HK’s richest man Li Ka-shing retires, hands over business to son

After a solid seven decades or so on the job, Hong Kong’s richest man, Li Ka-shing, has decided to call it quits at the tender age of 89, handing over control of his colossal global business empire to his eldest son.

As a teen, Li fled war-torn mainland China for Hong Kong where he set up a business producing plastic flowers in the 1950s. Starting with basically nothing, Li went on to amass one of Asia’s largest fortunes. His exceptional deal-making skills, investing prowess, and business acumen earned him the nickname “Superman” and helped to inspire a new age of entrepreneurship in Hong Kong.

Today, the empire that Li built spans out over a wide range of industries, from real estate to retail, from shipping to energy, and from hotels to high-tech, with interests all over the globe.

On Friday, Li decided that it was finally time to take a step back from all of that, retiring as chairman of his main holding company CK Hutchison, and his property group CK Assset, handing over the reins to his 53-year-old son Victor Li Tzar-kuoi

“I am grateful to have been able to create value for shareholders all these years, and serve society,” Li was quoted as saying by the South China Morning Post in his farewell address. “This has been my greatest honor. I thank everybody for their love and support.”

Forbes 2018 billionaires list, which was released earlier this month, put Li’s wealth at a whopping $34.9 billion, making him the richest man in Hong Kong and the fourth richest in Asia. In past years, Li has regularly been ranked as Asia’s wealthiest man, as well as one of its most generous.

In retirement, Li says that he plans to keep busy by devoting his time and energy towards philanthropy.

His absence is certain to leave a massive gap in Hong Kong’s business world. The Financial Times reports that he was regarded as “equal parts amiable and ruthless” by his peers.

“He is one of the most charming and direct tycoons, with a very clear investment view and approach to risk-taking,” the publication quoted investment banker Timonthy Dattels as saying. “There’s no one in Asia at that level in terms of dealmaking.”

Li has also been known for his good humor and relative lack of ostentation. In one memorable interview from 2016, the billionaire tycoon proudly showed off his $500 solar-powered wristwatch.

Father and son.

Victor, Li’s eldest son, has long been groomed to take over control of his father’s $100 billion global business empire while his younger brother, Richard, has gone into business on his own, with help from his dad, his fortune is now estimated at $4.4 billion by Forbes.

A few years ago, Li Ka-shing revealed that back in 1996, Victor had been kidnapped by an infamous Hong Kong gangster. After being handed the HK$1 billion ransom, the brazen kidnapper asked Li for some investment advice.

Instead, Li gave the gangster some life advice, telling him that he should “turn over a new leaf.”

Li added that the incident had made him realize that, as one of the richest people in the world, he was not well enough on his guard. In 2015, when a daring man tried to rob his lavish Hong Kong mansion, the criminal didn’t even make it past the fence before being captured by guards.

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