This afternoon, the legendary Chinese businessman Li Ka-shing officially announced his retirement. He stepped down from his role as Chairman of the Board of Directors at Changjiang Hutchison Industrial Co., Ltd., with his eldest son, Li Zezhen, taking over the reins. However, the 90-year-old tycoon is far from fully retiring. He will continue to serve as Chairman of the Li Ka Shing Foundation and as a Senior Consultant for the Yangtze River Group.
Despite stepping back from day-to-day operations, Li Ka-shing remains deeply involved in shaping the future through strategic investments. His influence continues to extend into emerging sectors, including technology and blockchain—an area he has long been interested in.
Since 2000, Li’s Victoria Harbour Investment Group has actively invested in various tech startups, including major names like Facebook, Skype, Siri, Razer, and DeepMind. These early bets have proven to be highly successful, showcasing his ability to spot innovation before it becomes mainstream.
Blockchain and cryptocurrency are no exception. While Li has often expressed caution about digital currencies—most notably when he criticized Bitcoin as “risky†in January of this year—his investments in the space tell a different story. In 2014, he invested over HK$1 billion into the Bitcoin market, including a significant stake in Bitpay, a leading cryptocurrency payment platform often compared to “Alipay†in the crypto world.
Bitpay has grown rapidly, with daily transaction volumes now exceeding $2 million. Recently, the company partnered with Bithumb, South Korea’s largest cryptocurrency exchange, to explore new opportunities in the $200 billion cross-border payment market.
In 2016, Li’s investment group also backed Blockstream, a blockchain technology firm focused on developing cryptocurrency payment systems and protocols. Their projects include micropayment solutions, sidechain applications, and the Blockstream satellite program, all of which aim to expand the reach and usability of digital currencies.
The blockchain industry has already created massive wealth, with companies like Ripple achieving staggering valuations. Some estimates suggest that its founder's net worth has surpassed that of Li Ka-shing, who was once considered the richest man in Hong Kong for over two decades.
It’s clear that blockchain is not just a passing trend—it’s a transformative force. Many top business leaders, including Li, have recognized its potential early on. Just as the internet revolutionized the world in the 1990s, blockchain is now reshaping industries across the globe. Whether optimistic or skeptical, no one can afford to ignore it anymore.
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