Who is Li Ka-shing, Hong Kong billionaire called Warren Buffett of Asia?

Renowned for his financial expertise, Li reshaped Hong Kong’s landscape through shrewd investments. Ranked 58th on the Bloomberg Billionaires Index, his vast empire encompasses real estate, telecommunications, retail, and shipping.

Born in 1928 in Guangdong, China, Li moved to Hong Kong during the 1940s. The founder of infrastructure conglomerate CK Hutchison Holdings started working the age of 14 after his father’s death. He took up work as a factory apprentice to support his family.

"The most terrible experience during my childhood was witnessing my father’s suffering and ultimately dying of TB. I too was infected," Li said in an interview with Forbes in 2010.

"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?"

In 1950, he started a factory producing plastic flowers Cheung Kong Industries and later transitioned into real estate investments, according to Bloomberg.

The name "Cheung Kong" was inspired by China's Yangtze River, symbolizing the convergence of numerous streams and rivers to embody Li's belief in synergy and collective strength, as reported by CNBC.

Over the next two decades, by snapping up strategic properties during times of plummeting prices, Li was able to grow his plastic company Cheung Kong into a major real estate name responsible for developing one in seven private residences in Hong Kong by the end of the 1970s.

In 1972, the company went public on the Hong Kong stock exchange and grew into a global empire, operating in over 50 countries with a workforce of 300,000 across sectors such as real estate, telecommunications, shipping, and retail.

Li also controlled Hutchison Port, one of the largest container terminal operators globally, and Watsons, Asia's leading health and beauty retailer.

He gained control of conglomerate Hutchison Whampoa in 1979 and in the following 10 years expanded its operations globally, transforming it into one of the largest private port operators worldwide.

Its retail arm now operates over 12,000 stores across multiple chains, and its mobile network services cater to around 90 million customers globally.

In 1987, Li acquired a controlling stake in Husky Energy, a Canadian oil and gas company that had downsized during a period of low oil prices. Husky was later sold to Cenovus Energy Inc in 2020.

Nicknamed "Superman" for his financial acumen, Li predicted China’s stock market crash in 2007 and accurately forecasted a rally in Hong Kong property prices in early 2009. Home values rose by 70% through mid-2011.

Frequently referred to as Asia's Warren Buffett, Li is known for his humble lifestyle, dressing simply despite his immense wealth and success. While Buffett is famously frugal with his retro Samsung flip phone, Li's similar story revolves around his wristwatch.

For decades, he wore a basic $50 Seiko before recently switching to a $500 solar-powered Citizen Eco-Drive watch for its practicality and long battery life."I don’t need to be careful," unlike when wearing timepieces costing hundreds of thousands, he told Bloomberg in an interview in 2016.

Li is also a dedicated philanthropist. In 1980, he established the Li Ka-shing Foundation to provide grants and scholarships for education, healthcare, and humanitarian initiatives. A year later, he established Shantou University, the sole privately-funded public university in China at the time, and has since contributed a significant portion of his fortune to charitable causes – exceeding $3.8 billion, with more than 80% directed toward initiatives in China.

"Li Ka-shing’s philanthropic work is an inspiration to all of us," says Anne Wang-Liu, who is co-chair of the Hong Kong Ballet Guild and is on the board of governors for the Hong Kong Ballet and Maggie’s Cancer Caring Centre.

"His support for cornerstones of our society, such as education and healthcare, helps to develop positive and sustainable change. He encourages giving to nurture a new culture of philanthropy."

The billionaire has pledged to allocate one-third of his wealth to philanthropy. "In Asia, our traditional values encourage and even demand that wealth and means pass through lineage as an imperative duty," Li said in 2006.

Emily Lam-Ho, a founder of EcoDrive and council member of the Women’s Commission, says: "Li Ka-shing is one of the richest men in Asia but he is also the most humble man I know."

"He told me that philanthropy is not just about giving money, it’s about using whatever resources you have to do good for this world," according to British magazine Tatler.

In 2012, Li announced his eldest son Victor would succeed him as chairman of Cheung Kong and Hutchison Whampoa, while his younger son Richard would receive financial support to pursue new ventures.

Three years later, Li restructured his empire, forming Cheung Kong Property Holdings (now CK Asset Holdings) to manage real estate assets and CK Hutchison Holdings to oversee ports, retail, and mobile networks. In the same year, a third of his assets were transferred to the Li Ka Shing Foundation.

Li retired as head of his business empire in May 2018 at the age of 89, passing leadership to his eldest son Victor.

He continues to serve as a senior adviser to the conglomerate, and is revered as one of the most influential businessmen in Asia, according to U.S. magazine Forbes.