'Hutchison Whampoa Limited' or 'HWL' (, ) of
Hong Kong is a
Fortune 500 company and one of the largest companies listed on the
Hong Kong Stock Exchange. HWL is a leading international corporation with a diverse array of holdings which includes the world's biggest port and telecommunications operators. Its business also includes retail, property development and infrastructure. It belongs to the
Cheung Kong Group.
History
Hutchison Whampoa was originally two companies founded in 19th century, namely ''Hong Kong and Whampoa Dock'', established in 1863, and ''Hutchison International'' in 1877
[1]. Hutchison International, under Sir
Douglas Clague, gained controlling interest of Hong Kong and Whampoa Dock in the 1960s
[2].
In 1977, Hutchison acquired all stakes of ''Hong Kong and Whampoa Dock'' and became ''Hutchison Whampoa Limited''.
Although Hutchison had a portfolio of valuable real estate interests in docks and retail ventures, the company ran into trouble, and had to be rescued by the
Hong Kong Bank. The bank took a 22% stake in the company, and had Clague replaced.
[Stephen Vines, The Other Handover, Time magazine, August 06, 2005]
On September 25, 1979, at the close of trade in
London, the Bank announced it was selling its stake in Hutchison to Cheung Kong for HK$639 million.
Company
HWL currently operates in 56 countries and employs over 220,000 staff worldwide. The company has five core businesses:
★ Ports and Related Services
★ Property and Hotels
★ Retail
★ Energy, Infrastructure, Investments and Others
★ Telecommunications
Industries
HWL operates in businesses related to:
★ Ports and Related Services: Hutchison Port Holdings (HPH) is the world's leading port investor, developer and operator that operates across Europe, the Americas, Asia, the Middle East and Africa. It operates in five of the seven busiest container ports in the world, handling 13% of the world’s container traffic.
★ Property and Hotels: From landmark office buildings in Hong Kong, Beijing, Shanghai, to luxury residential properties in the United Kingdom, Hutchison Whampoa Properties Limited develops and invests in leading real estate. Together with Cheung Kong Holdings, HWL has set up a joint-venture company, Harbour Plaza Hotel Management (International) Limited to operate and manage hotels under the portfolio of the Hutchison Property division.
★ Retail: A.S. Watson & Co., Limited (ASW), HWL's retail arm, operates its flagship retail chains in Asia such as Watson's, PARKnSHOP supermarket, TASTE food galleria, GOURMET boutique style fine food hall, GREAT Food Hall, Fortress electrical appliances store, Watson's Wine Cellar and Nuance-Watson duty free operator. In Europe, ASW's retail network comprises health and beauty chains: DC, Drogas, Kruidvat, Rossmann, Savers, Superdrug, Trekpleister, Spektr and Watson's, as well as luxury perfumeries and cosmetics retail brands: Marionnaud, ICI PARIS XL and The Perfume Shop. A.S. Watson is the world's largest health and beauty retailer.
★ Energy, Infrastructure, Investments and Others: Cheung Kong Infrastructure (CKI), HWL’s infrastructure arm, is a diversified infrastructure company with businesses in transportation, energy, infrastructure materials, water plants and related operations. HWL has an interest in Hongkong Electric Holdings (HEH), the sole electricity supplier to Hong Kong Island and Lamma Island. Hutchison is also a major shareholder of Husky Energy, one of Canada's largest energy and energy related companies.
★ Telecommunications: HWL is a pioneer of mobile multimedia communications with the launch of third-generation (3G) mobile phone networks under the "3" brand. It also owns 50,003%[3] of Hutchison Telecommunications International Limited (HTIL), which provides mobile phone networks and data services in Asia, the Middle East and Africa. Another percent of HTIL is owned directly by Cheung Kong Holdings, the holding behind Cheung Kong group to which HWL belongs to.
Critics
Panama Canal
During the United States' Clinton Administration, when the President and Vice President were under attack for taking money from Chinese funders, several conservative U.S. Congressmen and U.S. Senators tried to tie Hutchison Whampoa and its chairman, Li Ka-shing, into the scandal. Hutchison had successfully earned the rights to operate ports on both sides of the Panama Canal, and the coincidence of that event with the Chinese troubles rocking the White House was too good to ignore. Despite the fact that Hutchison and its chairman had never given money to President Bill Clinton's political effort, and despite the fact that Hutchison is a publicly traded company with no ties to the Chinese government, right-wing critics tried to make the case that Hutchison's presence in Panama was an attempt by the People's Liberation Army to gain control over the Panama Canal, and that the effort was facilitated by President Clinton as a political favor.
In October 1999, Senate Majority Leader Trent Lott have raised fears that China may be seeking control of the Panama Canal through Hutchison Whampoa Limited. [4]
The final negotiaton and signature of the Panama Canal Treaties was done by President Jimmy Carter in September 1977, and provided that as from 12 p.m. on January 1, 2000, Panama would assume full control of canal operations and become primarily responsible for its defense[5]. Today, the Autoridad del Canal de Panamá (Panama Canal Authority) is responsible for the operation and management of the canal. Hutchison Whampoa operates ports in Panama, as it does in Mexico and other parts of the Americas.
Bahamas Port
In March 2006, the Bush Administration was hiring Hutchison Whampoa Limited to help detect nuclear materials inside cargo passing through the Bahamas in a no-bid contract. The CIA had no security concerns about Hutchison's port operations, and Larry M. Wortzel, head of a U.S. government commission that studies China security and economic issues, said Hutchison operates independently from Beijing, and he described Li as "a very legitimate international businessman."[6].
See also
★ List of companies in Hong Kong
★ Swire Group
★ Jardine Matheson Group
★ List of charities in China
References
1. Hutchison-Whampoa: Milestones 1828-1959
2. Hutchison-Whampoa: Milestones 1960-1969
3. 14/06/2007 - Discloseable Transaction (Re. On-market purchases)
4. Clinton, Panama's leader to hold Canal talks - U.S. transfers ownership of vital waterway at year's end, CNN, October 19, 1999
5. End of an era at Panama Canal, BBC News, 14 December, 1999
6. U.S. Hires Foreign Firm to Help Detect Nuclear Materials at Bahamas Port, Fox News, March 24, 2006
External links
★ Hutchison Whampoa
Data
★ Yahoo! - Hutchison Whampoa Limited Company Profile
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