Company owned by HK justice chief Teresa Cheng’s husband sells stake in US business after Washington-imposed sanctions

12-Aug-2020 Intellasia | South China Morning Post | 6:02 AM Print This Post

The company controlled by the husband of Hong Kong’s Secretary for Justice Teresa Cheng Yeuk-wah, who was sanctioned by the US government, has sold its business in New York citing US-China tensions.

Engineering firm Analogue Holdings, which is 63.48 per cent owned by Otto Poon Lok-to, revealed the sale of a 2 per cent interest in a majority-owned joint-venture called Transel Elevator & Electric, in New York, for $1.4 million (HK$10.9 million) to its partner on Tuesday.

In a statement, Poon said the company reassessed the regulatory, operating, and business environment in the United States, and followed legal advice that it was in its best interests to have American partner, Mark Gregorio, raise his stake.

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He said the sale was because of “changing Sino-US tension”.

Cheng was among 11 Hong Kong and mainland officials sanctioned by President Donald Trump’s administration for having a hand in the implementation of the national security law in June, and for their “actions or policies that threaten the peace, security, stability or autonomy of Hong Kong”.

The couple are named as key shareholders with 888.65 million shares in Analogue, but the company said on Monday that Cheng does not have any rights, such as receiving dividends, voting, and dealing in the shares.

Analogue shares remained the same at 96 HK cents in the morning trading session.


Category: Hong Kong

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