Nicknamed Superman, Li Ka-shing has long been revered as one of the most influential and respected businessmen in Asia. Li, who fled China at age 12 and worked in a watch factory to make ends meet, is perhaps one of the greatest rags-to-riches stories of all time.
For decades, Li, one of the richest people in Asia, has controlled a huge swath of Hong Kong, handling much of its port traffic, building many of its residences and having investments in everything from electric utilities to retail. His companies operate in more than 50 nations and employ 323,000. “Businesspeople in general shouldn’t have an overly narrow view of their industry,” he once told Forbes.
Li has also been an early investor in such tech startups as Facebook and Spotify. “One of the coolest things about him and his team is that they have this idea of where they think the world is going,” Spotify cofounder Daniel Ek said in 2012.
Now, 68 years after he started Cheung Kong Plastics, Li has announced plans to retire as chairman of CK Hutchison and CK Asset Holdings in May, just shy of his 90th birthday in July.
"Looking back to the past, it has been an incredible journey," Li said at the time of the announcement. "I feel very blessed to have founded Cheung Kong, to have had the opportunity to create value for shareholders and to serve the many communities in which our businesses operate. I feel especially grateful and am humbled by the love and support so many have shown me since we became a public company some 46 years ago. It will forever be etched in my heart."
His son Victor, who has worked with him for years, will take over. Li will remain an advisor. He will also apparently cede his honorary chairmanship at Shantou University to his younger son Richard, a billionaire in his own right who runs separate businesses.
Here is a look back at his storied career, including his early years, much of which was provided by CK Hutchison Holdings and some taken from Forbes 2012 profile on Li.
July 29, 1928: Li Ka-shing is born in the coastal city of Chaozhou; his father is a primary school principal.
1938-1939: After Japan invades China, Li and his family flee to a small town and Li is forced to quit school.
1940: The family escapes to Hong Kong and soon moves inside a watch strap factory, where his father works to save money.
1941: Li becomes an apprentice in the watch factory. His mother and sisters return to China.
1942: Li’s father dies due to TB. Li stays in Hong Kong by himself and continues working. Li reflects on this milestone in interview with Forbes.
“The most terrible experience during my childhood,” recalls Li. “I, too, was infected. The burden of poverty and this bitter taste of helplessness and isolation sort of branded on my heart forever the questions that still drive me. Is it possible to reshape one’s destiny? Is it possible to minimize challenges through lessening complexities? And is it possible to enhance chances for success through meticulous planning?”
1947: Li is promoted to general manager at the factory, where he supervises more than 200 workers. He hires a teacher to teach him English.
1950: At age 21, Li uses $6,500 in savings and loans from relatives to start Cheung Kong plastics, named after the Yangtze River.
1955-1957: His factory starts making plastic toys and other items but has an especially big hit with making plastic flowers.
1958-1960: Li starts investing in real estate in Hong Kong.
1971: Li’s real estate business takes off, with profits surpassing those of the factory.
1972: Li renames his company Cheung Kong (Holdings) Limited and lists it on the Hong Kong Stock Exchange.
1979: Cheung Kong acquires Hutchison Whampoa from HSBC, making Li the first Chinese to take over a British-backed conglomerate. A year later, he exits the plastics business.
1985: Cheung Kong acquires Hongkong Electric.
1987: Hutchison acquires 43% of Canada’s Husky Oil.
1995: Hutchison becomes world’s first provider of CDMA digital mobile communication services.
1999: Hutchison strikes the largest deal in its history, agreeing to sell its shares in telecom Orange plc. to Mannesmann AG for more than $14 billion.
2003: The CK Group’s total investments in mainland China exceed HK$60 billion, representing approximately 12% of the Group’s listed assets.
December 2007: Li says it took him only five minutes to decide to invest in Facebook, even though it barely had any revenues and was seeking investments that valued the young company at a relatively high $15 billion.
2012: Li announces how his assets will be split among his family. Victor would get Cheung Kong, Hutchison and Husky, while Li would provide cash to Richard Li to support the development of his businesses.
2015: Cheung Kong and Hutchison Whampoa complete the reorganization and combination of their businesses to create CK Hutchison Holdings Limited, which will hold the non-property businesses of both groups, and Cheung Kong Property Holdings Limited, which will hold the property businesses. Its retail group Watson Group now has 12,000 stores around the world.
2018: Li announces on March 16 he will step down as chairman of both CK Hutchison and CK Asset Holdings in May. At the time, his far-reaching empire stretches across the globe and has tentacles in many industries. It operates 52 ports around the world, has 14,100 retail stores and serves 128.9 million telecom customers. Its infrastructure business operates power networks, sewers, gas networks. It rents out 43 million square feet of office, retail, industrial and hotel property, operates 16 hotels and has a land bank of 117 million square feet.
