Asian Tycoon Li Ka-shing Retires after 68 Years, Victor Li Becomes Chairman

Asian Tycoon Li Ka-shing Retires after 68 Years, Victor Li Becomes Chairman

Asia’s most recognisable business tycoon, and Asia’s richest man for much of last decades, Li Ka-shing, Chairman of CK Hutchison and CK Assets, has announced his retirement (at age 89) after 68 years.  In the latest annual reports of his 2 main companies, CK Hutchison and CK Assets, he announced his retirement and will step from his role as Chairman and Executive Director at the upcoming Annual General Meeting.  The board of CK Hutchison and CK Assets has proposed Li Tzar Kuoi, Victor (his son) to lead the Group respectively, with Li Ka Shing agreeing to remain as Senior Advisor.

” Li Ka-shing Retires after 68 Years at the age of 89 “

Born in 1928, Li Ka-shing left school at 12 in 1940 and move to Hong Kong to avoid the war.  Shortly, his father passed away from tuberculosis and started working in a plastic trading company for almost 16 hours a day before he turn 15.  In 1950, around the age of 21, he founded his business in 1950 and in 1972, listed Cheung Kong (Holdings).  Today his main companies, CK Hutchison and CK Assets, are one of the largest companies in Hong Kong, Asia and the world.  CK Hutchison & subsidiaries alone, employs around 300,000 employees worldwide.  He is one of Asia’s most influential and successful entrepreneur, with business interests in infrastructure, real estate, financial services, retail and technology.  According to Forbes, he has an estimated net worth that exceeds $37 billion.

He has 2 children, Victor Li, who will assume his role as Chairman at CK Hutchison and CK Assets, and Richard Li, who is the Chairman of PCCW, one of Asia’s leading information technology and telecommunications companies.  Li Ka-shing is a high school dropout and is known to wear an inexpensive Seiko watch.

Source: CK HutshisonCK Assets

 

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Li Ka Shing to Plan Retirement by Next Year

Li Ka Shing to Plan Retirement by Next Year

Founder of CK Hutchison Holdings Li Ka Shing plans to retire by next year as Chairman of CK Hutchison Holdings Ltd. He has not specified a date but is most likely to step down by his 90th birthday in July next year. Li plans to remain as senior advisor and keep his office atop the headquarters building.

“Li who is known in Hong Kong as “Superman” for his business acumen is the city’s richest person and his US$32.6 billion wealth is second in Asia behind that of Jack Ma.”

~ Bloomberg

Li who is known in Hong Kong as “Superman” for his business acumen is the city’s richest person and his US$32.6 billion wealth is second in Asia behind that of Jack Ma. Though he would pass on the control of his group to his elder son, the retirement of Li Ka Shing would signify the end of an era.

Related Reports: Bloomberg, Wall Street Journal

 

About CK Hutchison Holdings

CK Hutchison is among the largest companies listed on the main board of The Hong Kong Stock Exchange. CK Hutchison has five core businesses – ports and related services, retail, infrastructure, energy and telecommunications.

Visit: CK Hutchison


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