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Strategies & Market Trends : HONG KONG -- Ignore unavailable to you. Want to Upgrade?

To: Auj who wrote (909)	11/19/1997 9:00:00 PM
From: ----------	Respond to of 2951

Here is the article that mentions him: Power Broker "I am here for business" MEET THE MAN WHO is emerging as a key mover and shaker in soon-to-be Chinese-controlled Hong Kong. Zhu Xiaohua, 48, arrived in the territory last July after he was named chairman of the China Everbright group, which is owned by the State Council, the mainland's central government. A confidant of China's economic czar, Zhu Rongji, he made waves this month when unlisted Hong Kong company Everbright Holdings bought 7.74% of giant Hongkong Telecom from CITIC Pacific, which is led by Larry Yung, son of Chinese Vice President Rong Yiren. A Hong Kong-listed subsidiary, China Everbright-IHD, has won approval from Beijing to buy 20% of Everbright Bank, one of China's leading financial institutions. Zhu Xiaohua recently spoke with Asiaweek's Law Siu Lan. Excerpts: Why did Everbright buy into Hongkong Telecom? It's a good company that fits into our investment strategy. If market conditions allow, we would like to buy more. The deal is entirely a business transaction. There is no such thing as instructions from the central government. Your moves are fueling speculation that Everbright is being positioned to replace CITIC Pacific as the State Council's flagship in Hong Kong. There is no such thing as a flagship company [of the State Council]. No mainland company comes to Hong Kong with political responsibilities. I have specialized in finance and business for many years. I am here for business, not to take up CITIC Pacific's special role, if it has one. Being in Hong Kong, we will strictly follow market rules. Neither Everbright nor CITIC Pacific can be an exception. But you declined to comply when Hong Kong regulators asked Everbright to disclose information while the injection of Everbright Bank into Everbright-IHD was still a rumor. There is a disparity concerning rules on disclosure in China and Hong Kong. Hong Kong regulators demanded that we give details about our planned injection, but Chinese practice does not allow giving out information on any transaction prior to government approval. But I think regulators on both sides will soon reach an agreement. Being in Hong Kong, red-chip companies [mainland-owned firms listed in the territory] should follow Hong Kong practice. China is about to release regulations on injections of mainland assets into Hong Kong companies. Do you see this as bad news? Asset injections have to be regulated. Vice Premier Zhu Rongji is very concerned about it. These regulations are meant to bring order to [the practice] and avoid state assets being injected overnight without approval from the central government. In the long-term, this will only benefit investors. Doug

To: Auj who wrote (909)	11/20/1997 2:42:00 PM
From: ----------	Read Replies (1) \| Respond to of 2951

A Little Note on the wealth of HK: Li says his mainland investments total $60b TYCOON Li Ka-shing claims to have invested more than $60 billion in China, reports say. Mr Li, 69, whose personal fortune is estimated at about $86 billion, told the Beijing-backed Wen Wei Po newspaper that he had made a total investment of more than $60 billion in mainland projects such as roads, bridges, power plants and property. Mr Li, the head of Cheung Kong and Hutchison Whampoa, said his investment in his hometown in Shantou, Guangdong, accounted for more than $4 billion. ''I'm from Shantou, I love my hometown, but I'm very proud of being a Chinese,'' he said. He had contributed to a university in Shantou, saying ''education is the most important, in making a country powerful''. Mr Li was placed second in Hong Kong's wealth league to Lee Shau-kee, head of Henderson Land Development, by Forbes magazine. Hong Kong has the world's highest concentration of billionaires _ at least 20 in a population of 6.4 million, according to Forbes.