Hongkong Chinese Limited is a Bermuda-incorporated Hong Konglisted company. It was the holding company of Hongkong Chinese Bank, which was sold in 2002. The listed company now engaged in real estate development in China and had properties in Singapore. Hongkong Chinese Limited is an indirect subsidiary of Lippo Capital, which was owned by Indonesian entrepreneur Mochtar Riady and his family members. The chairman of Hongkong Chinese Limited, Stephen Riady, is the son of Mochtar.
History
The HKCB Bank Holding Company Limited was incorporated in 1992. In 2001, the subsidiary Hongkong Chinese Bank was sold to CITIC Ka Wah Bank for HK$4.2 billion. The holding company itself was renamed to Hongkong Chinese Limited on 8 February 2002. In the same year 85% shares of Macau Chinese Bank and 85% stake of ImPac Asset Management were acquired, for MOP$190 million and US$2.125 million respectively. An additional 15% shares of the bank were acquired from Wong Kon Kei in September 2007, for MOP$47.2 million. In the same year Hongkong Chinese Limited proposed to sell 60% shares of the intermediate holding company of the bank, Winwise Holdings Limited. However, the deal collapsed. In 2006 Hongkong Chinese Limited, partnering Argyle Street Management, acquired Kim Seng Plaza, Singapore. In June 2015, 49% shares of Macau Chinese Bank was sold to Chinese state-owned Nam Yue Group and Yang Jun respectively for MOP$441 million. Hongkong Chinese Limited remained as the major shareholder for 51% shares. In October 2015, an additional 31% shares were sold to Nam Yue Group and Wong Kar Ho for MOP$279 million, subject to the approval of the Monetary Authority of Macau.
Ownership
In 1998, China Resources Enterprise acquired 50% shares of HKCB Bank Holding's parent company: Lippo CRE Limited, which owned 58.78% shares of HKCB Bank Holdingin 2001, the rest of the shares of Lippo CRE were retained by Lippo China Resources, a listed company but also a subsidiary of Lippo Limited. In 2001, 50% shares of Lippo CRE Limited and 5.84% shares of HKCB Bank Holding that were held by China Resources Enterprise directly, were sold to Lippo China Resources, for about HK$1.8 billion. In 2007, to simplify group structure, the shares of Hongkong Chinese Limited were acquired by Lippo Limited from subsidiary Lippo China Resources.
