In a sudden move, Li Ka-shing has executed another major sale, this time cashing out 45.5 billion yuan. While the amount is substantial, what merits greater attention is the unusual signal it conveys. This divestment involves the UK's largest mobile operator—a highly stable, low-risk enterprise with consistent profitability. Notably, this marks a pattern of密集 divestments of core UK assets by Li Ka-shing this year: the telecommunications business sold for 45.5 billion, UK rail vehicle leasing for approximately 60 billion, and the UK power grid for over 110 billion Hong Kong dollars. Combined, these three UK asset sales have raised nearly 220 billion Hong Kong dollars.
Given Li's reputation as a shrewd "old fox," he would never engage in loss-making ventures. For him, even earning less is considered a loss. Therefore, the true significance lies in the direction—a comprehensive large-scale withdrawal. Previously, the Li Ka-shing family was humorously described as having "bought half of Britain." CKH HOLDINGS' investments in the UK spanned electricity distribution, natural gas supply, water services, telecommunications, rail vehicle leasing, and port terminals—essentially monopolistic businesses that served as perpetual "cash cows," generating continuous revenue as long as the UK existed.
Li Ka-shing held these assets for over a decade, reaping substantial profits. However, at the start of 2026, he liquidated them entirely, leaving no stake behind. This aggressive cash-raising of more than 200 billion yuan raises the question: what impending storm has he detected?
First, securing profits is a consistent survival philosophy for Li Ka-shing—selling assets to realize gains and bolster liquidity. Second, escalating geopolitical risks play a role. The Panama port incident deeply impressed upon Li that when asset security is no longer guaranteed by contracts, preemptive measures are essential. This aligns with Warren Buffett's strategy; the "Oracle of Omaha" significantly reduced holdings in companies like Apple and Bank of America, amassing large cash reserves based on the belief that "cash is a call option with no expiration date."
A particularly alarming signal for 2026 is the simultaneous large-scale divestments by both Li Ka-shing and Buffett. The difference is that Li's sell-off primarily targets overseas assets. For businesspeople, one's home country is the ultimate backing, and peace is the everlasting source of prosperity. Nearing his centennial years, Li Ka-shing has ultimately gained profound clarity.
Section 1: Raising 220 Billion – Li Ka-shing's Full-Scale UK Retreat Recently, CKH HOLDINGS, under the Li family, announced that its telecommunications arm, CKHGT, agreed to sell its entire stake in the UK telecommunications operator VodafoneThree for 4.3 billion pounds (approximately 45.5 billion Hong Kong dollars), pending regulatory approvals. VodafoneThree is the UK's largest mobile network operator, serving over 28 million users with leading network coverage and customer base. Upon completion, this sale will mark CKH HOLDINGS' complete exit from the UK telecommunications sector, significantly shrinking the family's core asset footprint in Britain.
Earlier this year, in January, CKH HOLDINGS led the sale of all interests in a UK rail vehicle leasing company, streamlining its asset portfolio. In February, CK Infrastructure, Power Assets Holdings, and CK Asset Holdings jointly sold 100% of UK Power Networks for over 110 billion Hong Kong dollars, setting a record for large European utility transactions. After 16 years of substantial returns and stable dividends, they exited at a high. With the latest sale of the UK's largest mobile operator, these three transactions alone will realize approximately 220 billion Hong Kong dollars for the CKH group.
What has Li Ka-shing sensed? Essentially, the initial purchases were made when assets were cheap and cash flows stable. Current sales are driven by mature markets facing heavier regulation, higher capital expenditures, and clearer growth ceilings. While mobile communications sound like infrastructure, not all infrastructure remains worth holding indefinitely, especially in the UK, which no longer offers low interest rates, cheap asset valuations, and vast capitalization opportunities for infrastructure.
If Li Ka-shing once achieved global asset allocation by "buying Britain's water, electricity, ports, and telecoms," he and his son Victor Li now face a different world: high interest rates, strong regulation, geopolitical uncertainty, and rising capital costs. In this environment, regardless of asset size, the focus returns to cash returns. As of last March, VodafoneThree reported a net asset value of 1.469 billion pounds, with a pre-tax loss of 131 million pounds and a post-tax loss of 98 million pounds in the previous fiscal year. CKH HOLDINGS, accounting for its investment under the equity method, reported a net investment book value of about 40.148 billion Hong Kong dollars at the end of 2025, with an attributable loss of approximately 519 million Hong Kong dollars over seven months.
Exiting this loss-making investment for over 45 billion Hong Kong dollars locks in considerable returns, relieves ongoing loss and capital expenditure pressures, and converts non-core heavy assets into highly liquid cash. Following the news, CKH HOLDINGS' stock price rose against the market trend, closing up 4.13% at 68 Hong Kong dollars per share on May 7, with a market capitalization of 2.604 trillion Hong Kong dollars.
Section 2: Li Ka-shing: A Habit of Prioritizing Cash Flow "Superman Li," "old fox," "Hong Kong's richest person"—these labels uniquely converge on Li Ka-shing. This business magnate was once a symbol of Chinese wealth, moving from Chaozhou to Hong Kong as a teenager, leaving school at 14 to work, starting with plastic flowers before expanding into real estate, ports, retail, energy, telecommunications, and dozens of other sectors. His wealth grew rapidly, with family interests spanning over 50 countries, building an international conglomerate.
Hong Kong is not just a global financial center but a stage for legendary family stories. Kwok Tak-sheng, Lee Shau-kee, Li Ka-shing, and Cheng Yu-tung became known as the Four Great Families of Hong Kong, each with enduring fame and legendary status. Their accumulated wealth stood like towering skyscrapers, with immense depth. However, the business world is volatile, and even prominent families face downturns. Last year, the Cheng Yu-tung family encountered a crisis, overwhelmed by hundreds of billions in debt, planning to sell the Rosewood Hotel to alleviate financial pressure. Survival in a crisis outweighs pride; strategic retreat is not surrender but preparation for a stronger comeback.
Today, among the founders of the four great families, only Li Ka-shing remains, and only CKH HOLDINGS under his stewardship maintains strong competitiveness. Repeated asset sales provide CKH with continuous capital inflows. How does Li consistently recoup funds while others still tout potential? His survival philosophy is key. Even nearing 100, he主导s asset cycle assessments, adhering to "buy low, sell high, prioritize cash flow." Each major disposal balances valuation and risk, continually solidifying the family's commercial empire and wealth foundation.
The 2026 Forbes Hong Kong Rich List shows Li Ka-shing topping the chart with a fortune of 45.1 billion U.S. dollars, far surpassing the second place. Just as many marvel at his enduring acuity, his heavily invested overseas port operations faced a "critical crisis." The Panamanian government forcibly took over two ports operated by Hong Kong's CK Hutchison Group, barring representatives of Panama Ports Company, an indirect subsidiary of CK Hutchison, from entering the container terminals. Li expressed frustration; his global empire, once dominant in European commerce, unexpectedly "capsized" in Central America, encountering an "unreasonable" situation. In such an unequal博弈, his usual adeptness was futile.
Observing Li's transaction pace, it's evident that after the Panama port setback, the 98-year-old has accelerated the liquidation of overseas assets. Core UK investments, once heavily weighted, are being progressively sold off. At its peak, CKH HOLDINGS controlled about a quarter of the UK's electricity distribution, nearly 30% of the natural gas supply, almost 7% of the water supply, and over 40% of the telecommunications market. When Victor Li acquired UK gas supplier WWU for 7.753 billion Hong Kong dollars in 2013, British media described the Li family's investment as "buying the UK." However, from around 2020, CKH's stance on UK assets shifted from aggressive expansion to gradual contraction. The密集 divestment of rail, grid, and telecom core assets in 2026 is rare in the group's history.
Section 3: Cashing Out of the UK is Just the Beginning Reports indicate that CKH is advancing further asset sales, including 80% of its global port assets (excluding Mainland China and Hong Kong), minority stakes in European wireless tower operations, and Irish telecommunications businesses. These assets being sold are primarily public infrastructure. On one hand, they are cash cows in politically stable times but become targets during political turmoil (like regime changes). On the other hand, geopolitics poses the greatest risk; ports, power grids, and water utilities, once sure-profit ventures, are now pawns in major power games.
Additionally, these assets are at high valuations. Amid uncertainty, the best strategy is to sell early—while they are marketable and can fetch good prices. Delaying until risks materialize could leave them stranded. The UK asset sales represent perfect high-point exits, whereas the Panama port venture resulted in near-total loss. This stark contrast between profit and loss underscores a fundamental reality: the underlying logic of the era is being重构.
Firstly, corporate survival logic is changing; some highly profitable giants are conducting massive layoffs, focusing more on short-term profits and capital returns. More importantly, national survival logic is shifting from pursuing "efficiency" to emphasizing "security," with globalization receding and geopolitical blocs emerging. Multinational corporations have learned painful lessons overseas: in jurisdictions with legal flaws or geopolitical sensitivity, contracts are worthless, and no amount of foresight can prevent outright seizure.
This is why Li Ka-shing is gradually exiting overseas assets and坚守 the domestic market. As an outstanding Chinese businessman, he was once a role model for many. While praise abounds, criticism follows. However, strictly in business terms, Li Ka-shing is indeed a "titan of commerce." Market winds shift; success and failure are personal. That Li, at 98, has navigated World War II, the Cold War, the Asian financial crisis, and multiple global economic crises is closely tied to his lifelong core belief: preserve capital and secure profits.
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