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Steve Jobs is the co-founder and CEO of Apple and is the current CEO of Pixar and is considered a leading figure in both the computer and entertainment industries. Here is a great motivation speech from Mr. Jobs to the Stanford University graduating class of 2005.

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Every now and then I will profile high level executive/money managers/entrepreneurs that are not well known compared to the Gates’/Trumps/Buffets of this world.

Today’s profile is on self-made, high school-drop out specializing in diversified goods, Li-Ka-shing.

Overview:

Sir Li Ka-shing is a wealthy businessman from Hong Kong. He is the richest person of Chinese descent in the world, the richest and most influential investor in Asia, and the 9th richest man in the world according to Forbes with an estimated wealth of $23 billion on March 6, 2007. Presently, he is the Chairman of Hutchison Whampoa Limited (HWL) and Cheung Kong Holdings in Hong Kong.

Considered one of the most powerful figures in Asia, Li was named “Asia’s Most Powerful Man” by Asiaweek in 2001. Forbes Magazine and the Forbes family honored Li Ka-shing with the first ever “Malcolm S. Forbes Lifetime Achievement Award” on September 5, 2006, in Singapore.^[4] In spite of his wealth, Li has a reputation for leading a no-frills lifestyle, and is known to wear simple black dress shoes and an inexpensive Seiko wristwatch.

Humble Beginnings:

Li Ka-shing was born in Chaozhou in the Guangdong Province, China in 1928. In 1940 the Li family fled to Hong Kong to avoid the turmoils in China. Li’s family stayed at the home of his wealthy uncle. The arrogance of Li’s uncle with his immense wealth ignited Li’s determination to make a place for himself in the world.

Li’s father suffered from tuberculosis and died in Hong Kong. Shouldering the responsibility of looking after the livelihood of the family, Li was forced to leave school before the age of 15 and found a job in a plastics trading company where he labored 16 hours a day. By 1950, his hard work, prudence and his pursuit of excellence had enabled him to start his own company, Cheung Kong Industries. From manufacturing plastics, Li led and developed his company into a leading real estate investment company in Hong Kong that was listed on the Hong Kong Stock Exchange in 1972. Cheung Kong continued to expand by acquiring Hutchison Whampoa and Hong Kong Electric Holdings Limited in 1979 and 1985 respectively.

The Hutchison Whampoa Ltd. Dynasty:

Harvard Business School article summarizes Li’s career in the following way:

From his humble beginnings in China as a teacher’s son, a refugee, and later as a salesman, Li provides a lesson in integrity and adaptability. Through hard work, and a reputation for remaining true to his internal moral compass, he was able to build a business empire that includes: banking, construction, real estate, plastics, cellular phones, satellite television, cement production, retail outlets (pharmacies and supermarkets), hotels, domestic transportation (sky train), airports, electric power, steel production, ports, and shipping.

Li’s businesses are dominant in every facet of life in Hong Kong, from electricity to telecommunications, from real estate to retail, from shipping to the Internet. The Cheung Kong Group’s market capitalization is HK$766 billion ($100 billion USD) as of 2005 (This includes double counting - eg. Cheung Kong has a market cap of HKD 195 billion as of 2006 and Hutchison Whampoa has a market cap of HKD 338 billion as of 2006 but actually HKD 170 billion of Cheung Kong market cap would have been due to its holding of 49.9% of Hutchison Whampoa Ltd. ). The group operates in 54 countries and employs over 220,000 staff worldwide.

The Future of Li Ki-shing’s Empire:

Although some of his corporation’s business deals have been overtaken by rumor, especially those that suggest his companies are associated with the People’s Liberation Army of China (which has extensive industrial holdings), Li’s conglomerate is now one of the largest in Hong Kong.

His two sons Victor Li and Richard Li are also major players in the Hong Kong business scene. Victor Li works directly with his father as managing director and deputy chairman of Cheung Kong (Holdings) Limited, while Richard Li is the head of Pacific Century Cyber Works, the largest telecom company in Hong Kong. They are both Canadian citizens. One of the most notable business acts by Victor Li was his deal to acquire majority shareholding of Air Canada, the largest and national airline of Canada in 2004 while the airline was under bankruptcy protection. The deal fell through after the labor unions of the airline refused to negotiate regarding their pension.

Besides business through his flagship companies Cheung Kong Holdings and Hutchison Whampoa, he also personally has extensively invested in real estate in Singapore and Canada. He was the single largest shareholder of Canadian Imperial Bank of Commerce (CIBC), the third largest bank in Canada until the sale of his share in 2005 (with all proceedings donated, see below). He is also the majority shareholder of a major energy company, Husky Energy, based in Alberta, Canada.

In January 2005, Li announced plans to sell his $1.2 billion CAD stake in the Canadian Imperial Bank of Commerce, with all proceeds going to the Li Ka Shing Foundation in Hong Kong and the Toronto-based Li Ka Shing (Canada) Foundation.

Li has some real estate interest in Vancouver, specifically in connection with the development of the extensive urban renewal project of Yaletown.

Philantrophy:

To date, Mr. Li has given away well over (US)$1 billion in philanthropy via his Li Ka-Shing Foundation and other private charitable Foundation and in June of 2006, he donated $180 million to University of Hong Kong; $40 million to University of California, Berkeley.

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