Victor Li Tzar Kuoi, the elder of two sons of Hong Kong tycoon Li Ka-shing, who officially retired from his business empire, was appointed chairman of CK Asset Holdings Ltd. and CK Hutchison Holdings Ltd., effective at the conclusion of the May 10 annual general meeting.

The meeting also served as the last one Li Ka-shing attended in his capacity as chairman of his two companies.

The new chairman was also named as a member of the remuneration committees of the two companies. The new roles will add to Victor Li's executive directorship role in both companies, and his managing and group co-managing directorship positions in CK Asset and CK Hutchison, respectively.