Being Reaching to his 90 years old, “superman” Li Ka-shing, the richest billionaire in Hong Kong with net worth of 35 billion USD, the chairman of conglomerate CK Hutchison Holdings and CK Asset Holdings, announced retirement after dedicating to his business career for more than half a century, will serve as a Senior Advisor of CK Group after his retirement in May.
His elder son, Victor Li, 53, a Stanford University graduate, who has spent 33 years working experience with the CK group and was named “successor in principle” by Li Ka-shing last year, will be the heir to his father’s business empire, which has expanded to multinational distribution with more than 50 countries, employs more than 300,000 people globally and operates in property, telecommunication, retail, infrastructure, energy and shipping business.
“The senior management will continue to work with Mr Victor Li in leading the Group towards the next new horizon of growth. I sincerely hope that all shareholders would give the same full support to Mr Victor Li as they have always given to me. I am confident in the prospects of the Group, ” Li Ka-shing said in the outlook of CK Hutchison’s FY 2017 report.
Strategy of CK group is expected to remain unchanged under Victor Li’s leadership and there would be little impact from chairman change, according to both NOMURA AEJ Daily Research and BOCOM Int’l Research summary.
The FY 2017 of CK Hutchison report demonstrated year-on-year gains in EBITDA(10%), revenue(9%), earnings per share(6%) and final dividend per share(6%). Morningstar Equity Research said the main earning contribution to net profit is CK Infrastructure Holdings, better ports activity and the merged Wind Tre at 3 Group, holding positive outlook for the telecom company 3 Group and its retail arm since management highlighted using new technology investment in the future to drive revenue.