<p style="margin-top:0pt; margin-bottom:0pt; padding:0pt 0pt 0pt 0pt ; text-autospace:ideograph-numeric; text-autospace:ideograph-other; layout-grid-mode:char; vertical-align:; "><span style="letter-spacing: 0pt; font-size: 12pt; font-family: Arial;">長實與和黃重組後，新創立的長和集團，不再以香港作為註冊地，而是轉移到開曼群島，變相遷冊。</span></p><p style="margin-top:0pt; margin-bottom:0pt; padding:0pt 0pt 0pt 0pt ; text-autospace:ideograph-numeric; text-autospace:ideograph-other; layout-grid-mode:char; vertical-align:; "><span style="letter-spacing: 0pt; font-size: 12pt; font-family: Arial;">雖然長實主席李嘉誠昨天再三否認遷冊，但有學者認為，相比公司財務或稅務上的考慮，香港的政治風險增加及法治制度的不明朗因素，才是李嘉誠轉移註冊地的主因；從法律角度看，將來公司若捲入訴訟，本港法庭或許對長和沒有司法權。</span></p><p style="margin-top:0pt; margin-bottom:0pt; padding:0pt 0pt 0pt 0pt ; text-autospace:ideograph-numeric; text-autospace:ideograph-other; layout-grid-mode:char; vertical-align:; "> </p><p style="margin-top:0pt; margin-bottom:0pt; padding:0pt 0pt 0pt 0pt ; text-autospace:ideograph-numeric; text-autospace:ideograph-other; layout-grid-mode:char; vertical-align:; "><span style="letter-spacing: 0pt; font-size: 12pt; font-family: Arial;">據長實副董事總經理葉德銓昨天解畫，根據現行香港法例，只有可分配儲備（Distributable Reserve）才可向股東分派，以出售屈臣氏25%股權為例，雖然令和黃的股東權益增加390億元，但由於並無反映在損益表之上，技術上不被視作可分配儲備，以致創造了的價值不能分派給股東；另外，權益會計法（Equity Accounting）下，來自聯營公司的留存利潤（Retained Earnings）亦不能用作分派，但開曼群島的法例則無此限。</span></p><p style="margin-top:0pt; margin-bottom:0pt; padding:0pt 0pt 0pt 0pt ; text-autospace:ideograph-numeric; text-autospace:ideograph-other; layout-grid-mode:char; vertical-align:; "> </p><p style="margin-top:0pt; margin-bottom:0pt; padding:0pt 0pt 0pt 0pt ; text-autospace:ideograph-numeric; text-autospace:ideograph-other; layout-grid-mode:char; vertical-align:; "><span style="letter-spacing: 0pt; font-weight: bold; font-size: 12pt; font-family: Arial;">英法院擁官司終審權</span></p><p style="margin-top:0pt; margin-bottom:0pt; padding:0pt 0pt 0pt 0pt ; text-autospace:ideograph-numeric; text-autospace:ideograph-other; layout-grid-mode:char; vertical-align:; "> </p><p style="margin-top:0pt; margin-bottom:0pt; padding:0pt 0pt 0pt 0pt ; text-autospace:ideograph-numeric; text-autospace:ideograph-other; layout-grid-mode:char; vertical-align:; "><span style="letter-spacing: 0pt; font-size: 12pt; font-family: Arial;">中大酒店及旅遊管理學院高級講師李兆波則表示，若純粹為方便向股東分派股息，尚有其他可行辦法，不一定要轉移註冊地。</span></p><p style="margin-top:0pt; margin-bottom:0pt; padding:0pt 0pt 0pt 0pt ; text-autospace:ideograph-numeric; text-autospace:ideograph-other; layout-grid-mode:char; vertical-align:; "> </p><p style="margin-top:0pt; margin-bottom:0pt; padding:0pt 0pt 0pt 0pt ; text-autospace:ideograph-numeric; text-autospace:ideograph-other; layout-grid-mode:char; vertical-align:; "><span style="letter-spacing: 0pt; font-size: 12pt; font-family: Arial;">李兆波認為，根據李嘉誠一向深思熟慮的營商作風，相信他是考慮到香港近年政治氣候變化大、政治角力壁壘分明，加上本身年事已高，有必要及早為其龐大的集團業務分散風險。</span></p><p style="margin-top:0pt; margin-bottom:0pt; padding:0pt 0pt 0pt 0pt ; text-autospace:ideograph-numeric; text-autospace:ideograph-other; layout-grid-mode:char; vertical-align:; "> </p><p style="margin-top:0pt; margin-bottom:0pt; "><span style="letter-spacing: 0pt; font-size: 12pt; font-family: Arial;">有法律界人士指出，開曼群島為英屬領土，在當地註冊的長和日後若面對官司，最終審核權將是英國最高法院而非香港終審法院。</span></p>