August 4, 2021

Li Ka-Shing – China News

Li Ka-Shing

Li Ka-Shing 李嘉誠 is the richest man in Hong Kong.

Biography

Li Ka-shing, of Chinese nationality, was born on June 13, 1928 in Chaozhou (Guangdong) in China. Li Ka-Shing is an extremely wealthy Hong Kong businessman with a lot of influence.

He is very discreet and suspicious, become famous since the kidnapping of his child Victor Li, he was obliged to pay in return. From now on, her two children are Canadian nationals.

Li Ka-shing left his studies to haggle for watches in his uncle’s store, 17. At 19, he became the assiduous element, the best seller in record time, and he was appointed store manager. Then, he is hired by a firm to sell various objects door-to-door. He is a trader by day, and supervisor of the production at night. This job helps him master the operation of a factory and learn how to market products.

In the 1947s, Li Ka-shing took out a loan with his family and decided to sell affordable luxury artificial flowers. He founded a factory for their manufacture and surrounded himself with high-level salespeople. The reputation of the flower factory grew and Li-Ka shing struck up fruitful agreements. As a result, it becomes the best supplier of artificial flowers in Asia within a few years.

Evaluation of his fortune

Focused particularly on the two conglomerates, Hutchison Whampoa and Cheung Kong, its assets represent 11.5% of the Hong Kong stock market. The estimate of his fortune in 2012 is worth $ 25.5 billion by Forbes.

The easiest billionaire in Asia and eleventh wealth in the whole world according to the Forbes 2011 classification, Li Ka-shing is the administrator of the Hutchison Whampoa conglomerates, Cheung Kong holdings and in particular of the Watson group, which is the universal leader of the port authority. His company has subsidiaries in around 40 countries.

Business

Cheung Kong holdings

During the sixties, the cultural revolution prompted many Hong Kong people to abandon the country and the value of real estate plummeted. Li Ka-shing, convinced that prices will go up, acquires multiple sites. He founded the Cheung Kong real estate cartel. The businessman has established himself as the most powerful man in Hong Kong real estate in a few years. With internationalization in full swing, he undertook to invest in the ports showing the strategic role they will play in the future.

Hutchinson Wampoa Limited

In the years 1979, Li Ka-shing controlled Hutchinson Wampoa Limited, of which he had 22%. As of this day, a rapid extension begins, allowing HWL to anchor itself in Rotterdam and in particular in Panama. The group becomes the world’s leading port operator.

Sale of the Mannesman Group

From that moment on, Li Ka-shing continues to multiply funding in various areas such as telephony. In 1999, he bailed out the Mannesman group for an approximate sum of $ 15 billion, or the 44.8% he owned of the Orange fund. The number of subscribers is close to 20 million, customers who are shared in the Middle East, South America and especially in Europe. Being the first investor in 3G telephony, it is also a leader in this field in Europe..

Facebook

The Internet not being outdone, it administers $ 120 million in the Facebook social network of which it has 0.8%.

Marionnaud and Air Canada

Then in 2005, he bought the Marionnaud perfume group. It also owns the aviation company Air Canada.

Charity action

In 2005, his charitable foundation donated 120 million dollars to the medical academy of the University of Hong Kong.

Sharing his wealth

Li Ka-shing, formalizes the plan to share his fortune between his two heirs during an interview with the press which is organized on May 25. The year Victor Li will inherit financial securities amounting to 200 billion Hong Kong dollars, on the other hand the last Richard Li will receive cash.

Victor’s financial securities will comprise 40% of the operations of Cheung Kong Holdings and Hutchison Whampoa, and in particular 30% of the Canadian company Husky Energy. In fact, these are the three conglomerates that represent the highest commercial value in the family, in the HK $ 200 billion. At the same time Li Ka-shing has shown generosity to Richard Li and promises to always remain his side in his activities. According to analysts, the strategy is both correct and fair for both heirs.

Li ka-shing claims that her two offspring are delighted with her plan during the press meeting. “Papa’s conceptions are always positive,” said Victor. In response to a question intended for Richard to find out if he feels more or less a preference of his father, Li Ka-shing replied in place of his youngest son that he can change places with his brother if he wishes..

On May 25, Li Ka-shing announced that he was feeling very well and did not want to retire yet. He prides himself on having the best management team ever and says he can deliver everything to Victor and his group if he has to go on leave for two months.

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