Hong Kong Tycoon Li Ka-shing Retires

Added On May 12, 2018

Hong Kong tycoon Li Ka-shing has officially retired from his top business role.  The move came after he attended the?two annual general meetings of CK Hutchison and CK Asset as chairman.
Li, who will turn 90 in July, was succeeded by his elder son, 53-year-old Victor Li Tzar Kuoi.
SOUNDBITE: LI KA-SHING, Chairman of CK Hutchison & CK Asset 
"I now want to devote myself completely to CK Asset. Actually, I have been trying to put more of my time and energy in the asset lately."
In March this year, Li announced that he would officially retire from office in May.
When asked about the handover of business to his son, Li Ka Shing expressed his confidence in Victor’s competence to lead the business empire.
SOUNDBITE: LI KA-SHING, Chairman of CK Hutchison & CK Asset
"Victor has been assisting me for more than 30 years. I think he will do a good job."
Born in July 1928 in south China's Guangdong Province, Li started his career in 1950 as a plastic-flower manufacturer and gradually built a global conglomerate involving real estate, infrastructure, ports and telecommunications.
According to 2018 Forbes Billionaires List, Li has been the richest man in the Hong Kong Special Administrative Region for the last 2 decades, with an estimated net worth of 35.4 billion U.S. dollars.