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Hutchison Harbour Ring
From Wikipedia, the free encyclopedia
Hutchison Harbour Ring Limited was a Bermuda incorporated company based in Hong Kong. The company was sold to Oceanwide Holdings in December 2014.[2]
Hutchison Harbour Ring logo | |
| Type | public |
|---|---|
| SEHK: 715 | |
| Industry | Real Estate |
| Founded | 2001 |
| Defunct | 2014 |
| Successor | China Oceanwide Holdings Limited |
| Headquarters |
|
Area served | mainland China |
| Key people | Canning Fok (Chairman) |
| Revenue |  HK$88.4 million (2013) |
 HK$174.7 million (2013) | |
| Total assets | HK$6.553 billion (2013) |
| Total equity |  HK$6.101 billion (2013) |
| Owner | Hutchison Whampoa (71.36%) |
| Parent | Hutchison Whampoa |
| Footnotes in a consolidated basis[1] | |
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
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.
