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Lost $1.5 billion in a day.
CK Hutchison Holdings Ltd., the flagship conglomerate of Li’s group earned 16% of its revenue from the UK in the first half, saw its shares slump 5.8% on Monday to the lowest since it restructured in 2015.
Sister company CK Asset Holdings Ltd., a real estate developer that earned almost a third of its revenue from the UK, plunged 8.6%.
Both recovered some ground on Tuesday, rising about 3%.
The 94-year-old is still worth about $26.7 billion, keeping him high in the ranks of Asia’s wealthiest people, with his stake in CK Asset accounting for most of his net worth.
After decades of diversification, Li’s businesses now span property, telecommunications, ports, retail and utilities, with Europe, Hong Kong and mainland China contributing the bulk of its revenue.
The CK group’s operations in the UK include mobile carrier Three UK, health and beauty chain Savers, the Harwich International port, and utilities firms including Northumbrian Water and Wales & West Gas Networks.
CK Hutchison has likely seen HK$15.7 billion ($2 billion), or 11.5%, of the net value of UK assets wiped out since June 30 due to the pound’s slump, according to Bloomberg News calculations.
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