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58-463: The company had raised $ 210M as of 2021 from investors, including venture capital firms Horizons Ventures and AXA Strategic Ventures . On October 12, 2015, Blockstream announced the release of its Liquid sidechain prototype which could allow for the transfer of assets between the Liquid sidechain and the bitcoin main blockchain. On October 11, 2018, a production-ready implementation of the Liquid sidechain

116-490: A US$ 55 million Series A round in Blockstream , the leader in blockchain related technologies, and also invested in a startup incubator fund Expa, that works with the founders to build new companies. In September 2017, Li worked with Alibaba's Jack Ma to bring AlipayHK , a digital wallet service, to Hong Kong . Through CK Infrastructure Holdings Limited, Li owns 75% of British water supplier Northumbrian Water ,

174-459: A 0.8% stake in social networking website Facebook for US$ 120 million in two separate rounds, and invested an estimated US$ 50 million in the music streaming service Spotify . Some time between late 2009 and early 2010, Li Ka-shing led a US$ 15.5 million Series B round of financing for Siri Inc. In 2011, Horizons Ventures invested in Summly , a website-summarizing app. Notably,

232-597: A controlling stake of 67% in Hutchison Essar , a joint venture Mobile operator in India, to Vodafone for US$ 11.1 billion . Li has also made a foray into the technology business, where his investment and venture capital firm Horizons Ventures is specifically allocated towards backing new internet and technology startup firms, and bought a stake in doubleTwist . His other firm, the Li Ka Shing Foundation bought

290-500: A cross-shareholding structure that was designed to place control in the hands of Britain's Keswick family despite their less than 10% holdings in the group. In 1984, the company also moved its legal domicile from Hong Kong to another British overseas territory – Bermuda , in anticipation of the transfer of sovereignty of Hong Kong to People's Republic of China in 1997. In an effort to drive forward divestitures of assets in Hong Kong and

348-618: A cryptocurrency market data feed. Blockstream partnered with Digital Garage , an Internet technology company based in Tokyo, in January 2019 to create Crypto Garage, a bitcoin and blockchain technology company which targets the Japanese institutional market. Horizons Ventures Sir Ka-shing Li GBM KBE JP ( Chinese : 李嘉誠 ; born 29 July 1928) is a Hong Kong billionaire business magnate, investor, and philanthropist. He

406-466: A large foreign buyer. Fortunately for Li, the buyer placed a large order and a few years later, Li grew to be the largest supplier of plastic flowers in Asia and made a fortune selling them. In 1958, believing rents would continue to rise, Li decided to purchase a site and develop his own factory building. An opportunity to acquire more land arrived after the 1967 riots when many people fled Hong Kong, and, as

464-547: A long period of marriage that lasted for 27–28 years from 1962 until her sudden death on New Year's Day 1990 due to a suspected drug overdose (other sources name the cause as cardiac arrest). She was the daughter of his maternal uncle (mother's younger brother), Cheung Jing-on (1908–1996) and his wife, Hew Bik-yin (1911–2002), who were also from the Chaoshan region. Both settled in British Hong Kong long before Li migrated to

522-493: A low-grade cloth-trimmed front seat and contained only a driver's side sun visor, minimal soundproofing, no door armrests and painted trim (in lieu of chrome trim); even routine convenience items, such as a cigarette lighter and dome light were not present. Buyers were allowed to buy only a low-cost heater and a few other trim and convenience items from a short options list; a radio was not offered as an option on this model (unlike Studebaker's more expensive models). During

580-661: A major stake in Hutchison Whampoa from Hong Kong Bank through Cheung Kong . A subsidiary of CK Hutchison, AS Watson (ASW), is a retail operator with over 15,000 stores. Its portfolio encompasses retail brands in Europe such as Superdrug (UK), Marionnaud (France), Kruidvat (Benelux countries), and in Asia including health and beauty retailer Watson's store and wine cellars et al., PARKnSHOP supermarkets (and spin-off brands), and Fortress electrical appliance stores. ASW also produces and distributes water products and beverages in

638-507: A manual transmission. Most no-frills cars are sold to fleet buyers, such as taxi companies or police departments. However, these models are generally available to cost-conscious private customers whose primary concerns were price, fuel economy and basic low-cost transportation. The concept of a no-frills car in the European market was common in the 1950s with cars such as the Ford Abeille or

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696-519: A net worth of US$ 35.3 billion in July 2021. His two sons, Victor Li and Richard Li , are also figures in the Hong Kong business scene. Victor Li succeeded his father as Chairman of CK Hutchison Holdings and Chairman of CK Asset Holdings, while Richard Li is Chairman of PCCW , the largest telecom company in Hong Kong. They are both Canadian citizens. He is a follower of Buddhism . Married to his first cousin , Chong Yuet-ming (1933–1990), they had

754-415: A no-frills airline may charge passengers an additional fee for check-in luggage, using airport check-in desks, or even providing wheelchairs . Based on the no-frills airline model, the recent liberalisation of rail licensing in Europe has brought about a no-frills budget rail travel industry. Examples include; Another example of a type of no frills service is lodgings. In more extreme circumstances,

812-538: A period of two days. In 2013 a claim was lodged by the Australian Taxation Office (ATO) against Cheung Kong Infrastructure (CKI) to pay approximately A$ 370 million in unpaid tax, penalties and interest relating to tax disputes concerning SA Power Networks and Victoria Power Networks. The dispute was resolved in 2015 when CKI entered into an agreement with the ATO. No penalty was levied against CKI and

870-409: A plant, Li founded a plastic manufacturing company in Hong Kong with personal savings and funds borrowed from relatives. Li avidly read trade publications and business news before deciding to supply the world with high quality plastic flowers at low prices. Li learned the technique of mixing colour with plastics that resemble real flowers. After retooling his shop, he prepared the plant for a visit from

928-540: A presence around the world, including China. Li came under attack from the Global Times newspaper in early 2015, when his companies put out word that it was considering selling prime Shanghai and Beijing properties. It became apparent that Li aimed at re-weighting his asset portfolio to more stable and transparent markets in the West. Concerted attacks ensued and went into a crescendo as China's economy slowed down dramatically in

986-508: A result, property prices plummeted. Li believed the political crisis would be temporary and property prices would eventually rise, and bought land from the fleeing residents at low prices. In 1971, Li officially named his real estate development company Cheung Kong ( 長江實業 ). Cheung Kong Holdings was publicly listed in Hong Kong Stock Exchange in 1972. During board meetings, Li stated on a number of occasions his goal of surpassing

1044-523: A simple fare scheme, in which fares typically increase during peak seasons, and also as more people sign up for the holiday. This rewards early reservations, and is known as " yield management ". Examples of no-frills holiday companies are: Compared to regular fitness gyms, there has been a growing number of no frills gyms. No frills gyms are significantly different from regular gyms in the amenities offered. The ways in which these differ are: Examples of no frills gyms are easyGym, Fit4less and PureGym in

1102-432: A single type of aircraft. Aircraft cabin interiors may be fitted out with minimum comforts, dispensing with luxuries such as seat-back video screens, reclining seats and blinds; some airlines choose to carry advertising inside the cabin to increase revenue. Should meals be served, they must be paid for in full. Some airlines also extend the definition of "frills" to include standard services and conveniences; for example,

1160-617: A stake in Ginger Software Incorporated. In 2013, Horizons Ventures invested in bitcoin payment company BitPay. In February 2015, Horizons Ventures participated in a US$ 30 million Series C funding round in Zoom Video Communications. Later in the year, Li participated in a US$ 108 million Series D round in Impossible Foods. In 2016, he continued investments in technology companies and Horizons Ventures led

1218-639: A style of fabric decoration. Something offered to customers for no additional charge may be designated as a "frill" – for example, free drinks on airline journeys, or a radio installed in a rental car. No-frills businesses operate on the principle that by removing luxurious additions, customers may be offered lower prices. Common products and services for which no-frills brands exist include budget airlines , supermarkets , vacations and used vehicles . No-frills supermarkets are recognisable by their store design and business model. Examples of no-frills supermarket chains include: *Dia and Ed are all part of

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1276-711: A sum of approximately A$ 24 million was refunded from the A$ 64 ;million previously paid to the ATO by CKI. After his almost-70-year reign over CK Hutchison Holdings and CK Asset Holdings , Li announced his retirement on 16 March 2018 and the decision to pass control of his US$ 100 billion empire to his son, Victor Li . He is still involved in the conglomerate as a senior advisor. Besides business through his flagship companies CK Asset Holdings and CK Hutchison Holdings , Li Ka-shing has also personally invested extensively in real estate in Singapore and Canada. He

1334-570: Is only a one-way network and the user still needs a connection to the bitcoin network to send transactions, which can include SMS gateways or higher cost internet. Blockstream employs Bitcoin Core developers. Blockstream developer Rusty Russell was one of the first developers to try implementing the Lightning Network during the summer of 2015. In early 2018 Blockstream announced a partnership with Intercontinental Exchange Inc. (ICE) to launch

1392-738: Is the senior advisor for CK Hutchison Holdings and CK Asset Holdings , after he retired from the Chairman of the Board in May 2018; through it, he is a port investor, developer, and operator of the largest health and beauty retailer in Asia and Europe. As of July 2023, Li is the 33rd richest person in the world, with an estimated net wealth of US$ 37.7 billion . Li invests in a wide array of industries, including transportation, real estate, financial services, retail, and energy and utilities. His conglomerate company Cheung Kong Holdings invests in many sectors of

1450-688: The Canadian Imperial Bank of Commerce , with all proceeds going to private charitable foundations established by Li, including the Li Ka Shing Foundation in Hong Kong and the Li Ka Shing (Canada) Foundation based in Toronto , Ontario. Li was the non-executive director of the Hongkong & Shanghai Banking Corporation since 1980 and became deputy chairman of the bank in 1985. He was also Deputy Chairman of HSBC in 1991–1992. According to Bloomberg, he had

1508-496: The Citroën ID Normale . The Dacia Logan is an example of a recent no-frills car in Europe. Another example is Fiat Albea . In Argentina and Brazil, the no-frills category takes a considerable share of the new car market. Examples of cost cuts in base versions include: In some markets, often in the developing world, very aggressive forms of no-frills cars may be available. For example, the supermini and city cars sold in

1566-675: The Dia Group, which is in turn part of the Carrefour Group. ( Brazil , Spain ) American supermarket chain Pathmark used "No Frills" as a house brand . In the United States, a no-frills automobile model typically has a minimum of convenience equipment, a less powerful engine and spartan trim. Frequently, these models represent the lowest-priced version of a larger selection of more lavishly equipped and trimmed models of that same car. Often,

1624-509: The Jardines -owned Hongkong Land as a leading developer. The successful bid by Cheung Kong for development sites above the Central and Admiralty MTR stations in 1977 was the key to challenging Hongkong Land as the premier property developer in Hong Kong. Despite its size, Jardines decided in the 1980s to protect itself from hostile takeover by Li or other outside investors. The company implemented

1682-599: The Mercosur markets, such as the Chevrolet Celta , Chevrolet Corsa , Fiat Uno , Fiat Palio , Ford Ka and Volkswagen Gol tend to be noisy and feature cost cuttings like: No-frills airlines are airlines that offer low fares but eliminate all non-essential services, such as complimentary food, in-flight entertainment systems, and business-class seating. A no-frills airline will typically cut overhead by flying from more remote airports (with lower access charges) and by using

1740-517: The 1960s and early 1970s, American automakers offered several trim levels of full-sized models (each having a different name), with a price-leading no-frills versions. Examples included the Chevrolet Biscayne , Ford Custom 500 , and Plymouth Fury I . While ostensibly targeted toward fleet buyers and business customers where luxury is not a concern, these cars were also available to private customers. While many of these cars were typically sold with

1798-720: The Chinese Mainland, Li agreed to sell The Center , the fifth-tallest skyscraper in Hong Kong. With a value of HK$ 40.2 billion ( US$ 5.15 billion ), the deal constitutes the biggest ever office space real estate sale in the Asia-Pacific region. Li sold the Century Link complex in Shanghai for US$ 2.95 billion, the second largest transaction for a single building, according to the Financial Times . In 1979, Li purchased

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1856-572: The Hong Kong economy and made up 4% of the aggregate market capitalisation of the Hong Kong Stock Exchange . Forbes Magazine and the Forbes family honoured Li Ka-shing with the first ever Malcolm S. Forbes Lifetime Achievement Award on 5 September 2006, in Singapore . In spite of his wealth, Li has cultivated a reputation for leading a frugal no-frills lifestyle, and is known to wear simple black dress shoes and an inexpensive Seiko wristwatch. He lived in

1914-595: The Liquid sidechain every minute, as opposed to bitcoin's 10-minute block interval. In 2017 Blockstream announced the availability of one-way satellite broadcasting of the full bitcoin blockchain to enable the propagation of valid bitcoin transactions to people without Internet access or during a disruption event like an Internet blackout. In 2018 Blockstream extended the bitcoin satellite network to four satellites across six coverage zones, adding Asia and Pacific region coverage. It also released API specifications to allow users to send data over its network. The network as of 2019

1972-769: The UK, Basic-Fit in Benelux and France, and McFit in Germany. In the Netherlands and other European countries, a no frills filling station refers to unattended filling stations consisting solely of self-service pumps that only support pay at the pump . They do not include any other facilities on-site, and service is provided via a phone line. If there is a problem, drivers are to call a hotline using an on-site telephone for assistance. Notable chains includes Dutch chains Tango , Q8 Easy , TinQ , Firezone , Esso Express & Shell Express , and

2030-652: The US. As per Forbes list of The Richest People In The World, dated 8 MARCH 2024, Li Ka-shing is ranked #38 with a net worth of $ 37.3 Billion. Li was born in Chao'an , Chaozhou in Guangdong Province in 1928 to Teochew parents named Li Yun-ching (1898–1943) and Cheung Bik-chin (1893–1984). Li and his family fled to Hong Kong in 1940 as refugees from the Sino-Japanese war . Owing to his father's death from tuberculosis , he

2088-550: The chief executive, I probably just said it a little early." However, Li was criticised by Chinese official state-run press agency Xinhua for being ambiguous in his opposition to the Umbrella movement protests and his support for Leung . Later, prior to the Legco vote, Li said that the largest threat to Hong Kong's future was if the government failed to ensure passage of the 2014–15 round of political reform . Li's business empire has

2146-434: The city. Li is plainly dressed for a Hong Kong tycoon. In the 1990s, he wore a HK$ 50 timepiece from Citizen Watch and plain ties. He later wore a Seiko . In 2016, he wore a HK$ 500 Citizen watch. His son Victor Li was kidnapped in 1996 on his way home after work by gangster Cheung Tze-keung (aka "Big Spender"). Li Ka-shing paid a ransom of HK$ 1 billion directly to Cheung, who had come to his house. A report

2204-569: The early 1970s, Plymouth, Ford and Chevrolet had switched to all V-8 engine/automatic transmission powertrains for the full-sized model lines. With customers turning more to volume models that were better trimmed, upholstered and equipped (even with price a primary consideration), the Big Three dropped their Spartan-trimmed price-leading models, such as the Chevrolet Biscayne and Ford Custom, or relegated them completely to fleet sales only. During

2262-527: The gasoline crisis of the 1970s, many American automakers began offering no-frills models on their compact lines of cars (such as the Ford Pinto MPG , and Plymouth Duster "Feather Duster" ). As before, these models usually had spartan trim (vinyl seats with rubber floor covering); fewer convenience items than the more expensive models (e.g., no cigarette lighter); lighter-weight components (such as aluminum on various engine, body and suspension components); and

2320-453: The investment made Nick D'Aloisio, Summly's founder, the world's youngest person to receive a venture capital investment at just fifteen years old. In 2012, Horizons Ventures invested US$ 2.3 million in Wibbitz, a company that provides a text-to-video technology that can automatically convert any article post or feed on the web into a video in a matter of seconds. In August 2012, Li acquired

2378-487: The late 1960s, a vast majority of all price-leading models were built and sold with V-8 engines and automatic transmission, as consumer needs were changing, and were even being built and sold with luxury comfort and convenience features once seen only on the higher-priced model lines, including air conditioning and power steering. Only a small handful of base model vehicles were sold with the basic six-cylinder/three-speed manual transmission powertrain, without optional extras. By

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2436-555: The less-expensive models are sold with a manual transmission and have a shorter options list. Early 1950s American examples include the Chevrolet 150 and Kaiser-Frazer Henry J . These were larger cars than those produced in the US in the 1940s gasoline rationing period by Crosley , who shut down in 1952. One of the more famous no-frills cars was the Studebaker Scotsman , which was on sale from 1957 to 1959. These cars came with

2494-584: The line between a hotel and a hostel is blurred due to the removal of amenities. Notable no-frills chains include Motel 6 , Econo Lodge , Tune Hotels , Ibis Budget , HotelF1 , easyHotel and Zip by Premier Inn . Features of no-frills hotels rooms are that themselves are smaller and more spartan in trim. Examples and cases included with Zip rooms are twice as small (8.5 m ) as standard Premier Inn rooms. (20 m ), beds in Econo Lodge are put on boxes, so to make cleaning easier and with many Ibis Budget hotels,

2552-405: The ordinary course of business. The attacks stopped abruptly several weeks later, when editorials in official publications such as People's Daily and Beijing Youth Daily took a neutral stance in unison. No frills A no-frills or no frills service or product is one for which the non-essential features have been removed to keep the price low. The term " frills " originally refers to

2610-417: The reception is only opened at limited hours. Most no frills hotels don't have door keys , instead they use either inexpensive swipe-keys or digital door locks . Many of them have no pictures on the walls, baths in the bathrooms or excessive furniture like minibars, fridges or dressing tables. Bedding is limited to pillows and duvets . Some like Tune and easyHotel even go as far as putting advertisements on

2668-509: The region. CK Hutchison builds up new businesses and sells them off when shareholder value can be created. Profits were obtained in the sale of its interest in Orange to Mannesmann Group in 1999, making a profit of US$ 15.12 billion . In 2006, Li sold 20% of Hutchison's ports business to Singapore rival PSA Corporation , making a US$ 3.12 billion profit on a US$ 4 billion deal. Group subsidiary Hutchison Telecommunications sold

2726-418: The remaining 25% being held by US private equity firm KKR . Despite making losses of ~£22 million between March 2022 and July 2023, CK Group and KKR between them took £159 million in dividends from the organisation which in the same period paid its chief executive, Heidi Mottram , $ 1.24 million. In 2022 the business was fined £240,000 for discharging untreated sewage into a water course in northeast England over

2784-687: The rise of current China's paramount leader Xi Jinping . During the 2019–20 Hong Kong protests , he refused to outright condemn the protesters, instead urging for peace and calling on the authorities to respond to the protesters humanely. On 4 August 2011 at the interim results announcement for Hutchison Whampoa , Li endorsed Henry Tang for the forthcoming chief executive election . Then Li said "You all can be just like me, one-person-one-vote ( 一人一票 )." The media then looked at Li in disbelief, and pointed out that regular citizens do not get one-person-one-vote. Li then tried to laugh it off and said "maybe in 2017 they will have one-person-one-vote to choose

2842-542: The room is only done when the guest leaves, and toiletries and supplement towels. The Finnish hotel chain Omenahotelli lacks reception. Room bookings are handled online only. Instead of a physical key, hotel customers receive a digital door code. Omenahotelli guests usually spend their entire hotel stay without meeting any hotel employees. No-frills holidays are holidays which, like no-frills airlines, do not include unnecessary services such as: Such holidays usually have

2900-497: The same house for decades, in what has now become one of the most expensive districts in Hong Kong, Deep Water Bay in Hong Kong Island . Li is also a philanthropist, donating billions of dollars to charity and various other philanthropic causes, and owning the second largest private foundation in the world after Bill & Melinda Gates Foundation . In 2019, Forbes put Li in the list of most generous philanthropists outside of

2958-517: The second half of the year, and the central government sought a way to stem the capital outflows. Specific reproaches were that his asset disposals were "an act of ingratitude" and "immoral at such a sensitive juncture". Security Times , a People's Daily publication, estimated that Li has sold at least CN¥ 73.8 billion worth of assets since 2014. Li's holding companies denied divesting in China, saying that its asset disposals were being undertaken in

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3016-795: The standard six-cylinder or basic V-8 engine with the standard three-speed manual transmission, many of these price-leading models were also available with the full range of engines and transmissions, including those that were performance-oriented, unlike the later no-frills models that had restricted performance options. Additionally, marketing brochures typically extolled the virtues of these economy models, pointing out such features as durable and easy-to-care for upholstery with wide color availability, beauty in styling despite minimal exterior trim adornment, and features shared with more luxurious models such as suspension and ride quality, engine and transmission availability, and standard safety and convenience features—all available even for budget-conscious buyers. By

3074-449: The walls and in case of Zip some rooms even having no windows, instead having a sunlight-powered light box . Like no frills airlines which charge people for seat reservations and food, no frills hotels themselves charge extra for any superfluous extras like non-basic TV channels, breakfasts; which themselves are just limited to a continental style , tea-and-coffee making facilities, Wi-Fi internet , daily maid service ; normally cleaning

3132-515: Was forced to leave school at the age of 15 and found a job in a plastics trading company where he worked 16 hours a day. In 1950 he started his own company, Cheung Kong Industries. From manufacturing plastics, Li developed his company into a leading real estate investment company in Hong Kong that was listed on the Hong Kong Stock Exchange in 1972. Cheung Kong expanded by acquiring Hutchison Whampoa and Hongkong Electric Holdings in 1979 and 1985 respectively. In 1950, after learning how to operate

3190-399: Was never filed with Hong Kong police. Instead the case was pursued by mainland authorities, leading to Cheung's execution in 1998, an outcome not possible under Hong Kong law. Rumours circulated of a deal between Li and the mainland. For many years, he was considered to be a pro-Beijing figure. However, in recent years, tensions have been growing between Li and the mainland, especially with

3248-613: Was officially launched, called the Liquid Network, which is designed to facilitate interoperability between the bitcoin main chain and the Liquid sidechain to extend bitcoin’s capabilities. Liquid is built using Elements Core, a sidechain protocol also designed by Blockstream and built on the Bitcoin Core codebase, which introduces several features including Confidential Transactions, Segregated Witnesses (or SegWit), native asset issuance, and new opcodes . Elements Core version 0.18.1.6

3306-448: Was released in March 2020. Blockstream claims that Liquid reduces the delays and friction involved in a normal transfer of bitcoin. Blockstream asserts participating exchanges–including Bitfinex , BitMEX and OKCoin–can reduce counterparty risk for traders and enable near-instant financial transactions between their platform and other exchanges or a trader’s wallet(s). New blocks are added to

3364-568: Was the single largest shareholder of Canadian Imperial Bank of Commerce (CIBC), the fifth largest bank in Canada, until the sale of his share in 2005 (with all proceedings donated, see below). He is also the majority shareholder of a major energy company, Husky Energy , based in Alberta , Canada. Husky was acquired by Cenovus in 2021, and Li owns 27.2% of the newly merged company. In January 2005, Li announced plans to sell his CA$ 1.2 billion stake in

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