Asia's richest man laid out his succession plans Friday, putting his older son at the helm of his business empire and promising his younger son funding to embark on new investments.

Li Ka-shing, the 83-year-old owner of Hong Kong's biggest supermarket chain and with assets globally in telecommunications, oil and real estate, remains actively involved in the operations of his flagship blue-chip companies. On Friday he said he had no plans to retire anytime soon, but sought to put to rest frequent media speculation in the city on the future of his multi-billion dollar companies. His net worth was estimated at US$25.5 billion, according to Forbes Magazine, making him the world's ninth-richest person.

The tycoon, well-respected locally for his business acumen and whose views on the Hong Kong economy are closely followed by retail stock investors, said he is making the succession arrangements so the brothers "wouldn't have conflict" over his business interests.

"Victor will manage the Cheung Kong Group assets," Mr. Li told reporters at a news briefing following a shareholders' meeting of Cheung Kong (Holdings) Ltd. and Hutchison Whampoa Ltd., his two key listed vehicles.

Mr. Li said his younger son is "in talks with several businesses that he likes, and I will help support him fully." When asked how he plans to support Richard, the patriarch said: "That's simple. Give him cash."

Friday's comments by Mr. Li come just two months after follow tycoon Cheng Yu-tung, head of jewelry chain Chow Tai Fook Group, handed the reins of his business fortunes to his eldest son, becoming the first of the city's aging real-estate tycoons to officially retire. But the actions of Messrs. Cheng and Li's are a rarity in a region where heads of family-run businesses are generally reluctant to hand down power, even in their twilight years.

沪江英语快讯：5月25日下午，香港富商李嘉诚出席旗下公司长江实业及和记黄埔股东会后，向传媒披露他的财产分配。他会将自己持有逾四成的长江实业及和记黄埔权益，以及三成半的赫斯基能源权益，分配给大儿子李泽钜，而且会全力帮助二儿子李泽楷收购心仪公司。 他表示至今仍没想过退休，自己最近身体很好。这不由让人联想到了珠宝大王郑裕彤，两人皆已步入耄耋之年，却仍活跃在商界。