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Hong Kong conglomerate CK Hutchison Holdings is ‌unlikely to move ahead with plans to list its global telecoms business, and will focus instead on selling individual assets, three people with knowledge of the matter said.

CK Hutchison Holdings, the Hong Kong-based conglomerate controlled by the city's richest person Li Ka-shing, has agreed to sell its 49% stake in a joint venture with U.K. telecom giant Vodafone for £4.3 billion ($5.8 billion) in cash.

Vodafone Group will take full ownership of its joint venture with CK Hutchison after the Hong Kong conglomerate agreed to sell its stake in one of the U.K.'s largest mobile operators for more than US$5 billion.

Hong Kong conglomerate CK ​Hutchison said on ‌Tuesday its telecoms unit has agreed ​to a ​buyout of its ⁠49% stake in ​UK mobile ​operator VodafoneThree, for 4.3 billion pounds ($5.81 billion).