Many Asian tycoons die at their desk. But Li Ka-shing, Hong Kong’s richest man, has decided not to, formally passing the reins of his $100bn retail, infrastructure and property empire to his elder son Victor Li on Friday after a decades-long apprenticeship.
The 89-year-old Mr Li built his Cheung Kong group from humble beginnings making plastic flowers in the 1950s to a global conglomerate that owns 52 ports around the world, numerous energy and utility companies, the 3 mobile phone network and retail chains including Superdrug and Watsons.
Known in Hong Kong as “Superman” for his dealmaking prowess, Mr Li on Friday stepped down as chairman of CK Hutchison, his main holding company, and named 53-year-old Victor Li as his replacement.
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