Hutchison Harbour Ring

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Hutchison Harbour Ring
public
Traded as SEHK715
Industry Real Estate
Successor China Oceanwide Holdings Limited
Founded 2001
Defunct 2014
Headquarters
  • Bermuda (registered office)
  • Hong Kong (headquarters)
Area served
mainland China
Key people
Canning Fok (Chairman)
Revenue Increase HK$88.4 million (2013)
Profit Decrease HK$174.7 million (2013)
Total assets Decrease HK$6.553 billion (2013)
Total equity Steady HK$6.101 billion (2013)
Owner Hutchison Whampoa (71.36%)
Parent Hutchison Whampoa
Website www.oceanwide.hk
Footnotes / references
in a consolidated basis[1]

Hutchison Harbour Ring Limited was a Bermuda incorporated company based in Hong Kong. The company was sold to Oceanwide Holdings in December 2014.[2]

It was a holding company that manufactures and markets toys, premiums, telecommunication accessories and electronic products. Its products are mainly sold to the United States and Europe.[3] However, it was transformed into a real estate company, which owned various floors of Harbour Ring Plaza and Harbour Ring Huangpu Centre, both in Shanghai, via two subsidiaries. State-owned enterprise Gold Bund Group was the minority shareholder of both subsidiaries, which offered to the public to buy in 2017.[4][5]

History[edit]

Hutchison Harbour Ring Limited, formerly Harbour Ring International Holding Limited, was founded by Dr. Luk Chung Lam (Chinese: 陸宗霖) family. It was listed on the Hong Kong Stock Exchange in 1991. In 2000, Hutchison Whampoa coped with[clarification needed] ICG, a Nasdaq-traded electronic commerce company, to acquire Harbour Ring to build electronic commerce businesses in Asia during the Internet bubble period.[6] In 2001, it was renamed to Hutchison Harbour Ring Limited.[7]

In November 2014, Hutchison Whampoa sold a 71.4% majority stake in the company to the Chinese real estate developer Oceanwide Holdings for HK$3.82 billion ($493 million), which activate the mandatory public offer to buy the remain offer from the market.[8][2] Eventually the company remained as a public company, with new name, new business, new assets as China Oceanwide Holdings Limited.

References[edit]

  1. ^ "2013 Annual Report" (PDF). Hutchison Harbour Ring. Hong Kong Stock Exchange. 3 April 2014. Retrieved 23 January 2017. 
  2. ^ a b "Oceanwide Holdings Officially Takes Over Hutchison Harbour Ring". ACN Newswire. 19 December 2014. Retrieved 25 August 2015. 
  3. ^ Hutchison Harbour Ring Limited
  4. ^ http://www.suaee.com/f/mprj/detail?id=G317SH1008744
  5. ^ http://www.suaee.com/f/mprj/detail?id=G317SH1008745
  6. ^ Hutchison, ICG buy Harbour Ring, form Web alliance
  7. ^ Top of the Game
  8. ^ Cao, Bonnie (6 November 2014). "Li Ka-Shing's Hutchison Sells Harbour Ring Control to Oceanwide". Bloomberg Business. Retrieved 25 August 2015.