I first bought Cheung Kong in late 2008, and added to the position in the early part of 2009. My average cost was $8.58, about 70% of book value.
I decided to sell for a variety of reasons. The company is now trading just under book value, the ADRs had risen about 39%, or more than 23% on an annualized basis not including dividends.
With concerns of a property bubble brewing in Hong Kong, and worries of uncertain things in the Greater China region, I chose to lock-in a decent gain and add some cash to the portfolio.
Overall, Cheung Kong is a great company with great assets and top-notch management. Its finances are rock solid and, since Li Ka-shing has been adding shares, I may look back on this with regret. Yet the company isn't the bargain it was in late 2008/early 2009. Not much out there is.