(FORTUNE Magazine) – WHAT does a Chinese billionaire teach his children? Quite a lot, even though Li Ka-shing is mostly self-educated and his two sons -- Victor, 27, and Richard, 25 -- studied at Stanford. Says Li: ''If my boys can learn from me, they will have more assets.'' The lessons started early. Richard recalls that he and his brother ''had little chairs in the corner at board meetings since we were 8 or 9 years old.'' Victor describes his dad as ''the best business professor,'' especially for teaching how not to make money. Explains Victor: ''The most important thing I learned from him is how to be honorable and how to treat partners right.'' Richard interprets the same lesson this way: ''If a 10% share is reasonable and you can get 11%, take 9% because then a hundred more deals will come to you.'' Another bit of wisdom that Richard says comes from his father: ''Use the expertise of others, whether it's your staff, your partner, or the government.'' Li allowed both sons to prove themselves in Canada. Victor started a property development firm in Vancouver, while Richard wound up in Toronto as the youngest partner in a Canadian investment bank. About two years ago the elder Li summoned them home to Hong Kong -- to work for him and absorb some more lessons: ''Keep your reputation good, work hard, be nice to people, keep your promises. That will always make your business much easier.'' So far, Li is pleased with his heirs, but by no means certain yet whether they will beat out his hired hands as his successor. Says he: ''They've got an equal chance.''