You’ve probably heard the name. Li Ka-shing. In Hong Kong, they used to call it "Li’s City" because, honestly, you couldn't buy a bottle of water, turn on a light, or make a phone call without putting money in his pocket. But things are different now. As we settle into 2026, the man they called "Superman" is 97 years old, and the empire he built is undergoing its most radical transformation in half a century.
He isn't just a retired tycoon. He's a weather vane. When Li moves, the smart money follows.
The big news hitting the wires right now is the massive AS Watson Group IPO planned for later this year. We're talking about a $2 billion public offering for a retail giant that started as a tiny dispensary in 1841. It’s a classic Li Ka-shing move: take a massive, stable asset and "unlock value" just when the market is hungry for it.
The Generational Shift Nobody Saw Coming
Victor Li, Ka-shing’s eldest son, has been at the helm since 2018. For a long time, people thought he was just a placeholder. They were wrong. Victor is currently overseeing a "remaking" of the family legacy. While his father built the empire on plastic flowers and aggressive real estate grabs, Victor is navigating a world where "China plus one" and ESG (Environmental, Social, and Governance) aren't just buzzwords—they’re survival.
The family is thinning out its traditional holdings. They recently sold off 43 ports to BlackRock in a deal worth billions. Why? Because the world of global trade is shifting. Politics are messy.
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Victor is leaning heavily into infrastructure and tech. His father’s venture arm, Horizons Ventures, is still one of the most aggressive players in the game. Just recently, they co-led a $112 million round for Harrison.ai, an Australian AI diagnostics firm. They’re even funding startups like Cortical Labs, which is trying to integrate lab-grown human brain cells with computer chips.
Yeah, you read that right. Brain cells.
Is Hong Kong Still "Li’s City"?
Walk through Central, and you’ll see the Cheung Kong Center II. It’s a beast of a building, recently awarded a platinum rating for its "green" credentials. But look closer at the leasing data. The old guard of real estate is feeling the heat. Mainland companies like JD.com are moving in, buying up space in towers once dominated by the local elite.
The Li family has been quietly increasing their stake in CK Asset Holdings, now owning nearly 50%. They aren't abandoning the city, but they are playing a much tighter game.
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- Real Estate: They’re buying land at bargain prices, like the Kai Tak airport site they snagged for $1.1 billion.
- Infrastructure: CK Infrastructure recently listed in London. They’re buying up UK wind farms like they’re going out of style.
- Retail: The O+O (Offline plus Online) model at Watsons is the new gold standard. 17,000 stores across 31 markets. That’s a lot of face masks and vitamins.
The "Third Son": Why $30 Billion Matters
Li Ka-shing famously refers to his foundation as his "third son." It’s not just a hobby. To date, he’s poured over HK$30 billion into it. This isn't just about name-dropping on university wings, though there are plenty of those.
Just a few weeks ago, in late 2025, the foundation dropped HK$30 million into an emergency relief fund for families affected by a massive fire in Tai Po. They’re also donating "Histotripsy" systems—cutting-edge, non-invasive cancer treatment tech—to hospitals in Singapore and the UK.
He’s basically trying to solve the problems that government red tape can't touch.
What Most People Get Wrong About His Wealth
There’s this obsession with the Forbes list. As of early 2026, Li’s net worth is estimated at over $156 billion when you account for all the discretionary trusts. But if you ask him, the numbers are secondary. He once said that the secret to his success wasn't being the smartest guy in the room—it was being the most prepared.
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He lives in the same house he’s had for decades. He wears a cheap Citizen watch (or at least he used to). He’s a guy who remember what it’s like to be a refugee with nothing.
The Strategy for the Rest of Us
So, what can we actually learn from how the Li empire is positioned right now?
- Liquidity is King: They are selling ports and spinning off retail. They want cash on hand. In a volatile 2026 economy, cash is the only thing that lets you buy when everyone else is panicking.
- Go Global, Stay Local: They are diversifying into UK utilities and Australian AI, but they are doubling down on Hong Kong residential land. It's about balance.
- Bet on the "Unbreakable": People will always need water, electricity, and health products. That’s the core of the CK Hutchison philosophy.
Honestly, the "Superman" era might be over, but the Li Ka-shing era is just getting its second wind. Whether it’s through Victor’s calculated restructuring or the Foundation’s massive medical bets, the influence of that one-time plastic flower salesman is still baked into the very DNA of global business.
To stay ahead of the curve, keep a close eye on the AS Watson IPO pricing. It will be the definitive litmus test for retail sentiment in the post-pandemic, AI-integrated market. If that goes well, expect the Li family to go on a massive acquisition spree in the renewable energy sector before the year is out.
Practical Next Steps for Investors and Analysts:
- Monitor CK Infrastructure (CKI): Watch their London-listed shares as a proxy for European utility stability.
- Track Horizons Ventures: Their early-stage bets in "Biocomputing" are leading indicators for where the next tech bubble—or breakthrough—will be.
- Watch the Hang Seng: Li’s companies still make up a significant chunk of the index; their "buyback" activity is often a signal that a market bottom is near.