July 24, 2021

Li Ka-shing, the richest in the Chinese world, reveals his will to divide his wealth between his two sons

Li Ka-shing with his two sons (Victor Li on the left and Richard Li on the right in the photo)

Li Ka-shing, the richest businessman in the Chinese world and boss of Cheung Kong Holdings and Hutchison Whampoa, made public the plan to divide his wealth between his two sons during an organized media meeting May 25. Elder Victor Li will receive financial securities worth HK $ 200 billion, while younger Richard Li will receive cash.

Victor’s financial securities will include 40% of the shares of Cheung Kong Holdings and Hutchison Whampoa, and 30% of the Canadian company Husky Energy. They are in fact the three conglomerates which represent the highest commercial value of the family, approximately 200 billion Hong Kong dollars. Li Ka-shing at the same time showed his generosity to his younger brother Richard and promised to always stay with him in his affairs. Analysts say the plan is both fair and impartial, with a fair share for the two sons.

Father Li said his two sons are happy with his plan during the media meeting. “Dad’s ideas are always OK for us,” Victor said at the same time. In response to a question to Richard as to whether he felt more or less a partiality from his father, Li Ka-shing replied instead of his younger brother that he could switch roles with his brother if he so wished. .

According to the latest data from Forbes, the Li Ka-shing family is worth US $ 25.5 billion (or HK $ 198.9 billion), ranking 9th in the world or 1st in the world. Chinese. Several subsidiaries of Cheung Kong Holdings and Hutchison Whampoa are listed in Hong Kong, including Blue Chips such as Cheung kong (holdings), Hutchison Whampoa, Cheung Kong Infrastructure (holdings) etc. Other subsidiaries such as Hutchison Whampoa Telecom, Cheung Kong Ecologie and TOM also play leadership roles in their fields. As of April 30, 2012, the values ​​of the Hong Kong listed subsidiaries of the Cheung Kong Group amounted to HK $ 823 billion.

48-year-old Victor Li, of a pragmatic and modest style, took over several of his father’s assets and became the actual manager. He is considered the most influential entrepreneur in Hong Kong. The value of his personal assets exceeds HK $ 5 billion.

46 years old and nicknamed the Little Superman, Richard Li presents a much higher tone than his elder brother. Very interested in new media and financial operations, he invested 400 million US dollars in 1991 to create the HKSTV and resell it in 1993 for 950 million. In the same year, he created the Pacific Century group, and made a gain of 5.5 billion Hong Kong dollars in the privatization of Pacific Century Telecom in 2009, despite all opposition. The value of his personal assets exceeds one billion Hong Kong dollars.

Father Li Ka-shing announced on May 25 that he felt healthy and did not want to retire. He prided himself on having a great management team and said he could leave everything to Victor and his team if he had to go on leave overnight for two months.