<p>[香港] 据知情人士透露，长和集团正在考虑进一步出售电信资产，此前以 58 亿美元处置了其在英国的移动业务，因为该公司希望退出一个日益竞争激烈和成本高昂的行业。</p>
<p>这家由亿万富翁李嘉诚创立的香港综合企业不太可能在短期内急于达成交易，因为它希望最大化其资产的价值，知情人士表示，他们在讨论私人事务时要求不透露姓名。</p>
<p>他们表示，公司也可能根据市场情况改变战略，而其电信资产的上市仍然是一个选项。</p>
<p>长和集团未立即回应彭博新闻的置评请求。</p>
<p>VodafoneThree 的处置标志着长和集团及其附属公司今年宣布的第二笔重大英国资产出售，总额约为 200 亿美元。这凸显了该集团专注于建立资金储备，以帮助其应对日益增长的经济不确定性和加剧的贸易紧张局势，这些因素已经使计划中的 190 亿美元出售其全球多个港口成为地缘政治的焦点。</p>
<p>额外的交易也将为董事长李泽钜释放资金，因为他希望重塑父亲的商业帝国。虽然李老先生通过早期投资于港口、电信和零售等行业赚取了数十亿财富，但他的儿子现在面临着在快速技术创新的世界中导航的任务。</p>
<h2>‘现金为王’</h2>
<p>长和集团本周出售其在 VodafoneThree 的 49% 股份，恰好是在该综合企业将其英国业务与 Vodafone 集团的运营合并一年后，形成了该国最大的移动运营商。这一时间比一些分析师预期的要早，因为合并允许有三年的退出窗口。</p>
<p>“这与长和集团的战略优先事项一致，即尽可能多地回收现金，因为管理层对全球宏观经济持谨慎态度，” 摩根大通的 Karl Chan 和其他分析师在最近的一份研究报告中写道。他们补充说，该集团还希望在投资中变得更加轻资产化。</p>
<p>截至 2025 年 12 月 31 日，长和集团的现金及现金等价物为 1437 亿港元（230 亿新元），较一年前的 1213 亿港元有所增加。</p>
<p>除了拟议的港口出售外，该综合企业还在考虑其零售部门的潜在上市，这可能至少筹集 20 亿美元。如果所有这些交易完成，该集团将从其持有数十年的大部分核心业务中剥离。</p>
<p>长和集团仍在包括意大利、瑞典和丹麦在内的多个欧洲市场运营电信业务。它在香港电信控股公司中拥有控股权，该公司在香港和澳门提供移动服务。它还通过合资企业在澳大利亚和东南亚提供服务。</p>
<p>虽然电信仍然是长和集团第二大收入来源，但由于大幅折旧和摊销，该部门的表现不佳，拖累了集团归属于股东的利润。根据其年度报告，该公司去年来自该行业的收益在考虑折旧和摊销后下降超过 80%。</p>
<p>电信行业还面临着日益激烈的竞争，未来几年需要数十亿美元的投资，以跟上新一代移动网络的步伐。</p>
<p>根据 CLSA 分析师 Jeffrey Kiang 的研究报告，英国业务的定价好于预期，较运营的估计企业价值高出 41%。该交易预计将提升长和集团的净资产价值和今年的整体经常性利润，Kiang 表示。</p>
<p>尽管全球紧张局势和技术发展给许多跨国公司带来了不确定性，但李泽钜在 3 月份表示，这些 “颠覆性变化” 也带来了机会。李泽钜自 2018 年接管父亲的公司以来，近年来一直在寻求在基础设施领域的进一步扩张，结果喜忧参半。</p>
<p>长和集团旗下的长和基础设施控股公司已对英国智能电表资产提出竞标，并对该国的泰晤士水务表示了兴趣。但据彭博社去年报道，它已退出对英国液化天然气终端的竞标。</p>
<p>“在当前动荡中，现金为王，” 长和基础设施执行董事 Andrew Hunter 在 4 月份的一次股东会议上告诉股东，解释了长和集团为何同意以 105 亿英镑（180 亿新元）出售英国最大的电力分配网络。“充足的资本将为我们解锁一系列未来的选择和机会。” 彭博社</p>

长和(ADR)

标普电信 ETF - SPDR

美国电信股指 ETF - iShares

<p>长和（CK Hutchison）由李嘉诚创立，正在考虑进一步出售电信资产，此前其以 58 亿美元处置了英国移动业务。该公司旨在在竞争加剧和经济不确定性中最大化资产价值。分析师指出，长和的战略侧重于现金生成，截至 2025 年 12 月现金达到 1437 亿港元。电信行业利润显著下降，促使该集团探索轻资产投资和潜在上市，同时仍在多个欧洲市场和亚洲运营</p>

<p>[HONG KONG] CK Hutchison is considering further sales of telecommunication assets following the US$5.8 billion disposal of its UK mobile business, as it seeks to exit a sector that’s become increasingly competitive and expensive, according to sources familiar with the matter.</p>
<div class="lb-trans"><p>[香港] 据知情人士透露，长和集团正在考虑进一步出售电信资产，此前以 58 亿美元处置了其在英国的移动业务，因为该公司希望退出一个日益竞争激烈和成本高昂的行业。</p>
</div><p>The Hong Kong-based conglomerate founded by billionaire Li Ka-shing is unlikely to rush into deals in the near term as it wants to maximise the value of its assets, said the sources, who asked not to be identified when discussing private deliberations.</p>
<div class="lb-trans"><p>这家由亿万富翁李嘉诚创立的香港综合企业不太可能在短期内急于达成交易，因为它希望最大化其资产的价值，知情人士表示，他们在讨论私人事务时要求不透露姓名。</p>
</div><p>The company may also still change strategy depending on market conditions, while a listing of its telecom assets remains an option, they said.</p>
<div class="lb-trans"><p>他们表示，公司也可能根据市场情况改变战略，而其电信资产的上市仍然是一个选项。</p>
</div><p>CK Hutchison did not immediately respond to a Bloomberg News request for comment.</p>
<div class="lb-trans"><p>长和集团未立即回应彭博新闻的置评请求。</p>
</div><p>The VodafoneThree disposal marks the second major UK asset sale announced by CK Hutchison and its affiliates this year, for a combined total of about US$20 billion. That underscores the group’s focus on building a war chest to help it weather growing economic uncertainty and heightened trade tensions, which have already made the planned US$19 billion sale of dozens of its global ports a geopolitical flashpoint.</p>
<div class="lb-trans"><p>VodafoneThree 的处置标志着长和集团及其附属公司今年宣布的第二笔重大英国资产出售，总额约为 200 亿美元。这凸显了该集团专注于建立资金储备，以帮助其应对日益增长的经济不确定性和加剧的贸易紧张局势，这些因素已经使计划中的 190 亿美元出售其全球多个港口成为地缘政治的焦点。</p>
</div><p>Additional transactions would also free up funds for chairman Victor Li as he seeks to reshape his father’s business empire. While the elder Li earned his billions by investing early in sectors such as ports, telecommunications and retail, his son is now tasked with navigating a world defined by rapid technological innovation.</p>
<div class="lb-trans"><p>额外的交易也将为董事长李泽钜释放资金，因为他希望重塑父亲的商业帝国。虽然李老先生通过早期投资于港口、电信和零售等行业赚取了数十亿财富，但他的儿子现在面临着在快速技术创新的世界中导航的任务。</p>
</div><h2>‘Cash is king’</h2>
<div class="lb-trans"><h2>‘现金为王’</h2>
</div><p>CK Hutchison’s sale of its 49 per cent stake in VodafoneThree this week came just a year after the conglomerate merged its UK unit with Vodafone Group’s operation, creating the country’s biggest mobile carrier. That was earlier than expected by some analysts, as the merger had allowed a three-year window for an exit.</p>
<div class="lb-trans"><p>长和集团本周出售其在 VodafoneThree 的 49% 股份，恰好是在该综合企业将其英国业务与 Vodafone 集团的运营合并一年后，形成了该国最大的移动运营商。这一时间比一些分析师预期的要早，因为合并允许有三年的退出窗口。</p>
</div><p>“This is consistent with CK Hutchison’s strategic priority to recoup as much cash as possible, as management holds a cautious outlook for global macro,” Karl Chan and other JPMorgan Chase analysts wrote in a recent research note. The group is also seeking to turn more asset-light in its investments, they added.</p>
<div class="lb-trans"><p>“这与长和集团的战略优先事项一致，即尽可能多地回收现金，因为管理层对全球宏观经济持谨慎态度，” 摩根大通的 Karl Chan 和其他分析师在最近的一份研究报告中写道。他们补充说，该集团还希望在投资中变得更加轻资产化。</p>
</div><p>CK Hutchison had HK$143.7 billion (S$23 billion) in cash and cash equivalents as at Dec 31, 2025, up from HK$121.3 billion a year earlier.</p>
<div class="lb-trans"><p>截至 2025 年 12 月 31 日，长和集团的现金及现金等价物为 1437 亿港元（230 亿新元），较一年前的 1213 亿港元有所增加。</p>
</div><p>Apart from the proposed ports sale, the conglomerate is also mulling a potential listing of its retail arm, which could raise at least US$2 billion. The group will have divested from most of its core business operations, which it had held onto for decades, if all those deals are completed.</p>
<div class="lb-trans"><p>除了拟议的港口出售外，该综合企业还在考虑其零售部门的潜在上市，这可能至少筹集 20 亿美元。如果所有这些交易完成，该集团将从其持有数十年的大部分核心业务中剥离。</p>
</div><p>CK Hutchison still operates telecom businesses in several European markets, including Italy, Sweden and Denmark. It has a controlling stake in Hutchison Telecommunications Hong Kong Holdings, which provides mobile services in the city and Macau. It also runs services in Australia and South-east Asia via joint ventures.</p>
<div class="lb-trans"><p>长和集团仍在包括意大利、瑞典和丹麦在内的多个欧洲市场运营电信业务。它在香港电信控股公司中拥有控股权，该公司在香港和澳门提供移动服务。它还通过合资企业在澳大利亚和东南亚提供服务。</p>
</div><p>While telecom remains CK Hutchison’s second largest revenue-generating operation, it’s been suffering from steep depreciation and amortisation, dragging down the group’s profit attributable to shareholders. The company’s earnings from the sector last year plunged more than 80 per cent after factoring in depreciation and amortisation, according to its annual report.</p>
<div class="lb-trans"><p>虽然电信仍然是长和集团第二大收入来源，但由于大幅折旧和摊销，该部门的表现不佳，拖累了集团归属于股东的利润。根据其年度报告，该公司去年来自该行业的收益在考虑折旧和摊销后下降超过 80%。</p>
</div><p>The telecom industry also faces intensifying competition that will require billions of US dollars of investment in the coming years to keep pace with new generations of mobile networks.</p>
<div class="lb-trans"><p>电信行业还面临着日益激烈的竞争，未来几年需要数十亿美元的投资，以跟上新一代移动网络的步伐。</p>
</div><p>The pricing for the UK business is better than expected, coming at 41 per cent above the estimated enterprise value for the operations, CLSA analyst Jeffrey Kiang said in a research note. The deal is expected to lift CK Hutchison’s net asset value and overall recurring profit for this year, Kiang said.</p>
<div class="lb-trans"><p>根据 CLSA 分析师 Jeffrey Kiang 的研究报告，英国业务的定价好于预期，较运营的估计企业价值高出 41%。该交易预计将提升长和集团的净资产价值和今年的整体经常性利润，Kiang 表示。</p>
</div><p>While global tensions and technological development are fuelling uncertainty for many multinationals, Victor Li said in March that those “disruptive changes” also generate opportunities. Victor, who took control of his father’s company in 2018, had been seeking further expansion in the infrastructure sector in recent years, with mixed results.</p>
<div class="lb-trans"><p>尽管全球紧张局势和技术发展给许多跨国公司带来了不确定性，但李泽钜在 3 月份表示，这些 “颠覆性变化” 也带来了机会。李泽钜自 2018 年接管父亲的公司以来，近年来一直在寻求在基础设施领域的进一步扩张，结果喜忧参半。</p>
</div><p>CK Hutchison unit CK Infrastructure Holdings has pursued a bid for UK smart-metre assets and expressed an interest in the country’s Thames Water. But it pulled out of the bidding for a British liquefied natural gas terminal, Bloomberg reported last year.</p>
<div class="lb-trans"><p>长和集团旗下的长和基础设施控股公司已对英国智能电表资产提出竞标，并对该国的泰晤士水务表示了兴趣。但据彭博社去年报道，它已退出对英国液化天然气终端的竞标。</p>
</div><p>“Cash is king” amid the current turmoil, CK Infrastructure executive director Andrew Hunter told shareholders in a meeting in April, explaining why the CK group agreed to sell the UK’s largest power-distribution network for £10.5 billion (S$18 billion) earlier this year. “Ample capital will unlock a range of future options and opportunities for us.” BLOOMBERG</p>
<div class="lb-trans"><p>“在当前动荡中，现金为王，” 长和基础设施执行董事 Andrew Hunter 在 4 月份的一次股东会议上告诉股东，解释了长和集团为何同意以 105 亿英镑（180 亿新元）出售英国最大的电力分配网络。“充足的资本将为我们解锁一系列未来的选择和机会。” 彭博社</p>
</div>

Li Ka-shing plans more telecom sales in ‘cash is king’ strategy

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长和

沃达丰

沃达丰集团

摩根大通

和记电讯香港

长江基建集团

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JPMorgan Chase & Co.

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李嘉诚计划在 “现金为王” 战略下进行更多的电信资产出售