One of Hong Kong’s family-controlled business empires — Li Ka-shing’s — has just been simplified. Its main constituent stocks popped by more than 10 per cent. No such luck for minority shareholders in South Korea’s empires, which are as messy as ever. The founding families of South Korea’s chaebol exercise control through cross-holdings. Investors’ time is often best spent determining where the family interests lie, rather than analysing the economic performance of group companies.
香港有一家由家族（李嘉誠的）控股的企業(yè)帝國剛剛完成結(jié)構(gòu)上的理順。其主要股票一下子上漲10%以上。韓國企業(yè)帝國的少數(shù)股東就沒這么好運(yùn)氣了，這些企業(yè)帝國的股權(quán)結(jié)構(gòu)仍空前凌亂。韓國財(cái)團(tuán)的創(chuàng)始家族通過交叉持股來控制企業(yè)。投資者與其分析集團(tuán)企業(yè)的經(jīng)濟(jì)表現(xiàn)，往往不如花時(shí)間確定家族利益所在。
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