HONG KONG, March 16 (Xinhua) -- Hong Kong tycoon Li Ka-shing said on Friday that he is retiring from his business empire.

Li said he will officially step down as the chairman of CK Hutchison and CK Asset later this year and will serve as a senior adviser.

He will be succeeded by his elder son Victor Li Tzar Kuoi.

The 89-year-old tycoon made the announcement at a press conference where his four listed companies, CK Hutchison, CK Asset Holdings Ltd., CK Infrastructure Holdings Ltd. and Power Assets Holdings Ltd., released their annual results.