Daily Management Review

Li Ka-shing, the richest man in Hong Kong, steps down


03/16/2018


Li Ka-shing, the richest man in Hong Kong, announced his resignation. He officially handed the reins of his $ 100-billion business empire to his oldest son Victor Li.



EdTech Stanford University School of Medicine
EdTech Stanford University School of Medicine
89-year-old chairman of the board of CK Hutchison Holdings Ltd. and CK Asset Holdings Ltd. will remain an adviser to the group after retiring in May, reports Bloomberg.

His eldest son, 53-year-old Victor Li, will take over the leadership of the conglomerate, which impacts the lives of almost everyone in Hong Kong. Power Assets Holdings Ltd. generates electricity, and ParknShop supermarkets sell goods in Hong Kong.

The group also operates mobile phone stores, Superdrug and Savers retail networks in the UK, owns ports around the world and a controlling stake in Husky Energy Inc. in Canada.

"Looking back over all these years, I'm proud to have founded Cheung Kong and served the community," Li said in Hong Kong on Friday.

Li owns four largest companies - CK Hutchison, CK Asset, CK Infrastructure Holdings Ltd. and Power Assets Holdings Ltd. - reported an increase in profits in 2017.

According to the Bloomberg Billionaires Index, the net value of Li’s assets is $ 34.3 billion. For many, it represents the changing fate of Hong Kong, a city that has become one of the largest financial centers in the world.

Li Ka-shing was born in 1928 in Chaozhou, a city in the province of Guangdong in the south of China. His father was the director of a school, but young Li left the high school. In 1940, after fleeing from the Japanese invasion of China, Li's family moved to Hong Kong. There he became a factory worker and took care of his sick father, who soon died of tuberculosis. As a teenager, Li worked 16 hours a day at a plastic goods company.

After the war, Li made the first state in the production of plastic flowers. His career in real estate began in the late 1950s, when he, having no opportunity to extend the lease, bought a site of his plant.

In subsequent years, Li invested in local real estate, while others sold it, especially in 1967, when riots caused by the "cultural revolution" of Mao Zedong in China, shocked Hong Kong and led to a drop in property prices.

In 1979, Li acquired control of the Hutchison Whampoa trading house from Hong Kong and Shanghai Banking Corp. Li agreed with the bank, now called HSBC Holdings Plc, to purchase Hutchison shares for less than half of their book value.

According to Dealogic data over the past 25 years, Li's conglomerate acquired more than 300 companies worldwide worth more than $ 185 billion.

source: bloomberg.com






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