China Marketing & Advertising
Hong Kong ‘Super-business-man’ Li Ka-shing Announces Retirement at 90 Years Old
He is called ‘Superman’, he is known as Hong Kong’s richest man, and is said to be ‘Asia’s answer to Warren Buffet.’ Chinese business magnate Li Ka-Shing (李嘉誠) announced his retirement during a press conference on March 16.
With an estimated wealth over $34 billion dollars, Li, chairman of CK Hutchison Holdings, is the 23rd wealthiest person in the world, as well as the wealthiest person in Hong Kong. His business spans the fields of shipping, retail, construction, telecommunications, and energy.
Li was born in 1928 in Chaozhou, Guangdong, but moved to Hong Kong during World War II. The young Li started from a company making plastic flowers, and soon bloomed into one of China’s most successful entrepreneurs.
His first acquisition, back in 1979, made him the first Chinese-born businessman to buy a British trading company. His next notable purchase occurred seven years later when the global oil prices fell to $11 per barrel. At a time of market hysteria, Li Ka Shing made the bold move to buy controlling shares in Canada’s Husky oil company. He has since referred to the acquisition as “the greatest investment” in his lifetime.
Li Ka-shing during press conference.
Li Ka-Shing’s investments have even stretched to England’s energy and water sector. According to the Financial Times, roughly 25% of the electric market, 30% of the natural gas market, and close to 7% of the supplied water market are under Li Ka-Shing and his company’s ownership.
It is Li’s work ethic, along with his frugality and modesty, which made that he is often compared to Warren Buffet. Li is also an active philanthropist, like Buffett, providing grants and scholarships through his Li Ka Shing Foundation.
In Friday’s conference, Li announce that Victor, his eldest son, will take over as chairman of CK Hutchison Holdings, while Li will play an advisory role. He also stated he will focus on his charity foundation in his retirement.
The reactions to his retirement on Chinese social media have mainly highlighted the respect netizens have for Li Ka Shing as a businessman. One netizen recalled Li’s famous “coin story” reminding people not to waste money and our role in the economy.
According to this blog, the story is a follows:
“One day, Li was driven back home after work. When Li got off from his car, he dropped a $10 coin, and the coin rolled underneath the car. Li bent down and stretched his hand under the car in order to grab it back. With Li’s age, he was not able to do so even after a few tries. Li’s driver saw the situation, and asked, “Mr Li, what are you doing? Is there anything I can do for you?” Li told him that he lost his $10 coin. The driver took off his jacket, knelt down and grabbed the $10 coin out from beneath the car, and gave it back to Li. Li smiled, and happily put the $10 coin into his pocket. He then took out a $100 note, and gave to the driver as appreciation.Li said to the interviewer, “It’s not about the value of the money. I gave my driver $100, he would spend it and make use of it. If I didn’t pick up the $10 coin, it would be lost forever and wasted.”
Another person simply posted: “A person like Li Ka Shing just can’t retire,” while other praise Li for how he treated other people.
“He’s a legendary business person of his generation,” commenters on Toutiao.com say.
Others are more moderate, simply saying: “He’s pretty cool.”
Interested to read more about Chinese legendary business persons? Read the story of Tao Huabi, Lao Gan Ma’s spicy godmother.
By Ryan Gandolfo
Follow @whatsonweibo
- Featured image: Li on the cover of the Far East Economic Review magazine in 1981. He earned the nickname ‘Superman’ through his impressive business dealings and foresight in the market.
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China Insight
The Huawei Case Sparks Anti-American, “Support Huawei” Sentiments on Weibo
“Ever since all the news came out on Meng Wanzhou’s arrest I feel like this is Cold War 2.0,” some commenters say.
First published
The case involving Huawei and Meng Wanzhou is making international headlines today, now that the US Justice Department has officially filed charges against Chinese smartphone maker Huawei for allegedly stealing trade secrets from T-Mobile.
Among many other things, US prosecutors allege that Huawei launched a formal policy in which bonuses were offered to employees who succeeded in stealing confidential information from competitors (full papers here, page 19).
The Department also filed criminal charges against Meng Wanzhou (孟晚舟), who is the chief financial officer of Huawei and the daughter of the company’s founder Ren Zhengfei (任正非). The US is seeking the extradition of Meng Wanzhou from Canada.
The indicment papers as being shared on Weibo.
Meng was detained in Canada on December 1st of 2018 during transit at the Vancouver airport at the request of United States officials. She was released on bail on December 11. Meng’s next court date is set for February 6, 2019, in Vancouver.
“To the Chinese who proclaim that the American lawsuit against Huawei makes sense, where’s your conscience?”
Huawei responded to the accusations in state media on Tuesday, saying they were “very disappointed” about the charges, and denying that Huawei, nor its affiliates, had committed violations of US law.
China’s Ministry of Foreign Affairs urged the US to revoke its charges against Meng and to “stop the unreasonable suppression of Chinese companies, including Huawei, and to treat Chinese enterprises objectively and fairly.”
Meanwhile, on Chinese social media platform Weibo, the hashtag “Huawei responds to US accusations” (#华为回应美国指控#) received some 1,5 million views on Tuesday.
Among hundreds of comments, many netizens express their apparent belief that the United States is using the judicial system in a battle that is actually politically motivated, and that China’s rise as a competing technological power plays a major role in this issue.
“America has no confidence in its own technological power anymore, and has come to a point of such weakness that China’s technological strength is frightening to them,” one commenter named ‘Battle Wolf Wang Jie’ (@战狼-王杰) said.
“The goal of the US clearly is to suppress Huawei and its 5G technology, it is a fight over leadership,” one commenter wrote.
One popular Weibo tech blogging account (@科技阿宽) described the US as “a cornered dog jumping over a wall” (“狗急跳墙”), a Chinese idiom for describing desperate people resorting to desperate measures. This idiom was also used by other Weibo users commenting on the Huawei issue.
“Ever since all the news came out on the Meng Wanzhou arrest I feel like this is Cold War 2.0,” a Weibo user named Wei Zhong (@卫中) wrote about the issue: “This arms race in the field of technology can’t be avoided, and it will spread to other fields, posing a challenge to America’s leading position.”
But there are also commenters who want to know more about whether there are reasonable grounds to believe Huawei and Meng actually committed a crime: “So did they, or didn’t they?”
“Huawei needs to operate in accordance with international laws, otherwise there will be no end to the trouble,” some said, with others adding: “If they did nothing wrong, they shouldn’t be afraid to face the Americans.”
The editor-in-chief of the Chinese and English Global Times, Hu Xijin (胡锡进), called out those who suggested that the US might have sound legal grounds for the charges, writing on Weibo: “To the Chinese who proclaim today that the American lawsuit against Huawei makes sense, where’s your conscience? Have your brains been eaten by the dogs?”
“Was the Canadian Ambassador sacked for speaking the truth?”
The Huawei case news story has been developing and has been a topic of discussion ever since Meng’s arrest in December. A social media post issued by Meng shortly after her arrest became one of the biggest trending topics on Weibo of 2018.
The news that former Canadian diplomat Michael Kovrig was detained in Beijing on December 10th of 2018 also generated online discussions on the Huawei issue, with many linking his arrest to Meng’s case.
According to many, the detainment of Meng in Canada is linked to the detainment of Kovrig in Beijing.
Earlier this week, the dismissal of the Canadian ambassador to China, John McCallum, also became big news.
McCallum’s exit was preceded by his different interview comments on the Meng Wanzhou case. He told Chinese-language journalists that Meng had “strong arguments that she can make before a judge,” and reportedly told The Star‘s Joanna Chiu that it would be “great” if the US could drop the request for Meng’s extradition.
On social media, news of McCallum’s dismissal was shared hundreds of times this week. In response to the case, Chinese columnist Sun Bo published an article titled “Was the Canadian Ambassador sacked for Speaking the Truth?” in The Observer (观察者). On Weibo, similar attitudes are expressed, with many arguing that McCallum was punished for simply “expressing his thoughts.”
Some netizens argued that McCallum had been “set up” by the interviewer and that he had said nothing wrong. One Weibo user simply argued: “If America would no longer request Meng’s extradition, then Canada would not need to detain Meng and would not need to become hostile with China, which would also be better for Canada.”
A recurring sentiment expressed by netizens on the issue was that McCallum’s dismissal clashed with Canada’s “so-called freedom of speech,” although there are also other voices stating: “When an ambassador for the government publicly issues their own personal views as they like, they do need to step down.”
“He talked about how we should support Huawei, but sent it from his iPhone.”
Amid all discussions on Weibo (where some comment threads jumped from having some hundreds comments to “no comments” and then reopened with some hundred comments again), the support for Huawei is one sentiment that stands out.
“I will stand by Huawei,” many commenters write across various threads.
“I support Huawei! America and Canada need to set Meng free!”
Others call for a boycott on Apple and American products, urging Chinese netizens to purchase Huawei instead.
There are also some, however, who point out there is some hypocrisy behind some of these statements: “I just saw a ‘Huawei defender,'”, popular tech blogger ‘Keji Xinyi’ (@科技新一) writes: “He was talking about how we should support the made-in-China Huawei brand, and that Huawei is China’s pride, that Huawei will astonish the world. Then I saw his Weibo post was sent from an iPhone.”
Others joke around: “I support Huawei! I use the Honor 7 [device] by Huawei. I absolutely will not buy an iPhone. It’s too expensive and I can’t afford it.”
Jokes aside, the Huawei case is certainly one that will continue to be discussed in many corners of Chinese social media, with many expressing concern on how this case will develop in the future – as it is not likely to blow over any time soon.
“The law will rule based on evidence,” some commenters write: “So let’s just wait and see.”
By Manya Koetse
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©2019 Whatsonweibo. All rights reserved. Do not reproduce our content without permission – you can contact us at info@whatsonweibo.com
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