<p>长和 (ADR) 的股价攀升至自 2020 年以来的最高水平，此前该集团宣布计划退出英国移动市场，这表明投资者相信李氏家族可能再次在更广泛市场之前把握住了行业高峰。周一，股价从 5 月 5 日的收盘价上涨约 12%，达到 73.30 港元，此前公司表示将以 58 亿美元出售其在沃达丰三的 49% 股份。长和表示，此次处置预计将产生约 47 亿港元（6 亿美元）的收益。投资者似乎在押注该集团在合适的时机退出一个成熟行业，因为对传统电信业务的长期前景的担忧日益加剧。“该集团积极管理其投资组合，并战略性地寻求增值机会……这将为潜在的资本再配置提供可能，旨在减少债务或进行未来投资，” 标准普尔全球评级的副总监 Aras Poon 表示。几十年来，李氏家族因在市场周期接近顶部时退出业务而建立了声誉，亚洲脉搏的独立股权分析师 Steve Chow 和前 ABCI 证券分析师将这一策略形容为 “交易的艺术”。“当商业周期成熟时，他们会回收资本并获利。每次他们都做得很好，” Chow 补充道。他们的成功记录包括在 1999 年欧洲电信繁荣的高峰期出售 Orange UK，在印度移动行业遭遇长期价格战之前将 Hutchison Essar 出售给沃达丰集团，以及在 2017 年以 402 亿港元出售中心大厦，这一交易当时是长和旗下的 CK 资产进行的全球最昂贵的单栋房地产交易，随后香港的办公市场开始走弱。该家族还因通过李嘉诚的私人投资工具 Horizons Ventures 对 Facebook、Zoom 视频通讯和 Spotify 等科技公司的早期投资而受到赞誉，支持这些企业在它们成为主流之前的几年。此次交易发生在长和的电信收入去年暴跌超过 80% 的背景下，受非现金会计费用的拖累，具体情况见其年度报告。这一下滑重新引发了关于传统电信业务在竞争加剧和 5G 投资成本高企的情况下是否仍能实现强劲长期增长的辩论。ING 分析师 Jan Frederik Slijkerman 表示，欧洲电信运营商越来越依赖自动化和成本削减来推动收益增长，因为语音和数据计划等核心产品变得越来越难以区分。他补充道，包括 WhatsApp 和 Microsoft Teams 在内的技术平台也削弱了整个行业的定价能力。“从 2G 到 3G，再从 3G 到 4G，电信行业曾经为投资者讲述了一个非常强大和吸引人的故事，” Chow 表示。“虽然该行业保持稳定，智能手机的渗透率已经非常高，但想象空间变小了。” 尽管如此，惠誉评级表示，电信业务在处置后仍将占长和约 30% 的息税折旧摊销前利润，而标准普尔全球评级则表示，尽管竞争激烈，该业务仍具备产生经常性和稳定现金流的能力。长和仍在意大利、瑞典和丹麦运营电信业务，同时在香港、澳门和澳大利亚开展业务。分析师表示，英国的处置也反映了减少对面临日益地缘政治审查和增长前景较弱的行业的曝光的更广泛战略。这一转变发生在长和的港口利益受到围绕巴拿马运河的美中地缘政治紧张局势影响之后。巴拿马最高法院随后裁定特许合同 “违宪”，使数十亿美元的资产陷入法律不确定性。重新定位在英国变得越来越明显，长和及其关联公司出售了电力和电信资产，同时探索智能电表和水务基础设施等低调的公用事业投资。对于投资者来说，更紧迫的问题是长和计划如何利用其不断增长的资金储备。根据其 2025 年年度报告，该集团在去年年底持有 1437 亿港元的现金及现金等价物，较前一年的 1213 亿港元有所增加。Natixis 的高级经济学家 Gary Ng 表示，欧洲将继续是该集团 “不可避免的焦点”，因为那里的估值比其他市场更不膨胀。“任何具有稳定现金流、强大创新优势和有限地缘政治风险的被低估企业都可能成为转型的下一个路径，” Ng 表示，并指出人工智能基础设施、能源和生命科学等行业。</p>

长和(ADR)

沃达丰

美国电信股指 ETF - iShares

<p>长和 (ADR) 的股价上涨了 12%，达到 73.30 港元，此前该公司宣布计划通过以 58 亿美元出售其在沃达丰三（VodafoneThree）中 49% 的股份来退出英国移动市场。这一举措被视为从一个成熟行业的战略性退出，投资者押注于李氏家族把握市场高峰的历史。此次出售预计将产生 47 亿港元的收益。分析师建议，长和可能会将资本重新部署用于减少债务或投资于具有更好增长前景的行业，因为传统电信面临挑战</p>

<p>CK Hutchison Holdings’ shares climbed to their highest level since 2020 after the conglomerate announced plans to exit the UK mobile market, signalling that investors believe the Li family may once again have timed an industry peak before the broader market. Shares rose about 12 per cent to HK$73.30 on Monday from the May 5 close, after the company said it would sell its 49 per cent stake in VodafoneThree for US$5.8 billion. CK Hutchison said the disposal was expected to generate a gain of about HK$4.7 billion (US$600 million). Investors appear to be betting the conglomerate is exiting a mature industry at the right time, as concerns grow over the long-term outlook for traditional telecoms businesses. “The group actively manages its portfolio and strategically seeks value-enhancing opportunities … this will allow for potential capital redeployment towards debt reduction or future investments,” said Aras Poon, associate director at S&amp;P Global Ratings. For decades, the Li family has built a reputation for exiting businesses near the top of market cycles, a strategy that Steve Chow, an independent equity analyst at Asia Pulse and former ABCI Securities analyst, described as an “art of the deal”. “When the business cycle matures, they recycle capital and take profit. Every time they do it very well,” Chow added. Their track record includes the sale of Orange UK near the peak of Europe’s telecoms boom in 1999, the disposal of Hutchison Essar to Vodafone Group before prolonged price wars hit India’s mobile sector, and the HK$40.2 billion sale of The Center in 2017, then the world’s most expensive single-building real estate transaction by CK Asset – the property arm of the conglomerate – before Hong Kong’s office market began to weaken. The family also drew praise for early investments in technology companies including Facebook, Zoom Video Communications and Spotify through Li Ka-shing’s private investment vehicle Horizons Ventures, backing businesses years before they became mainstream. The deal comes as CK Hutchison’s telecoms earnings plunged more than 80 per cent last year, weighed down by non-cash accounting charges, according to its annual report. The slump has renewed debate over whether traditional telecoms businesses can still deliver strong long-term growth amid rising competition and heavy 5G investment costs. ING analyst Jan Frederik Slijkerman said European telecoms operators were increasingly relying on automation and cost cutting to drive earnings growth as core products such as voice and data plans became harder to differentiate. Technology platforms including WhatsApp and Microsoft Teams had also weakened pricing power across the sector, he added. “From 2G to 3G, then from 3G to 4G, telecoms sectors used to sell a very strong and sexy story for investors,” Chow said. “While the sector has remained stable, with smartphone penetration already very high, the imagination space is smaller.” Still, Fitch Ratings said telecoms would continue to account for around 30 per cent of CK Hutchison’s earnings before interest, taxes, depreciation and amortisation after the disposal, while S&amp;P Global Ratings said the business remained capable of generating recurring and stable cash flow despite intense competition. CK Hutchison still operates telecoms businesses in Italy, Sweden and Denmark, alongside operations in Hong Kong, Macau and Australia. Analysts said the UK disposal also reflected a broader strategy of reducing exposure to sectors facing rising geopolitical scrutiny and weaker growth prospects. The shift comes after CK Hutchison’s port interests became caught in the US-China geopolitical tensions surrounding the Panama Canal. Panama’s Supreme Court later ruled the concession contracts “unconstitutional”, throwing the multibillion-dollar assets into legal uncertainty. The repositioning is becoming increasingly visible in Britain, where CK Hutchison and affiliated companies have sold electricity and telecoms assets while exploring lower-profile utility investments such as smart meters and water infrastructure. For investors, the more immediate question is what CK Hutchison plans to do with its growing war chest. The conglomerate held HK$143.7 billion in cash and cash equivalents at the end of last year, up from HK$121.3 billion a year earlier, according to its 2025 annual report. Gary Ng, senior economist at Natixis, said Europe would remain “an unavoidable focus” for the group because valuations there were less inflated than in other markets. “Any undervalued businesses with stable cash flows, strong innovative edges, and limited geopolitical risks can be the next pathway for transformation,” Ng said, pointing to sectors such as artificial intelligence infrastructure, energy and life sciences.</p>
<div class="lb-trans"><p>长和 (ADR) 的股价攀升至自 2020 年以来的最高水平，此前该集团宣布计划退出英国移动市场，这表明投资者相信李氏家族可能再次在更广泛市场之前把握住了行业高峰。周一，股价从 5 月 5 日的收盘价上涨约 12%，达到 73.30 港元，此前公司表示将以 58 亿美元出售其在沃达丰三的 49% 股份。长和表示，此次处置预计将产生约 47 亿港元（6 亿美元）的收益。投资者似乎在押注该集团在合适的时机退出一个成熟行业，因为对传统电信业务的长期前景的担忧日益加剧。“该集团积极管理其投资组合，并战略性地寻求增值机会……这将为潜在的资本再配置提供可能，旨在减少债务或进行未来投资，” 标准普尔全球评级的副总监 Aras Poon 表示。几十年来，李氏家族因在市场周期接近顶部时退出业务而建立了声誉，亚洲脉搏的独立股权分析师 Steve Chow 和前 ABCI 证券分析师将这一策略形容为 “交易的艺术”。“当商业周期成熟时，他们会回收资本并获利。每次他们都做得很好，” Chow 补充道。他们的成功记录包括在 1999 年欧洲电信繁荣的高峰期出售 Orange UK，在印度移动行业遭遇长期价格战之前将 Hutchison Essar 出售给沃达丰集团，以及在 2017 年以 402 亿港元出售中心大厦，这一交易当时是长和旗下的 CK 资产进行的全球最昂贵的单栋房地产交易，随后香港的办公市场开始走弱。该家族还因通过李嘉诚的私人投资工具 Horizons Ventures 对 Facebook、Zoom 视频通讯和 Spotify 等科技公司的早期投资而受到赞誉，支持这些企业在它们成为主流之前的几年。此次交易发生在长和的电信收入去年暴跌超过 80% 的背景下，受非现金会计费用的拖累，具体情况见其年度报告。这一下滑重新引发了关于传统电信业务在竞争加剧和 5G 投资成本高企的情况下是否仍能实现强劲长期增长的辩论。ING 分析师 Jan Frederik Slijkerman 表示，欧洲电信运营商越来越依赖自动化和成本削减来推动收益增长，因为语音和数据计划等核心产品变得越来越难以区分。他补充道，包括 WhatsApp 和 Microsoft Teams 在内的技术平台也削弱了整个行业的定价能力。“从 2G 到 3G，再从 3G 到 4G，电信行业曾经为投资者讲述了一个非常强大和吸引人的故事，” Chow 表示。“虽然该行业保持稳定，智能手机的渗透率已经非常高，但想象空间变小了。” 尽管如此，惠誉评级表示，电信业务在处置后仍将占长和约 30% 的息税折旧摊销前利润，而标准普尔全球评级则表示，尽管竞争激烈，该业务仍具备产生经常性和稳定现金流的能力。长和仍在意大利、瑞典和丹麦运营电信业务，同时在香港、澳门和澳大利亚开展业务。分析师表示，英国的处置也反映了减少对面临日益地缘政治审查和增长前景较弱的行业的曝光的更广泛战略。这一转变发生在长和的港口利益受到围绕巴拿马运河的美中地缘政治紧张局势影响之后。巴拿马最高法院随后裁定特许合同 “违宪”，使数十亿美元的资产陷入法律不确定性。重新定位在英国变得越来越明显，长和及其关联公司出售了电力和电信资产，同时探索智能电表和水务基础设施等低调的公用事业投资。对于投资者来说，更紧迫的问题是长和计划如何利用其不断增长的资金储备。根据其 2025 年年度报告，该集团在去年年底持有 1437 亿港元的现金及现金等价物，较前一年的 1213 亿港元有所增加。Natixis 的高级经济学家 Gary Ng 表示，欧洲将继续是该集团 “不可避免的焦点”，因为那里的估值比其他市场更不膨胀。“任何具有稳定现金流、强大创新优势和有限地缘政治风险的被低估企业都可能成为转型的下一个路径，” Ng 表示，并指出人工智能基础设施、能源和生命科学等行业。</p>
</div>

Investors bet CK Hutchison is exiting a mature sector at right time – once again

南华早报

长和

沃达丰集团

ORANGE SPON ADR EACH REPR 1 ORD SHS

长实集团

Zoom

Spotify

标普全球

荷兰国际

微软

Natixis Gateway Quality Income ETF

投资者认为长和 (ADR) 再次在合适的时机退出了一个成熟的行业