Hong Kong's richest man Li Ka-shing to retire

Hong Kong's richest man Li Ka-shing announced Friday he was stepping down as chairman of his flagship company CK Hutchison, marking the end of an era for one of the world's most storied tycoons.

"I have decided to step down as Chairman of the Group and retire from the position of Executive Director at the forthcoming Annual General Meeting of the Company," he said in a statement.

Li, who is turning 90 in July this year, has finally concluded mounting speculation about his retirement as he is expected to hand over the reins to his eldest son Victor.

The billionaire added he would serve as "senior advisor" of the company.

Li never gave a straight answer when asked about retirement at previous press conferences, but a sweeping revamp of his vast empire in 2015 was seen as a sign that he was paving the way for Victor to take over.

Li's retirement closes a chapter on his long legacy but analysts say investors and markets have been preparing for this inevitable day.