The fate of crisis-torn Thames Water is set to be decided within weeks as Ministers prepare to effectively nationalise the troubled utilities firm before getting it ready for a sale. And the front-runner in any bidding war for the debt-laden supplier to 16 million customers in London and the Thames Valley is likely to be a business conglomerate controlled by one of Asia's richest men.

Last week, reports emerged that CK Infrastructure (CKI), which also owns Northumbrian Water, had told the Government it was prepared to take over Thames imminently if it were to fall into special administration, buckling under the weight of £17 billion of debt.

A successful takeover of Britain's largest water group would add another asset to the burgeoning portfolio of CKI's parent firm, CK Hutchison (CKH), which controls a globe-spanning empire encompassing pub chains, container ports and High Street stores.

Behind it all is Li Ka-Shing, CKH's founder, considered the most successful tycoon in Hong Kong's history after amassing a fortune worth nearly £30 billion.

The 97-year-old, who arrived in the British colony in 1940 aged 12 as a refugee from the Sino-Japanese war, is called 'Superman' by locals for his business acumen.

Li is the firm's 'senior advisor' after stepping down as chairman in 2018 after 46 years at the helm.

Despite his advanced years, the tycoon remains involved in the business and still goes into the office twice a week.

He can also be spotted at the Tsz Shan Monastery, a ten-year-old Buddhist temple that Li financed to the tune of £142 million.

CKH remains a family concern, with Li's son Victor serving as chairman. His UK empire includes the 226-year-old Greene King pub chain, bought for £4.6 billion in 2019 through one of the family's other businesses, CK Asset Holdings. Other assets include retailer Superdrug and UK Power Networks, the electricity grid operator for London and the South-East.

CKH also owned mobile network Three before its merger with rival Vodafone earlier this year. It now controls just under half of the new business, which leapfrogged BT's EE to become Britain's biggest mobile phone provider.

CKH's eyeing up of Thames Water comes as the conglomerate's British operations become increasingly profitable.

Last week, CKH's half-year results saw underlying profits rise 11 per cent to £1.1 billion as sales rose to £22.6 billion from £21.8 billion in 2024. But overall profits fell 92 per cent to £80.3 million due to a one-off £983 million loss from the Vodafone-Three merger.

Included in the figures were results from CKI, which is listed on the Hong Kong Stock Exchange but is controlled by CKH.

CKI reported that its profits from the UK had jumped 19 per cent since last year thanks to 'higher contributions' from Northumbrian Water as well as its electricity grid arm and three British gas networks it also controls.

Despite the firm's success in Britain, a swoop on Thames Water has sparked fear among those who are wary of handing over control of vital infrastructure to a Chinese company. On Thursday, former Tory leader Iain Duncan Smith said a takeover by Li's firm risked handing 'a country that is a threat, greater power over national infrastructure'. It has also caused consternation in the US Congress.

But Li's history is not all kowtowing to Beijing, with the tycoon having butted heads with China's communist authorities in the past.

When Hong Kong saw a wave of pro-democracy protests in 2019, the government of the People's Republic accused Li of 'harbouring criminality' and allowing the city to 'slip into the abyss' when he called for police to show 'humanity' dealing with demonstrators.

More recently, CKH has found itself caught in Donald Trump's trade war with China. Earlier this year, the company was forced to delay the sale of 43 ports, including two in the crucial Panama Canal, to a consortium backed by US asset manager BlackRock after Beijing criticised the deal.

In its results, Victor Li said the firm expected global trade to 'remain volatile' as Trump's tariffs reverberated through the market.

But despite the headwinds, CKH raised its half-year dividend by 3.2 per cent, landing the elder Li, who controls just over 28 per cent of the business, a £72 million payday.

With Thames Water sinking under its own debt, Ministers may overlook CKH's Chinese ties in the absence of a better offer. Lower-ranking holders of Thames Water's debt are also understood to be keen on a long-term infrastructure owner such as CKH.

The firm has reportedly said it would agree to new rules imposing tougher fines for breaking environmental regulations, which the water group's senior hedge fund creditors have said is financially unviable. Ministers will be hoping Hong Kong's 'Superman' can save the day.