Li Ka-shing, an icon of Asia’s economic rise in the postwar era, through his businesses employs 270,000 people in more than 50 countries. He also has made personal investments in Facebook and Skype, and is one of the world’s top philanthropists. He started his remarkable career making toys and later, plastic flowers. Succession
Li said his elder son Victor would be his successor at Cheung Kong and Hutchison Whampoa. “Victor will assume the stakes I hold in the listed firms, including the 40% stake in Cheung Kong and the 35% stake in Canada-listed Husky Energy," Li told reporters. "He will be responsible for Cheung Kong's group business in the future." The current market value of Li's 40 percent stake in Cheung Kong and his 35 percent stake in Canada-listed Husky Energy is around HK$140 billion (US$18 billion). Victor has been the deputy chairman of Cheung Kong since 1994 and managing director since 1999; he is also deputy chairman of Hutchison. Li senior is the chairman of both companies. Richard, who ranked No. 960 with wealth of $1.3 billion on the same list and runs his own telecommunications empire, “will also have a very successful career” , pledging his “full support”. The move should help avoid a family feud - “there will be no conflict” among Victor’s and Richard’s businesses, said Li, who Forbes estimates is worth about US$25.5 billion. Businesses controlled by Richard include PCCW Ltd., Pacific Century Premium Developments and the HKT Trust. Li said he would support Richard’s new projects with “cash,” and the younger son’s assets would increase “several-fold” through the father’s support. Richard is in acquisition talks with “several sizeable companies, Victor now holds two-thirds of Li Ka-shing Unity Holdings Ltd after Richard transferred his one-third holding in the family trust to him on July 16, 2012, according to a filing to the Hong Kong stock exchange. Li Ka-shing will continue to hold the remaining third of the trust, which...
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