Hutchison Li Pledges To Appoint Elder Son Victor To Helm Cheung Kong, Hutchison
05/25/2012| 05:34am US/Eastern
Hong Kong billionaire Li Ka-shing on Friday pledged to pass the reins of his Cheung Kong Group to elder son Victor Li, his first public comments on the succession plans of his business empire in recent years, and to help fund new asset acquisitions for his younger son, Richard Li.
While the 83-year-old tycoon asserted he has no plans to retire anytime soon, he told reporters at a briefing that the succession arrangements are set so that there will be no conflicts in business and assets between his two sons.
The senior Li said he will help fund Richard Li's new business plans and that the younger son's assets will rise "several-fold" from his support. Li Ka-shing didn't elaborate on what types of assets Richard Li is seeking to buy.
His comments come as little surprise to the market, which has long expected Victor Li to eventually take the helm of his father's blue-chip flagships Cheung Kong (Holdings) Ltd. (0001.HK) and Hutchison Whampoa Ltd. (0013.HK). For over a decade, Victor Li has been managing director at Cheung Kong and deputy chairman at Hutchison.
Richard Li stepped down as deputy chairman of Hutchison in 2000 to focus on developing his own telecom business after he bought Hong Kong's dominant fixed-line telecom operator.
-By Fiona Law, Dow Jones Newswires; 852-2802-7002; email@example.com