Li Ka-shing — Hong Kong’s richest man — announces his retirement

Kin Cheung/AP

• Hong Kong’s richest man, Li Ka-shing, announced his retirement as chairman of CK Hutchison Holdings.
• Li ranked 23rd on the world’s rich list by Forbes.
• Li’s eldest son, Victor, will take over the reins of the business.

(Reuters) – Hong Kong’s richest man Li Ka-shing, announced his retirement as chairman of CK Hutchison Holdings Ltd on Friday, bringing to a close a rags-to-riches story that made him a hero in the freewheeling capitalist hub.

Li, 89, will retire after the annual general meeting on May 10, the ports-to-telecoms conglomerate said in a filing to the Hong Kong bourse. A factory apprentice when he was 13, Li, was called “Superman” for his work ethic and business success.

See the rest of the story at Business Insider

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