Longstanding Asian Mogul Li Ka-shing Hands Reins to His Son

Li Ka-shing, a wartime refugee who used to sweep factory floors in Hong Kong for a living, retired after a career spanning more than half a century amassing one of Asia’s biggest fortunes from building skyscrapers to selling soap bars.

The 89-year-old chairman of CK Hutchison Holdings Ltd. and CK Asset Holdings Ltd. will stay an adviser to the group after stepping down in May 2018. Elder son Victor, 53, will take over a conglomerate that touches the lives of practically everyone in Hong Kong.

With a fortune of about US$34 billion, according to the Bloomberg Billionaires Index, Li has been a fixture as the city’s richest man for an entire generation of Hong Kongers and spearheaded an era defined by a handful of swashbuckling Chinese immigrants who built large empires across Asia. For many, he is the face of the changing fortunes of Hong Kong as the former colony’s British elite gave way to Chinese dynasties.

“Li’s retirement symbolizes the end of an era,” said Joseph Fan, Professor of School of Accountancy and Department of Finance at The Chinese University of Hong Kong Business School in an interview with Bloomberg Quint, who has researched family-run businesses for two decades. “No one can replace Li Ka-shing as the legendary founder of the largest conglomerate in Hong Kong.”

Li’s retirement announcement illustrates his confidence over business continuity, given that he has prepared his son for several decades, Prof. Fan added… Read More (PDF)

The Bloomberg Quint story was widely reprinted/picked up by media publications around the world including Asia Times (PDF), The National (PDF) from United Arab Emirates; and I3investor from the United States.

Source: Bloomberg Quint
Date published: 19 March, 2018

Photo: Billy H.C. Kwok/Bloomberg