Hutchison Whampoa Totally Explained

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. Hutchison International, under Sir Douglas Clague, gained controlling interest of Hong Kong and Whampoa Dock in the 1960s.
   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.
   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. 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. Additionally, HWL is an official backer of the .mobi top level domain created specifically for the mobile internet and has launched the mobile portal Three.mobi

under its "3" brand.

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.
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. 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.".

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