The Truth of a Hundred Years: Li Ka-shing’s Withdrawal from China Unveiled

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In early March 2025, Hong Kong’s richest man, Li Ka-shing, dropped a bombshell: Cheung Kong Hutchison will sell its global 43 port business to an American consortium, including key locations at both ends of the Panama Canal.

This news was like thunder, making the top leaders of the Chinese Communist Party uneasy – they had intended to use these ports to negotiate with the United States, but now their plans had gone awry. President Xi Jinping was furious and ordered a thorough investigation. The Ta Kung Pao published three scathing articles, condemning Li Ka-shing for “selling out” and “betraying the nation”.

Not long ago, during the eras of Deng Xiaoping, Jiang Zemin, and Hu Jintao, he was hailed as a “patriotic businessman”, revered by the top echelons.

How did this business legend’s relationship with the Communist Party evolve over the past 40 years? Today, we uncover the historical truth to see if he is a patriotic hero or a traitorous businessman.

Li Ka-shing was born in 1928 in Chao’an, Guangdong. During the Japanese invasion of China, he moved to Hong Kong with his parents. Through hard work and dedication, his business began to flourish in the 1950s, making him the richest man in Hong Kong for many consecutive years.

During the 1990s and early 2000s, Li Ka-shing’s rapid wealth accumulation was closely tied to his dealings with the Chinese Communist Party.

Since the 1980s, Li Ka-shing’s Cheung Kong Industries entered the mainland market, especially during Deng Xiaoping’s era, where he gained high recognition.

In 1981, the Li Ka-shing Foundation donated HK$100 million to establish Shantou University, with subsequent investments totaling over HK$12 billion.

In 1986, Deng Xiaoping personally met with Li Ka-shing, praising his contribution to the establishment of Shantou University. Deng told him, “Your help to the country is practical, and I appreciate your contribution!”

In 1989, the Tiananmen Square massacre unfolded as the Chinese Communist Party used the military and tanks against students and citizens demanding action against corruption. Western countries collectively boycotted China, and foreign investments fled. In 1990, Deng Xiaoping met with Li Ka-shing again, aiming to break the blockade.

Subsequently, Li Ka-shing expanded into the mainland market, akin to a lifeline for the Chinese Communist Party, becoming Hong Kong’s largest investor in mainland China and a significant symbol of foreign investment in China at that time.

During Jiang Zemin’s rule, Li Ka-shing’s relationship with the Communist Party reached its peak.

Jiang Zemin granted the prime location of Chang’an Street in Beijing’s Dongcheng District for Li Ka-shing’s development. He invested in a large mixed-use project, Beijing Oriental Plaza. This project covered an area of 100,000 square meters, spanning from Wangfujing Street to Dongdan North Street.

At the time, the Chinese Communist Party needed foreign investment to boost the economy, with the Oriental Plaza serving as a focal project showcasing China’s openness.

In 1996, during the project’s groundbreaking ceremony, Jiang Zemin’s confidant and then Beijing Party Secretary Jia Qinglin personally attended the event.

The project required massive resettlement and demolition, including disassembling traditional hutongs and various government departments. The location, near the Forbidden City, was Beijing’s central area, with over 20 ministerial units and more than 100 district-level units.

However, within half a year, all government units, residential spaces, and businesses were resettled, highlighting the project’s political significance. It was rumored that Jiang Zemin coordinated with the State Council to facilitate the rapid displacement and land approvals, clearing obstacles for Li Ka-shing.

Upon the completion of the Oriental Plaza in 2000, Li Ka-shing and his family were received by Jiang Zemin in Beijing. According to reports from the South China Morning Post, Li shook Jiang’s hand and said, “We are old friends,” displaying their close relationship. When Jiang Zemin visited Hong Kong, he often stayed at hotels under Li Ka-shing’s ownership, further showcasing their intimate ties.

Following the completion of the Oriental Plaza, its value soared, becoming one of Beijing’s most vibrant commercial landmarks. Through this project, Li Ka-shing not only earned substantial profits but also elevated his status in the mainland’s political and business circles. Meanwhile, Li Ka-shing’s investments provided Jiang Zemin with a “political achievement”.

During Hu Jintao’s era, although he maintained a certain distance from Hong Kong tycoons, avoiding individual meetings with them, Hu still valued Li Ka-shing’s influence.

In September 2010, during the celebration of the 30th anniversary of the establishment of the Shenzhen Special Economic Zone, before the ceremony, Hu Jintao held a high-profile private meeting with Li Ka-shing, stating, “No matter how long, I always want to see Mr. Li and have a chat with him.”

As Hu had never publicly met with any Hong Kong business figures before, the “Hu-Li meeting” caused a sensation in Hong Kong.

Long before Xi Jinping came to power, Li Ka-shing had contact with him.

In 1992, when Xi Jinping was the Secretary of the Fuzhou Municipal Party Committee, Li Ka-shing’s Cheung Kong Group signed a contract with the Fuzhou government to develop the “Three Lanes and Seven Alleys” project, with an investment of 3 billion yuan.

The following year, Li Ka-shing personally attended the project’s groundbreaking ceremony in Fuzhou. At the banquet, he was unusually relaxed, toasting and mingling with officials. Witnesses recalled that Li Ka-shing was flushed and disheveled from the alcohol. It was evident that Xi Jinping attached great importance to Hong Kong tycoon investments, accompanying Li Ka-shing on various inspections.

Informants revealed that those accompanying Li Ka-shing at the time had told the media that Li Ka-shing saw Xi Jinping as an exceptional individual, hence willing to make substantial investments.

After Xi Jinping left Fuzhou, the Fuzhou government revoked the land-use rights for the “Three Lanes and Seven Alleys” project in 2005, ultimately leading to the project’s dissolution.

During Xi Jinping’s visit to Hong Kong in 2008, he stayed at the Harbour Grand Hotel owned by Li Ka-shing’s son, Victor Li, who personally greeted him.

The turning point in Li Ka-shing’s relationship with the Communist Party occurred during the 2012 Hong Kong Chief Executive election.

According to Foreign Affairs magazine, Li Ka-shing supported Tang Yingnian because of his close ties to Tang’s father, which led him to endorse Tang strongly. However, the winner of the election was Leung Chun-ying, supported by the Communist Party.

Before the vote, then member of the Politburo Liu Yandong met with Hong Kong tycoons in the Election Committee, urging them to vote for Leung Chun-ying. Li Ka-shing did not attend and sent his son to deal with it. On the day of voting, Li Ka-shing unabashedly told the media, “I voted for Tang, don’t get it wrong.”

This “siding with the wrong team” marked a turning point in Li Ka-shing’s relationship with the Communist Party.

By the time Xi Jinping fully assumed power in 2013, he did not meet with the heads of Hong Kong’s family business conglomerates, not until September 2014 when Xi Jinping met a Hong Kong business delegation led by Tung Chee-hwa, including Li Ka-shing.

Independent commentator Cai Shenkun revealed that Li Ka-shing had sought to meet Xi Jinping alone, but his request had been submitted to the Central Office of the Communist Party, with no response. Li waited in Beijing for two weeks but eventually had to return empty-handed.

Cai Shenkun stated, “When Li Ka-shing returned to Hong Kong, he immediately convened core members to make a significant decision to withdraw from China, urging discretion and secrecy.”

Why did Li Ka-shing take such action? Perhaps he saw through the fact that the new Communist Party leader no longer valued influential Hong Kong tycoons like him. This not only signaled danger for the future of the Hong Kong business community but also posed a threat to the entire region.

Subsequent events proved that his assessment was correct.

In September 2015, Xinhua’s “Outlook Think Tank” WeChat public account reposted an article titled “Don’t Let Li Ka-shing Run Away,” criticizing him for “selling assets at a sensitive economic moment” as a “bridge abductee”.

It was only at this point that the public learned about Li Ka-shing’s massive divestment. By then, most of Li Ka-shing’s projects and land in mainland China had been transferred, and many projects in Hong Kong had been sold, redirecting investments towards Europe and America.

In a rare public response to the Communist Party’s official media criticism, Li Ka-shing said in a written statement, “The article’s content is twisted, and the tone is chilling, deeply regrettable.”

Regarding doubts about his patriotism, the statement clarified that Li Ka-shing had donated over HK$17 billion, with 87% used in Greater China, investing considerable time and effort in projects beneficial to the Chinese nation, past, present, and future, unwavering in his commitment.

Subsequently, Li Ka-shing’s standing in mainland China plummeted. In 2018, to commemorate the 40th anniversary of reform and opening up, the Communist Party decided to honor a group of individuals for their “outstanding contributions” and released a list of 100 people. While other Hong Kong and Macau figures were recognized, like Stanley Ho, Allan Zeman, and Ma Wan-kee, Li Ka-shing, who had made significant investments in mainland China, including the billion-dollar fund for Shantou University, was left off the list.

During the 2019 Hong Kong extradition protests, Li Ka-shing did not explicitly voice support for the Communist Party, leading to a further estrangement from the authorities.

In August and September 2019, Li Ka-shing made two appeals, urging both the authorities and protesters to exercise restraint, emphasizing that young people should consider the big picture and calling on those in power to “show understanding to the future stakeholders.”

He even placed advertisements in local newspapers promoting an end to violence, highlighting ideals like “Love China, Love Hong Kong, Love Yourself, Love Freedom, Love Inclusivity, Love the Rule of Law.”

However, Li Ka-shing’s dual-balanced statements faced severe backlash from the Communist Party and the Hong Kong government, accusing him of “facilitating crimes.” Media outlets like Ta Kung Pao attacked him as “seeing profits and forgetting principles” and “selling out national interests.”

Commentator Lam Po-wa pointed out that Li Ka-shing’s appeal to the authorities to consider the future “stakeholders” in Hong Kong offended the Communist Party. He stated that in the eyes of the Communist Party, only the party is the master of the nation, and it is unacceptable for others to have a say. Moreover, the Communist Party had already labeled Hong Kong protesters as “rioters,” and allowing them to become future stakeholders would mean challenging Communist Party rule.

Lam Po-wa mentioned that Li Ka-shing was well aware of the serious consequences his words might bring, but he spoke out where others dared not, at 91 years old, it was his “final contribution to Hong Kong.”

A few months later, Li Ka-shing uncommonly addressed the criticisms he had faced from the Communist Party’s official media and pro-Beijing media in Hong Kong over the past years. He said, “I have become accustomed to groundless accusations.”

In a written response to Reuters, Li Ka-shing stated, “In the world of social media, some individuals with ulterior motives spread poisonous suspicions and fake news, disrupting trust. In this current atmosphere, maintaining a low profile is indeed challenging.”

As a businessman, Li Ka-shing understood the importance of a stable political environment for business. He collaborated with the Communist Party early on to mitigate risks.

During Xi Jinping’s era, Li Ka-shing keenly noticed the changing political climate, reducing his reliance on the Communist Party and shifting towards a globalized strategy.

When the Communist Party tightened its control over Hong Kong with an iron fist, he dared to speak some truths.

Whether he is truly patriotic or a traitorous figure, history will ultimately judge.