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Li Ka-shing

From Alfawiki
Li Ka-shing
Born (1928-07-29) July 29, 1928 (age 98)
Chao'an, Chaozhou, Guangdong
Other namesSir Ka-shing Li
Occupation(s)Entrepreneur, investor, philanthropist
Years active1950–2018 (chairman), 2018–present (senior advisor)
Known forFounder of Cheung Kong Holdings; senior advisor to CK Hutchison Holdings and CK Asset Holdings; philanthropy through Li Ka Shing Foundation

Sir Ka-shing Li (; born 29 July 1928) is a prominent Hong Kong billionaire entrepreneur, investor, and philanthropist. After stepping down as chairman in May 2018, he now acts as senior advisor to CK Hutchison Holdings and CK Asset Holdings. These companies manage some of the largest health and beauty retail enterprises across Asia and Europe. As of July 2023, Li was ranked the 33rd wealthiest individual worldwide with an estimated fortune of , while Forbes placed him 38th in March 2024 with a net worth of $37.3 billion.

Li's investment portfolio is diversified across sectors including transportation, real estate, financial services, retail, energy, and utilities. His conglomerate, Cheung Kong Holdings, accounts for roughly 4% of the total market value on the Hong Kong Stock Exchange. In 2006, Forbes presented him with the first-ever Malcolm S. Forbes Lifetime Achievement Award. Despite his immense fortune, Li is noted for his modest lifestyle, residing in the same Hong Kong home for many decades.

On the philanthropic front, Li has contributed billions through the Li Ka Shing Foundation, ranking as the world's second-largest private charitable foundation after the Bill & Melinda Gates Foundation. In 2019, Forbes acknowledged him as one of the most generous donors outside the United States.

Early life

Born in 1928 in Chao'an, Chaozhou, within Guangdong, Li came from a family of Teochew descent—his parents were Li Yun-ching (1898–1943) and Cheung Bik-chin (1893–1984). The family escaped to Hong Kong in 1940 as refugees amid the Sino-Japanese conflict. Following his father’s death due to tuberculosis, Li left school at age 15 and began working long hours—up to 16 per day—at a plastics trading firm. In 1950, he established Cheung Kong Industries. Initially concentrating on plastics manufacturing, Li evolved this enterprise into a prominent real estate investment company listed on the Hong Kong Stock Exchange by 1972. Cheung Kong grew further by acquiring Hutchison Whampoa in 1979 and Hongkong Electric Holdings in 1985.

Plastics manufacturing

Li started a plastics manufacturing business in Hong Kong in 1950, funded through personal savings and borrowed capital. He focused on producing affordable yet high-quality plastic flowers, mastering the process of blending pigments into plastics to imitate natural blossoms. After securing a significant overseas contract, his firm became Asia’s leading supplier of plastic flowers and generated considerable profits.

Real estate

In 1958, foreseeing an increase in rental rates, Li purchased land to build his own factory. When property values declined sharply following the 1967 riots—as many residents left Hong Kong—he seized the opportunity to acquire land at reduced prices, confident that the downturn was temporary. He founded his property development business, Cheung Kong (長江實業), in 1971 and took it public on the Hong Kong Stock Exchange in 1972. His objective was to surpass Jardines-owned Hongkong Land as a dominant developer.

A key moment came in 1977 when Cheung Kong successfully bid for development sites above Central and Admiralty MTR stations, challenging Hongkong Land’s supremacy. To guard against hostile takeovers by Li or others during the 1980s, Jardines implemented a cross-shareholding arrangement that enabled control by the Keswick family despite holding only minority stakes. Prior to Hong Kong’s sovereignty handover in 1997, Jardines relocated its legal headquarters to Bermuda in 1984.

To consolidate holdings across Hong Kong and mainland China, Li sold The Center—Hong Kong’s fifth tallest skyscraper—for HKD 40.2 billion (USD 5.15 billion), marking the largest office space transaction ever recorded in the Asia-Pacific region. Additionally, he divested Shanghai’s Century Link complex for USD 2.95 billion, which Financial Times identified as the second-largest single-building deal.

In 1979, through Cheung Kong, Li acquired a controlling interest in Hutchison Whampoa from Hongkong Bank, becoming the first Chinese individual to control a British-style 'hong'.

Retail

Operating as a subsidiary of CK Hutchison, AS Watson (ASW) manages a network exceeding 15,000 stores worldwide. Its brand portfolio features prominent European retailers such as Superdrug in the UK, Marionnaud in France, and Kruidvat across the Benelux region. In Asia, it includes the health and beauty chain Watson's, along with PARKnSHOP supermarkets, Fortress electronics outlets, and distributors of water products and beverages.

Asset trading

CK Hutchison employs a strategic approach of developing and divesting businesses to enhance shareholder returns. Significant transactions include the profit gained from divesting its stake in Orange to Mannesmann Group in 1999, as well as earnings from selling a 20% share of its ports division to Singapore's PSA Corporation in 2006. Additionally, its subsidiary Hutchison Telecommunications sold a controlling 67% interest in the Indian mobile operator Hutchison Essar to Vodafone for .

Internet and technology

Li Ka-shing has broadened his interests into the technology sector via Horizons Ventures, an investment firm focused on internet startups. The firm’s portfolio includes holdings in doubleTwist, a 0.8% stake in social media giant Facebook valued at , and shares in music streaming platform Spotify (). Horizons Ventures also led a Series B funding round for Siri Inc.. In 2011, it invested in Summly, making its young founder the youngest entrepreneur backed by venture capital worldwide. Other investments encompass Wibbitz’s text-to-video technology, Ginger Software in 2012, and bitcoin payment processor BitPay in 2013.

In 2015, Horizons Ventures participated in Series C financing for Zoom Video Communications and a Series D round for Impossible Foods. The following year, it spearheaded a Series A investment in blockchain pioneer Blockstream and contributed to startup incubator Expa.

In 2017, Li collaborated with Alibaba’s Jack Ma to introduce AlipayHK, a digital wallet platform serving Hong Kong.

Water

Via CK Infrastructure Holdings Limited, Li holds a 75% ownership stake in British water provider Northumbrian Water, with US private equity firm KKR owning the remaining 25%. Although the company incurred losses around £22 million from March 2022 to July 2023, CK Group and KKR extracted £159 million in dividends during that interval. Meanwhile, CEO Heidi Mottram received compensation amounting to $1.24 million. In 2022, Northumbrian Water faced a £240,000 fine due to the release of untreated sewage into a watercourse located in northeast England.

Australian tax dispute

In 2013, the Australian Taxation Office (ATO) sought approximately in unpaid taxes, penalties, and interest from Cheung Kong Infrastructure (CKI), related to disagreements over SA Power Networks and Victoria Power Networks. The matter was resolved by 2015 when CKI consented to pay no penalties and obtained a refund of about from previously remitted amounts.

Retirement

On 16 March 2018, after nearly seven decades at the helm of both CK Hutchison Holdings and CK Asset Holdings, Li declared his retirement and handed over leadership of his conglomerate to his son, Victor Li. Li continues to serve as a senior advisor.

Additional Ventures

Apart from his core enterprises, CK Asset Holdings and CK Hutchison Holdings, Li Ka-shing has made substantial investments in real estate markets in Singapore and Canada. He previously held the position of largest shareholder in Canadian Imperial Bank of Commerce (CIBC), which ranks as Canada's fifth-largest bank, until divesting his shares in 2005. The proceeds from this sale were entirely allocated to philanthropic organizations, including the Li Ka Shing Foundation based in Hong Kong and the Li Ka Shing (Canada) Foundation located in Toronto. Additionally, Li holds a majority stake in Husky Energy, a prominent energy firm headquartered in Alberta; following Husky's 2021 merger with Cenovus, he retains ownership of 27.2% in the combined company.

Li also contributed as a non-executive director at Hongkong & Shanghai Banking Corporation starting in 1980 and served as deputy chairman between 1985 and 1992.

Bloomberg reported his net worth as of July 2021.[1]

Personal Background

In 1962, Li wed his first cousin, Chong Yuet-ming (1933–1990), who passed away unexpectedly in 1990. The couple had two sons, Victor and Richard, both holding Canadian citizenship. Victor took over as Chairman of CK Hutchison Holdings and CK Asset Holdings, while Richard leads PCCW, Hong Kong’s largest telecommunications corporation. Li practices Buddhism.

Known for his understated lifestyle, Li prefers economical timepieces like Citizen and Seiko over high-end luxury brands; more recently, he has been seen wearing an Apple Watch.

In 1996, Victor Li was abducted by the criminal figure Cheung Tze-keung ("Big Spender"). Li directly paid a ransom of to Cheung at his residence. Mainland Chinese authorities managed the case, leading to Cheung’s execution in 1998—an outcome not possible under Hong Kong law—with speculation about an arrangement between Li and officials from mainland China.

Distinctions and Recognitions

Political Involvement

Li was traditionally viewed as aligned with pro-Beijing interests, although relations with mainland China became strained during the 2010s. Throughout the 2019–20 Hong Kong protests, he avoided outright condemnation of demonstrators, instead urging peaceful dialogue and compassionate responses from government authorities.

On 4 August 2011, during Hutchison Whampoa’s interim financial results announcement, Li endorsed Henry Tang for the position of Chief Executive in the 2012 Hong Kong Chief Executive election, promoting the concept of "one-person-one-vote." This endorsement was met with skepticism given Hong Kong's electoral framework. Subsequently, he indicated that universal suffrage might be achievable by 2017. Chinese state media criticized him for his ambiguous position on the Umbrella movement and for supporting Leung Chun-ying. Ahead of the Legislative Council vote on electoral reform in 2014–15, he cautioned that failure to approve changes represented the most significant threat to Hong Kong’s future stability.

In early 2015, scrutiny intensified over Li’s international business interests—including assets within China—following reports that his firms were contemplating selling prime real estate holdings in Shanghai and Beijing. This strategy was interpreted as a shift toward more secure Western markets amid China's economic deceleration and government initiatives to restrict capital flight. Chinese media condemned these moves as an act of "ingratitude" during a sensitive period. The Security Times estimated asset sales exceeding since 2014. Li’s companies refuted claims of withdrawing from China, describing such transactions as standard business practice. Media criticism diminished after official outlets adopted a more neutral stance several weeks later.

Charitable Contributions

  • Founded in 1980, the Li Ka Shing Foundation prioritizes education, healthcare, and scientific research. Li Ka-shing has allocated more than HK$30 billion towards initiatives primarily within mainland China and Hong Kong.
  • The establishment of Shantou University (STU) and its Medical College near Li’s birthplace was made possible by his 1981 endowment. Over HK$12 billion has been invested in STU's growth. In 2013, a US$130 million grant facilitated the creation of the Guangdong Technion – Israel Institute of Technology, a collaborative effort between Technion and STU.
  • In recognition of a HK$100 million contribution in 2001, a building at Hong Kong Polytechnic University was named in Li’s honor.
  • The Li Ka Shing Centre at the University of Cambridge, housing a Cancer Research UK unit, opened in 2002 following a £5.3 million donation. An oncology professorship was subsequently endowed there in 2007 with an additional £2 million.
  • The Cheung Kong Graduate School of Business in China was launched in 2002 with significant backing from the foundation.
  • The Li Ka Shing Library at Singapore Management University was named after an $11.5 million contribution made in 2002.
  • Following the 2004 Indian Ocean tsunami, Li pledged US$3 million to support relief operations.
  • In 2005, he donated HK$1 billion (approximately US$128 million) to the Faculty of Medicine at University of Hong Kong, which was renamed the Li Ka Shing Faculty of Medicine. That same year, US$40 million was granted to University of California, Berkeley, leading to the establishment of the Li Ka Shing Center for Biomedical and Health Sciences.
  • The foundation provided US$10 million in 2014 to initiate the Innovative Genomics Initiative at UC Berkeley and UCSF, alongside US$3 million to Stanford University for biomedical data research. Since the 1980s, Li has been a key patron of Stanford’s Li Ka-shing Center for Learning and Knowledge.
  • A SGD$100 million donation was made in 2007 to the Lee Kuan Yew School of Public Policy at the National University of Singapore, resulting in a building bearing his name.
  • Contributions include CAD$25 million towards Toronto’s St. Michael's Hospital for the Li Ka-Shing Knowledge Institute and CAD$8 million supporting the University of Alberta’s Institute of Virology.
  • For relief efforts following the 2008 Sichuan earthquake, he donated HK$160 million (around US$20.6 million).
  • In 2013, CAD$6.6 million funded exchange programs connecting McGill University with Shantou University; additionally, US$2 million supported UCSF’s precision medicine initiatives.
  • The Tsz Shan Monastery opened in 2015 as a Buddhist education and practice center after receiving over HK$3 billion from Li across a decade.
  • After Nepal’s earthquake in 2015, US$1 million was allocated for disaster assistance.
  • In 2017, US$3 million was granted to the University of Melbourne Centre for Cancer Research and £20 million to Oxford University’s Big Data Institute focusing on biomedical data analytics.
  • Donations in 2018 included HK$10 million to Food Angel and US$5 million dedicated to Indonesian tsunami relief efforts.
  • The foundation financed an innovative Antarctic autonomous sailing drone expedition in 2019 aimed at enhancing climate data acquisition.
  • Early in 2019, aid extended to Médecins Sans Frontières operations in Bangladesh and Congo; USD2 million was committed towards innovation projects in Zhejiang and Shanghai; new medical education funds were established at Zhejiang University; HK$10 million supported cardiovascular subsidies at Hong Kong Sanatorium & Hospital; and Tsz Shan Monastery inaugurated its Buddhist Art Museum.
  • Mid-2019 saw the introduction of tuition-free scholarships at Shantou University; funding also facilitated Shanghai dancers’ visit to Japan as well as an Australian technology exploration mission.
  • In October 2019, a HK$1 billion donation created the Crunch Time Instant Relief Fund aimed at supporting local SMEs facing difficulties.
  • Throughout the COVID-19 pandemic in 2020, over HK$180 million was distributed globally for personal protective equipment, medical research endeavors, and frontline assistance—including a HK$100 million donation directed to healthcare workers in Wuhan. The “Love Can Help” initiative provided financial support to vulnerable patients and expanded social welfare programs with more than HK$200 million disbursed during that year.
  • Additional grants comprised SGD100 million towards public policy programs at the National University of Singapore; HK$170 million bolstering competitiveness across four Hong Kong universities; CAD$500,000 aiding palliative care professionals in Canada; funding for publication projects and families affected by fire disasters; and prize money awarded to Nobel laureates affiliated with the foundation.
  • From 2021 through early 2022, donations supported various hospital initiatives including subsidies for knee replacement surgeries (HK$20 million), appreciation payments for frontline healthcare workers (HK$200 per individual), radiology examination funding (HK$4.1 million), spinal cord injury research (CAD$1 million), kidney dialysis programs (HK$4 million), disability sailing activities (HK$5.6 million), coronary angiography subsidies (HK$5 million), COVID-19 relief for private hospitals (HK$60 million), protective equipment provision for elderly homes (HK$5 million), inclusive sports programs (HK$2 million), sensory integration training (HK$2 million), pandemic relief funds (HK$3 million), medical research funding at Chinese University of Hong Kong (HK$150 million), nursing education support (HK$5 million), AI educational promotion at Education University of Hong Kong, assistance programs for construction accident victims, haemodialysis funding in China (CNY10 million), obstructive sleep apnea study grants (HK$4 million), dance troupe subsidies (CNY1 million), liver disease imaging support, hospital infrastructure development projects (CNY100 million), flood relief donations (HK$30 million), medical aid for underprivileged patients in Shantou (CNY10 million), philanthropy alliance funding totaling USD25 million, opera artist residency fellowships (HK$1 million), kidney foundation program contributions (HK$3 million), and earthquake relief efforts in Gansu province (HK$30 million).
  • In early 2024, donations included HK$10 million allocated for cardiovascular intervention subsidies at Hong Kong Sanatorium & Hospital and US$4 million dedicated to establishing hepatology research professorships at the University of Michigan. Later that year, cutting-edge non-invasive cancer treatment devices were supplied to medical faculties at both Hong Kong universities.
  • Further NGO assistance covered cataract surgery subsidies (HK$2 million), urinary stone surgery support (HK$2 million), oral health initiatives (HK$2 million), and sports programs designed for special needs students from low-income households (HK$1 million).

See also

External links

  1. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Bloomberg
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