28-09-2022, 07:38 AM
PUBLISHED SEP 27, 2022, 4:57 PM SGT
HONG KONG - Hong Kong magnate Li Ka-shing lost US$1.5 billion (S$2.2 billion) in a day, with the value of his sprawling business empire tumbling along with the historic decline in the pound.
CK Hutchison Holdings, the flagship conglomerate of Mr Li's group that earned 16 per cent of its revenue from Britain in the first half, saw its shares slump 5.8 per cent on Monday to the lowest since it restructured in 2015. Sister company CK Asset Holdings, a real estate developer that earned almost a third of its revenue from Britain, plunged 8.6 per cent. Both recovered some ground on Tuesday, rising about 3 per cent.
The share slump came amid a global rout as the pound fell to a record low. The US$1.5 billion hit to Mr Li's personal fortune was the fifth-biggest decline among the world's 500 richest people, according to the Bloomberg Billionaires Index. The 94-year-old is still worth about US$26.7 billion, keeping him high in the ranks of Asia's wealthiest people, with his stake in CK Asset accounting for most of his net worth.
More at: https://www.straitstimes.com/business/co...lide-bites
HONG KONG - Hong Kong magnate Li Ka-shing lost US$1.5 billion (S$2.2 billion) in a day, with the value of his sprawling business empire tumbling along with the historic decline in the pound.
CK Hutchison Holdings, the flagship conglomerate of Mr Li's group that earned 16 per cent of its revenue from Britain in the first half, saw its shares slump 5.8 per cent on Monday to the lowest since it restructured in 2015. Sister company CK Asset Holdings, a real estate developer that earned almost a third of its revenue from Britain, plunged 8.6 per cent. Both recovered some ground on Tuesday, rising about 3 per cent.
The share slump came amid a global rout as the pound fell to a record low. The US$1.5 billion hit to Mr Li's personal fortune was the fifth-biggest decline among the world's 500 richest people, according to the Bloomberg Billionaires Index. The 94-year-old is still worth about US$26.7 billion, keeping him high in the ranks of Asia's wealthiest people, with his stake in CK Asset accounting for most of his net worth.
More at: https://www.straitstimes.com/business/co...lide-bites
