Downplaying media excitement, Mr Li said: 'Boy or girl is both good, it really doesn't matter.'

He was also quizzed whether he likes younger son Richard Li Tzar-kai's new girlfriend, a mixed-raced girl working at Barclay Capital. 'Whether he (Richard) is 40 or 14 years old, you can't tell him what to do,' said the bemused father. 'Chinese or foreigners are both nice people.'

True to form, Mr Li was his usual self-deprecating self. Asia's richest tycoon said he spent less money now than he did 40 years ago. 'I don't have to dress up handsomely any more,' said Mr Li, who is busy giving money to charity instead of making it for his growing family.

subdued fok takes a back seat

For a change, Mr Li's left-hand man, managing director Canning Fok Kin-ning, was exceptionally quiet during yesterday's press conference. Straying from standard practice, some questions about Hutchison were tackled by Victor Li, who was seated to Mr Li's right.

Observers believe the paradigm shift was due to Mr Fok's failure to make his magic work on the star-crossed Italian 3G spin-off plan. Mr Li assured his audience that the delayed listing did not matter, but he declined to comment if the delay would hurt his top man's bonus.

While Victor was answering questions, the usually jolly Mr Fok and the older Mr Li were seen playing with reporters' digital recorders and camera phones, including a Huawei model for the Sunday 3G network, controlled by Richard Li's PCCW - a rival to Hutchison's '3'.

Reporters said Victor Li glowered at Mr Fok, as his antics were distracting him. Was this a sign that the son is finally rising? Or perhaps sibling rivalry?

numbers crunch for bank

Was Morgan Stanley totally clueless when it predicted that the city's top tycoon would report a big loss at his flagship firm?

That was the speculation among brokers yesterday when they received a Morgan Stanley morning note that bannered a chart showing an earnings downgrade for Cheung Kong to a 2005 loss of $1.64 per share.

Well - surprise! surprise! - Cheung Kong yesterday reported a $14 billion profit.

To be fair to Morgan Stanley, its estimate was based on its own forecasting model that excluded exceptional gains. But even its $12.7 billion profit forecast that included one-off items missed the actual number by about 10 per cent.

Not something that would impress deputy chairman Victor Li if he needed a banker.

check and counter check

In the latest personnel chess match, Morgan Stanley has outscored its US peer Citigroup 2:1.

Earlier this year, Morgan Stanley hired Citigroup's Christensen Wei, reuniting her with chairman John Mack: Queen to knight.

Citigroup responded by luring Morgan Stanley's former Beijing chief representative Zhao Jing to head its China team: Bishop to rook. But now Morgan Stanley has just hired ex-Citigroup banker Yang Kai as executive director of its China investment banking team: Rook corners king. Your move, Citigroup.

slow day lets exchange off hook

In what could be its first-ever oversight involving a trading suspension case, the stock exchange yesterday wrongly suspended trading in Hanny Holdings, owned by Charles Chan Kwok-keung (left), instead of China Strategic, another member of Mr Chan's 14-strong stable. It resumed Hanny's trading at 10.35am after suspending it at 10.10am - but only after suspending China Strategic at 10.26am. No Hanny shares changed hands before its abortive suspension. No loss, therefore no apology. Nice work - if you can get it.