Li Ka-Shing, business tycoon and Hong Kong’s richest man, has announced his retirement from conglomerate CK Hutchison Holdings Ltd., Caixin Global reports, handing over all corporate responsibilities to his eldest son Victor.
Li, with a net worth of $35.4 billion, has dominated Hong Kong’s business landscape for over two decades in areas including retail, telecommunications and real estate. He was ranked No. 23 on Forbes magazine’s list of world billionaires in 2018.
CK Hutchison Holdings will now be headed by Victor Li, who was chosen as his father’s successor in 2012. The company reported attributable profits of $4.48 billion in 2017, making it the largest nonfinancial Hong Kong company listed on the Hang Seng.
Li now intends to serve as senior adviser to the company and develop his charitable organisation, the Li Ka-Shing Foundation.