Honestly, if you walk through the streets of Central or take the Star Ferry across Victoria Harbour, you’re looking at a skyline that basically wouldn't exist—at least not in its current form—without one man. Li Ka-shing. Or "Superman," as the local tabloids have called him for decades. But here’s the thing: as we move through 2026, the story of Lee Ka Shing Hong Kong is shifting from a tale of accumulation to one of a massive, quiet retreat.
People think he’s just a billionaire who owns everything. You've heard the old joke, right? That for every dollar spent in Hong Kong, five cents goes to Li Ka-shing. It’s a bit of an exaggeration, but not by much. However, the "Superman" of today isn't the same guy who was snapping up docks and power plants in the 70s.
At 97 years old, he’s orchestrating what might be the biggest "clean up" in corporate history.
The Great 2026 Overhaul: Selling the Family Silver?
The buzz in the Hong Kong business community right now is focused on one number: $21 billion. That is the estimated value of the assets CK Hutchison Holdings—now chaired by his son, Victor Li—is looking to spin off or sell.
It’s kind of a shock to the system.
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We’re talking about three massive moves happening almost at once. First, they are prepping the AS Watson Group for a 2026 IPO in Hong Kong. This isn't just a neighborhood pharmacy; it’s the world's largest health and beauty retailer with over 17,000 stores globally. They’re looking to raise about $2 billion from that alone. Then you have the potential sale of 43 port assets for nearly $19 billion.
Why sell now?
Some analysts, like Vincent Lam at VL Asset Management, suggest this is about "de-Hongkongization." That’s a heavy word. It implies that the family is diversifying away from a city that has become politically complicated. For years, Li Ka-shing was the guy who could talk to anyone—Beijing, London, Washington. But under the current geopolitical climate, being a "bridge" is a dangerous place to stand.
Why the "Superman" Nickname Still Matters
You can't talk about Lee Ka Shing Hong Kong without touching on his timing. It’s legendary.
He didn't start with a silver spoon. Far from it. When his family fled to Hong Kong in 1940 to escape the Japanese invasion, they were broke. Li had to quit school at 15 because his father passed away from tuberculosis. He sold plastic watchbands. He worked 16 hours a day.
- 1950: He starts a plastic flower factory.
- 1967: While everyone else is fleeing Hong Kong due to riots, Li starts buying up land. He saw what others didn't: that the city would inevitably bounce back.
- 1979: He makes history by acquiring Hutchison Whampoa, becoming the first ethnic Chinese person to control one of the great British "Hongs" (trading houses).
Basically, he built a conglomerate that touches everything: your phone (3 Group), your electricity (HK Electric), your groceries (PARKnSHOP), and even your drinking water.
The Victor Li Era: A Different Kind of Leadership
There is a huge misconception that Victor Li is just "keeping the seat warm."
That’s unfair.
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Victor has been at the helm since 2018, and his style is noticeably more cautious than his father's. You have to remember, Victor was kidnapped in 1996 by the notorious gangster "Big Spender" Cheung Tze-keung. His father paid a record HK$1.038 billion ransom to get him back. That kind of trauma changes a person's relationship with risk and the spotlight.
In 2026, Victor is facing a reality his father never had to: a world where Western regulators are suspicious of any company with deep ties to China, while Beijing simultaneously expects absolute loyalty from its tycoons.
It’s a tightrope.
By spinning off assets like the telecom towers or the retail arm, Victor is essentially making the empire "lighter." If a piece of the business gets caught in a regulatory fire in Europe or the US, it doesn't burn down the whole house.
Philanthropy and the "Third Son"
Li Ka-shing often refers to his foundation as his "third son."
In late 2025, when a massive fire hit the Tai Po Wang Fuk Court complex, the Li Ka Shing Foundation didn't wait for government bureaucracy. They dropped HK$30 million into an emergency relief fund almost immediately, followed by another $50 million for recovery.
That’s how he stays relevant to the average person in Hong Kong.
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Even as his businesses move capital toward Europe or North America (like his huge stakes in Canadian energy or UK infrastructure), his money still talks in the local community. Since 1980, he has given away billions, mostly to education and healthcare. If you’ve ever been to the Li Ka Shing Faculty of Medicine at HKU, you’ve seen the legacy firsthand.
What Most People Get Wrong
The biggest mistake people make is thinking that Lee Ka Shing Hong Kong is a story of a man leaving his home.
It’s more nuanced than that.
He isn't "leaving" so much as he is "evolving." At 97, his "vision"—a word he loves—is focused on survival across generations. He knows that the 20th-century model of a local tycoon who owns the whole town is dead. To survive the 21st century, you have to be a global investor who happens to have a home base in Hong Kong.
Actionable Insights for the 2026 Market:
- Watch the IPOs: The AS Watson listing in 2026 will be a massive bellwether for Hong Kong's retail and financial sector.
- Diversification is King: Follow the Li family’s lead. They are moving away from heavily regulated "old world" assets (like some ports) and toward "new world" sectors like health-tech and green energy.
- Real Estate Reality: Don't expect the family to buy back into Hong Kong property at previous levels. They are currently looking for "value" elsewhere, which tells you everything you need to know about the local market's current peak.
Keep an eye on the CK Hutchison stock (HK: 0001). The way it handles this $21 billion restructuring over the next twelve months will define the wealth of the Li family for the next fifty years.
Next Steps: If you are tracking the 2026 IPO landscape, you should specifically look into the AS Watson Group’s "O+O" (Offline Plus Online) strategy, as this is the core value proposition they are selling to investors during the upcoming listing.
Source Check: Data regarding the 2026 IPO plans and the $21 billion overhaul originated from Bloomberg and Hong Kong Stock Exchange filings (HKEX) as of early 2026. Philanthropy details regarding the Tai Po fire relief are sourced from official Li Ka Shing Foundation press releases.