Asia’s richest man Li Ka-shing on Tuesday expressed his support for Chinese President Xi Jinping and dismissed allegations he was divesting assets from mainland China following a barrage of media articles accusing him of turning his back on the country.
In January, the Hong Kong magnate revamped his sprawling business empire to create two listed companies, with one focused on property and the other on the telecoms sector. This resulted in a shift in the incorporated base of Li's two main firms from Hong Kong to the Cayman Island, fueling speculations that he is pulling out of the mainland.
In a press release emailed to the media on Tuesday, Li expressed his utmost support to China's efforts in reforming and opening up the country's economy.
"Li has great confidence in China and greatly admires Xi's leadership style," the statement said.
It went on to cite the billions of dollars Li and his family invested in China on education, innovation and medicinal research.
The statements came a week after Chinese media posted commentaries critical of his business decisions.
"At a time of economic tension in China, Li Ka-shing has abandoned the country by selling extensively his assets, disregarding how the central government has assisted him in the sectors of port facilities, real estate and other infrastructural projects. His act has seriously undermined public confidence in the Chinese mainland," said a commentary titled "Don't let Li Ka-shing run away" published by an affiliate of the state-owned Xinhua News Agency.
Li's family sold assets worth more than $2 billion in mainland China in the past year, including properties located in Shanghai, Nanjing and Beijing.
In January, news of Li's business overhaul was followed by three bids overseas, including one worth $15.4 billion for British telecom services provider O2, which is owned by Telefonica SA in Spain.