Richard Li

Richard Li
Born (1966-11-08) 8 November 1966
British Hong Kong
Citizenship Canada[1]
Partner(s) Isabella Leong (2008–2011)
Children 3
Parent(s) Li Ka-Shing
Chong Yuet Ming
Relatives Victor Li Tzar-kuoi (brother)
Richard Li
Traditional Chinese 李澤楷
Simplified Chinese 李泽楷

Richard Li Tzar Kai is a Hong Kong businessman and philanthropist. He is the younger son of businessman Li Ka-Shing and brother of Victor Li.

Li was 15th in the Forbes List of Hong Kong's 50 Richest people for 2017.[2] The same publication named Li as 385th in the list of the world's billionaires, with an estimated fortune of $4.3 billion.[3]

Education and early life

Li attended St. Paul's Co-educational College in Hong Kong and left at age thirteen to be educated at Menlo School in Atherton, California. To earn money, he took shifts at McDonald's and also worked as a caddy at the local golf course.[4] He attended Menlo College, studying computer engineering, but did not receive a degree; he states that he withdrew from the school for personal reasons after three years.[5]

Li acquired Canadian citizenship in the 1980s. His Canadian citizenship has proven valuable to him in his financial dealings, allowing him to make bids for PCCW to purchase stakes in companies such as Air Canada and Bell Canada Enterprises without running afoul of restrictions on foreign ownership.[6]

Business activity

Richard Li founded Pacific Century Group (PCG) in 1993, an Asia-based long-term private investment group with interests across three core business pillars – financial services, technology, media & telecommunications (TMT), and property.[7] In 1996, Pacific Century CyberWorks (PCCW) is founded, and was later renamed to PCCW Limited.[8] Four years later, PCCW acquired Cable & Wireless HKT, formerly known as The Hong Kong Telephone Company Ltd., and formed the company with businesses in telecommunications, media, IT solutions, property development and investment, and other businesses.

He is currently the chairman and chief executive of PCG, chairman of PCCW, HKT Trust and HKT Limited, and chairman of PCCW's and HKT's executive committee. He is also chairman of Pacific Century Premium Developments Limited (PCPD), chairman of PCPD's executive committee and chairman of Singapore-based Pacific Century Regional Developments Limited.[9]

In September 2009, Li bought the asset management operations of AIG, AIG Investments, for around $500 million.[10] Renamed PineBridge Investments, the business currently has approximately $85.5 billion of assets under management as of 30 June 2017.[11]

In June 2011, Hong Kong's stock exchange approved the carve-out of the telecommunications and mobile assets of PCCW, which also has broadband television, IT solutions and property businesses.[12] In September 2011 the final hurdles were cleared by Hong Kong's stock exchange for PCCW to list its telecommunications assets as HKT Trust, the city's first publicly traded share stapled units.[13] On 12 October 2011 PCCW shareholders approved the plan.[14] Li's involvement in the 2011 initial public offering of HKT Trust saw the company raise around $1.2 billion.[15] In December 2013, HKT agreed to acquire CSL New World Mobility, a subsidiary of Australian network operator Telstra, for HK$18.8 billion.[16] CSL currently runs the premium 1010 and mainstream CSL brands in Hong Kong. The transaction was completed in May 2014.

PCCW holds a majority interest in the HKT Trust and HKT Limited. It also owns a multimedia and entertainment group, PCCW Media, and an IT outsourcing and business process outsourcing provider, PCCW Solutions.[17]

In March 2015, PCCW Media acquired mobile video provider VuClip and launched Viu.[18] As of August 2017, Viu’s over-the-top (OTT) video service rolled out to 24 markets globally including Hong Kong, Singapore, Indonesia, Malaysia, India and Thailand.[19]

PCCW OTT provides video streaming services under the “Viu” and “Vuclip” brands as well as a music streaming service under the “MOOV” brand. In August 2017, it secures new investors including Hony Capital, Foxconn Ventures and Temasek.[20][21]

In February 2013, Li's Pacific Century Group announced the acquisition of the Hong Kong, Macau and Thailand insurance business of ING Groep N.V., and later rebranded the business to FWD Group.[22] Since then, FWD has expanded into Indonesia and the Philippines. Most recently, the company announced its entry into the Singapore, Vietnam and Japan markets.[23][24][25]

In October 2013, FWD Group appoint Ronald Arculli as Chairman.[26] In April 2015 former Canadian foreign affairs minister John Baird was appointed as non-executive director to FWD and PineBridge.

Li was awarded the Lifetime Achievement Award by the Cable and Satellite Broadcasting Association of Asia in November 2011.[27]

Philanthropy

During the 2002–03 SARS outbreak, PCCW under Li's direction aided victims by providing telecommunication services to patients, medical staff, and fundraisers; namely, they set up video conferencing for quarantined SARS victims and volunteers to communicate with their families, telephone hotline support for isolated patients and communities to receive medical and legal advice. Li also established a story time program for children kept home to prevent infection, and call centre support for charity fundraisers and community activists.[28]

Richard Li and PCCW also donated $1 million to the Business Community Relief Fund for Victims of SARS. Under his direction, employees at PCCW served the community through the company's efforts, and many gave up their free time to work as volunteers.[28]

Later, in 2007, under Li's direction PCCW volunteers participated in the District Elderly Campaign sponsored by the Oriental Daily News Charitable Fund, the Sun Charitable Fund, and Po Leung Kuk. The campaign' mission was to deliver gift packages to the elderly living in the Lower Ngau Tau Kok Estate.[28]

Personal life

Away from business, Li has served as a council member of the Chinese University of Hong Kong, but his term as member and association with the University has since ended.[29] He is also a full member of the Hong Kong Computer Society. He is a licensed pilot, in the United States and Canada,[30] and a licensed divemaster.[31]

In April 2009, Isabella Leong, Li's girlfriend and a former Hong Kong singer, gave birth to his son, Ethan Li.[32] In June 2010, Leong gave birth to Li's twin sons in San Francisco.[33]

In March 2011, Isabella announced to the media that the couple have ended their relationship. They have both announced that the split is amicable and that they will both take care of the children.[34][35]

Outside activities

Li is a member of the Global Information Infrastructure Commission and a member of the Center for Strategic and International Studies' International Councillors Group in Washington DC.[36][37] He was also the Governor of the World Economic Forum for Information Technologies and Telecommunications.

Li was a representative of the Hong Kong government at the APEC Business Advisory Council (ABAC) from 2009 to 2014.[38] He was praised by the Secretary for Commerce and Economic Development, Rita Lau, for "helping [to] raise Hong Kong's profile in this important regional business forum".[39][40]

In 2006, Li donated CA$1 million to the Canadian National Arts Centre Foundation, which led to the establishment of the Annual Richard Li Young Artist Chair, putting young musicians each year under the mentorship of musical maestros.[41]

References

  1. ↑ "Richard Tzar-Kai LI - Personal Appointments (free information from Companies House)". Company House. Retrieved 5 June 2018.
  2. ↑ "Richard Li". Retrieved 2017-08-16.
  3. ↑ "Richard Li". Retrieved 2017-08-16.
  4. ↑ McGill, Douglas C. (July 2005), "Empire of the Son", Wired Magazine, retrieved 10 December 2010
  5. ↑ H.K. tycoon Richard Li confirms he is no Stanford graduate, Kyodo News, 26 March 2001, retrieved 30 September 2011
  6. ↑ "Richard Li May Join Bell Canada Bidders", The New York Times, 31 May 2007, retrieved 13 March 2011
  7. ↑ "Leadership - Pacific Century Group". Pacific Century Group. Retrieved 2017-09-08.
  8. ↑ "Milestones - Pacific Century Group". Pacific Century Group. Retrieved 2017-09-08.
  9. ↑ "Topics: Richard Li", The Wall Street Journal, archived from the original on 10 February 2013, retrieved 9 December 2010
  10. ↑ Carew, Rick (7 September 2009), "Li Is Back in Game with AIG Purchase", The Wall Street Journal, retrieved 9 December 2010
  11. ↑ "PineBridge Investments, assets under management, data as of 30 June 2017". www.pinebridge.com. Retrieved 2017-09-08.
  12. ↑ NISHA GOPALAN And POLLY HUI "PCCW Seeks Listing for TrustPCCW Seeks Listing for Trust", Wall Street Journal, 1 September 2011
  13. ↑ Hu, Fox; Lee, Mark. "PCCW Said to Win Approval for First Hong Kong Business Trust". Bloomberg.com. Retrieved 2016-07-28.
  14. ↑ "PCCW shareholders approve HKT Trust spin-off". Retrieved 2016-07-28.
  15. ↑ url=https://www.reuters.com/article/2011/11/23/pccw-hkttrust-idUSL4E7MN00G20111123
  16. ↑ "HKT's acquisition of CSL makes Richard Li telecoms kingpin again". Retrieved 2016-08-08.
  17. ↑ "PCCW, company profile".
  18. ↑ Writer, Staff. "PCCW Media looks beyond Hong Kong with Vuclip investment - Marketing Magazine". Marketing Interactive. Retrieved 2017-09-08.
  19. ↑ Frater, Patrick (2017-08-10). "Hony, Foxconn, Temasek Back PCCW Streaming Ventures". Variety. Retrieved 2017-09-08.
  20. ↑ "Hony Capital, Foxconn Ventures and Temasek invest in PCCW OTT". Reuters. Retrieved 2017-09-08.
  21. ↑ Russell, Jon. "PCCW Media raises $110M for its video and music streaming services in Asia | TechCrunch". Retrieved 2017-09-08.
  22. ↑ "Asia: Pacific Century Group completes acquisition of ING units". Retrieved 2016-08-08.
  23. ↑ "Richard Li's FWD Poised to Buy AIG's Fuji Life Insurance". Bloomberg.com. 2016-11-14. Retrieved 2017-09-08.
  24. ↑ "FWD Group Completes Acquisition of AIG Fuji Life Insurance Company | FWD Hong Kong". www.fwd.com.hk. Retrieved 2017-09-08.
  25. ↑ "Great Eastern Vietnam sold to FWD Group". Retrieved 2016-08-08.
  26. ↑ "Richard Li appoints Ronald Arculli as chairman of insurer FWD". Retrieved 2013-10-24.
  27. ↑ "Richard Li | TOWARD A WINNING VISION". 2015.forbesglobalceoconference.com. Retrieved 2016-08-08.
  28. 1 2 3 Richard Li's Philanthropy page, Faces of Philanthropy, retrieved 28 December 2010
  29. ↑ Chinese University of Hong Kong "The Council", Chinese University of Hong Kong ', 2011
  30. ↑ FAA "FAA Registry: Airmen Certification Inquiry", FAA, Updated monthly
  31. ↑ Li, Richard, Bio, RichardLi.com, archived from the original on 15 July 2011, retrieved 10 December 2010
  32. ↑ "Isabella Leong a few obstacles away from becoming a Li", Channelnewsasia.com, 16 June 2009, retrieved 10 December 2010
  33. ↑ "Isabella Leong gives birth to twin sons", Xinhua News, 14 July 2010, archived from the original on 2 March 2011, retrieved 10 December 2010
  34. ↑ "Isabella Leong announces split from tycoon Richard Li", Channelnewsasia.com, 28 February 2011, retrieved 2 March 2011
  35. ↑ "Talk of other women way off the money, says Li", The Hong Kong Standard, 2 March 2011, archived from the original on 28 June 2011, retrieved 2 March 2011
  36. ↑ "Richard Li", Ask Men, 2006, retrieved 10 December 2010
  37. ↑ "Global Conference 2015 Speaker: Richard Li". Retrieved 2016-07-28.
  38. ↑ url=http://hk-apec.com.hk/c.php?id=5
  39. ↑ Press Release "Appointment of Hong Kong, China's representatives to ABAC", Hong Kong Gov website, 20 January 2009
  40. ↑ Press release "Re-appointment of Hong Kong representatives to ABAC", Hong Kong Gov website, 23 December 2010
  41. ↑ Apprentices with the National Arts Centre's Institute for Orchestral Studies selected to hold the title of Richard Li Young Artists Chair for 2009–2010 season, Canada: National Arts Centre, 30 September 2009, archived from the original on 31 December 2009, retrieved 10 December 2010
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