What's New Li Ka-Shing Doing For Great Winnings?
Want to know Li Ka-Shing's Insider Details? He is 37 on the Forbes Billionaire list of 2022 and the richest businessman in Hong - Kong. Know more here!
- Li Ka-shing, sometimes known as Superman, is regarded to be one of the most powerful businessmen in Asia.
- In May 2018, Li stepped down as chairman of CK Hutchison Holdings and CK Asset Holdings, however he is still a senior advisor.
- Li made light of the fact that he had been "working for a long period of time, too long" when he announced his retirement.
- The group, which employs more than 300,000 people and conducts business in more than 50 countries, is now led by his son Victor.
- With $6,500 in savings and loans from family, Li founded Cheung Kong Plastics, which bears the Yangtze River's name, in 1950 when he was just 21 years old.
- Over 80% of the $3.3 billion in donations made by his Li Ka Shing Foundation went to Greater China.
- On Forbes Lists - Got 37th rank in Billionaires list (2022)
- Got 1st Rank in Hong Kong's 50 Richest (2022)
- Managed 46th Rank in Powerful People (2018)
Li Ka-shing-backed fund Trusting Southeast Asia For Gold Returns
Chau, a co-founder of Horizons Ventures, also aims to 'Women-centric' companies in Japan
The private investment wing of Hong Kong billionaire Li Ka-shing, Horizons Ventures, is expanding its partnerships in Southeast Asia and focusing on "women-centric" projects in Japan in order to diversify its U.S.-focused holdings.
The organization has approximately 140 active investments throughout 17 nations, with the United States accounting for about one-third of those. However, the Hong Kong-based company has strengthened its position in Southeast Asia by opening an office in Singapore early this year.
"We've established a Southeast Asia cluster with a different goal in mind: to test if we can quickly integrate a tonne of new technology into the established manufacturers", informed Solina Chau, Li's longstanding business partner and the co-founder of the firm, in a recent conversation with Nikkei Asia.
According to financial news website DealStreetAsia, although Southeast Asian entrepreneurs obtained at least $25.7 billion in funding last year—nearly three times that of 2020—deal activity reported a steep fall in the second quarter of this year as a result of deteriorating macroeconomic conditions.
Some wealthy businesses have grabbed the opportunity to increase their investments in Southeast Asian emerging economies in the face of these global headwinds.
Sequoia Capital reported in June that it had raised $2.85 billion for projects in Southeast Asia and India.
The speech recognition programme Siri and the videoconferencing startup Zoom were also profitable bets for the already 94-year-old Li, who co-founded Horizons in 2005.
Chau, who oversees the organization and is launching a new business plan, is now in the spotlight.
Twelve of Horizons' twenty-two ventures are in Australia, five are in Indonesia, and seven are in India. The business's first office outside of Hong Kong, which just launched in Singapore, aims to aid the expansion of its portfolio firms in Southeast Asia.
However, the expansion has fueled concerns that the business would relocate entirely as Hong Kong experiences a talent and capital migration amid stringent COVID-19 regulations and 2 years ever since the implementation of a national security law enforced by Beijing.
Chau rejected the notion that Horizons wanted to leave tax-friendly Hong Kong.
"Our business is not big. We have individuals in their 20s. How many people will I be moving?" When questioned about the rumors, Chau responded. I was born and raised in Hong Kong, and as long as the tax system doesn't change, it's still a fascinating place to be.
Along with geographic diversification, Horizons is also looking to make new investments in initiatives that focus on the environment and women.
"Do you have scientific advancements that could result in formula milk that is superior to breast milk? What benefits both the globe and women more?" said Chau. It is what we are focusing on and clustering around.
Japan ranked first for gender equity in academic achievement among the 146 nations included in the most recent World Economic Forum gender gap assessment. But it severely dropped to position 121 in the sub index of economic security and engagement, instead of Congo.
The female entrepreneur of a Japanese firm in Horizons' portfolio was cited by Chau as saying, "There's a lot of unspoken racism in Japan towards women founders." In Japan, we have an intriguing investment strategy that is entirely centered on women.
With partnerships in 3 female-founded companies, including the space startup ALE, the dermatology research company Nanoegg, and the Japanese venture capital firm MPower Partners, Japan is an emerging standout in Horizons' portfolio.
With a goal of tripling the amount of startups in Japan in 5 years, the government is taking steps to support the startup environment in the nation by creating a ministerial position to supervise innovation initiatives.
Despite the government potentially having a sizable national debt, the aspirational plan involves investing public money in potential businesses.
The ministerial appointment, according to Chau, "is another enormous bureaucracy to tackle a big problem." "cheque is crucial, but your firms also have funds,"
To jumpstart the sector, she argued, Tokyo should gather up academics, innovators, and large corporations.
According to Chau, the government's effort and commitment are just as significant as its funding. "Japan ought to be a powerhouse in the world of inventive startups. Deep science is extremely prevalent, especially in Europe."
Latest Insider Details
Singapore Fund Purchases Hong Kong Properties From Billionaire Li Ka-CK Shing's Property $2.6 5 billion
Li Ka-shing, the richest man in Hong Kong, has decided to sell a few of his real estate properties to CK Asset Holdings for HK$20.8 billion ($2.65 billion).
On Wednesday, ORIC-Borrett and CK Asset reached an agreement to purchase CK Asset's sole share in Aim Clever Holdings. Aim Clever Holdings is a division of the development company and is in charge of 21 Borrett Road's 152 housing properties, 242 residential parking areas, and 31 motorbike parking areas. By March 2025, the transaction is anticipated to be finished.
In a late-Wednesday filing with the Hong Kong Stock Exchange, ORIC-Borrett is controlled by a sub-fund of the fund LC Vision Capital VCC of the Singapore asset management firm Sino Suisse.
The transaction would net CK Asset a profit of HK$6.3 billion, which will be put to use for basic working capital needs.
This is CK Asset's second real estate deal of the year. The developer's subsidiary CK Steel Holdings managed to sell its shares in Blue Button Holdco 5 Broadgate (Jersey), a business that holds investment buildings in London, for £729.2 million ($788 million) in March.
Based on a Bloomberg News story, the 21 Borrett Road property broke a record last year by selling the far more expensive property in Asia for HK$459 million, or HK$136,000 per square foot. HK$640 million, or HK$140,800 per square foot, was paid by Wharf Holdings and Nan Fung Development for a residence on the Peak, breaking the previous record nine months later.
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