2001-05-29 09:49:58
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2001-05-29 09:49:58
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Tycoon Li denies monopoly
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HONG KONG: Tycoon Li Ka-shing has denied that his companies hold a monopoly on the markets either in Hong Kong or in the Chinese mainland. "If a Hong Kong company can create a monopoly situation in a country, it should be Hong Kong people's glory, but it is impossible to monopolize a market," Li said, quoted in a transcript of a press conference received last Friday. Li controls two of Hong Kong's flagship multinationals, Cheung Kong (Holdings) Ltd. and Hutchison Whampoa Ltd, which have wide-ranging interests in everything from property, to telecoms, ports and even retail outlets. Li also dismissed fears that Hutchison Port - reportedly the world's largest private port investor - had a monopoly hold on the port operating business in China. "It is impossible for any one to monopolize any business, particularly the transport business, in China. Our business in China always creates a win-win situation," he told the company's annual general meeting on Thursday. "Ports are long-term investments. We might be able to announce another port project soon," he said, quoted in the transcript. He said his companies were always looking for investment opportunities with such a huge cash pool at their disposal. "But under the present economic condition, we have to be very cautious," he said, adding patents for biotech businesses were also being applied for. "Within the group, every company is very dynamic, particularly those companies outside Hong Kong, the growth is tremendous," Li said. He also dismissed press reports that Cheung Kong Group was planning to restructure after shareholders last Thursday gave it the go-ahead to raise its authorized share capital by one billion shares to 3.8 billion. "Cheung Kong Group has no immediate plans for restructuring... Seeking a general mandate to increase authorized share capital is just a house-keeping routine operation. It is not for any special purpose," Li said. "I am very satisfied with the present structure of the group. All of our companies are doing well and the results are very encouraging," Li said. Li also reiterated his group would remain in Hong Kong, saying "Hong Kong is our base." Agencies via Xinhua
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