Referred to as Asia’s answer to Warren Buffett, the tycoon whose rags-to-riches story is well-known will retire in May.
Li Ka-shing, whose life journey from humble beginnings to Asia’s biggest business fortunes became the epitome of entrepreneurship that inspired generations of Hongkongers, has announced his retirement after almost seven decades at the pinnacle of one of the world’s largest corporate conglomerates.
“I have decided to step down as chairman of the company and retire from the position of executive director at the forthcoming annual general meeting of the company,” Li said in filings for CK Hutchison Holdings and CK Asset Holdings to the Hong Kong stock exchange on Friday.
He will serve as senior adviser of both companies.
“I am grateful to have been able to create value for shareholders all these years, and serve society,” Li said. “This has been my greatest honour. I thank everybody for their love and support.”
Li will dedicate his time and effort toward philanthropy, led by the KS-LK Foundation, especially on issues related to medical health, and social issues, he said.
The 89-year-old billionaire who turns 90 in July helms a business empire that spans shipping, telecommunications and retail. But he got his start in property, buying up real estate that was going cheap following riots in Hong Kong in 1967.
In the span of his career, Li became and remained Hong Kong’s richest man for two decades, according to Forbes.
For many years, he was also Asia’s wealthiest man.
His current net worth is estimated to be $35.3 billion.
Much like Buffett, Li remained a modest man and dressed plainly despite his affluence and success. He wore a simple $50 Seiko watch for decades, only switching in recent years to a $500 solar-powered Citizen Eco-Drive watch for its convenience – battery life.
Rumours of Li’s retirement have been circulating for years. He named his son Victor Li Tzar Kuoi as his successor last year.
Victor, 53, has spent years preparing to succeed his father as chairman of the company.