With no family ties to his boss, he spent over four decades at the company, earning annual salaries that once peaked at over HK$200 million, and even in a leaner year, still took home more than HK$70 million. H o Kin-ning's career stands as the ultimate benchmark for professional managers. He became a company director at just 33, played a pivotal role in Li Ka-shing's global expansion, and amassed personal wealth through hefty paychecks, savvy property deals, and timely share purchases.

Now in his seventies, he has stepped back from the frontline but remains busy for his long-time employer — seizing the right moments to offload overseas assets and stockpile substantial cash reserves for the Li family.

On August 13, at CKH Holdings' interim results briefing, the 74-year-old H o Kin-ning was once again absent. This move has fueled speculation that the "working emperor" is on the verge of retirement. Despite stepping back, H o has not retreated to tending gardens at his hillside mansion. Still active in the business world, he continues to support the Li family as Vice Chairman of CKH Holdings.

Just days earlier, he released the earnings report in his capacity as Chairman of Hutchison Telecom. After 17 years in that role, he delivered an impressive performance: Hutchison Telecom posted a net profit of HK$11 million for the first half, up 83% year-on-year. "Hong Kong's economy is improving, but consumers remain cautious in spending. We will focus on cost control and enhancing operational efficiency," H o stated.

Beyond operations, a key task before his retirement has been divesting assets to build up the Li family's cash position.

Assets on the Block

H o Kin-ning is not a blood relative of Li Ka-shing, nor is he a close personal friend. Theirs is a relationship between employer and professional manager, forged through decades of working side by side. In 2018, when Li Ka-shing stepped down and handed the reins to his eldest son, Victor Li, H o, as the group's chief steward, took on a new mission — assisting the "new master."

Since taking over, Victor Li has performed admirably, steering the CK Group steadily forward. In the first half of 2026, CKH Holdings posted a net profit of HK$26.8 billion, a 30-fold increase. In 2024, H o began considering retirement and subsequently resigned as Chairman and Executive Director of Power Assets Holdings. The announcement cited his desire to devote more time to CKH's other businesses while also making room for family.

Moving away from some administrative duties, H o has focused on helping Victor Li monetize heavy assets. In mid-August, reports indicated the Li family was making another move. This time, the target was Australian energy assets under EDL Energy. The family plans to sell its entire stake in Energy Developments, valued at A$2-3 billion (approximately RMB 9.5-14.2 billion).

Energy Developments operates in clean and renewable power and renewable natural gas, with clients including mining giants like Glencore and Rio Tinto. In 2025, its adjusted revenue was around A$690 million, with EBITDA of approximately A$270 million. The assets up for sale include 54 facilities with a total installed capacity of 836 megawatts, spread across Australia, the United States, and Canada.

Three companies — CK Asset Holdings, CK Infrastructure Holdings, and Power Assets Holdings — hold 40%, 40%, and 20% stakes respectively in the target assets through CK William Group. Sales documents have been sent to potential buyers, including investment firms EQT and Stonepeak, with bids due by September. Tracing back, in 2017, the CK Group consortium privatized DUET Group for A$7.408 billion, incorporating its core Energy Developments assets. Now, under the stewardship of Victor Li and H o Kin-ning, Energy Developments is poised for another change of ownership.

Asset Monetization

The sale of EDL Energy is just one facet of the CK Group's broader asset restructuring. In recent years, the 70-something H o has frequently divested assets, leaving a massive cash war chest for the new management team. As of end-June, CKH Holdings' consolidated cash and realizable investments stood at HK$186.9 billion, equivalent to approximately RMB 160 billion; its net debt-to-total capital ratio fell to 8.1%, improving 5.8 percentage points from end-2025.

H o, assisting Victor Li, has driven two major transactions this year. In early 2026, CKH Holdings and its affiliates sold their entire stake in UK Power Networks for approximately US$14.2 billion. In 2010, the CK Group beat out rivals like Abu Dhabi Investment Authority to acquire the UK grid for £2.55 billion. Selling at a premium, plus £4.4 billion in shareholder dividends over 16 years of ownership, the Li family has profited handsomely from the UK power grid investment.

Around the same time, led by CK Infrastructure Holdings, the group sold its entire interest in UK Rails, a train leasing company, to European rolling stock firm Beacon. CKH Chairman Victor Li revealed that the combined gains from selling UK Rails and UK Power Networks shares totaled HK$17.75 billion. In July, CKH completed another major deal, selling its 49% stake in UK telecom operator Vodafone Three for approximately HK$45.5 billion, fully exiting the local telecom business. The divestment generated a gain of about HK$5.9 billion.

Vodafone Three was formed in 2025 through the merger of Vodafone UK and Three UK, serving over 28 million customers. "CKH is honored to have played a part in the development of the UK telecom industry," H o said. "From being a pioneer in 3G communications, bringing broadband to the British public, to facilitating the creation of Vodafone Three as a leading operator, CKH has always been proud." With significant transactions still pending completion, this financial steward is far from hanging up his boots.

Generous Compensation

H o Kin-ning has been well rewarded for his four decades of service to the Li family. According to financial disclosures, H o's 2025 compensation was HK$70.21 million, including base salary, allowances, and bonuses. The bulk came from discretionary bonuses — performance-based pay determined by the board. In 2025, the bonus accounted for nearly 90% of his total compensation, reaching HK$62.26 million.

An annual package of over HK$70 million is on the lower end for H o's career. Per CKH's annual reports, since 2015, H o's total annual income has consistently exceeded HK$200 million, peaking at HK$228 million in 2019. It only dropped to HK$166 million in 2020 due to the COVID-19 pandemic. In 2021, his salary recovered to HK$192 million, cementing his title as the "working emperor." It wasn't until March 2024, when he transitioned from Co-Managing Director to Vice Chairman, that his annual salary fell below HK$100 million.

Beyond salary, H o's family holds shares in multiple listed CK Group companies, with a combined market value close to HK$450 million. Specifically, as of end-2025, he held 6.01 million shares in CKH Holdings, 267,000 in Hutchison China MedTech, 2 million in HK Electric, 1.5 million in CK Life Sciences, plus 1.2 million in Hutchison Telecom — yielding substantial annual dividends. In fiscal 2025 alone, H o accumulated approximately HK$14 million in dividend income.

Over his 40-plus-year career, he has opportunistically increased his stakes in CK Group companies during market troughs, keeping his average cost well below market prices. The steady dividend stream forms a bedrock of his personal wealth. H o has also profited significantly from property investments. In 2021, at the peak of Hong Kong's property market, he sold two connected seafront mansions in Stanley, Chung Hom Kok, cashing out HK$900 million. He had purchased the properties in 1992 and 1994 for a total of about HK$58.5 million, yielding a paper profit of roughly HK$840 million over more than two decades.

His ocean-view mansion in Vaucluse, Sydney, bought for A$23.5 million in 2010, was sold in 2023 for A$39 million, generating a paper gain of about A$15.5 million, or roughly HK$80 million. Combining salary, stock dividends, and property sales, H o Kin-ning has built a comprehensive wealth structure placing his net worth in the billions of Hong Kong dollars — a level most professional managers could never hope to reach in a lifetime.