Billionaire Li Ka-shing, nearly 89 years old, plans to retire as chairman of conglomerate CK Hutchison by next year, the Wall Street Journal reported on Tuesday, citing people briefed by the storied businessman.
His son, Victor Li, the company's deputy chairman, has been tapped as his successor at the conglomerate, the report said.
CK Hutchison has businesses spanning ports, retail, telecommunications, infrastructure and the business where the elder Li cut his teeth, property.
A representative for CK Hutchison told CNBC in an emailed statement, "Mr. Li has from time to time talked about his retirement and his confidence in Victor to lead the company. Mr. Li is in very good health."
The company added, "There is no concrete timetable at this stage and Mr. Li will make his official announcement when he decides to retire."
Li was ranked at number 19 on Forbes' 2017 list of the world's billionaires — with his fortune estimated at $31.2 billion. That made Li the second-richest person in Asia, after Wang Jianlin, China's richest person and head of the Dalian Wanda Group, who ranked at 18 on the Forbes list.