Li Ka-shing's nickname is "Superman" and when the tycoon talks, Hong Kong
listens _ no matter what the topic.
Hong Kong tycoon Li Ka-shing
(2nd-L), chairman of Hutchison Whampoa Ltd., answers a question beside
group managing director Canning Fok (3rd-L) and Li's son Victor (L),
managing director of Cheung Kong (Holdings) Ltd., during a news conference
in Hong Kong March 23, 2006. Hutchison Whampoa Ltd., Li Ka-shing's
flagship conglomerate, lagged forecasts with a 11 percent rise in 2005
earnings due to continued 3G losses, higher interest expenses and lower
investment income. [Reuters]
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Li's conglomerates,
ports-to-telecoms group Hutchison Whampoa Ltd. and property giant Cheung Kong
(Holdings) Ltd., released full-year earnings at a packed news conference
Thursday. The event produced a barrage of media coverage that cast Li as an
all-encompassing man of finance, celebrity, power and wisdom.
Li is one of the richest men in Asia and widely viewed as the most
influential figure in Hong Kong. The community pays enormous attention to his
every pronouncement, and his earnings news conferences are reliable platforms
for Li to hold court on questions of all types.
Anybody reading through the answers gets an entertaining dose of gossip, an
update on some of the biggest players in Hong Kong's stock market and a
reasonable forecast of the Chinese territory's near-term economic and political
future.
As for Li's businesses themselves, shares in Hutchison fell on Friday, even
though the company posted an 11 percent gain in 2005 net profit. Cheung Kong was
up only slightly, even though it showed a 31 percent gain in earnings.
Hutchison remains weighted down by heavy losses in third-generation telephone
operations and investors apparently want to see things looking better before
making more bets on Li's flagship.
Hong Kong headline writers are far less reluctant to make the most of
everything Li says.
The mass-circulation Apple Daily splashed Li's picture on Friday's front
page, hand cupped over his mouth as if he were shouting. A banner headline
proclaimed that the billionaire widower, now in his late 70s, purportedly won't
rule out getting remarried.
The Chinese-language newspaper ran a smaller headline on the same page that
quoted a female confidante as calling Li a "gentleman."
Taking a more serious tone, the English-language South China Morning Post
noted on its front that Li had given his total support to Hong Kong's leader,
Chief Executive Donald Tsang, for a second term that would begin in 2007.
"I totally support the chief executive," Li said. "He is wholehearted and
dedicated, a fair and capable person. His performance is very good."
Li owns so much in Hong Kong _ with holdings in real estate, ports,
electricity, supermarkets, drugstores and retail electronics _ that locals often
say the only thing you can do without making him richer is to breathe.
An endorsement from Li is about as good as it can get for a Hong Kong
politician.
Questioning at Li's news conference at times seemed intended to seek guidance
for all of Hong Kong.
Li said he is "reasonably optimistic" about Hong Kong's economy _ as well as
his ability to sell thousands of apartments this year.
He expects salaries to go up in Hong Kong, and weighed in on concerns about
the territory being marginalized by saying: "We should all work harder and get
on the right path."
Forbes magazine recently listed Li as No. 10 worldwide with a fortune of
US$18.8 billion (euro15.7 billion). But he said he spends less on his clothing
than he used to because he no longer needs to "dress up handsomely."
Li outlined millions he has spent on charities and said: "Saving, when it is
too much, becomes a numbers game."
Journalists hung on every word, hoping for any tidbit about Li's global
business dealings, and perhaps pushing their zeal to new levels.
In the past, rumors about Li's health have briefly shaken the Hong Kong stock
market. Li was asked on Thursday whether he planned to retire and said no,
proclaiming himself in fine health after an early round on the golf course.
One financial news service flashed this headline: "Li: I woke up at 6 a.m.
this morning to play golf."