The company headed by Hong Kong’s richest man Li Ka-shing played down a report today that he plans to retire by next year, insisting he is “in very good health”.
The Wall Street Journal said Li, nicknamed “Superman” for his financial acumen and influence over the city, had told associates he would step down as chairman of his global conglomerate CK Hutchison Holdings by 2018.
His retirement would likely come before his 90th birthday in July next year, the Journal said, citing “people briefed by the tycoon”. One source said Li could retire by the end of this year.
But the firm played down the speculation. “Mr. Li is in very good health,” a spokesman said in an emailed statement.
“There is no concrete timetable at this stage and Mr. Li will make his official announcement when he decides to retire.”
The statement said Li had talked about his retirement “from time to time” and had expressed confidence in his eldest son Victor to lead the company in future.
Li is regularly asked about retirement at press conferences but never gives a straight answer.
However, a sweeping revamp of his vast empire in 2015 was seen as a sign that he was paving the way for Victor to take over.
Li’s flagship CK Hutchison controls assets in telecoms, utilities, ports and other industries in over 50 countries.
His Cheung Kong Infrastructure company operates development, investment and infrastructure businesses in mainland China, the UK, Canada and other countries.
Li, still an avid golfer, got his start in 1950 making plastic flowers.
After diversifying into property, he made large profits in the 1960s and in the following decades his businesses reached into many sectors of Hong Kong life.
Local legend has it that he can even control the weather — ensuring typhoons do not hit Hong Kong during the working day — a phenomenon dubbed “Li’s Field”.
Reader Interactions