Hong Kong tycoon rejects claims about divestment from mainland

Li Ka-shing, Hong Kong tycoon

Li Ka-shing, Asia's richest man, voiced support for President Xi Jinping on Tuesday, as the Hong Kong tycoon rejected claims he was divesting assets from the mainland and turning his back on it.

Li overhauled his business empire in January to create two listed companies－one focused on property and the other on telecoms. This saw a shift in the incorporated base of his two main firms to the Cayman Islands from Hong Kong, fueling speculation the tycoon was pulling out of the mainland.

In an e-mailed news release sent on Tuesday, Li said he resolutely supported China's path to reform and opening-up.

"Li has great confidence in China and greatly admires Xi's leadership style," the statement said. It cited billions of dollars spent by Li and his family in China for education, innovation and medicinal research purposes.

Li's family sold more than $2 billion worth of assets in the mainland last year, including property in Shanghai, Nanjing and Beijing.

In January, news of Li's business overhaul was followed by three overseas bids, including $15.4 billion for British telecom company O2, which is owned by Spain's Telefonica SA.