HONG KONG, Dec. 22 -- The business empire of Hong Kong billionaire Li Ka-shing is on the verge of its biggest transformation in decades, with a series of massive deals that could raise over US$21 billion (RM85 billion) in cash and fundamentally reshape the conglomerate for the next generation.

The moves mark a generational shift for one of Asia's most storied business dynasties as it navigates a new era of geopolitical tension and technological disruption, Bloomberg reported.

The flagship conglomerate, CK Hutchison Holdings, is pursuing three major moves simultaneously:

The Li family, which controls the group, believes that by selling and spinning off these businesses, they can unlock far greater value than the market currently assigns...