Hong Kong’s richest man Li Ka-shing retires

Hong Kong’s richest man Li Ka-shing (pictured right) stepped down as chairman of his flagship company CK Hutchison and handed over the reins to his son Victor on Thursday after the firm’s annual general meeting. When journalists asked him about his proudest achievement, he said he had done the best he can. One individual alone cannot bring about change. It requires teamwork and sharing a dream goal, he said. The 89-year old tycoon, known as Superman in the financial hub for his business acumen, plans to focus on his charity, the Li Ka Shing Foundation, to which he has already pledged one-third of his assets. The foundation funds education and health initiatives around the world. Li began his business in Hong Kong in 1950 by making plastic flowers. Over the years, he built a business empire ranging from internet services to supermarket chains. Li had announced his retirement in mid-March. The early signs of his son taking over the reins came in 2015 after the conglomerate announced sweeping changes. CK Hutchison has assets in more than 50 countries.