Li Ka-shing’s companies report lower earnings, won’t bet against Hong Kong’s prospects
- Earnings at CK Hutchison and CK Asset weakened in the first half of 2024 amid global trade conflicts, property market slump at home
Billionaire Li Ka-shing family’s flagship companies, with interests in infrastructure, property, supermarkets and utilities worldwide, reported weaker performance amid heightened geopolitical and trade tensions. The group said it will not bet against Hong Kong’s power to recover.
Earnings at CK Hutchison, the conglomerate with businesses spanning ports, telecommunications and retailing, fell 7 per cent to HK$10.2 billion (US$1.31 billion) in the first half from a year earlier, according to a Hong Kong stock exchange filing on Thursday. Revenue increased by 4 per cent to HK$232.6 billion.
Despite the hiccups and a greater focus on overseas assets, the group is not going to bet against the future prospects of Hong Kong and mainland China, said Victor Li Tzar-kuoi, chairman of both companies and the billionaire’s eldest son.
“My experience tells me that when the Hong Kong market turns around, it can turn around very rapidly,” he told analysts at the post-earnings call. “History has shown that when this happens, there is not much time for reaction. I am not going to bet against Hong Kong’s ability to recover. Everyone who has done that in the past has been proven wrong.”
