Hong Kong Billionaire Li Ka-shing to Retire as Chairman of His Empire in May

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Hong Kong billionaire Li Ka-shing said Friday that he would step down as chairman of his flagship conglomerate CK Hutchison 0001 0.30% Holdings Ltd. in May, marking the end of an era in which he rode China’s economic boom to turn a plastic-flower maker into a global empire.

Mr. Li, who turns 90 in July, said his elder son and deputy chairman, Victor Li, would be his successor at the company.

Li Ka-shing’s plan was first reported by The Wall Street Journal in June.

The elder Mr. Li said in a statement that he had led the group on a steady path over the past 68 years since the founding of his business in 1950, adding that he had maximized value and returns for shareholders. He said he would serve as senior adviser for the firm.

The Chinese-born, Hong Kong-made Li Ka-shing, for decades one of the world’s wealthiest tycoons, has extended his reach into U.K. mobile networks and Australian utilities to build a global juggernaut.

While the elder Mr. Li is known as a charismatic, politically savvy deal maker, his Stanford-educated son Victor, 53, is viewed as a more detail-oriented businessman who spent more than three decades shadowing his father, according to people familiar with the situation.

The announcement of Mr. Li’s retirement came after CK Hutchison reported a 6.3% rise in net profit in 2017.

The ports-to-telecommunications CK Hutchison, with operations in more than 50 countries, said Friday that its full-year net profit rose 35.10 billion Hong Kong dollars ($4.48 billion) from HK$33.01 billion a year earlier, which slightly missed the average forecast of HK$35.31 billion by 11 analysts in a FactSet poll.

CK Hutchison’s full-year total revenue was HK$414.84 billion, up from HK$382.32 billion a year earlier.