Asia’s wealthiest man said his elder son Victor would be his successor at his flagship companies Cheung Kong and Hutchison Whampoa, at a press conference after the annual shareholder meetings of those companies, last week.

Meanwhile younger son, Hong Kong-based telecommunications billionaire, Richard, who ranked 960 with wealth of $1.3 billion on the Forbes Rich List, “will also have a very successful career,” his father said, pledging his “full support”. He said “there will be no conflict” between Victor’s and Richard’s businesses, according to the South China Morning Post.

Businesses controlled by Richard include PCCW, Pacific Century Premium Developments, and the HKT Trust. At the press conference, his father said he was on the hunt for acquisitions.

However Li Ka-Shing added at the conference that he has no plans to retire. Victor has been the deputy chairman of Cheung Kong since 1994 and managing director since 1999, he is also deputy chairman of Hutchison.  Li Ka-Shing is the chairman of both companies.

The iconic Li Ka-shing is one of the world’s most generous philanthropists, and ranked 9 on the 2012 Forbes Billionaires List with wealth of $25.5 billion. He started his career making toys and plastic flowers.