Hong Kong and South Korea's richest men talk business

Li Ka-shing and Lee Kun-hee, Co-Chairman of Samsung Electronics met in Hong Kong to discuss ways to expand cooperation, especially in handset and network businesses.

The talks took place on at Li's Cheung Kong Group headquarters in Hong Kong's financial district. This first meeting between both men also sought ways to expand the groups' cooperation to broader areas. Li and Lee are the richest men in their respective countries.

Samsung Group is the parent of Samsung Electronics, the world's top technology firm by revenue.

The meeting comes weeks after Li's mobile carrier Hutchison 3G (UK) signed up Samsung Electronics to provide infrastructure equipment in Britain, marking the South Korean company's entry into the European market.

The meeting was attended by Samsung corporate strategy chief Choi Gee-sung and Lee Jae-yong, COO of Samsung Electronics and son of Lee's son. Victor Li, Li's elder son and executive vice chairman of Hutchison Whampoa, was also present.

Samsung Group presides over more than 80 companies, including its flagship, Samsung Electronics, while Li's group controls global telecom operator Three Group.