Hong Kong tycoon Li Ka-shing’s family has transferred 196 million shares of Postal Savings Bank of China (1658) owned by a private company they control into a family trust.

The transfer is an internal reorganization based on the wealth-planning arrangement of Li’s family, said a spokesperson of CK Asset (1113), Li’s property flagship firm.

Silvery Ring under Li’s family transferred 0.98 percent stakes of the Beijing-based lender into the family trust on May 16, a stock exchange filing showed.

Li and his elder son Victor Li Tzar-kuoi both held 9.92 percent shares of the lender after the move.

Shares of PSBC closed 1.4 percent lower at HK$5.1 last Friday.

Separate filings showed that some shares of CK Hutchison (0001), CK Asset, and Hutchison Telecommunications Hong Kong (0215) have also been transferred into the family trust from private companies owned by Li’s family on May 16.

And Victor Li’s holdings in these units under CK group have edged up because of the moves.

Source: The Standard