180373d28730161e7a1b1b.jpg (Photo : China Daily USA)
After Jack Ma was crowned Asia's richest person in Dec. 2014, surpassing Hong Kong realty developer Li Ka-shing, the 86-year-old Li is poised to retake his number-one ranking.
The prospect surfaced after his announcement of a $24-billion plan that will reorganize his flagship Cheung Kong Holdings Ltd. After Li's announcement, the company's shares surged to the highest point in 17 years.
Alibaba Group's founder and chairperson Ma, who is now 50 years old, attained the title of Asia's most wealthy after an extraordinary year. Most notably, his massive company set an all-time record, after it managed to generate $25 billion during its September initial public offering (IPO) at the New York Stock Exchange.
Alibaba's shares rose by 54 percent after the September event. Ma's ascendancy signified the first time that the identity of Asia's top spot had changed since April 2012.
In relation to Li's reorganization plan, analyst Andrew Lawrence presented in a research note on Monday that:
"It will make for a cleaner corporate structure and remove many of the cross-group investments that made it difficult to understand the group. This reorganization is far from a surprise and has long been discussed."
According to Li's proposal, the assets of his companies will be restructured into two new entities, and each will focus on a particular portfolio. One entity will concentrate on property that is located predominantly in Hong Kong and the mainland, while the second entity will handle global assets throughout over 50 nations.
Li makes more than 50 percent of his wealth from the Cheung Kong business, and the company's shares rose by around 20 percent after the announcement on Monday, representing the most significant intraday advance since 1998.
