Penniless immigrant turned billionaire tycoon to retire at 89

HONG KONG: Li Ka-shing’s rise from penniless immigrant to billionaire tycoon is the consummate success story in Hong Kong, a city which progressed alongside him from trading outpost to one of the world’s biggest financial centres.

A factory apprentice when he was 13, Li, who announced his retirement yesterday at 89, was called “Superman” in the ultra-capitalist hub for his work ethic and business success. Li has used his business acumen, as well as a habit of personally investing alongside his companies, to amass a fortune estimated by Forbes at $35.3 billion, making him the world’s 23rd richest man.

“I’ve been working for a long time, too long,” a sprightly Li said, announcing he would step down on May 10.

While Hong Kong’s adoration of the billionaire and his rags-to-riches story has waned somewhat in recent years, he is still stepping aside from one of Asia’s most outward-looking empires, spanning more than 50 countries and 323 000 employees at last count.

Through a career spanning the 78 years since his family fled war-torn China for Hong Kong, Li built fortunes first in plastics and property before joining the first wave of toptier tycoons in the city with the 1979 purchase of Hutchison Whampoa, a venerable British “hong” or trading house.

Along the way, he led raids on rivals, built strong – later controversial – ties with mainland leaders, was rapped on the knuckles for insider dealing in Hong Kong and turned his sights to overseas expansion in a way that few of his local rivals ever did.

The assets still held by Li through his flagship CK Hutchison Holdings Ltd, include the biggest container port operator in the world, Canadian oil giant Husky, one of Europe’s leading telecoms operators as well as a collection of UK businesses that saw him awarded a knighthood by Britain’s Queen Elizabeth II in 2000.

Li’s name has become synonymous with against-the-odds success by dint of hard work. – Reuters

Li Ka-shing