[HONG KONG] Following in his father's footsteps was always going to be a challenge for CK Hutchison Holdings Ltd's Victor Li. Read more at The Business Times.
[HONG KONG] Following in his father's footsteps was always going to be a challenge for CK Hutchison Holdings Ltd's Victor Li.
Now, it's show time for Victor Li. The fitful transition at CK Hutchison is emblematic of a broader shift occurring at Hong Kong's top family-run companies as billionaire founders make way for younger leadership. With the retirement of his father, nicknamed Superman by the local media, the younger Mr Li has yet to win over investors who doubt he has the same magic touch, according to Richard Harris, Hong Kong-based chief executive officer of Port Shelter Investment Management.
Mr Victor Li took another hit when the group's Canadian oil company, Husky Energy Inc, abandoned a C$2.75 billion hostile takeover of MEG Energy Corp. Husky announced its plan in September and in January walked away after failing to win enough support from shareholders. "We'll keep on doing Hong Kong property. It's our main business," Mr Victor Li said at the press conference.
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