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The Honourable Sir Kashing Li 李嘉誠爵士 GBM KBE JP Li Kashing in September 2010 Born 29 July 1928 Chaozhou, Guangdong, China Citizenship Hong Kong Canada Education School dropout [1] Occupation Chairman of the Board of Cheung Kong Holdings, Hutchison Whampoa and Li Ka Shing Foundation Net worth US$33.3 billion (2015)[2] Religion Buddhism Spouse(s) Chong Yuet Ming (Deceased) Children Victor Li Richard Li Awards Justice of the Peace (1981) LL.D. (1986) D. SSc (1995) Li Kashing Traditional Chinese 李嘉誠 Simplified Chinese 李嘉诚 Li Kashing From Wikipedia, the free encyclopedia Sir Kashing Li, GBM, KBE, [3] JP (born 29 July 1928 in Chaozhou, China) [4][5] is a Hong Kong business magnate, investor, and philanthropist. According to the Bloomberg Billionaires Index, as of 16 April 2014 he is the richest person in Asia, with a net worth of $31.9 billion. He is the Chairman of the Board of Hutchison Whampoa Limited (HWL) and Cheung Kong Holdings as of 2008; through them, he is the world's largest operator of container terminals and the world's largest health and beauty retailer. [6] Considered one of the most powerful figures in Asia, Li was named "Asia's Most Powerful Man, Li Ka Ching" by Asiaweek in 2001. His companies make up 15% of the market cap of the Hong Kong Stock Exchange. [7] Forbes Magazine and the Forbes family honoured Li Kashing with the first ever "Malcolm S. Forbes Lifetime Achievement Award" on 5 September 2006, in Singapore. [8] In spite of his wealth, Li has cultivated a reputation for leading a no frills lifestyle, and is known to wear simple black dress shoes and an inexpensive Seiko wristwatch, which is at odds with the house he owns in one of Hong Kong's most expensive precincts, Deep Water Bay in Hong Kong Island. Li is also regarded as one of Asia's most generous philanthropists, donating over US $1.41 billion to date to charity and other various philanthropic causes. [9] Li is often referred to as "Superman" in Hong Kong because of his business prowess. [10][11] Because of his wealth, he is regarded as a celebrity, and even has a wax statue in his likeness (the only nonartist to have one in Hong Kong). Li Kashing was born in Chaozhou in Guangdong province, China, in 1928 to Teochew descendants. Due to his father's death, he was forced to leave school before the age of 15 and found a job in a plastics trading company where he laboured 16 hours a day. By 1950 he was able to start his own company, Cheung Kong Industries. From manufacturing plastics, Li led and developed his company into a leading real estate investment company in Hong Kong that was listed on the Hong Kong Stock Exchange in

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  • 26/04/2015 LiKashingWikipedia,thefreeencyclopedia

    http://en.wikipedia.org/wiki/Li_Kashing 1/12

    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

    References

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    5. ^"LiKashing"(http://www.britannica.com/EBchecked/topic/711320/LiKashing).EncyclopdiaBritannica.Chicago,Illinois:EncyclopdiaBritannica,Inc.Retrieved12June2008.

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    8. ^LiKaShingFoundation::LiKashingReceivesFirstMalcolmS.ForbesLifetimeAchievementAward(http://sev.prnewswire.com/magazines/20060905/DCTU041050920061.html)

    9. ^Wilhelm,Ian(20September2007)."BuildingaSpiritofGenerosity"(http://www.philanthropy.com/free/articles/v19/i23/23000801.htm).Philanthropy.com.Retrieved28February2012.

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    11. ^Studwell,Joe."MoneyandPowerinHongKongandSouthEastAsia"(http://www.asiasentinel.com/index.php?option=com_content&task=view&id=654&Itemid=31).AsianGodfathers.Retrieved16July2012.

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    Externallinks

    Profile(http://www.ckh.com.hk/eng/about/about_chairman.htm)atCheungKongHoldings

    OrderofprecedencePrecededbyJaoTsungI

    RecipientoftheGrandBauhiniaMedal

    HongKongorderofprecedenceRecipientoftheGrandBauhiniaMedal

    SucceededbyYeungKwong

    RecipientoftheGrandBauhiniaMedal

    Retrievedfrom"http://en.wikipedia.org/w/index.php?title=Li_Kashing&oldid=657005905"

    Categories: 1928births Livingpeople BusinesspeoplefromGuangdongCanadianImperialBankofCommercepeople CheungKongHoldingsCommandeursoftheLgiond'honneur HongKongAffairsAdvisors HongKongbillionairesHongKongBLDCmembers HongKongBuddhists HongKongemigrantstoCanadaHongKongentrepreneurs HongKongfinanciers HongKonghoteliersHongKonginformationtechnologybusinesspeople HongKonginvestorsHongKongpeopleofChaoshanesedescent HongKongphilanthropistsHongKongrealestatebusinesspeople HongKongshippingbusinesspeopleHongKongtelecommunicationsindustrybusinesspeople HSBCpeopleKnightsCommanderoftheOrderoftheBritishEmpireMembersoftheElectionCommitteeofHongKong,20112016MembersoftheHKSARPreparatoryCommittee NaturalizedcitizensofCanadaPeoplefromChaozhou RecipientsoftheGrandBauhiniaMedal

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