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Hong Kong billionaire Li Ka-shing announces retirement

Hong Kong's richest man, Li Ka-shing, officially announced his retirement from his position as chairman of his flagship CK Hutchison Holdings Ltd. group and CK Asset Holdings Ltd. during the companies' annual results conference March 16.

Li is turning 90 in July.

The elder Li plans to remain as senior adviser for both companies and will be succeeded by the older of his two sons, Li Tzar Kuoi, Victor.

More details to follow...