Li Ka-Shing: One of Hong Kong's richest billionaires hit hard by UK election outcome

The octogenarian business magnate’s flagship company generated 36 per cent of its total earnings before interest and taxes in the UK in 2016

Mr Li, who was reportedly an early investor in Facebook, currently ranks at number 22 in Bloomberg’s billionaire index

One of Asia’s richest men has been hit hard by the outcome of the UK election.

CK Hutchison Holdings Chairman Li Ka-Shing has a vast fortune invested in the UK and on Friday his company was one of the biggest losers on the Hong Kong stock exchange, as the pound slumped by around 2 per cent against the dollar.

Mr Li operates Superdrug and Savers stores, as well as ports in the UK, the Three phone company and gas and electricity distribution services.

According to Bloomberg, the octogenarian business magnate’s flagship company generated 36 per cent of its total earnings before interest and taxes in the UK in 2016 – revenue that was hit hard by a slump in the pound.

In an earnings statement published by the company last year, Mr Li – whose estimate worth is over $32bn – already cautioned that the pain of Britain’s vote to leave the EU would likely last for years.

“The withdrawal of the UK from the European Union will bring with it considerable challenge both for the UK and for Europe for at least the next two to three years,” he wrote at the time.

The pound is down around 12 per cent since the referendum and fell on Friday as a result of the uncertainty introduced by the prospect of a hung parliament in the UK.

Alongside the conglomerate CK Hutchison Holdings, Mr Li also owns CK Property, a developer and owner of real estate.

Mr Li, who was reportedly an early investor in Facebook, currently ranks at number 22 in Bloomberg’s billionaire index, putting him just ahead of veteran financier George Soros and Steve Ballmer, the former chief executive of Microsoft.