Introduction

Li Ka-shing, a name synonymous with financial prowess, has dramatically reshaped Hong Kong through astute investments, earning him comparisons to legendary investor Warren Buffett. Currently ranked 58th on the Bloomberg Billionaires Index, Li has built a vast business empire that spans real estate, telecommunications, retail, and shipping.

Early Life

Born in 1928 in Guangdong, China, and relocating to Hong Kong in the 1940s, Li faced hardship early in life. After the death of his father, he took on work as an apprentice at just 14 years old. He later recounted, "The most terrible experience of my childhood was witnessing my father’s suffering and ultimately dying of tuberculosis. I too was infected." This challenging upbringing instilled in Li a profound drive to change his fate.

Foundation of Cheung Kong Industries

In 1950, Li founded Cheung Kong Industries, initially a plastic flower manufacturing business. Eventually, he pivoted towards real estate investments, and his company name—“Cheung Kong”—was inspired by the Yangtze River, symbolizing unity and collaboration, as highlighted by CNBC. By the late 1970s, Cheung Kong had become a dominant force in Hong Kong's real estate market, developing one in every seven private residences.

Public Listing and Expansion

The company went public on the Hong Kong Stock Exchange in 1972, embarking on a journey that would see it expand into over 50 countries and employ approximately 300,000 people. Li’s influence grew as he took charge of Hutchison Port, becoming one of the largest container terminal operators globally, and Watsons, Asia's leading health and beauty retailer.

Acquisition of Hutchison Whampoa

In 1979, he acquired Hutchison Whampoa, quickly turning it into a global giant. Its retail operations now boast over 12,000 stores, while its mobile services reach around 90 million customers worldwide. Li's strategic vision also led him to acquire a controlling stake in Husky Energy, a move seen as prescient during a downturn in oil prices. Husky Energy was sold to Cenovus Energy in 2020.

Financial Foresight

Li is affectionately nicknamed "Superman" due to his financial foresight. He famously predicted the 2007 crash in China's stock market and accurately foresaw a surge in Hong Kong property prices early in 2009, leading to a remarkable 70% increase in home values by mid-2011.

Personal Life and Humility

Despite his success, Li remains notably humble. He is often seen dressing simply, in stark contrast to the opulence modern billionaires often flaunt. While Warren Buffett is recognized for his thriftiness with a retro Samsung flip phone, Li's signature item is his wristwatch. He wore a $50 Seiko for decades before recently upgrading to a practical $500 solar-powered Citizen Eco-Drive.

Philanthropic Contributions

But Li's legacy extends beyond business; he is also a committed philanthropist. In 1980, he established the Li Ka-shing Foundation to fund education, healthcare, and humanitarian causes. He notably founded Shantou University, the first privately-funded public university in China. His philanthropic contributions have surpassed $3.8 billion, with a significant portion going to projects within China.

Community Impact

Anne Wang-Liu, co-chair of the Hong Kong Ballet Guild, praises Li's dedication to education and healthcare, acknowledging his role in fostering a culture of giving. He has pledged to allocate one-third of his wealth to philanthropy, reflecting traditional values in Asia where passing down wealth is considered a duty.

Legacy and Succession

Li’s humility continues to resonate within his community. Emily Lam-Ho, a co-founder of EcoDrive, highlights Li's belief that philanthropy is not solely about monetary donations but about utilizing one's resources for the greater good.

Succession Planning

On the business front, in 2012, Li appointed his eldest son, Victor, as his successor, while his younger son, Richard, was given support for entrepreneurial pursuits. In 2015, he restructured his holdings, establishing CK Property Holdings (now CK Asset Holdings) and CK Hutchison Holdings, transferring a third of his assets to his foundation.

Retirement and Continued Influence

Retiring in May 2018 at the age of 89, Li remains a senior advisor to his business empire, continuing to inspire as one of the most influential businessmen in Asia, as recognized by Forbes. Li Ka-shing's journey, from a poverty-stricken childhood to becoming Asia's Buffett, underscores not just a story of financial success but a legacy of humility and philanthropy that resonates worldwide.