Hong Kong tycoon Li will invest less if UK leaves EU

AP News
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Posted: Mar 17, 2016 8:25 AM
Hong Kong tycoon Li will invest less if UK leaves EU

HONG KONG (AP) — Hong Kong billionaire tycoon Li Ka-shing said Thursday if Britain votes to leave the European Union, his company will invest less in the country, where its businesses span ports to mobile phones.

Li, one of Asia's richest people, told reporters he was confident Britain would remain in the EU but his sprawling global conglomerate, CK Hutchison Holdings, would need to be more cautious if the country votes to exit.

Britain is holding a June 23 referendum on whether to remain in the 28-nation EU amid a heated debate about its role in the bloc.

Li's British business interests include investments in the port of Felixstowe, retail chain Supderdrug, gas and water utilities, a rail company and mobile phone operator Three.

The tycoon said he's believes the campaign to get Britain to exit "won't be successful."

However, "in terms of whether we'll have more or less investment, of course it will be lower if Britain withdraws, so we need to be a bit more careful," he added, without offering any specifics.

Li spoke at a news conference following the release of annual results for CK Hutchison Holdings, which posted 31.2 billion Hong Kong dollars ($4 billion) in profit last year.

The 87-year-old Li is admired by Hong Kongers, who've nicknamed him "Superman" for his business acumen.