“Hong Kong is our hometown, [and] if there are projects with reasonable returns, we will definitely invest,” said Li, the elder son of tycoon Li Ka-shing, during CKI’s annual general meeting on Wednesday.
Li also reiterated comments made in March about strengthening Hong Kong’s status as an international financial centre, as the city faced headwinds from global economic turmoil. He had made the comments after his two flagship companies CK Hutchison Holdings and CK Asset Holdings reported lower full-year profits for 2023.
“If we have more multinational corporations and family offices established here, regardless of ethnicity or nationality, Hong Kong’s position as an international financial market should be and would be further strengthened,” Li said.
The foundation of Hong Kong’s economy would be more solid and this would facilitate the long-term development of the city, he added.
“Any project that provides quality assets and can yield favourable returns, regardless of its location, will be considered by the group,” Li said.
With a strong financial position, CKI has an edge in capturing new opportunities in volatile economic conditions, he added.
CKI reported a 3.6 per cent year-on-year growth in net profit to HK$8 billion for 2023, while it had a low gearing ratio of 7.7 per cent.
Europe and Australia accounted for most of the company’s profit, even as it struggled at home. Profit contribution from Hong Kong and mainland China fell 40 per cent to HK$117 million, CKI said in its annual report, citing poor performance of its infrastructure materials manufacturing business amid a “major decline” in construction activity in mainland China.
Infrastructure investments in Hong Kong and mainland China fell to HK$111 million in 2023 from HK$183 million in 2022.