Li Ka Shing, CK Hutchison Holdings Ltd’s chairman, ranked 23 on Forbe’s list and the wealthiest tycoon in Hong Kong, is set to hand over the reins of CK Hutchison Holdings Ltd to his eldest son. Victor Li.
On Friday, as per a filing to the Hong Kong stock exchange, Li Ka-shing, Hong Kong’s richest man, will retire as chairman of CK Hutchison Holdings Ltd, a ports-to-telecom conglomerate, after the annual general meeting scheduled for May 10.
Li, will however, will stay on as senior adviser to the CK Hutchison Holdings Ltd.
Victor Li, his eldest son who was named as his successor several years ago, will replace him. He is already on the board and is seen as a steady hand who unlikely to rock the boat.
During his tenure, Li had increased the pace of acquisitions in overseas markets which helped boost the conglomerate’s profits. Following Brexit, the drop in value of its British business was offset by the growth of its European telecoms unit.
In 2017, CK Hutchison reported a rise of profits by 6% in 2017 to $4.48 billion (HK$35.1 billion) against the average forecast of HK$34.63 billion by 12 analysts. Similarly, its real estate arm, CK Asset Holdings Limited, saw a surge in its annual profits by 55%, yet again beating analysts’ estimates.
“Healthy and synchronized growth in major economies gathered pace in 2017. Provided this trend continues and inflation remains benign, the environment in 2018 should remain supportive for global trade and for our businesses,” said Li in a filing to the Hong Kong stock exchange.
With the news reaching the market, CK Hutchison’s shares rose by 0.3% against a fall of 0.1% by the Hang Seng index.