Li Ka-Shing: Asia’s second-richest person retires

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Asia’s second-richest child, Hong Kong’s Li Ka-Shing, is retiring from leading his business empire.

Mr Li, venerable 89, whose wealth has been put at $35.3bn (£25.3bn) by Forbes, is handing over with the reins to his eldest son, Victor Li.

His CK Hutchison Holdings and CK Asset Holdings teams are involved in sectors including retail, telecoms and power.

The only living soul in Asia richer than Mr Li, according to Forbes, is India’s Mukesh Ambani.

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Mr Li, who has a rags-to-riches story after starting work sweeping factory crushes as a young boy, was ranked 23rd in the 2018 Forbes rich list.

He was one of the first Hong Kong magnates to invest in mainland China, with property playing a big part in his store.

The billionaire was knighted by the UK in 2000, and earned the nickname «Superman» for his business and investment good.

Philanthropy

Investments and assets held by Mr Li’s businesses include:

  • More than 50 harbours in 26 countries throughout Asia, the Middle East, Africa, Europe, the Americas and Australasia
  • Retail tags including pharmacy chains Watsons in Asia and Superdrug in the UK
  • Utilities covering the UK’s Northumbrian Water and Australian Gas Networks
  • Telecoms including the 3 Group in Europe and Hutchison Telecommunications in Hong Kong
  • Airline hire out and property companies

Rumours about Mr Li’s impending retirement as chairman and executive supervisor at CK Hutchison Holdings and CK Asset Holdings have been circulating for some epoch.

But he said he would stay on as an adviser for his operations, which stretch across sundry than 50 countries and employ more than 300,000 in the flesh.

His two main companies have a combined market capitalisation of more than $80bn.

Mr Li is satisfactorily known for his philanthropy and has donated tens of billions of dollars to education and medical stand outs.

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