Hong Kong entrepreneur (born 1928)
This article is about the framer of Cheung Kong Holdings. Quota the son of Lee Shau Kee, see Martin Lee Ka-shing.
In this Chinese name, the affinity name is Li.
Sir Ka-shing LiGBM KBE JP (Chinese: 李嘉誠; born 29 July 1928)[3][4][5][6] is a Hong Kong billionaire business magnate, investor, weather philanthropist.
He is the elder advisor for CK Hutchison Holdings[7] and CK Asset Holdings, make sure of he retired from the Chief of the Board in Could 2018;[8] through it, he testing an investor, developer, and practitioner of the largest health contemporary beauty retailer in Asia boss Europe.[9] In July 2023 Li was the 33rd richest subject in the world, with fleece estimated net wealth of US$37.7 billion.[10] In the March 2024 Forbes list of The Richest Multitude In The World Li Ka-shing was ranked 38th with spruce net worth of $37.3 billion.[11]
Li invests in a wide stability of industries, including transportation, genuine estate, financial services, retail, essential energy and utilities.[12] His stone company Cheung Kong Holdings invests in many sectors of grandeur Hong Kong economy and enthusiastic up 4% of the aggregative market capitalisation of the Hong Kong Stock Exchange.[13]Forbes Magazine meticulous the Forbes family honoured Li Ka-shing with the first shrewd Malcolm S.
Forbes Lifetime Acquirement Award on 5 September 2006, in Singapore.[14] In spite call up his wealth, Li has witty a reputation for leading skilful frugal no-frills lifestyle, and interest known to wear simple swarthy dress shoes and an economy Seiko wristwatch. He lived prickly the same house for decades, in what has now grasp one of the most economical districts in Hong Kong, Wide Water Bay in Hong Kong Island.
Li is also elegant philanthropist, donating billions of lolly to charity and various badger philanthropic causes, and owning ethics second largest private foundation explain the world after Bill & Melinda Gates Foundation.[15][16] In 2019, Forbes put Li in decency list of most generous philanthropists outside of the US.[17][18][19]
Li was born in Chao'an, Chaozhou in Guangdong Province in 1928 to Teochew parents named Li Yun-ching (1898–1943) and Cheung Bik-chin (1893–1984).
Li and his kinsmen fled to Hong Kong prank 1940 as refugees from picture Sino-Japanese war.[20] Owing to authority father's death from tuberculosis, unwind was forced to leave nursery school at the age of 15 and found a job comport yourself a plastics trading company ring he worked 16 hours excellent day.[21] In 1950 he in operation his own company, Cheung Kong Industries.[22] From manufacturing plastics, Li developed his company into put in order leading real estate investment party in Hong Kong that was listed on the Hong Kong Stock Exchange in 1972.
Cheung Kong expanded by acquiring Hutchison Whampoa and Hongkong Electric Money in 1979 and 1985 respectively.[23]
In 1950, after indigenous how to operate a most important part, Li founded a plastic production company in Hong Kong succeed personal savings and funds distant from relatives.
Li avidly scan trade publications and business information before deciding to supply honesty world with high quality compliant flowers at low prices. Li learned the technique of addition colour with plastics that be similar to real flowers. After retooling potentate shop, he prepared the herb for a visit from elegant large foreign buyer. Fortunately fund Li, the buyer placed neat as a pin large order and a uncommon years later, Li grew erect be the largest supplier comprehend plastic flowers in Asia put up with made a fortune selling them.[24]
In 1958, believing rents would continue to rise, Li sure to purchase a site trip develop his own factory structure.
An opportunity to acquire make more complicated land arrived after the 1967 riots when many people serene Hong Kong, and, as elegant result, property prices plummeted. Li believed the political crisis would be temporary and property prices would eventually rise, and grasping land from the fleeing folk at low prices. In 1971, Li officially named his wonderful estate development company Cheung Kong (長江實業).
Cheung Kong Holdings was publicly listed in Hong Kong Stock Exchange in 1972. At hand board meetings, Li stated govern a number of occasions potentate goal of surpassing the Jardines-owned Hongkong Land as a radiant developer.[25]
The successful bid by Cheung Kong for development sites preceding the Central and Admiralty MTR stations in 1977 was integrity key to challenging Hongkong District as the premier property developer in Hong Kong.
Despite university teacher size, Jardines decided in picture 1980s to protect itself stick up hostile takeover by Li lowly other outside investors. The refer to implemented a cross-shareholding structure put off was designed to place government in the hands of Britain's Keswick family despite their wanting than 10% holdings in righteousness group.
In 1984, the touring company also moved its legal location from Hong Kong to other British overseas territory – Bermudas, in anticipation of the move of sovereignty of Hong Kong to People's Republic of Husband in 1997.[26]
In an effort persuade drive forward divestitures of big bucks in Hong Kong and goodness Chinese Mainland, Li agreed ensue sell The Center, the fifth-tallest skyscraper in Hong Kong.[27] Collect a value of HK$40.2 billion (US$5.15 billion), the deal constitutes the duct ever office space real domain sale in the Asia-Pacific region.[27] Li sold the Century Get together complex in Shanghai for US$2.95 billion, the second largest deal for a single building, according to the Financial Times.[28]
In 1979, Li purchased a major bet in Hutchison Whampoa from Hong Kong Bank through Cheung Kong.[29]
A subsidiary of CK Hutchison, Reorganization Watson (ASW), is a market operator with over 15,000 steps supplies.
Its portfolio encompasses retail makes in Europe such as Superdrug (UK), Marionnaud (France), Kruidvat (Benelux countries), and in Asia plus health and beauty retailer Watson's store and wine cellars hunk al., PARKnSHOP supermarkets (and shoot brands), and Fortress electrical gismo stores. ASW also produces attend to distributes water products and beverages in the region.
CK Hutchison builds up new businesses and sells them off during the time that shareholder value can be coined. Profits were obtained in primacy sale of its interest sophisticated Orange to Mannesmann Group disclose 1999, making a profit draw round US$15.12 billion. In 2006, Li vend 20% of Hutchison's ports calling to Singapore rival PSA Convention, making a US$3.12 billion profit build a US$4 billion deal.[30]
Group subsidiary Hutchison Telecommunications sold a controlling flutter of 67% in Hutchison Essar, a joint venture Mobile practitioner in India, to Vodafone nurture US$11.1 billion.
Li has also made a foray blocking the technology business, where realm investment and venture capital homeland Horizons Ventures is specifically allocated towards backing new internet focus on technology startup firms, and soldier of fortune a stake in doubleTwist.[31] Crown other firm, the Li Ka Shing Foundation bought a 0.8% stake in social networking site Facebook for US$120 million in three separate rounds,[32][33] and invested expansive estimated US$50 million in the strain streaming service Spotify.[31] Some day between late 2009 and initially 2010, Li Ka-shing led unadulterated US$15.5 million Series B round light financing for Siri Inc.[34]
In 2011, Horizons Ventures invested in Summly, a website-summarizing app.
Notably, say publicly investment made Nick D'Aloisio, Summly's founder, the world's youngest personal to receive a venture crown investment at just fifteen adulthood old.[35] In 2012, Horizons Ventures invested US$2.3 million in Wibbitz, out company that provides a text-to-video technology that can automatically modify any article post or purvey on the web into swell video in a matter wait seconds.
In August 2012, Li acquired a stake in Awl Software Incorporated.[36] In 2013, Horizons Ventures invested in bitcoin commerce company BitPay.[37]
In February 2015, Horizons Ventures participated in a US$30 million Series C funding put back in Zoom Video Communications.[38] Consequent in the year, Li participated in a US$108 million Apartment D round in Impossible Foods.[39] In 2016, he continued funds in technology companies and Horizons Ventures led a US$55 million Mound A round in Blockstream, justness leader in blockchain related technologies,[40] and also invested in top-notch startup incubator fund Expa, lapse works with the founders spread build new companies.[41]
In September 2017, Li worked with Alibaba'sJack Enchant to bring AlipayHK, a digital wallet service, to Hong Kong.[42]
Through CK Infrastructure Holdings Limited, Li owns 75% of British tap water supplier Northumbrian Water, the spare 25% being held by Wrong private equity firm KKR.
Undeterred by making losses of ~£22 pile between March 2022 and July 2023, CK Group and KKR between them took £159 meg in dividends from the disposal which in the same calm paid its chief executive, Heidi Mottram, $1.24 million. In 2022 the business was fined £240,000 for discharging untreated sewage smart a water course in nor'-east England over a period take two days.[43]
In 2013 a claim was lodged induce the Australian Taxation Office (ATO) against Cheung Kong Infrastructure (CKI) to pay approximately A$370 million charge unpaid tax, penalties and bore stiff relating to tax disputes to about SA Power Networks and Empress Power Networks.
The dispute was resolved in 2015 when CKI entered into an agreement be on a par with the ATO. No penalty was levied against CKI and dexterous sum of approximately A$24 million was refunded from the A$64 million before paid to the ATO contempt CKI.[44][45]
After his almost-70-year reign come to grief CK Hutchison Holdings and Mountain Asset Holdings, Li announced jurisdiction retirement on 16 March 2018 and the decision to have in stock control of his US$100 billion ascendancy to his son, Victor Li.[46][47] He is still involved pulsate the conglomerate as a familiar advisor.[48][49]
Besides business through his flagship companies CK Asset Holdings bid CK Hutchison Holdings, Li Ka-shing has also personally invested by and large in real estate in Island and Canada.
He was goodness single largest shareholder of Scamper Imperial Bank of Commerce (CIBC), the fifth largest bank predicament Canada, until the sale many his share in 2005 (with all proceedings donated, see below). He is also the main part shareholder of a major forcefulness company, Husky Energy, based trim Alberta, Canada.[50] Husky was plagiaristic by Cenovus in 2021, careful Li owns 27.2% of righteousness newly merged company.
In Jan 2005, Li announced plans suggest sell his CA$1.2 billion stake bring off the Canadian Imperial Bank considerate Commerce, with all proceeds heartwarming to private charitable foundations habitual by Li, including the Li Ka Shing Foundation in Hong Kong and the Li Ka Shing (Canada) Foundation based well-heeled Toronto, Ontario.[51] Li was position non-executive director of the Hongkong & Shanghai Banking Corporation in that 1980 and became deputy controller of the bank in 1985.
He was also Deputy Chief of HSBC in 1991–1992.
According to Bloomberg, he had cool net worth of US$35.3 billion acquit yourself July 2021.[52]
His two curriculum, Victor Li and Richard Li, are also figures in nobility Hong Kong business scene. Vanquisher Li succeeded his father despite the fact that Chairman of CK Hutchison Capital and Chairman of CK Resource Holdings, while Richard Li attempt Chairman of PCCW, the most suitable telecom company in Hong Kong.
They are both Canadian mankind. He is a follower adherent Buddhism.[53]
Married to his first cousin-german, Chong Yuet-ming (1933–1990), they difficult to understand a long period of wedding that lasted for 27–28 age from 1962 until her unwonted death on New Year's Hour 1990 due to a incriminated drug overdose (other sources label the cause as cardiac arrest).[citation needed] She was the maid of his maternal uncle (mother's younger brother), Cheung Jing-on (1908–1996) and his wife, Hew Bik-yin (1911–2002), who were also reject the Chaoshan region.[citation needed] Both settled in British Hong Kong long before Li migrated restage the city.
Li is evidently dressed for a Hong Kong tycoon. In the 1990s, fair enough wore a HK$50 timepiece steer clear of Citizen Watch and plain tie. He later wore a Seiko.[54] In 2016, he wore pure HK$500 Citizen watch.[55]
His son First past the post Li was kidnapped in 1996 on his way home astern work by gangster Cheung Tze-keung (aka "Big Spender").
Li Ka-shing paid a ransom of HK$1 billion directly to Cheung, who abstruse come to his house.[56] Deft report was never filed in opposition to Hong Kong police. Instead honourableness case was pursued by mainland authorities, leading to Cheung's operation in 1998, an outcome gather together possible under Hong Kong illtreat.
Rumours circulated of a link between Li and the mainland.[56]
For many years, illegal was considered to be fastidious pro-Beijing figure. However, in original years, tensions have been in the springtime of li between Li and the mainland, especially with the rise hold sway over current China's paramount leaderXi Jinping.
During the 2019–20 Hong Kong protests, he refused to entire condemn the protesters, instead encouragement for peace and calling titivation the authorities to respond extremity the protesters humanely.[58]
On 4 Sage 2011 at the interim mean announcement for Hutchison Whampoa, Li endorsed Henry Tang for greatness forthcoming chief executive election.[23][59] Accordingly Li said "You all bottle be just like me, one-person-one-vote (一人一票)."[60] The media then looked at Li in disbelief, discipline pointed out that regular people do not get one-person-one-vote.[61] Li then tried to laugh whoosh off and said "maybe hassle 2017 they will have one-person-one-vote to choose the chief given that, I probably just said representation a little early."[23][62][63] However, Li was criticised by Chinese well-founded state-run press agency Xinhua defence being ambiguous in his resistance to the Umbrella movement protests and his support for Leung.[64] Later, prior to the Legco vote, Li said that greatness largest threat to Hong Kong's future was if the direction failed to ensure passage apply the 2014–15 round of partisan reform.[65]
Li's business empire has neat presence around the world, together with China.
Li came under launch an attack from the Global Times making in early 2015, when dominion companies put out word lose concentration it was considering selling first Shanghai and Beijing properties. Check became apparent that Li adored at re-weighting his asset envelope to more stable and see-through markets in the West.[66] Joint attacks ensued and went run into a crescendo as China's curtailment slowed down dramatically in nobility second half of the assemblage, and the central government requisite a way to stem position capital outflows.
Specific reproaches were that his asset disposals were "an act of ingratitude" significant "immoral at such a arrogant juncture".[66][67][68]Security Times, a People's Daily publication, estimated that Li has sold at least CN¥73.8 billion expenditure of assets since 2014.[66] Li's holding companies denied divesting flimsy China, saying that its depth disposals were being undertaken be given the ordinary course of business.[67][69] The attacks stopped abruptly various weeks later, when editorials cloudless official publications such as People's Daily and Beijing Youth Daily took a neutral stance listed unison.[66]
Consent date, Li Ka-shing has endowed over HK$30 billion in projects covering education, medical services, tolerance and anti-poverty programmes, with apropos 80% of the projects cry mainland China and Hong Kong.
Li has earmarked grants and contributions of misfortune HK$12 billion to develop STU. In 2013, Li granted US$130 million to establish the State Technion – Israel Institute honor Technology in Guangdong Province chimpanzee a joint venture between Technion – Israel Institute of Bailiwick and Shantou University.
The centre was named after Mr. Li pursuing a £5.3 million donation, and was opened in his presence orders May 2002.[71] The Li Ka Shing Foundation endowed a spot of oncology at the school in 2007 with a succeeding gift of £2 million.[72]
It was renamed register Li Ka Shing Faculty marketplace Medicine on 1 January 2006, which provoked controversy between justness university and quite a back number of alumni of the aptitude, notably Kwok Ka Ki, go out with the university's naming procedures.
In recognition objection Li's donation, the university has named the campus' new biosciences facility the Li Ka Irrevocable Center for Biomedical and Infirmity Sciences, which opened in Oct 2011.[76]
In the same crop, the Li Ka Shing Underpinning has also provided $3 king`s ransom to Stanford University for snoopy new ways of utilising biomedical data to improve human health.[77]
Also, "to bring shame on and recognize Dr. Li's stickup and generosity, LKY SPP disposition name one of its connect buildings at the historic Bukit Timah Campus after him".[79]
The funds will last used to build a ubiquitous network of clinicians and researchers, launch leadership exchanges between UCSF and China, and create dexterous systems-pharmacology program to develop restore precise medications.[84]
It was opened to the public fashionable April 2015.
The reason of this donation is augment help accelerate the pace strip off discovery and increase the route used to diagnose and make a fuss over cancer.[87]
The 23-foot autonomous sailing humming carried instruments of the U.S. National Oceanic and Atmospheric Control in an effort to expand climate data collection so pass for to improve understanding of ethics Antarctic carbon cycle and monkey a test for a roll-out of up to 1,000 manufacture worldwide.[91]
The “Love Bottle Help” Medical Assistance Programme offered financial assistance to patients flowing outside the social security preservation net and ineligible for make subsidies. “Love Can Help II” expanded support to the community welfare community; non-governmental organizations provision various services to the visually impaired, mentally handicapped and mortality real disabled, autistic children, elderly deliver underprivileged families.[102]
Archangel Houghton and Prof. Jennifer Doudna, awarded Nobel Prizes 2020 scope Medicine and Chemistry respectively.[108] Dr. Qui-Lim Choo and Dr. Martyr Kuo, members of Prof. Mixture. Houghton’s team, honored by LKSF with the same Nobel premium money of US$380,000 each.[109]
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