LESS than a month after Li Ka-shing was rated as more powerful in Asia than President Jiang Zemin, the tycoon has been awarded a knighthood by Britain's Queen Elizabeth. A spokesman for his flagship Cheung Kong company last night said Mr Li was 'very pleased' to be given the award in the queen's birthday honours list. It was not clear whether the property mogul would use the title 'Sir'. The spokesman said: 'The KBE honour is awarded to Mr Li for his services to British industry and medical research. The Cheung Kong Group of companies is proud and honoured that its founder and chairman has been recognised for his contribution to business and for his philanthropic works.' The same title was conferred on former chief justice Yang Ti-liang, who dropped it to contest the race for chief executive and distance himself from colonialism. Mr Li, 72, is chairman of four listed companies in Hong Kong - Cheung Kong Holdings, Hutchison Whampoa, Cheung Kong Infrastructure and Tom.com. Last week he was listed among the world's richest people by Forbes magazine, which put his wealth at US$11.3 billion (HK$88.14 billion). In its annual selection announced on May 18, Asiaweek magazine ranked Mr Li top of the 50 most-powerful people in Asia. President Jiang was ranked second. Mr Li's son, Richard Li Tzar-kai, chairman of Pacific Century CyberWorks, ranked 14th. Chief Executive Tung Chee-hwa, who occupied 41st slot last year, did not make it this year. Mr Li described the Asiaweek listing as 'a big joke' and said: 'How can I be said to wield more clout than Jiang Zemin, who controls the fate of well over a billion people?' Mr Li has made hefty investments in Britain, including container terminals at the ports of Felixstowe, Harwich and Thames, 3G telecommunications, property developments and manufacturing of natural spring water. He has also funded Cambridge University to undertake cancer research and social science exchange programmes.