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Li Ka-shing, whose life journey from humble beginnings to Asia’s biggest business fortunes became the epitome of entrepreneurship that inspired generations of Hongkongers, has announced his retirement after almost seven decades at the pinnacle of one of the world’s largest corporate conglomerates.
“I have decided to step down as chairman of the company and retire from the position of executive director at the forthcoming annual general meeting of the company,” Li said in filings for CK Hutchison Holdings and CK Asset Holdings to the Hong Kong stock exchange on Friday.
He will serve as senior advisor of both companies.
“I am grateful to have been able to create value for shareholders all these years, and serve society,” Li said. “This has been my greatest honour. I thank everybody for their love and support.”
Li will dedicate his time and effort toward philanthropy, led by the KS-LK Foundation, especially on issues related to medical health, and social issues, he said.
Also known as superman to many, Li, who turns 90 in July, will hand over the chairmanships of his two flagship companies to his elder son Victor.
At the press conference to announce the companies’ earnings, Li said he did not see mortgage rates rising by more than two percentage points.
“Should people keep chasing after higher and higher flat prices? If you have sufficient funds, buying a flat for your own use is OK regardless of market prices, as long as you can afford the mortgage payment,” said Li, whose CK Asset was one of Hong Kong’s biggest property developers in the world’s priciest urban centre.
Excluding revaluation gain on investment properties, CK Asset posted underlying profit of HK$20.32 billion (US$2.59 billion) for the year to December, in line with the HK$20.3 billion average estimate of 16 analysts polled by Bloomberg.
CK Hutchison, the conglomerate with businesses from container ports, retail, telecommunications and power plants said net profit increased 6 per cent to HK$35.1 billion last year.
Li, whose own rags-to-riches story also has a piece of advice for Hong Kong’s youth. “There are many opportunities available to the youth of today. The most important thing for young people is that they must bolster their competitiveness through the accumulation of knowledge.”
(SCMP)
