One of Asia’s richest men has been hit hard by the outcome of the UK election., said a London daily.
The paper said CK Hutchison Holdings Chairman Li Ka-Shing who has has a vast fortune invested in the UK, saw his company emerge as one of the biggest losers on the Hong Kong stock exchange, thanks to the slumped pound.
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, said The Independent UK.
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.