05 Li Kashing
Cheung Kong, Plastic, property, “Superman of HK” over 10% of HK, employs over 300,000 people, Hong Kong, Asian.
Asia, Refugee, No High school
1928 Chaozhou, China
His father was principal of a High School
Age 12 1940 the school was bombed by Japanese planes, then Japanese invaded Chaozhou. Li family fled to Hong Kong as refugees.
Age 14 1941 Worked 16 hours a day to get skills and capital. He did a lot of self study, bought books and dictionary.
Age 14 1942 his father died from tuberculosis. He was forced to quit school and get income to become the bread winner of his family supporting his mother and younger brother. The Japanese later invaded Hong Kong and occupied the British colony after Hong Kong surrendered.
Age 17 1945 WWII ended, Li Kashing wanted to be a doctor though due to little academic education he became a businessman instead.
Age 22 1950 He borrowed $6500 to start plastic flower factory and company. He bought one way ticket to Italy to learn about how to make plastic flowers.
Age 28 1956
Age 39 1967 Hong Kong Government mobilized 12,000 police and 10,000 soldiers on riots during cultural revolution. Li Kashing bought a lot of properties on the bottom of the market.
Age 1970 Cheung Kong had IPO (Initial Public Offering)
Age 47 1974 Hong Kong lost 90% value due to oil shock
Age 51 1979 Hutchison Whampoa Limited was bought using LBO (Leverage Buyout) for $1 billion was 3 times bigger than his company.
Gave $2.5 billion to charity and founded Shantou University. His son’s networth $4.3 Billion.
Age 58 1986 he became richest man in Hong Kong, he became Port king, Retail King, Properrty King and Retail King of the world he owns ports in Netherlands, China and Middle east. He owns AS Watson largest health and beauty products retailer with 12000 stores in Asia and Europe.
What is an economic paradox?
Dr. Paul Chan got the idea from Leontief Paradox the Nobel prize winner of economics in 1973. It is a repudiation of the Hekscher-Ohlin Model of International trade using input/output data from the USA. The model predicts that the US, being and advanced economy, would export capital intensive goods, while import labor-intensive goods. The opposite is true, the USA export labor-intensive goods.
Li Kashing’s paradox is quite similar to Zara founder Amancio Ortega and IKEA’s co founder Ingvar Kamprad. Hong Kong is small country like Sweden. All three Ingavar Kamprad, Li Kashing and Amancio Ortega all never went to high school.
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