Businessman Li Ka-Shing, who was born in Hong Kong, has a $28.2 billion fortune as of 2023. Ka-Shing is one of the top 40 wealthiest persons on the earth as of this writing. The majority of Li Ka-fortune Shing’s comes from his ownership positions in different businesses, notably the Hong Kong conglomerate CK Hutchison Holdings, the Canadian oil firm Husky Energy, and the real estate development company Cheung Kong Property Holdings.
CK Hutchison brings in more than $36 billion annually. In addition, Li is a committed philanthropist who is in charge of the second-largest private foundation in the world after the Bill & Melinda Gates Foundation. He restructured his businesses in 2015, and as a result, he currently owns 30% of CK Hutchison and Cheung Kong Property. His other holdings include Hutchison Telecom Hong Kong and Cheung Kong Infrastructure. Li also contributed to the early growth of the Zoom video conferencing startup.
He controls 6.6 per cent of the online video platform. Despite his enormous riches, Li Ka-Shing is well known for his unassuming demeanour and look. He favours plain, uncomplicated clothing and an affordable but dependable Seiko watch.
Li Ka-Shing Bio/Wiki
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On June 13th, 1928, in Chao’an, Chaozhou in the Chinese province of Guangdong, Sir Li Ka-Shing was born. Li and his family were refugees who escaped to Hong Kong during the Sino-Japanese conflict. Ka-Shing started working at age 15 to help his family following his father’s death from TB.
Before founding his own business in 1950, he put in 16 hours a day for a plastics trade company. Cheung Kong Industries initially started making plastics, but it swiftly grew to include real estate investing. CK Industries had a listing on the Hong Kong Stock Exchange by 1972.
Li grew his company by purchasing firms like Hutchison Whampoa and Hong Kong Electric Holdings Limited in the late 1970s and early 1980s.
Li Ka-Shing Personal Life
Victor Li and Richard Li, his two sons, are well-known personalities in the Hong Kong business community. Richard Li is the chairman of PCCW, the largest telecom business in Hong Kong, while Victor Li is the chairman of CK Hutchison Holdings and CK Asset Holdings Limited. Victor Li succeeded his father in these roles. They are both citizens of Canada.
He is a Buddhist and has a granddaughter called Michelle Sarah Li Se-de who attended the Chinese International School in Hong Kong. He was married to his first cousin, Chong Yuet-Ming (1933-1990), for a long period, a marriage that lasted for 27–28 years from 1962 until her sudden death on New Year’s Day 1990 due to a suspected drug overdose.
She was the daughter of his maternal uncle, Cheung Jing-on, and his wife, Hew Bik-yin, who were both from the Chaoshan region but had settled in British Hong.
Li Ka-Shing Controversies
Cheung “Big Spender” Tze-Keung, a known Hong Kong criminal, abducted Li’s son Victor in 1996. Li decided to directly pay the $1 billion ransom requested by Cheung. Ka-Shing never submitted a police report, and the Mainland authorities took up the inquiry. Police in mainland of China ultimately apprehended Cheung and put him to death.
Some claim Li purposely let the Mainland police handle the case since the death penalty would not have been permitted under Hong Kong law. Over the years, Li has had disagreements with Mainland Chinese political leaders.
Despite having spent most of his life siding with Beijing, Ka-Shing subsequently appealed for peace amid the 2019–20 Hong Kong riots, urging the government to deal with the demonstrators without injury or violence.
Later, he came under fire from China’s state-run media organizations for making debatable remarks of a different kind. To skew his portfolio more in favour of the West, he sold off prominent properties in Beijing and Shanghai in 2015, which drew criticism from the Chinese media. Some outlets said that Li’s acts were “immoral” and unappreciative, which escalated the charges to a serious level.
Li Ka-Shing Education
Li started his career in Hong Kong as a salesperson without much formal schooling. He later founded the plastics business Cheung Kong.
When Cheung Kong started creating fake flowers and selling them to the US in the 1950s, the business grew rapidly. Li became Hong Kong’s top private developer in the late 1970s as his company grew and he started buying property at a rate.
Li established a plastic manufacturing business in Hong Kong in 1950 using personal savings and money borrowed from family members after learning how to run a factory. Before deciding to offer plastic flowers of the highest calibre and at competitive costs to the globe, Li examined trade journals and business news with a passion.
Li picked up the skill of blending color with synthetic flowers that seem like genuine ones. He retooled his business and hired the best experts he could locate to get the facility ready for a big international buyer’s visit. The customer placed a sizable purchase after being pleased with Li’s plant’s quality. A few years later, Li became Asia’s top provider of plastic flowers and became extremely wealthy from selling them.
In 1958, Li decided to buy a plot of land and build his manufacturing building because he thought rents would keep going up. After the 1967 riots, when many people left Hong Kong and property values fell, a chance to buy additional land presented itself. Li purchased land from the emigrating inhabitants at a discount because he thought the political situation would pass quickly and real estate values would soon rise.
Li gave his real estate development business the name Cheung Kong in 1971. In 1972, Cheung Kong Holdings became a publicly-traded company on the Hong Kong Stock Exchange. Li has often said at board meetings that he wants to overtake Jardines’ Hongkong Land as a top developer.
The A.S. Watson Group (ASW), a retailer with more than 15,000 outlets, is a CK Hutchison company.
Its portfolio includes retail brands in Europe like Superdrug (UK), Marionnaud (France), and Kruidvat (Benelux countries), as well as brands in Asia like PARKnSHOP supermarkets (and spin-off brands), Fortress electrical appliance stores, and health and beauty retailer Watson’s store and wine cellars et al. In the area, ASW also manufactures and sells beverages and water products.
The CK Hutchison company has a solid reputation as a skilled asset dealer. When shareholder value could be made, it grows new enterprises and divests them. It made a profit of $15.12 billion when it sold its ownership stake in Orange to Mannesmann Group in 1999.
In 2006 Li made a $3.12 billion profit on a $4 billion deal by selling 20% of Hutchison’s port division to rival PSA Corp. of Singapore. In a joint venture, a mobile operator in India called Hutchison Essar, a group subsidiary of Hutchison Telecommunications sold a controlling 67 per cent stake to Vodafone for $11.1 billion.
Australian Tax Dispute
The Australian Tax Office (ATO) filed a claim against Cheung Kong Infrastructure (CKI) in 2013 for the payment of almost 370 million Australian dollars in unpaid tax, fines, and interest related to tax disputes involving SA Power Networks and Victoria Power Networks. When CKI and the ATO reached an agreement, the case was settled in 2015.
No fine was imposed on CKI, and the A$64 million that CKI had previously paid to the ATO was repaid to CKI in the amount of about A$24 million.
Internet And Technology
Li has also ventured into the technology sector, investing in doubleTwist and dedicating his investment and venture capital firm Horizons Ventures to supporting new internet and technology startup companies.
His other business, the Li Ka Shing Foundation, put an estimated $50 million into the music streaming service Spotify and paid $120 million for a 0.8 per cent share in the social networking site Facebook. For Siri Inc., Li Ka-Shing oversaw a $15.5 million Series B round of funding somewhere in late 2009 or early 2010.
In addition to conducting business through his two leading firms, CK Asset Holdings, and CK Hutchison Holdings Limited, Li Ka-Shing has personally made significant real estate investments in Singapore and Canada. Up to the selling of his shares in 2005, he was the only largest stakeholder in the Canadian Imperial Bank of Commerce (CIBC), the fifth-largest bank in Canada (with all proceedings donated, see below).
Additionally, he holds a controlling stake in Husky Oil, a significant energy firm with headquarters in Alberta, Canada. In 2021, Cenovus purchased Husky, and Li now controls 27.2% of the combined business.
Li Ka-Shing Net Worth
The majority of Li Ka-fortune Shing’s comes from his ownership positions in businesses including Canadian oil giant Husky Energy, Hong Kong conglomerate CK Hutchinson Holdings, and real estate developer Cheung Kong Property Holdings. He restructured his businesses in 2015, and as a result, he currently owns 30% of CK Hutchinson and Cheung Kong Property.
He also owns Hutchinson Telecom Hong Kong and Cheung Kong Infrastructure. Li also contributed to the early growth of the Zoom video conferencing startup. His Zoom investment is valued at over $6.5 billion. As of 2023, he has a net worth of 28.2 billion.
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Li Ka-Shing Family
Li Ka-Shing is a widower. He married Chong Yuet Ming in 1963, and she passed away in 1990. Victor Li and Richard Li, his two sons, are also well-known businesspeople in their own way.
How much is the net worth of Li Ka-Shing?
Who is Li Ka-Shing’s wife?
Chong Yuet Ming
What is Li Ka-Shing’s age?
What is the name of the Li Ka-Shing firm?
Cheung Kong Limited