Sir Ka-shing Li ( born on 29 July 1928, is a Hong Kong billionaire business magnate, investor, and philanthropist. He served as the chairman of CK Hutchison Holdings and CK Asset Holdings until his retirement in May 2018, where he now holds the position of senior advisor. His business empire spans multiple sectors including transportation, real estate, financial services, retail, and energy. Through his conglomerate company, Cheung Kong Holdings, he has become a prominent investor and developer, contributing to significant portions of the Hong Kong Stock Exchange's market capitalization.
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| Born | 29 July 1928 Chao'an, Chaozhou, Guangdong, China |
| Occupations | Chairman of Li Ka Shing Foundation |
| Spouse | Chong Yuet-ming (m. 1962; died 1990 |
| Children |
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As of March 2024, Li is ranked 38th on Forbes' list of the world's wealthiest people, with a net worth of $37.3 billion. He is also known for his frugal lifestyle despite his immense wealth, often wearing simple attire, including black dress shoes and an inexpensive Seiko wristwatch. Li lived in the same house for many years in Deep Water Bay, now one of the most expensive districts in Hong Kong.
In addition to his business endeavors, Li is a renowned philanthropist. He has donated billions of dollars to various charitable causes and owns the second largest private foundation in the world, after the Bill & Melinda Gates Foundation. In 2019, he was recognized by Forbes as one of the most generous philanthropists outside of the United States.
Early Life
Li Ka-shing was born in Chao'an, Chaozhou, Guangdong Province, China, in 1928 to Teochew parents, Li Yun-ching (1898–1943) and Cheung Bik-chin (1893–1984). In 1940, at the age of 12, he and his family fled to Hong Kong as refugees due to the Sino-Japanese War. Tragically, his father passed away from tuberculosis when Li was just 15 years old, forcing him to leave school and take up work in a plastics trading company. There, he worked tirelessly, often for 16 hours a day, to support his family.
In 1950, Li Ka-shing founded his own company, Cheung Kong Industries, which initially focused on manufacturing plastics. Over the years, he successfully transformed the company into a prominent real estate investment entity. By 1972, Cheung Kong Industries was listed on the Hong Kong Stock Exchange. In the late 1970s and 1980s, Li further expanded his business by acquiring Hutchison Whampoa in 1979 and Hongkong Electric Holdings in 1985, significantly bolstering his business empire.
Business Career
Plastics Manufacturing
Li Ka-shing's entrepreneurial journey began in 1950 when he founded a plastic manufacturing company in Hong Kong, using his personal savings and funds borrowed from relatives. After learning how to operate a plant, Li immersed himself in trade publications and business news to develop a keen understanding of the industry. He identified an opportunity to supply high-quality plastic flowers at competitive prices, a product that had the potential to appeal to global markets.
Li innovated by learning how to mix color with plastics to create flowers that closely resembled real ones. After retooling his shop to accommodate this new production method, he prepared the plant for a visit from a major foreign buyer. The buyer was impressed, leading to a large order, which proved to be a turning point in Li's business. Within a few years, his company became the largest supplier of plastic flowers in Asia, and he amassed a significant fortune from selling them. This early success laid the foundation for Li Ka-shing's later ventures into various industries, propelling him to become one of the wealthiest individuals in Hong Kong and the world.
Real Estate
Li Ka-shing's success in real estate began in 1958, when he anticipated that rents would continue to rise and decided to purchase a site to develop his own factory building. The 1967 riots in Hong Kong, which led to a mass exodus of residents, created an opportunity for Li to acquire land at drastically reduced prices. Recognizing that the political unrest would be temporary, Li invested in these properties, betting that property values would eventually rebound.
In 1971, Li officially named his real estate development company Cheung Kong (長江實業), and in 1972, Cheung Kong Holdings was publicly listed on the Hong Kong Stock Exchange. During board meetings, Li frequently voiced his goal of surpassing Hongkong Land, a prominent developer owned by Jardine Matheson, as the leading property developer in Hong Kong.
A pivotal moment in this journey came in 1977 when Cheung Kong successfully bid for development sites above the Central and Admiralty MTR stations. This acquisition gave Cheung Kong a significant edge in the competition with Hongkong Land. In response to Li's rising influence, Jardine Matheson implemented a cross-shareholding structure in the 1980s to prevent hostile takeovers. The company also relocated its legal domicile to Bermuda, anticipating the 1997 handover of Hong Kong's sovereignty to the People's Republic of China.
Li's business ventures in real estate continued to flourish. In 2018, he sold The Center, the fifth-tallest skyscraper in Hong Kong, for HK$40.2 billion (US$5.15 billion), marking the largest office space real estate sale in the Asia-Pacific region. He also sold the Century Link complex in Shanghai for US$2.95 billion, the second-largest transaction for a single building in the region.
In 1979, Li made another significant move by acquiring a major stake in Hutchison Whampoa from the Hong Kong Bank, further cementing his position in Hong Kong’s property market and beyond.
Internet and Technology
Li Ka-shing has made significant investments in the technology sector through his investment and venture capital firm, Horizons Ventures. The firm focuses on backing emerging internet and technology startups. Li's investment portfolio includes early stakes in companies such as doubleTwist, Facebook, and Spotify. The Li Ka Shing Foundation also invested US$120 million in two rounds for a 0.8% stake in Facebook, and approximately US$50 million in Spotify.
Li’s ventures into technology include supporting Siri Inc., where he led a US$15.5 million Series B financing round between late 2009 and early 2010. In 2011, Horizons Ventures made a notable investment in Summly, a website-summarizing app, which made its founder Nick D'Aloisio the youngest recipient of venture capital at the age of fifteen.
In 2012, Horizons Ventures invested US$2.3 million in Wibbitz, a company known for its text-to-video technology, and acquired a stake in Ginger Software, a natural language processing company. The following year, Li's firm also invested in Bitcoin payment company BitPay.
Li's focus on technology continued in 2015 when Horizons Ventures participated in a US$30 million Series C funding round for Zoom Video Communications. Later that year, Li also invested in Impossible Foods, participating in a US$108 million Series D round. His investments in blockchain technology included leading a US$55 million Series A round for Blockstream in 2016.
Li’s interest in digital finance led to a collaboration with Alibaba’s Jack Ma to introduce AlipayHK, a digital wallet service, to Hong Kong in September 2017, further expanding his influence in the tech sector.
Retirement
After nearly seven decades of leadership at CK Hutchison Holdings and CK Asset Holdings, Li Ka-shing announced his retirement on March 16, 2018. He decided to pass control of his US$100 billion business empire to his son, Victor Li. Despite stepping down from his executive roles, Li continues to serve the conglomerate as a senior advisor, maintaining his involvement in its operations and strategic decisions.
Other Investments and Philanthropy
In addition to his business ventures through CK Asset Holdings and CK Hutchison Holdings, Li Ka-shing has made significant personal investments in real estate in Singapore and Canada. He was once the largest shareholder of the Canadian Imperial Bank of Commerce (CIBC), the fifth-largest bank in Canada, until he sold his stake in 2005. He donated all proceeds from the sale to various charitable foundations, including the Li Ka Shing Foundation in Hong Kong and the Li Ka Shing (Canada) Foundation in Toronto.
Li was also the majority shareholder of Husky Energy, a major energy company based in Alberta, Canada. The company was acquired by Cenovus in 2021, with Li retaining a 27.2% ownership in the merged entity.
Li served as a non-executive director of Hongkong & Shanghai Banking Corporation (HSBC) from 1980 and as its deputy chairman from 1985 to 1992.
As of July 2021, Li's net worth was estimated at US$35.3 billion according to Bloomberg.
Personal Life
Li Ka-shing's two sons, Victor Li and Richard Li, are prominent figures in Hong Kong's business landscape. Victor Li succeeded his father as the Chairman of both CK Hutchison Holdings and CK Asset Holdings, while Richard Li is the Chairman of PCCW, Hong Kong's largest telecom company. Both sons hold Canadian citizenship. Li is a follower of Buddhism.
Li was married to his first cousin, Chong Yuet-ming, from 1962 until her sudden death in 1990, after a marriage lasting 27–28 years. Chong died on New Year's Day, and the cause of death was reported as either a suspected drug overdose or cardiac arrest.
Known for his frugal style, Li is often seen dressed simply. In the 1990s, he wore a HK$50 Citizen watch and plain ties, later switching to a Seiko. By 2016, he was seen wearing a HK$500 Citizen watch.
In 1996, his son Victor was kidnapped by gangster Cheung Tze-keung ("Big Spender"). Li paid a ransom of HK$1 billion for his son's release. The case was never filed with Hong Kong police but was instead handled by mainland authorities, leading to Cheung's execution in 1998. There were rumors of a secret deal between Li and mainland authorities regarding the case.
Awards and Honours
Li Ka-shing has received numerous prestigious awards and honours throughout his career:
- Grand Bauhinia Medal
- Knight Commander of the Order of the British Empire (KBE)
- Commandeur, Légion d'honneur (France)
- Honorary Doctor of Laws, University of Hong Kong
Charities
Li Ka-shing's philanthropic efforts are vast, and the Li Ka Shing Foundation (LKSF) has contributed to numerous causes globally, especially in the fields of education, healthcare, and disaster relief. Some highlights include:
- Shantou University and Medical College: Li’s donation in 1981 helped establish Shantou University and its Medical College, with over HK$12 billion dedicated to their development.
- Hong Kong Polytechnic University: The Li Ka Shing Tower was named after him in 2001 following a HK$100 million donation.
- Cancer Research UK: The Li Ka Shing Centre was created in 2002 at the University of Cambridge with a £5.3 million donation.
- Stanford University: Li has been a long-time supporter, contributing to the Li Ka-shing Center for Learning and Knowledge.
- University of California: He donated US$40 million to UC Berkeley to support biosciences, and the Li Ka Shing Center for Biomedical and Health Sciences was named in his honor.
- Disaster Relief: Li has made significant contributions to relief efforts, including donations for the 2004 Indian Ocean tsunami, the 2008 Sichuan earthquake, and more recently, for the 2023 Gansu earthquake.
- COVID-19: In 2020, the LKSF supported the global fight against COVID-19 by sourcing protective gear and funding medical research.
The foundation's work extends beyond education and healthcare to programs addressing poverty, climate change, and other global challenges. It continues to play a pivotal role in enhancing global access to healthcare, promoting scientific research, and supporting the underprivileged.
References
- Admin (2023) Admin, The Software Report. Available at: https://www.thesoftwarereport.com/li-ka-shing-hong-kongs-wealthiest-individual-and-his-rags-to-riches-story/ (Accessed: 10 January 2025).
- Agarwal, U. (2022) Li Ka-Shing Biography: Success story of CK Hutchison Holdings chairman, VyapaarJagat.com. Available at: https://www.vyapaarjagat.com/international/li-ka-shing/ (Accessed: 10 January 2025).
- Li Ka-shing: Latest News and updates (no date) South China Morning Post. Available at: https://www.scmp.com/topics/li-ka-shing (Accessed: 10 January 2025).
- Nguyen, D. (2024) Who is Li Ka-shing, Hong Kong billionaire called Warren Buffett of Asia? - vnexpress international, VnExpress International – Latest news, business, travel and analysis from Vietnam. Available at: https://e.vnexpress.net/news/business/companies/who-is-li-ka-shing-hong-kong-billionaire-called-warren-buffett-of-asia-4818376.html (Accessed: 10 January 2025).
