Around Asia, Li Ka-shingis watched as much for business acumen as his status as one of the region’s richest men. With his move on Friday to overhaul his business empire, the 86-year-old tycoon appears to have pulled off another masterstroke.
Investors yesterday gave his plans for a complete overhaul of his two main companies an emphatic thumbs-up, with double-digit rallies adding $11.5bn to their market capitalisation.
The market cheer followed Mr Li’s announcement late on Friday that he planned to merge his two main businesses — his flagship Cheung Kong group and blue-chip conglomerate Hutchison Whampoa — and then spin off the property assets to shareholders. The deal will provide a clean split between a conglomerate including telecoms, retail, infrastructure and energy, and the property which was the basis for his $34bn fortune.