li ka-shing - wikipedia, the free encyclopedia

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TheHonourable

SirKashingLiGBMKBEJP

LiKashinginSeptember2010

Born 29July1928Chaozhou,Guangdong,China

Citizenship HongKongCanada

Education Schooldropout[1]

Occupation ChairmanoftheBoardofCheungKongHoldings,HutchisonWhampoaandLiKaShingFoundation

Networth US$33.3billion(2015)[2]

Religion Buddhism

Spouse(s) ChongYuetMing(Deceased)

Children VictorLiRichardLi

Awards JusticeofthePeace(1981)LL.D.(1986)D.SSc(1995)

LiKashingTraditionalChinese SimplifiedChinese

LiKashingFromWikipedia,thefreeencyclopedia

SirKashingLi,GBM,KBE,[3]JP(born29July1928inChaozhou,China)[4][5]isaHongKongbusinessmagnate,investor,andphilanthropist.AccordingtotheBloombergBillionairesIndex,asof16April2014heistherichestpersoninAsia,withanetworthof$31.9billion.HeistheChairmanoftheBoardofHutchisonWhampoaLimited(HWL)andCheungKongHoldingsasof2008throughthem,heistheworld'slargestoperatorofcontainerterminalsandtheworld'slargesthealthandbeautyretailer.[6]

ConsideredoneofthemostpowerfulfiguresinAsia,Liwasnamed"Asia'sMostPowerfulMan,LiKaChing"byAsiaweekin2001.Hiscompaniesmakeup15%ofthemarketcapoftheHongKongStockExchange.[7]ForbesMagazineandtheForbesfamilyhonouredLiKashingwiththefirstever"MalcolmS.ForbesLifetimeAchievementAward"on5September2006,inSingapore.[8]Inspiteofhiswealth,Lihascultivatedareputationforleadinganofrillslifestyle,andisknowntowearsimpleblackdressshoesandaninexpensiveSeikowristwatch,whichisatoddswiththehouseheownsinoneofHongKong'smostexpensiveprecincts,DeepWaterBayinHongKongIsland.LiisalsoregardedasoneofAsia'smostgenerousphilanthropists,donatingoverUS$1.41billiontodatetocharityandothervariousphilanthropiccauses.[9]Liisoftenreferredtoas"Superman"inHongKongbecauseofhisbusinessprowess.[10][11]Becauseofhiswealth,heisregardedasacelebrity,andevenhasawaxstatueinhislikeness(theonlynonartisttohaveoneinHongKong).

LiKashingwasborninChaozhouinGuangdongprovince,China,in1928toTeochewdescendants.Duetohisfather'sdeath,hewasforcedtoleaveschoolbeforetheageof15andfoundajobinaplasticstradingcompanywherehelaboured16hoursaday.By1950hewasabletostarthisowncompany,CheungKongIndustries.Frommanufacturingplastics,LiledanddevelopedhiscompanyintoaleadingrealestateinvestmentcompanyinHongKongthatwaslistedontheHongKongStockExchangein

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Transcriptions

Hakka

Romanization Li31Ga44Xing11

Mandarin

HanyuPinyin LJichng

Min

TeochewPeng'im Li2Gia1sng5

Cantonese

Jyutping Lei5Gaa1sing4

1972.CheungKongexpandedbyacquiringHutchisonWhampoaandHongkongElectricHoldingsLimitedin1979and1985respectively.[12]

Contents

1Businesscareer1.1Plasticsmanufacturing1.2Realestate1.3Portsandelectricity1.4Retail1.5Assettrader1.6Pyramidstructure1.7Internetandtechnology1.8Others

2Controversy3Personallife4Awardsandhonours5Politics6Charities7Pressreviews8Seealso9References10Externallinks

Businesscareer

AHarvardBusinessSchoolarticlesummarisesLi'scareerinthefollowingway:

FromhishumblebeginningsinChinaasateacher'sson,arefugee,andlaterasasalesman,Liprovidesalessoninintegrityandadaptability.Throughhardwork,andareputationforremainingtruetohisinternalmoralcompass,hewasabletobuildabusinessempirethatincludes:banking,construction,realestate,plastics,cellularphones,satellitetelevision,cementproduction,retailoutlets(pharmaciesandsupermarkets),hotels,domestictransportation(skytrain),airports,electricpower,steelproduction,ports,andshipping.[13]

Li'sbusinessescoveralmosteveryfacetoflifeinHongKong,fromelectricitytotelecommunications,fromrealestatetoretail,fromshippingtotheInternet.TheCheungKongGroup'smarketcapitalisationisHK$647billion(US$82.9billion)asofDecember2009.(Thisincludessomedoublecountingofthe

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Group'scontrollingstakein12listedcompaniesaroundtheworld.)Thegroupoperatesin55countriesandemploysover260,000staffworldwide.

Plasticsmanufacturing

In1950,afterlearninghowtooperateaplant,LifoundedaplasticmanufacturingcompanyinHongKongwithfundsborrowedfromfamilyandfriendsandcontactshecultivatedasasalesman.Liavidlyreadtradepublicationsandbusinessnewsbeforedecidingtosupplytheworldwithhighqualityplasticflowersatlowprices.Lilearnedthetechniqueofmixingcolourwithplasticsthatresemblerealflowers.Afterretoolinghisshopandhiringthebesttechnicianshecouldfind,hepreparedforweeksfortheplantvisitofalargeforeignbuyer.ImpressedwiththequalityofLi'splant,thebuyerplacedalargeorder.Afewyearslater,LigrewtobethelargestsupplierofplasticflowersinAsiaandmadeafortunesellingthem.[14]

Realestate

In1958,unabletorenewtheleaseforhiscompany,Liwasforcedtopurchaseanddevelopasitebyhimself.Anopportunitytoacquirelandarrivedafterthe1967riotswereinfullswingwhenmanypeoplefledHongKong.Asaresult,propertypricesplummeted.Li,believingthepoliticalcrisiswouldbetemporary,andpropertypriceswouldeventuallyrise,boughtparcelsoflandatlowprices.By1971,LiofficiallynamedhisrealestatedevelopmentcompanyCheungKong(),namedafterCheungKong,(ChangJiangortheYangtzeRiver)thelongestriverinChina.

CheungKongHoldingswaspubliclylistedinHongKongStockExchangein1972.Duringboardmeetings,ListatedonanumberofoccasionshisgoalofsurpassingtheJardinesownedHongkongLandasaleadingdeveloper.[15]

ThesuccessfulbidbyCheungKongfordevelopmentsitesabovetheCentralandAdmiraltyMTRstationsin1977wasthekeytochallengingHongkongLandasthepremierpropertydeveloperinHongKong.Despiteitssize,Jardinesdecidedinthe1980stoprotectitselffromhostiletakeoverbyLiorotheroutsideinvestors.ThecompanyimplementedacrossshareholdingstructurethatwasdesignedtoplacecontrolinthehandsofBritain'sKeswickfamilydespitetheirlessthan10%holdingsinthegroup.In1984,thecompanyalsomoveditslegaldomicilefromHongKongtoanotherBritishoverseasterritoryBermuda,inanticipationofthetransferofsovereigntyofHongKongtoPeople'sRepublicofChinain1997.

Throughout2014,LihasbeensellingpartofhisrealestateholdingsinChina.[16]

Portsandelectricity

In1979,LiclosedauniquetransactionandacquiredhiscurrentflagshipcompanyHutchisonWhampoaLimitedfromHSBC.Thepurchasecreatedamassiveconglomeratewithbusinessinterestsinmultipleindustries.Themostnotablebranchofhisbusinessistheinvestmentincontainerportfacilitiesaroundtheworld,includinginHongKong,Canada(DeltaportinVancouver),China,theUnitedKingdom,Rotterdam,Panama,Bahamasandmanydevelopingcountries.Intotal,Li'sbusinessescontrol13%ofallcontainerportcapacityintheworld.

Retail

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AsubsidiaryofHutchisonWhampoa,theA.S.WatsonGroup(ASW)isaretailoperatorwithover7,800stores.ItsportfolioencompassesretailbrandsinEuropesuchasSuperdrug(UK),Marionnaud(France),Kruidvat(Beneluxcountries),andinAsiaincludinghealthandbeautyretailerWatson'sstoreandwinecellarsetal.,Park'n'Shopsupermarkets(andspinoffbrands),andFortresselectricalappliancestores.ASWalsoproducesanddistributeswaterproductsandbeveragesintheregion.

Assettrader

HutchisonWhampoagrouphasthereputationofbeinganastuteassettrader.Itfrequentlybuildsupnewbusinessesandsellsthemoff.HugeprofitswereobtainedinthesaleofitsinterestinOrangetoMannesmannGroupin2001,makingaprofitof$15.12billion.In2006Lisold20%ofHutchison'sportsbusinesstoSingaporerivalPSACorp.,makinga$3.12billionprofitona$4billiondeal.[17]

RecentlyHutchisonTelecommunications,nearly50percentownedbyHutchisonWhampoa,soldacontrollingstakeof67%inHutchisonEssar,ajointventureMobileoperatorinIndia,toVodafonefor$11.1billion.Ithadinvestedroughly$2billionearlier.[18]

Pyramidstructure

LikemanyAsianconglomerates,theLiKashinggroupisstructuredtoretaindisproportionatecontrolwithoutincurringthecostofowninganequivalenteconomicinterest.Thisseparationbetweencontrolandinterestisaccomplishedthroughpyramidstructure,dualclassequitiesandcrossholdings.WhilesuchstructuresarerarerintheUSandUK,theydoexist.Forinstance,Googleusesadualclassstructuretogiveitsfoundersandinsiders10votesforeachclassBsharewhilethegeneralpublicisofferedclassAshareswith1voteeach.

Internetandtechnology

Lihasalsomadeaforayintothetechnologybusiness,wherehisinvestmentandventurecapitalfirmHorizonsVenturesisspecificallyallocatedtowardsbackingnewinternetandtechnologystartupfirms,boughtastakeindoubleTwist.[19]Hisotherfirm,LiKaShingFoundationboughta0.8%stakeinsocialnetworkingwebsiteFacebookfor$120millionintwoseparaterounds.[20][21]andinvestedanestimated$50millioninmusicstreamingserviceSpotify.[22]

Sometimebetweenlate2009andearly2010,LiKashingleda$15.5millionSeriesBroundoffinancingforSiriInc.[23]

In2011,HorizonsVenturesinvestedinSummly,awebsitesummarizingapp.Notably,theinvestmentmadeNickD'Aloisio,Summly'sfounder,theworld'syoungestpersontoreceiveaventurecapitalinvestmentatjustfifteenyearsold.[24]

In2012,HorizonsVenturesinvested$2.3millioninWibbitz,acompanythatprovidesatexttovideotechnologythatcanautomaticallyconvertanyarticlepostorfeedonthewebintoavideoinamatterofseconds.

InAugust2012,heacquiredastakeinGingerSoftwareIncorporated.[25]

In2013,HorizonsVenturesinvestedinBitcoinpaymentcompanyBitPay.[26]

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InFebruary2015,HorizonsVenturesparticipatedina$30millionSeriesCfundingroundinZoomVideoCommunications.[27][28]

Others

BesidesbusinessthroughhisflagshipcompaniesCheungKongHoldingsandHutchisonWhampoa,LiKashingalsopersonallyhasextensivelyinvestedinrealestateinSingaporeandCanada.HewasthesinglelargestshareholderofCanadianImperialBankofCommerce(CIBC),thefifthlargestbankinCanadauntilthesaleofhissharein2005(withallproceedingsdonated,seebelow).Heisalsothemajorityshareholderofamajorenergycompany,HuskyEnergy,basedinAlberta,Canada.[29]

InJanuary2005,Liannouncedplanstosellhis$1.2billionCADstakeintheCanadianImperialBankofCommerce,withallproceedsgoingtoprivatecharitablefoundationsestablishedbyLiincludingtheLiKaShingFoundationinHongKongandtheLiKaShing(Canada)FoundationbasedinToronto.[30]

LihassomerealestateinterestinVancouver,specificallyinconnectionwithConcordPacificDevelopmentsthatdevelopedtheoldExpo'86landsinYaletown,aswellasConcordParkPlaceandCityPlace,TorontoinToronto.

Controversy

01:"ThereisgoodreasontothinkthatHongKong,despiteitsleanpublicsector,lacksunfetteredcompetitionbecauseofdistortionsintheprivatesector.Mostimportantmaybeawonkypropertymarket.InHongKong,onlythegovernmentownsland.Itusedthismonopolyforyearstocreateashortagethatdroveuppropertypricesandmadedevelopersrich.TycoonssuchasMrLithenusedcashflowfromrealestateineffect,agovernmentsubsidypaidbyconsumersthroughhigherrentstoexpandintounrelatedindustries.Asnewrivalsappear,thetycoonsareusingallmeansattheirdisposaltofendthemoff."[31]

02:"TheAustralianTaxOfficehasAsiasrichestmanLiKashinginitssightsoverhiscompanies$776millioninunpaidtaxesandpenalties,areportsays."[32]

03:"MainlandmigrantworkersaskLiKashingforunpaidwages"[33]

Personallife

Histwosons,VictorLiandRichardLi,arealsoprominentfiguresintheHongKongbusinessscene.VictorLiworksdirectlywithhisfatherasmanagingdirectorandvicechairmanofCheungKong(Holdings)Limited,whileRichardLiistheheadofPCCW,thelargesttelecomcompanyinHongKong.TheyarebothCanadiancitizens.

LiisfamouslyplainlydressedforaHongKongtycoon.Inthe1990sheworea$50timepiecefromCitizenWatchCo.andplainties.HenowwearsaSeiko.[34]

Evenathisage,Liremainsphysicallyfit,andsaysthatnomatterwhattimehesleepsatnight,hegetsupbefore6ameachmorningtoplaygolfforaboutanhourandahalf.HisgolfingpartnerisHongKongmoviemogulRaymondChow.Lisaysthatduringthattime,'...theninetyminutesthatIhavearemine.'Hispreferableamountoftimeforsleepiseighthours.Itisalsosaidthathewalksonthetreadmillforfifteenminutesadayatnoon.

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LiKaShingTowerinHongKong

Awardsandhonours

GrandBauhiniaMedal

KnightCommanderoftheOrderoftheBritishEmpire[3]

Commandeur,Lgiond'honneur

Politics

On4August2011attheinterimresultsannouncementforHutchisonWhampoa,LiendorsedTangfortheforthcomingchiefexecutiveelectionandpraisedhimforfivefullminutes.[12][35]ThenLiletslipandsaid"Youallcanbejustlikeme,onepersononevote()."[36]ThemediathenlookedatLiindisbelief,andpointedoutthatregularcitizensdonotgetonepersononevote.[37]Lithentriedtolaughitoffandsaid"maybein2017theywillhaveonepersononevotetochoosethechiefexecutive,Iprobablyjustsaiditalittleearly."[12][38][39]

Charities

Hisdonationin1981resultedinthefoundingofShantouUniversity,nearhishometownofChaozhou.

LiwasinvitedbyChineseleaderDengXiaopingtobecomeamemberoftheboardofdirectorsoftheChinaInternationalTrustandInvestmentCorporation(CITIC)tosupporttheeconomicreforminitiativesthatDengwasattemptingtodevelop.CITICisChina'slargestconglomerateandis42percentownedbythegovernmentofChina.ItservesasthechiefinvestmentarmofChina'scentralgovernmentandholdsministrystatusontheChineseStateCouncil.LiservedonlyoneyearonCITIC'sboardbeforeresigninghisdirectorship.HewasthenonexecutivedirectorofTheHongkongandShanghaiBankingCorporationsince1980andbecameDeputyChairmanofthebankin1985.HewasalsoDeputyChairmanofHSBCHoldingsin19911992.

InSeptember2001,thenewesttowerintheHongKongPolytechnicUniversitywasnamedafter

Li,followingaHK$100milliondonationtotheUniversity.[40]

TheLiKaShingCentreinCambridge,England,housesaCancerResearchUKfacility,whichisapartoftheUniversityofCambridge.TheCentrewasnamedafterMrLifollowinga5.3million

donation,andwasopenedinhispresenceinMay2002.[41]TheLiKaShingFoundationendowed

aprofessorshipofoncologyattheuniversityin2007withasubsequentgiftof2million.[42]

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InNovember2002,theCheungKongGraduateSchoolofBusinessinChina[43]wasfoundedwith

alargedonationfromtheLiKaShingFoundation.[44]

TheLiKaShingLibraryattheSingaporeManagementUniversityisalsonamedinhishonour

afteraUS$11.5milliondonationin2002tothehighereducationinstitution.[45]

Afterthe2004IndianOceanEarthquakedisaster,hereportedlypledgedatotalofUS$3million.

In2005,LiannouncedaHK$1billion(US$128million)donationtotheFacultyofMedicine,UniversityofHongKong.ItwasrenamedtoLiKaShingFacultyofMedicineon1January2006,whichprovokedcontroversybetweentheuniversityandquiteanumberofalumniofthefaculty,notablyKwokKaKi,overtheuniversity'snamingprocedures.

Alsoin2005,LidonatedUS$40milliontotheUniversityofCalifornia,Berkeley,citingthathewasimpressedwiththeuniversity'saccomplishmentsinthebiosciences.InrecognitionofLi'sdonation,theuniversityhasnamedthecampus'newbiosciencesfacilitytheLiKaShingCenter

forBiomedicalandHealthSciences,whichopenedinOctober2011.[46]

AlongtimesupporterofStanfordUniversitysincethe1980s,LiistheprincipalbenefactortotheUS$90millionLiKashingCenterforLearningandKnowledge,whichopenedinFall2010andis

nowtheheadquartersfortheStanfordUniversitySchoolofMedicine.[47]

On9March2007,LiKashingcontributed$100milliontotheLeeKuanYewSchoolofPublicPolicyintheNationalUniversityofSingapore.Also,"tohonourandrecogniseDrLi'ssupportandgenerosity,LKYSPPwillnameoneofitsthreebuildingsatthehistoricBukitTimahCampus

afterhim".[48]

LiKashingdonatedC$25milliontoSt.Michael'sHospitalinTorontotofoundtheLiKaShingKnowledgeInstitute,whichwillserveasamedicalresearchandeducationcentreindowntown

Toronto.[49]

LiKashingdonatedC$25milliontotheUniversityofAlbertatofoundtheLiKashingInstitute

ofVirology.[50]

LiKashing(throughtheLiKashingfoundation)donatedHK$30million(US$3.85million)to

aidreliefeffortsinthe2008Sichuanearthquake[51]

In2013,LiKashingdonatedUS$2milliontotheUniversityofCalifornia,SanFranciscotosupporttheiradvanceprecisionmedicineinitiative.Thefundswillbeusedtobuildaworldwidenetworkofcliniciansandresearchers,launchleadershipexchangesbetweenUCSFandChina,and

createasystemspharmacologyprogramtodevelopmoreprecisemedications.[52]

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Pressreviews

TimeAsia[53]

ChronicleofPhilanthropy[54]

WallStreetJournal[55]

FinancialTimes(UK)[56]

L'Expansion(FrenchPress)[57]

Seealso

TheHongsListofHongKongpeoplebynetworthLiCLikcheung

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51. ^"HongKongmakesvoluntarydonationsforSichuanearthquake"(http://news.xinhuanet.com/english/200805/14/content_8164074.htm).News.xinhuanet.com.14May2008.Retrieved28February2012.

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52. ^"LiKaShingGiftSupportsUCSFQuestforPrecisionMedicine"(http://www.ucsf.edu/news/2013/03/13711/likashinggiftsupportsucsfquestprecisionmedicine).UCSF.22March2013.Retrieved8Dec2013.

53. ^Time.com(http://www.time.com/time/asia/covers/501040223/li.html#)54. ^Wilhelm,Ian(20September2007)."ChronicleofPhilanthropy"

(http://www.philanthropy.com/free/articles/v19/i23/23000801.htm).Philanthropy.com.Retrieved28February2012.

55. ^Linebaugh,Kate(2November2007)."WallStreetJournal"(http://online.wsj.com/article/SB119394575671179451.html).TheWallStreetJournal.Retrieved28February2012.

56. ^Mitchell,Tom(26October2007)."FinancialTimes(UK)"(http://www.ft.com/cms/s/0/2d618df8811311dc9f140000779fd2ac.html?nclick_check=1).FinancialTimes.Retrieved28February2012.

57. ^LexpansionFrenchpress(http://www.lexpansion.com/art/17.0.81133.0.html)

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