Word: li
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There are a lot of Lis in Hong Kong, but only one Li Ka-shing. Li is a billionaire and a major player in the real estate market, and in retail, telecommunications and power generation. His port operation handles 30% of Hong Kong's trade. His nickname in the press is Superman. Now comes Superboy: Li's son Richard, 33. Last month, Richard took over Cable & Wireless HKT, the territory's telecom giant, using an Internet company he started only 11 months ago called Pacific Century CyberWorks. The deal, valued at $38 billion, was Asia's biggest takeover ever...
...flexible interactive television and Internet access, through so-called broadband connections, to the vast populations of China, India and the rest of Asia--and thus become the largest such provider in the world. Dad is on the same wavelength. A week before his son struck the Cable & Wireless deal, Li Sr. went public with a tiny, barely operating Internet company called Tom.com setting off investor hysteria in the streets of Hong Kong. Li says Tom.com will become the biggest portal, or entry site, for Chinese speakers using the Internet--a grand goal...
...companies controlled by father and son together account for more than a quarter of the capitalization of the Hong Kong stock market. In the telecom business alone, Li-controlled companies have 60% of Hong Kong's mobile-phone market and virtually the entire fixed-line system. Bricks and mortar? Li is Hong Kong's property king. Now he and son have displayed highly advanced knowledge of how to prosper in the new era of telecoms and the Internet. Richard, for one, sees these talents as anything but local. "These are truly global transactions," he told TIME. The message: watch...
...Li & Li have clearly seen the future in the New Economy and are staking out big claims. The intriguing question about Superman and Superboy: Are they working as a team or as future competitors? Much is made in the Hong Kong press of Richard's attempts to step out of his father's shadow; of how he was passed over in favor of elder brother Victor, now 35, as heir apparent to the Li empire; and of the differing styles of father and son. The father is reclusive, cordial, traditional and lives in the same house he bought...
...Richard is deputy chairman of Li Ka-shing's Hutchison Whampoa conglomerate, owns 5% of Tom.com and has a long history of cross dealings with his old man. Is he a son with burning ambitions of his own? Or one standing on his father's shoulders? Perhaps a little of both...