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Stocks

Li Ka-shing's Power Assets shoots up on special dividend plan

Investors see the step as benefiting biggest shareholder CK Infrastructure

Victor Li Tzar-kuoi, left, chairman of Cheung Kong Infrastructure, Hong Kong tycoon Li-Ka-shing, center, and Canning Fok Kin-ning, chairman of Power Assets. (Photo by Kenji Kawase)

HONG KONG -- Shares in Hong Kong-based Power Assets Holdings shot up more than 11% on Friday to their highest level since March 2015, following the company's announcement of a special dividend plan.

The announcement came after the market closed on Thursday that the power investment arm of CK Hutchison Holdings, the flagship enterprise of Hong Kong tycoon Li Ka-shing, would pay 8.27 Hong Kong dollars as an interim dividend, including a special dividend of HK$7.50.

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