There is another blockbuster news in the capital market, Li Zekai, the son of Li Ka-shing, the richest man in Hong Kong, plans to sell Berry Capital Management in the United States.
According to a well-known source, Li Zekai's private company will be ** Berry Capital, which currently holds most of the shares, and the remaining small number of shares are held by the management.
The company was acquired by Mr. Li in 2010, when AIG Insurance went bankrupt and Mr. Li took over their asset management business in the United States, when the company had $87.3 billion in assets under management. At that time, it cost Li Zekai 2$7.7 billion in funding.
After 14 years of development, Pinebridge Capital has $157 billion in assets under management. However, due to the turmoil in the global capital market, Pineapple Capital fell into a loss in 2022, and the company lost $78 million in 2022.
At present, Li Zekai did not disclose the specific reason. So why did Li Zekai suddenly sell Berry Capital? In recent years, Li Zekai has made a lot of moves in the capital market.
In 2012, Li Ka-shing began to split up, he handed over his business to his eldest son Li Zeju, and then gave all his cash assets to Li Zekai. Li Ka-shing said at the time that he supported Li Zekai to acquire the business he liked.
Li Zekai took the risk of buying Hong Kong Telecom in 2000 and suffered a big loss. Later, Hong Kong Telecom's profits plummeted, causing Li Zekai to be saddled with $13 billion in debt. Li Zekai later said that the debt pressure was too great at that time, which led to the wrong sale of Tencent's shares.
Li Zekai's acquisition of Hong Kong Telecom also led to his financial pressure until 2008. Li Ka-shing once hoped to swallow Li Zekai to Hong Kong Telecom. But he was rejected by his son.
After 2008, Li Zekai gradually got out of the predicament. When AIG, a well-known Dutch insurance company, went bankrupt, Li Zekai acquired AIG's Asian insurance business on the one hand, and also acquired AIG's asset management company in the United States, Berry Capital.
Li Zekai later used the foundation of AIG Asia Insurance to successfully develop FWD Insurance. Now FWD Insurance has also become Li Zekai's core business.
In 2012, Li Zekai received a lot of financial support from his father, and then he began to buy insurance companies in various countries in Southeast Asia to expand his FWD insurance. Today, the company's total assets have exceeded 150 billion. Li Zekai has spent at least tens of billions of dollars to acquire insurance companies across Asia.
FWD Insurance has now become the largest insurance company in Southeast Asia. However, since 2022, Li Zekai has hoped to take FWD Insurance to list in Hong Kong, but he has applied for listing three times in a row, but it has not been successful. At the same time, after many years of establishment, FWD is still in the red.
Now the global economic turmoil is estimated to make Li Zekai not small. Therefore, this time he will plan to ** Berry Capital, divest the loss-making business, and return the cash.
Now, even a wealthy man like Li Zekai is seeking ** assets to cope with the capital winter. So it's really going to take a long time in the next few years.
The most important thing for ordinary people is to keep their jobs, reduce their family debts, and don't invest at will. In the past two years, many large companies have laid off employees and cut salaries. The world economy has come to a crossroads. The geopolitical crisis has exacerbated the economic downturn. In addition, the problems between China and the United States are also very serious.
Now whether you are starting a business or working part-time, the most important thing is to reduce your desire and keep the current basic market. That's the core. Of course, if you are bold, you can also rush, maybe now is the best opportunity.
Of course, if you're prepared, then you might have to be prepared for a few years of hard life. If you have the courage and courage, maybe in 10 years, you may be the dragon and phoenix among people. If you don't have this mental quality, then you can honestly keep your job, and then save some money to pay off your mortgage and reduce the pressure on your family's life.
Li Zekai's acquisition of Hong Kong Telecom was also a desperate investment, but he made a mistake, so he suffered for 10 years. This is also the reason why he has been very cautious in recent years.