Li Ka-shing played it all cool when Jack Ma took over as Asia’s richest individual, probably because he knew, like many a fallen star before him, that a comeback was in the works. Yes, Hong Kong business magnate Li Ka-shing is set to take back the title that is rightfully his thanks to the announcement of a 24 billion USD reorganization plan that has sent his flagship company’s shares skyrocketing.
Shares from Li’s property company Cheung Kong jumped as much as 15 percent, the most in six years, Bloomberg reported yesterday. Hutchinson Whampoa, which the tycoon controls half of, climbed nearly 13 percent.
The 86-year-old tycoon has a $30.8 billion fortune as of the close in Hong Kong. That puts him almost $3 billion ahead of Jack Ma, the billionaire chairman of Hangzhou, China-based Alibaba Group Holding Ltd. (BABA), who was worth $28.2 billion as of Jan. 9, according to Bloomberg Billionaires Index. […]
Li proposed to restructure the assets of his companies into two new entities, one focusing on property mainly in Hong Kong and China, and the other on global assets from utilities and ports to retail stores across more than 50 countries.
“This reorganization is far from a surprise and has long been discussed,” Andrew Lawrence, an analyst with CIMB Group Holdings Bhd, wrote in a research note today.
Jack Ma, meanwhile, is probably popping the champagne as we speak because he dislikes being praised for his insane net worth, as none of you can likely relate to.
Li’s now on the track to become the 15th richest person in the world, surpassing European retail billionaire Bernard Arnault, chairman and chief executive officer of LVMH Moet Hennessy Louis Vuitton SA (MC).
[Jack Ma image via Wikimedia]