong Chinese Limited on 8 February 2002.[4] In the same year 85% shares of Macau Chinese Bank[5] and 85% stake of ImPac Asset Management[6] were acquired, for MOP$190 million (from Finibanco and Alvaro Pinho da Costa Leite) and US$2.125 million (from ImPac Partners) respectively. An additional 15% shares of the bank were acquired from Wong Kon Kei in September 2007, for MOP$47.2 million.[7] In the same year Hongkong Chinese Limited proposed to sell 60% shares of the intermediate holding company of the bank, Winwise Holdings Limited.[8] However, the deal collapsed.

In 2006 Hongkong Chinese Limited, partnering Argyle Street Management, acquired Kim Seng Plaza, Singapore.[9]

In June 2015, 49% shares of Macau Chinese Bank was sold to Chinese state-owned Nam Yue Group (40%) and Yang Jun (9%) respectively for MOP$441 million.[10] Hongkong Chinese Limited remained as the major shareholder for 51% shares. In October 2015, an additional 31% shares were sold to Nam Yue Group (16%) and Wong Kar Ho (15%) for MOP$279 million, subject to the approval of the Monetary Authority of Macau.[11][12]

Ownership

In 1998, China Resources Enterprise acquired 50% shares of HKCB Bank Holding's parent company: Lippo CRE (Financial Services) Limited,[13] which owned 58.78% shares of HKCB Bank Holding in 2001, the rest of the shares of Lippo CRE (Financial Services) were retained by Lippo China Resources, a listed company but also a subsidiary of Lippo Limited. In 2001, 50% shares of Lippo CRE (Financial Services) Limited and 5.84% shares of HKCB Bank Holding that were held by China Resources Enterprise directly, were sold to Lippo China Resources, for about HK$1.8 billion.[14]

In 2007, to simplify group structure, the shares of Hongkong Chinese Limited were acquired by Lippo Limited from subsidiary Lippo China Resources.

References
  1. "2015–16 Annual Report" (PDF). Hongkong Chinese Limited. Hong Kong Stock Exchange. 28 July 2016. Retrieved 11 March 2017.
  2. "Investors stay away after sale of HKCB". South China Morning Post. 10 November 2001. Retrieved 25 August 2017.
  3. "Completion of Disposal of the entire issued share capital of The Hongkong Chinese Bank, Limited and its subsidiaries and Special Cash Dividend" (Microsoft Word). Hongkong Chinese Limited. Hong Kong Stock Exchange. 18 January 2002. Retrieved 12 March 2017.
  4. "CHANGE OF COMPANY NAME" (Microsoft Word). Hongkong Chinese Limited. Hong Kong Stock Exchange. 8 February 2002. Retrieved 12 March 2017.
  5. "ACQUISITION OF 85% OF THE ISSUED SHARE CAPITAL OF FINIBANCO (MACAU), S.A.R.L. BY HONGKONG CHINESE LIMITED" (PDF). Hongkong Chinese Limited, Lippo Limited & Lippo China Resources. Hong Kong Stock Exchange. 27 May 2002. Retrieved 12 March 2017.
  6. "Joint Announcement: Acquisition of 85% of the Issued Share Capital of ImPac Asset Management (Holdings) Ltd. by Hongkong Chinese Limited" (Microsoft Word). Hongkong Chinese Limited, Lippo Limited & Lippo China Resources. Hong Kong Stock Exchange. 13 April 2002. Retrieved 12 March 2017.
  7. "JOINT ANNOUNCEMENT CONNECTED TRANSACTION" (PDF). Hongkong Chinese Limited, Lippo Limited & Lippo China Resources. Hong Kong Stock Exchange. 18 July 2007. Retrieved 16 March 2017.
  8. "JOINT ANNOUNCEMENT: DISPOSAL OF CERTAIN INTEREST IN THE MACAU CHINESE BANK LIMITED RESUMPTION OF TRADING OF SHARES OF HONGKONG CHINESE LIMITED" (PDF). Hongkong Chinese Limited & Lippo Limited. Hong Kong Stock Exchange. 3 October 2007. Retrieved 16 March 2017.
  9. "HK Chinese and Argyle buy Singapore plaza". South China Morning Post. 29 November 2006. Retrieved 25 August 2017.
  10. "JOINT ANNOUNCEMENT DISCLOSEABLE TRANSACTION DISPOSAL OF AND ACCEPTANCE OF PUT OPTION RELATING TO THE INTERESTS IN THE MACAU CHINESE BANK LIMITED" (PDF). Hongkong Chinese Limited, Lippo Limited. Hong Kong Stock Exchange. 26 June 2015. Retrieved 14 March 2017.
  11. "JOINT ANNOUNCEMENT MAJOR AND CONNECTED TRANSACTION DISPOSAL OF ADDITIONAL 31% INTERESTS IN THE MACAU CHINESE BANK LIMITED" (PDF). Hongkong Chinese Limited, Lippo Limited. Hong Kong Stock Exchange. 28 October 2015. Retrieved 14 March 2017.
  12. Filipe, João Santos (29 October 2015). "Nam Yue to secure majority stake in Macau Chinese Bank". Macau Business Daily. Retrieved 25 August 2017.
  13. "CRE will become the controlling shareholder of HKCB with 60.6% stake" (PDF). China Resources Enterprise. 2 July 1998. Retrieved 16 March 2017.
  14. "CRE disposed of its effective interest of 35.23% in HKCB Holding for HK$1.8 billion" (PDF). China Resources Enterprise. 1 November 2001. Retrieved 16 March 2017.
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