Hong Kong's 'Superman' Tycoon Li Ka-shing Retires

Tycoon Li Ka-shing announced on Friday that he will step down from his business empire in May and will then serve as a senior adviser.

During the annual results announcement of his listed companies, Li, who is one of the richest men in Asia, said he would be handing over the baton to his eldest son Victor.

The tycoon, affectionately dubbed 'Superman' in Hong Kong for his achievements, said he had decided to step down as the chairman and executive director of both CK Hutchison and CK Asset Holdings at the forthcoming annual general meetings of the companies on May 10.

He took a bow thanking people for all the support he had received over the past years.

Li, who will turn 90 years old in July, started building his empire in 1950 and expanded his business into a global empire spanning from ports to retail and listed his first company Cheung Kong on the Hong Kong stock exchange in 1972.

His son Victor, who has worked side-by-side with him for 33 years, is to succeed the chairmanships while continuing with his present role as managing director.

Going forward, Li said he would continue to contribute to the companies as a senior adviser on significant matters. He said the senior management will continue to work with Victor in leading the business towards the next new horizon of growth.

Li said he planned his retirement several years back. Speculation that he would retire had been rife in recent years after he named Victor as his heir in 2012 and overhauled the business empire in 2015.

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