Sir Ka-shing Li (born July 29, 1928) is a Hong Kong billionaire business magnate, investor, and philanthropist renowned for building one of Asia’s most influential conglomerates. He served as chairman of CK Hutchison Holdings and CK Asset Holdings until his retirement in May 2018, after which he assumed the role of senior advisor, maintaining his influence over strategic decisions. Li’s business empire spans multiple sectors, including real estate, transportation, retail, energy, and financial services, and his ventures have contributed significantly to the Hong Kong Stock Exchange’s market capitalization.
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| Born | 29 July 1928 Chao'an, Chaozhou, Guangdong, China |
| Occupations | Chairman of Li Ka Shing Foundation |
| Spouse | Chong Yuet-ming (m. 1962; died 1990 |
| Children |
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As of March 2024, Forbes estimated his net worth at $37.3 billion, ranking him 38th among the world’s wealthiest individuals. Despite his immense wealth, Li is celebrated for his frugal lifestyle, often seen wearing simple black dress shoes and an inexpensive Seiko watch, and residing in his longtime home in Deep Water Bay, one of Hong Kong’s most expensive districts.
Early Life
Li Ka-shing was born in Chao’an, Chaozhou, Guangdong Province, China, to Teochew parents, Li Yun-ching (1898–1943) and Cheung Bik-chin (1893–1984). In 1940, at the age of 12, he fled to Hong Kong with his family as refugees during the Sino-Japanese War. The family faced extreme hardships, and Li’s father passed away from tuberculosis when Li was just 15. Forced to leave school, he began working in a plastics trading company, often laboring 16 hours a day to support his family.
Business Career
Plastics Manufacturing
In 1950, at just 22 years old, Li founded Cheung Kong Industries, initially a small plastics manufacturing business. Using personal savings and loans from relatives, he learned the craft of plastics production and developed a keen understanding of the industry. Li innovated by producing high-quality plastic flowers that closely resembled real flowers. This unique approach allowed him to capture overseas markets, and the business grew rapidly, becoming Asia’s largest supplier of plastic flowers within a few years. This early success provided Li with the financial and managerial experience to diversify into other industries.
Real Estate
Li ventured into real estate in 1958 by purchasing a site to build his own factory, anticipating rising rents. The 1967 Hong Kong riots, which caused a temporary exodus of residents, allowed Li to acquire properties at dramatically reduced prices. Betting on the city’s recovery, he expanded his holdings strategically.
In 1971, he officially founded Cheung Kong (長江實業), which was listed on the Hong Kong Stock Exchange in 1972. By acquiring prime development sites above the Central and Admiralty MTR stations in 1977, Cheung Kong gained a competitive edge over major developers such as Hongkong Land. Over the years, Li expanded aggressively, purchasing Hutchison Whampoa in 1979 and Hongkong Electric Holdings in 1985, cementing his conglomerate’s dominance.
Notable property transactions include the 2018 sale of The Center for HK$40.2 billion (US$5.15 billion) and the Century Link complex in Shanghai for US$2.95 billion, highlighting Li’s continued influence in real estate.
Technology and Internet Investments
Li Ka-shing has been a prominent figure in technology investments through his venture capital arm, Horizons Ventures. His firm has backed successful companies such as Facebook, Spotify, Siri, Zoom, Impossible Foods, and Summly, as well as ventures in blockchain and digital finance. Notable investments include:
- Facebook – US$120 million for a 0.8% stake
- Spotify – Approximately US$50 million
- Siri Inc. – US$15.5 million Series B round
- Zoom Video Communications – Participated in a US$30 million Series C round
- Impossible Foods – US$108 million Series D investment
- BitPay and Blockstream – Early investments in cryptocurrency solutions
Li also partnered with Alibaba in 2017 to launch AlipayHK, introducing digital wallet services to Hong Kong. These investments demonstrate his forward-thinking approach and influence in shaping global technology markets.
Retirement
After nearly seven decades of active leadership, Li retired on March 16, 2018, handing over his business empire to his son, Victor Li, while continuing as a senior advisor. Despite stepping down, he remains actively involved in guiding strategic decisions.
Philanthropy
Li Ka-shing’s philanthropic impact is extensive, primarily through the Li Ka Shing Foundation (LKSF) and the Li Ka Shing (Canada) Foundation. His donations have significantly supported education, healthcare, disaster relief, and scientific research. Key initiatives include:
- Shantou University and Medical College – HK$12 billion for establishment and development
- Hong Kong Polytechnic University – HK$100 million for the Li Ka Shing Tower
- Cancer Research UK – £5.3 million for the Li Ka Shing Centre at the University of Cambridge
- Stanford University – Long-term support for learning initiatives
- University of California, Berkeley – US$40 million for biomedical sciences
- Disaster Relief – Contributions to the 2004 Indian Ocean tsunami, 2008 Sichuan earthquake, 2023 Gansu earthquake, and COVID-19 relief efforts
Li’s philanthropic vision extends globally, focusing on education, healthcare, poverty alleviation, climate change, and scientific advancement, earning him recognition as one of the most generous philanthropists outside the United States.
Personal Life
Li Ka-shing was married to his first cousin, Chong Yuet-ming, from 1962 until her sudden death in 1990. They had two sons:
- Victor Li – Chairman of CK Hutchison Holdings and CK Asset Holdings
- Richard Li – Chairman of PCCW, Hong Kong’s largest telecom company
Both sons hold Canadian citizenship. Li is a devout Buddhist and is known for his simple lifestyle, famously wearing modest watches and ties despite his wealth. In 1996, his son Victor was kidnapped, and Li paid a HK$1 billion ransom, an incident that remains one of Hong Kong’s most notorious cases.
Awards and Honours
- Grand Bauhinia Medal – Hong Kong’s highest honor
- Knight Commander of the Order of the British Empire (KBE)
- Commandeur, Légion d’honneur (France)
- Honorary Doctor of Laws – University of Hong Kong
Legacy
Sir Li Ka-shing is widely regarded as one of the most influential business leaders in Asia, whose strategic vision and entrepreneurial spirit transformed Hong Kong’s economic landscape. His disciplined approach, investment foresight, and philanthropic generosity have left a lasting imprint on business, education, healthcare, and technology worldwide, securing his place as a global icon of success and social responsibility.
References
- Admin (2023) Admin, The Software Report. Available at: https://www.thesoftwarereport.com/li-ka-shing-hong-kongs-wealthiest-individual-and-his-rags-to-riches-story/ (Accessed: 10 January 2025).
- Agarwal, U. (2022) Li Ka-Shing Biography: Success story of CK Hutchison Holdings chairman, VyapaarJagat.com. Available at: https://www.vyapaarjagat.com/international/li-ka-shing/ (Accessed: 10 January 2025).
- Li Ka-shing: Latest News and updates (no date) South China Morning Post. Available at: https://www.scmp.com/topics/li-ka-shing (Accessed: 10 January 2025).
- Nguyen, D. (2024) Who is Li Ka-shing, Hong Kong billionaire called Warren Buffett of Asia? - vnexpress international, VnExpress International – Latest news, business, travel and analysis from Vietnam. Available at: https://e.vnexpress.net/news/business/companies/who-is-li-ka-shing-hong-kong-billionaire-called-warren-buffett-of-asia-4818376.html (Accessed: 10 January 2025).
