Hong Kong business tycoon Li Ka-shing announced to retire on Friday. 

Li, 89, will officially step down as chairman of CK Hutchison and CK Asset, the tycoon said at a media conference.

Victor Li, his eldest son, will be his successor. 

Li, with an estimated net worth of $35.3 billion, is the richest person in Hong Kong and the 23rd most wealthy individual in the world, according to Forbes.

Hong Kong tycoon Li Ka-shing attends a news conference to announce his CK Hutchison Holdings company's annual results in Hong Kong, South China on March 17, 2016. (Photo: Xinhua)