Li Ka-shing remaking empire as generational shift looms

Flagship CK Hutchison eyes IPO for retail arm, telecoms divestment, sale of port assets

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Mr Li Ka-shing and his family set in motion a series of deals in 2025 that stand to completely transform his business empire.

The Hong Kong billionaire’s flagship conglomerate, CK Hutchison Holdings, is pursuing three major moves: an initial public offering of its retail arm to raise at least US$2 billion ($$2.6 billion) for its largest revenue contributor; a potential listing or partial sale of its global telecommunications operations; and talks to sell 43 port assets — representing the bulk of its global portfolio for more than US$19 billion in cash.

The Li family, which controls about 30 per cent of CK Hutchison, believes selling and spinning off these businesses can unlock far greater value than the market currently assigns to them under the existing structure, a person familiar with the plans said.

By separating the assets, the family hopes to fetch higher prices and narrow the steep discount at which the company trades relative to its net asset value.

If CK Hutchison completes all these deals, it would have shed or spun off most of its core operating businesses, handing Mr Li’s elder son Victor Li — who now chairs the group ~a fresh war chest to reshape the company in an era defined by trade tensions and technological disruption, including the rise of artificial intelligence.

“The Li family has accumulated massive wealth over the past decades,” said Mr Vincent Lam, chief investment officer at Hong Kong-based VL Asset Management. “The most important thing for the family now is to make sure that the wealth is monetised and safeguarded.”

The moves mark a generational shift for one of Hong Kong’s most storied business empires.

Mr Li Ka-shing built CK Hutchison into the world’s leading port operator and a major player in European telecommunications, leveraging political connections and riding on global expansion.