All eyes are on Victor Li, as he steers the Cheung Kong Group through Hong Kong’s worst economic slump in decades
- CK Hutchison posted a 2 per cent increase in 2019 net profit to HK$39.83 billion (US$5.13 billion)
- Underlying profit at CK Assets jumped 19 per cent to HK$28.7 billion, helped by a real estate bull run in the world’s costliest city
CK Hutchison, which owns businesses from chemists and supermarkets to ports and mobile phone networks, posted a 2 per cent increase in 2019 net profit to HK$39.83 billion (US$5.13 billion). Underlying profit at CK Assets, one of the city’s largest property developers, jumped 19 per cent to HK$28.7 billion, helped by a real estate bull run in the world’s costliest city.
“Our group was built, and [grew strong] through various rounds of storms, and we are used to turbulence,” Li said during an online press conference to announce the two companies’ results. “We are generally conservative with our finance, which means whenever there are difficult times, we stay well-capitalised.”
All eyes are on Li, 55, as he steers one of Hong Kong’s most renowned companies through a pandemic that has sickened more than 200,000 people and killed 8,845 in 150 regions and countries. The last time Hong Kong’s economy caught a similar slump from a pandemic in 2003, Cheung Kong’s reins were in the grips of an entrepreneur dubbed “Superman Li” for his deal making prowess.
