Shares of Power Assets Holdings [(OTCPK:HGKGY) (0006.HK)] ("PAH" or "the company") experienced a 20%+ correction since late May despite continued robust business performance in its growing overseas segment and the announcement of a value unlocking catalyst to monetize a portion of its stable, but slow growth Hong Kong business.
In late September, PAH, a 38.78% owned associate of Cheung Kong Holdings (OTCPK:CHEUY), which, in turn, is a 78.16% owned subsidiary of Hutchison Whampoa (OTCPK:HUWHY) run by legendary asset allocator, Li-Ka Shing, indicated it was seeking to carve out between a 50 and 70% interest in its 100% owned Hong Kong Electric ("HKE") unit.
HKE is a staid, old, boring...
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