On August 13, CKH Holdings held its interim results conference, with the 74-year-old Canning Fok absent once again.

This move has intensified public speculation about the impending retirement of the "highest-paid employee." Transitioning to a behind-the-scenes role, Fok has not spent his time tending gardens in his hilltop mansion. Instead, after decades navigating the business world, he continues to provide support to the Li Ka-shing family from the shadows, currently serving as Vice Chairman of CKH Holdings.

Days earlier, he released a performance report as Chairman of Hutchison Telecom. Over 17 years in this role, he delivered an impressive result, with Hutchison Telecom recording a net profit of 11 million HKD in the first half of the year, an 83% year-on-year increase. "Hong Kong's economy is improving, but consumers remain cautious in their spending. We will focus on cost control and operational efficiency," Fok stated.

Beyond daily operations, his primary task before retirement has been asset divestment, building up cash reserves for the Li family.

Assets on the Market

Canning Fok is not a blood relative of Li Ka-shing, nor is he considered a close personal friend. Their relationship is that of a boss and a professional manager, having worked side-by-side for decades. In 2018, when "Superman" Li stepped down, passing the business to his eldest son, Victor Li, Fok, as the chief steward of the CK Group, received a new mission: to support the "new leader."

Since assuming the role, Victor Li has performed commendably, steering the CK Group ship steadily forward. In the first half of 2026, CKH Holdings recorded a net profit of 26.8 billion HKD, a 30-fold increase.

In 2024, Fok signaled his intention to retire, subsequently stepping down as Chairman and Executive Director of Power Assets. The announcement stated this move was to allow more time for other CKH businesses and family. Shifting away from some administrative duties, Fok concentrated on assisting Victor Li in monetizing heavy assets.

In mid-August, reports indicated the Li family was making another move. This time, the target was Australian energy assets, EDL Energy. The family plans to sell its entire stake in Energy Developments, with a valuation of 2-3 billion AUD, approximately 9.5-14.2 billion RMB. Energy Developments specializes in clean and renewable electricity and renewable natural gas, serving clients including mining giants Glencore and Rio Tinto. In 2025, its revenue (adjusted) was about 690 million AUD, with EBITDA of approximately 270 million AUD. The assets for sale include 54 facilities with a total installed capacity of 836 megawatts, spread across Australia, the United States, and Canada. Three companies—CK Asset Holdings, CK Infrastructure Holdings, and Power Assets—hold 40%, 40%, and 20% stakes, respectively, through CK William Group. Sale documents have been sent to potential buyers, including investment firms like EQT and Stonepeak, with bids due in September. Tracing back to 2017, the CK Group formed a consortium to privatize DUET Group for 7.408 billion AUD, integrating its core assets, Energy Developments. Now, under the planning of Victor Li and Canning Fok, Energy Developments is once again poised for a change of ownership.

Asset Monetization

The sale of EDL Energy is just one facet of the CK Group's asset reallocation. In recent years, the 70-something Fok has frequently divested assets, leaving a substantial cash reserve for the new management team. As of the end of June, CKH Holdings' combined cash and marketable investments reached 186.9 billion HKD, roughly 160 billion RMB; its net debt-to-total capital net ratio fell to 8.1%, an improvement of 5.8 percentage points from the end of 2025.

Since the beginning of the year, Fok has assisted Victor Li in driving two major events. In early 2026, CKH Holdings and its affiliates sold their entire stake in UK Power Networks for approximately 14.2 billion USD. In 2010, the CK Group had outbid rivals like the Abu Dhabi Investment Authority to acquire the UK grid for 2.55 billion pounds. The Li Ka-shing family planned to sell at a high price, and with 4.4 billion pounds in shareholder dividends received over 16 years of ownership, the family made a substantial profit from the UK grid project. Around the same time, led by CK Infrastructure, the CK Group sold all its interests in UK Rails, a UK rail vehicle leasing company, to Beacon, a European rail vehicle leasing firm. Victor Li, Chairman of CKH Holdings, revealed that the sales of UK Rails and UK Power Networks shares generated combined confirmed gains of 17.75 billion HKD. In July, CKH Holdings completed another major transaction, selling its 49% stake in UK telecom operator Vodafone Three for approximately 45.5 billion HKD, completely exiting the local telecom business. The divestment of this asset generated about 5.9 billion HKD in gains. Vodafone Three was formed in 2025 through the merger of Vodafone UK and Three UK, serving over 28 million customers. "CKH is proud to have played a part in the development of the UK's telecommunications industry," Fok said, noting the company's pride in its history, from being an early investor in 3G and introducing broadband to the British public, to facilitating the creation of Vodafone Three, a leading communications operator. As important transactions are still pending completion, this financial steward is not yet ready to hang up his boots.

Generous Compensation

After more than 40 years working for the Li family, Canning Fok has received substantial rewards. Financial reports disclose that Fok's 2025 compensation was 70.21 million HKD, including base salary, allowances, and bonuses. The main source of his income was discretionary bonuses, or performance-based incentives, determined by the board based on results. For example, in 2025, bonuses accounted for nearly 90% of Fok's total compensation, reaching 62.26 million HKD. An annual salary of over 70 million HKD is on the lower end of Fok's career earnings. According to CKH Holdings annual reports, since 2015, Fok's total annual income generally exceeded 200 million HKD, peaking at 228 million HKD in 2019, before dropping to 166 million HKD during the COVID-19 pandemic in 2020. In 2021, his salary recovered to 192 million HKD, cementing his reputation as the "highest-paid employee." It was not until March 2024, when Fok transitioned from Joint Managing Director of CKH Holdings to Vice Chairman, that his salary fell below 100 million HKD. Beyond salary, Fok's family holds shares in several listed companies within the CK Group, with a market value close to 450 million HKD. Specifically, as of the end of 2025, he held 6.01 million shares of CKH Holdings, 267,000 shares of Hutchison China MediTech, 2 million shares of HK Electric Investments, 1.5 million shares of CK Life Sciences, and 1.2 million shares of Hutchison Telecom, generating substantial annual dividends. In the 2025 fiscal year alone, Fok accumulated approximately 14 million HKD in dividend income. Over four decades, he has increased his holdings in CK Group shares during market troughs, keeping his purchase cost well below market prices, with stable dividends forming a cornerstone of his personal assets. Fok has also profited significantly from real estate investments. In 2021, at the peak of Hong Kong's property market, he sold two adjacent seaside mansions in Stanley, Chung Hom Kok, for a total of 900 million HKD. Fok had purchased these two properties in 1992 and 1994, respectively, at a total cost of about 58.5 million HKD, yielding a book profit of roughly 840 million HKD over more than 20 years. His seaside mansion in Sydney's Vaucluse, purchased in 2010 for 23.5 million AUD, was sold in 2023 for 39 million AUD, generating a book profit of about 15.5 million AUD, or approximately 80 million HKD. Salary, stock dividends, and property sales have built Fok's complete wealth structure, placing his net worth at several billion HKD. This is a level that most professional managers might never achieve in a lifetime.