SINGAPORE -- China's Hong Kong business tycoon Li Ka Shing on Tuesday received a Forbes lifetime award in recognition of his entrepreneurial achievements.

Li Ka Shing, chairman of the Cheung Kong Limited, is now the first man to receive the Malcolm S. Forbes Lifetime Achievement Award.

Speaking after receiving the award at the 6th Annual Forbes Global Chief Executive Officers (CEO) Conference here, Li Ka Shing called on Asians to adopt a culture of philanthropy.

In Asia, the traditional values encourage and even demand that wealth and means pass through lineage as an imperative duty, he said, adding that even if the government structure is as yet not geared towards supporting a culture of giving, people must in their hearts see building society as a duty in line with supporting their children.

"I urge and hope to persuade you, especially all of us in Asia, that if we are in a position to do so, that we transcend this traditional belief," he said.

The two-day Forbes Global CEO conference started here on Monday with the participation of over 400 business leaders from all over the world.