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'Superman' cashes in his shipping stocks

Article-'Superman' cashes in his shipping stocks

'Superman' cashes in his shipping stocks

Hong Kong: Are shipping stocks set to flounder? Asia's richest businessman, Li Ka-shing, known in Hong Kong as Superman, has a habit of selling at the top of the cycle.
Yesterday his twin flagships were selling up to $485 million worth of shares in two shipping firms, according to term sheets obtained by Reuters, locking in hefty gains in both stocks. Property firm Cheung Kong (Holdings) was selling 250 million shares in China Shipping Container Lines Ltd at HK$6.06-HK$6.19, a discount of 3.43-5.46 percent to the stock's Tuesday closing price, in a deal handled by UBS. CSCL recently raised more than 15.4 billion yuan (US$2.09 billion) in a Shanghai initial public offering, and its shares are set to make their mainland China trading debut on Wednesday. Its Hong Kong-listed stock has gained 356 percent over the past year.
Cheung Kong and sister conglomerate Hutchison Whampoa Ltd., meanwhile, were selling 89 million shares in China COSCO Holdings at HK$24.80-HK$25.20 each, a discount of 5.4-6.9 percent, in a deal handled by JP Morgan. Shares in China COSCO have gained 573 percent over the past year. [12/12/07]

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