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Hong Kong ‘Super-business-man’ Li Ka-shing Announces Retirement at 90 Years Old

Ryan Gandolfo

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The beloved Hong Kong business ‘Superman’ Sir Li Ka-Shing officially announced his 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

  • 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.

Spotted a mistake or want to add something? Please let us know in comments below or email us.

©2018 Whatsonweibo. All rights reserved. Do not reproduce our content without permission – you can contact us at info@whatsonweibo.com.

Ryan Gandolfo is an Economics graduate from Miami who has worked and lived in Shanghai, Baoding, and Guangzhou. He is interested in China's growing role in the global economy and closely follows the development of major Chinese technology firms. 

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China Celebs

Chinese Comedian Li Dan under Fire for Promoting Lingerie Brand with Sexist Slogan

Underwear so good that it can “help women lie to win in the workplace”? Sexist and offensive, according to many Weibo users.

Manya Koetse

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Popular talk show host and comedian Li Dan (李诞) has sparked controversy on Chinese social media this week for a statement he made while promoting female underwear brand Ubras.

The statement was “让女性轻松躺赢职场”, which loosely translates to “make it easy for women to win in the workplace lying down” or “make women win over the workplace without doing anything,” a slogan with which Li Dan seemed to imply that women could use their body and sex to their advantage at work. According to the underwear brand, the idea allegedly was to convey how comfortable their bras are. (The full sentence being “一个让女性躺赢职场的装备”: “equipment that can help women lie to win in the workplace”).

Li Dan immediately triggered anger among Chinese netizens after the controversial content was posted on his Weibo page on February 24. Not only did many people feel that it was inappropriate for a male celebrity to promote female underwear, they also took offense at the statement. What do lingerie and workplace success have to do with each other at all, many people wondered. Others also thought the wording was ambiguous on purpose, and was still meant in a sexist way.

Various state media outlets covered the incident, including the English-language Global Times.

By now, the Ubras underwear brand has issued an apology on Weibo for the “inappropriate wording” in their promotion campaign, and all related content has been removed.

The brand still suggested that the slogan was not meant in a sexist way, writing: “Ubras is a women’s team-oriented brand. We’ve always stressed ‘comfort and wearability as the essence of [our] lingerie, and we’re committed to providing women with close-fitting clothing solutions that are unrestrained and more comfortable so that more women can deal with fatigue in their life and work with a more relaxed state of mind and body.”

Li Dan also wrote an apology on Weibo on February 25, saying his statement was inappropriate. Li Dan has over 9 million followers on his Weibo account.

The objectification of women by brands and media has been getting more attention on Chinese social media lately. Earlier this month, the Spring Festival Gala was criticized for including jokes and sketches that were deemed insensitive to women. Last month, an ad by Purcotton also sparked controversy for showing a woman wiping away her makeup to scare off a male stalker, with many finding the ad sexist and hurtful to women.

 
By Manya Koetse
with contributions by Miranda Barnes

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©2021 Whatsonweibo. All rights reserved. Do not reproduce our content without permission – you can contact us at info@whatsonweibo.com.

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China Marketing & Advertising

Hard Measures for Durex in China after “Vulgar” Ads

One Durex sex toy ad gave off the wrong vibrations to Chinese regulators.

Manya Koetse

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As if it wasn’t already bad enough that fewer people are having sex during COVID19 lockdowns, leading to a decline in condom sales, condoms & sex toys brand Durex is now also (again) punished for the “vulgar” contents of its advertisements in China.

News of Durex facing penalties in China became top trending on Thursday, with one Weibo hashtag page about the matter receiving over 1,2 billion views.

Durex has over three million fans on its official Weibo account (@杜蕾斯官方微博), which is known for its creative and sometimes bold posts, including spicy word jokes. Durex opened its official Weibo account in 2010.

A post by Durex published on Wednesday about the release of Apple’s super speedy new 5G iPhone, for example, just said: “5G is very fast, but you can take it slow,” adding: “Some things just can’t be quick.” The post received over 900,000 likes.

Other ads have also received much praise from Chinese netizens. One ad’s slogan just shows a condom package, saying “Becoming a father or [image of condom] – it’s all a sign of taking responsibility.”

According to various Chinese news outlets, Durex has been penalized with a 810,000 yuan ($120,400) fine for failing to adhere to China’s official advertisement guidelines, although it is not entirely clear to us at this point which fine was given for which advertisement, since the company received multiple fines for different ads over the past few years.

One fine was given to Durex Manufacturer RB & Manon Business (Shanghai) for content that was posted on e-commerce site Tmall, Global Times reports.

According to the state media outlet, “the ad used erotic words to describe in detail multiple ways to use a Durex vibrator.” The fine was already given out in July of this year, but did not make headlines until now.

(Image for reference only, not the ad in question).

In another 2019 case, the condom brand did a joint social media campaign cooperation with Chinese milk tea brand HeyTea, using the tagline “Tonight, not a drop left,” suggesting a connection between HeyTea’s creamy topping and semen.

According to China’s Advertisement Examination System (广告审查制度), there are quite some no-goes when it comes to advertising in China. Among many other things, ads are not allowed to be deceptive in any way, they cannot use superlatives, nor display any obscene, scary, violent or superstitious content.

Chinese regulators are serious about these rules. In 2015, P&G’s Crest was fined $963,000 for “false advertising”, at it promised that Crest would make your teeth whiter in “just one day.”

However, advertisement censorship can be a grey area. Any ads that “disturb public order” or “violate good customs,” for example, are also not allowed. For companies, it is not always clear when they are actually crossing a line.

On Weibo, there are also contrasting opinions on this matter. Many people, however, support Durex and enjoy their exciting ads and slogans. With the case dominating the top trending charts and discussions on social media the entire day, the latest penalty may very well be one of Durex’s most successful marketing campaigns in China thus far.

By Manya Koetse

Spotted a mistake or want to add something? Please let us know in comments below or email us. First-time commenters, please be patient – we will have to manually approve your comment before it appears.

©2020 Whatsonweibo. All rights reserved. Do not reproduce our content without permission – you can contact us at info@whatsonweibo.com.

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