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Hong Kong tycoon Victor Li says city must do whatever it takes to maintain financial hub status

  • ‘There are only a few [international financial centres], and Hong Kong is one of them. It is hard-won. We must not lose this place,’ CK Hutchison and CK Asset chairman says
  • CK Hutchison posted a 9 per cent decline in underlying profit to HK$23.5 billion (US$3 billion) last year, while CK Asset’s profit slipped 11.6 per cent to HK$17.34 billion

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CK Asset Holdings signage is seen at the construction site of the Cheung Kong Center II commercial building in Central. Photo: Bloomberg
Cheryl ArcibalandPeggy Sito

Hong Kong must maintain its hard-fought status as an international financial centre as the city faces headwinds from a global economic turmoil, said Victor Li Tzar-kuoi, chairman of CK Hutchison and CK Asset Holdings, which announced full-year results on Thursday.

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The two flagship companies of Hong Kong’s richest man, Li Ka-shing, reported lower profits, reflecting the impact of a slowing global economy and a high interest rate environment.

“In recent years, Hong Kong’s economy has experienced multiple stress tests, the 2019 demonstrations, then Covid, and now a slowing economy,” Victor Li said at a post-earnings press conference.

“How to respond depends on the Hong Kong government. There are only a few [international financial centres], and Hong Kong has been one of them for many years. It is hard-won. We must not lose this place.”

Victor Li is the chairman of CK Hutchison Holdings and CK Asset Holdings. Photo: Facebook @ John KC Lee
Victor Li is the chairman of CK Hutchison Holdings and CK Asset Holdings. Photo: Facebook @ John KC Lee

CK Hutchison, with businesses spanning ports and infrastructure to telecommunications and supermarkets, announced an underlying profit of HK$23.5 billion (US$3 billion), a decline of 9 per cent from the HK$25.74 billion in 2022.

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