Richard Li
Li attending the trophy presentation ceremony of the Queen Elizabeth II Cup at the Sha Tin Racecourse on 30 April 2023
Chairman of Hong Kong Telecom
Assumed office
11 November 2011
Chairman of Pacific Century Group
Assumed office
10 May 2004
Preceded byCharles Chan Kwok-keung
Chairman of PCCW
Assumed office
3 August 1999
Preceded byPeter Oei Hong Leong
Personal details
Born (1966-11-08) 8 November 1966
British Hong Kong
CitizenshipCanada[1]
Domestic partner(s)Isabella Leong (2008–2011)
Children3
Parent(s)Li Ka-shing
Chong Yuet-ming
RelativesVictor Li Tzar-kuoi (brother)
Alma materStanford University (dropped out)
Li Tzar Kai
Traditional Chinese李澤楷
Simplified Chinese李泽楷

Richard Li Tzar-kai is a Hong Kong businessman and philanthropist. The founder and chairman of the private investment group Pacific Century Group (PCG),[2] Li started his career in the 1990s with the founding of STAR TV, a pan-Asian television network.[3] After founding PCG in 1993,[3] he went on to establish PCCW[4] and HKT Trust.[5]

In 2010,[6] PCG acquired the asset management business of AIG Investments[7] and renamed it to PineBridge Investments.[6] In 2013, PCG founded FWD Group.[8] Richard Li currently serves as chairman of PCG,[2] PCCW Ltd. and HKT Limited. He is also on the boards of companies including Pinebridge Investments.[9] Forbes listed his net worth in 2020 at $4.5 billion, ranking him 20th on its list of the richest businesspeople in Hong Kong.[2]

Early life and education

Born in 1966 in Hong Kong,[3] Richard Li Tzar-kai is the son of businessman Li Ka-shing.[10] Li and his older brother Victor spent their childhoods in Hong Kong, where Li attended St. Paul's Co-educational College. He left Hong Kong at age thirteen to be educated at Menlo School in Atherton, California. In high school, he worked at McDonald's and as a caddy at the local golf course.[3] He studied computer engineering at Stanford University until 1987.[11] Citing personal reasons, he withdrew from university after three years.[12]

Career

Founding PCG

For the first three years of his career, Li managed funds at an investment bank in Toronto, Canada,[3] acquiring Canadian citizenship in the 1980s.[4] In 1990 he began working in the fund-management department at Hutchison Whampoa in Hong Kong.[3] At Hutchison Whampoa, he was an executive director from 1992 until 1993 and deputy chairman from 1993 until 2000.[9]

In 1990, Li began building his own company, STAR TV, a pan-Asian satellite-television network that streamed American television. According to Wired magazine, the service "triggered a vast cultural shift, injecting a massive dose of Western popular entertainment into... more than 50 countries [by 2005]." STAR TV proved lucrative, and in 1993 and 1995 Li sold the network to Rupert Murdoch for a total of USD$950.5 million.[3]

Using the funds raised from the sale of STAR TV, in 1993 Li founded Pacific Century Group (PCG), an Asia-based investment group[3] with Li serving as CEO and chairman.[9] Li subsequently oversaw PCG's investments in real estate,[3] financial services, technology, and media & telecommunications.[13]

He was an executive director at Hongkong Electric Holdings from 1993 until 2000,[9] and chairman of Singapore-based Pacific Century Regional Developments Limited starting in 1994,[14][9] a role he still held in 2020.[9]

PCCW and HKT Trust

In 1996, Li established Pacific Century CyberWorks (PCCW).[15][4][9] Serving as the company's chairman starting in 1999,[14][9] he remained chairman when the company changed its name to PCCW Ltd. in 2002.[9]

In his early financial dealings with PCCW, his Canadian citizenship allowed him to bid on companies such as Air Canada and Bell Canada Enterprises without running afoul of restrictions on foreign ownership.[4] PCCW acquired Cable & Wireless HKT for US$38 billion in 2000, in "what was then Asia's largest corporate takeover." The acquisition made PCCW the largest fixed-lined network and wireless operator in Hong Kong.[16] Li joined the board of the Bank of East Asia in 2001, retaining the role until 2017.[14]

In 2004, he created the property company PCPD, or Pacific Century Premium Developments, as a spinoff from PCCW,[17] and was chairman of PCPD from 2004 until 2019.[9]

As chairman of both PCCW[18] and PCCW's executive committee,[14] in 2011 Li was involved in the spinoff and initial public offering of PCCW's telecommunications assets on the Hong Kong Stock Exchange. With the spinoff named HKT Trust,[5] the listing plan was approved by the exchange in June 2011[19] and PCCW shareholders[18] on October 12, 2011,[20] allowing for the creation of Hong Kong's first publicly traded business trust.[18] The IPO ultimately raised around $1.2 billion.[5] with PCCW maintaining a majority interest in both HKT Trust and HKT Limited.[21] In November 2011,[9] Li became chairman of HKT Trust, HKT Limited, and HKT's executive committee.[14]

With Li as chairman, in December 2013 HKT agreed to acquire CSL New World Mobility, a subsidiary of Telstra, for HK$18.8 billion. The transaction was completed in early 2014.[16] In March 2015, PCCW Media acquired the mobile video provider Vuclip, and launched the streaming service Viu.[22] Viu was rolled out to 24 markets globally over the next two years,[23] and, by 2017, Viu, Vuclip, and the music streaming service MOOV had been bundled into the company PCCW OTT. That August, PCCW OT secured new investors including Hony Capital, Foxconn Ventures and Temasek.[24][25] Li was 15th in the Forbes list of Hong Kong's 50 richest people for 2017.[26] The same publication named him 385th in the list of the world's billionaires, with an estimated fortune of $4.3 billion.[27]

PineBridge and FWD Group

In September 2009, Li oversaw PCG's acquisition of AIG Investments for around $500 million,[7] renaming the asset management company PineBridge Investments.[28]

Re-entering the insurance business,[29] in March 2013, Li's PCG acquired the Hong Kong, Macau and Thailand insurance business of ING Groep N.V.[8] for $2.1 billion,[30] renaming it FWD Group.[8] With backing by Swiss Re, Li expanded FWD Group through acquisitions,[30] appointing Ronald Arculli as FWD chairman in October 2013.[29] In 2015, Li then appointed former Canadian foreign affairs minister John Baird as a non-executive director to both FWD and PineBridge.[31] By 2016, Li had overseen FWD's expansion into Indonesia, the Philippines, Singapore, Vietnam and Japan.[32][33][34]

Recent developments

After Li purchased the Hanazono resort in Niseko, Hokkaido in 2007[35] through his company Pacific Century Premium Developments, development was delayed by the 2011 earthquake and tsunami disaster.[36]

By 2018, he had invested a total of US$930 million in the project, with an onsen, apartments, and two hotels including a Park Hyatt[35] nearing completion by late 2019.[36]

In 2018, Li was quoted stating that his insurance businesses took up "70% to 80% of his time," with Li focused on expanding FWD in the Southeast Asian markets.[37] In 2019, FWD had around $30 billion in assets under management.[30] Also in 2019, Li's HKT announced it was establishing one of the first licensed virtual banks in Hong Kong, and in 2020 launched 5G wireless services.[38] Under Li, the insurance group bolttech was launched in early 2020.[39]

He continued to chair Pacific Century Group in 2020,[2] and remained chairman of PCCW Ltd. and HKT Limited. Also on the boards of companies such as PineBridge,[9] Li oversees PCCW subsidiaries such as PCCW Media and the IT and business process outsourcing company PCCW Solutions.[21] As of December 2020, Forbes estimated his net worth at $4.5 billion, ranking him 20th on its list of the richest businesspeople in Hong Kong, and 401st on its list of the world's billionaires.[2]

Boards and public positions

Li is currently a member of the Global Information Infrastructure Commission, the United Nations, and the Center for Strategic and International Studies'[9] International Councillors Group in Washington DC.[40][41] He was previously the Governor of the World Economic Forum for Information Technologies and Telecommunications,[9] as well as a representative of the Hong Kong government at the APEC Business Advisory Council (ABAC) from 2009 to 2014.[42] 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".[43][44]

Li served as a council member of the Chinese University of Hong Kong,[45] but his association with the university has since ended.[46] He is a full member of the Hong Kong Computer Society.[47]

Philanthropy

In 2006, Li donated CA$1 million to the Canadian National Arts Centre Foundation in Ottawa,[48][31] which led to the establishment of the Annual Richard Li Young Artist Chair, putting young musicians each year under the mentorship of musical maestros.[48]

Through PCCW, Li has overseen a number of relief efforts and charity programs. During the 2002–03 SARS outbreak, PCCW provided telecommunication services to patients, medical staff, and fundraisers. Li also established a story time program for children kept home to prevent infection, and call centre support for charity fundraisers and community activists. Under Li, PCCW also donated $1 million to the Business Community Relief Fund for Victims of SARS, with employees volunteering man-hours as well. Later in 2007, PCCW volunteers participated in the District Elderly Campaign, which delivers gift packages to the elderly.[49]

After the outbreak of the COVID-19 pandemic, Li's PCG donated surgical masks to health care workers and NGOs in Hong Kong in February 2020.[50]

Recognition

Li was awarded the Lifetime Achievement Award by the Cable and Satellite Broadcasting Association of Asia in November 2011.[51] He has also been presented with a Queen Elizabeth II Diamond Jubilee medal for "outstanding business and charitable contributions to Canada."[31]

Personal life

Li's girlfriend Isabella Leong, a former Hong Kong singer, gave birth to their son Ethan in April 2008,[52] followed by twin sons in June 2010.[53] Leong announced in March 2011 that the couple had amicably ended their relationship and that both would be caring for the children.[54][55] Li is a licensed pilot in the United States and Canada,[47] as well as a licensed divemaster.[56] In 2016, Li bought his own top-level domain (.richardli) for $250,000.[57]

References

  1. ↑ "Richard Tzar-Kai LI - Personal Appointments (free information from Companies House)". Company House. Retrieved 5 June 2018.
  2. 1 2 3 4 5 "#401 Richard Li". Forbes. 2020. Retrieved 2 December 2020.
  3. 1 2 3 4 5 6 7 8 9 McGill, Douglas C. (July 2005), "Empire of the Son", Wired Magazine, retrieved 10 December 2010
  4. 1 2 3 4 "Richard Li May Join Bell Canada Bidders", The New York Times, 31 May 2007, retrieved 13 March 2011
  5. 1 2 3 Elzio Barreto and Lee Chyen Yee (23 November 2011). "UPDATE 3-PCCW's HKT Trust to raise $1.2bln in Hong Kong IPO". Reuters. Archived from the original on 13 December 2011. Retrieved 1 July 2017.
  6. 1 2 "A.I.G. Closes Deal to Sell Pinebridge". The New York Times. 29 March 2010. Retrieved 29 January 2023.
  7. 1 2 Carew, Rick (7 September 2009), "Li Is Back in Game with AIG Purchase", The Wall Street Journal, retrieved 9 December 2010
  8. 1 2 3 "Asia: Pacific Century Group completes acquisition of ING units". Retrieved 8 August 2016.
  9. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 "Richard Li". Bloomberg. Retrieved 11 January 2021.
  10. ↑ Zhang, Karen (4 July 2019). "Son of HK's richest man to stay on Shantou University council, his foundation says amid concerns". The Star. Retrieved 3 December 2020.
  11. ↑ Courtney, Christine (11 April 1994). "Hong Kong Rich Kid Turns Asia on Its Headset". Los Angeles Times. Retrieved 3 December 2020.
  12. ↑ H.K. tycoon Richard Li confirms he is no Stanford graduate, Kyodo News, 26 March 2001, archived from the original on 1 December 2007, retrieved 30 September 2011
  13. ↑ "Leadership - Pacific Century Group". Pacific Century Group. Retrieved 8 September 2017.
  14. 1 2 3 4 5 "Topics: Richard Li", The Wall Street Journal, archived from the original on 10 February 2013, retrieved 9 December 2010
  15. ↑ "Milestones - Pacific Century Group". Pacific Century Group. Retrieved 8 September 2017.
  16. 1 2 "HKT's acquisition of CSL makes Richard Li telecoms kingpin again". 20 December 2013. Retrieved 8 August 2016.
  17. ↑ "After Selling PCCW, in which industry will RICHARD LI find his future?". Asia Sentinel. 12 July 2006. Retrieved 11 January 2020.
  18. 1 2 3 Hu, Fox; Lee, Mark (9 September 2011). "PCCW Said to Win Approval for First Hong Kong Business Trust". Bloomberg. Retrieved 28 July 2016.
  19. ↑ Nisha Gopalan and Polly Huy, "PCCW Seeks Listing for TrustPCCW Seeks Listing for Trust", Wall Street Journal, 1 September 2011
  20. ↑ "PCCW shareholders approve HKT Trust spin-off". Retrieved 28 July 2016.
  21. 1 2 "PCCW, company profile". PCCW.
  22. ↑ "PCCW Media looks beyond Hong Kong with Vuclip investment - Marketing Magazine". Marketing Interactive. Retrieved 8 September 2017.
  23. ↑ Frater, Patrick (10 August 2017). "Hony, Foxconn, Temasek Back PCCW Streaming Ventures". Variety. Retrieved 8 September 2017.
  24. ↑ "Hony Capital, Foxconn Ventures and Temasek invest in PCCW OTT". Reuters. Retrieved 8 September 2017.
  25. ↑ Russell, Jon (10 August 2017). "PCCW Media raises $110M for its video and music streaming services in Asia | TechCrunch". Retrieved 8 September 2017.
  26. ↑ "Richard Li". Forbes. Retrieved 16 August 2017.
  27. ↑ "Richard Li". Forbes. Retrieved 16 August 2017.
  28. ↑ "PineBridge Investments, assets under management, data as of 30 June 2017". www.pinebridge.com. Retrieved 8 September 2017.
  29. 1 2 "Richard Li appoints Ronald Arculli as chairman of insurer FWD". 24 October 2013. Retrieved 24 October 2013.
  30. 1 2 3 Weinland, Don (28 June 2019). "Richard Li's FWD Group acquiring an Asian insurance empire". Financial Times. Archived from the original on 10 December 2022. Retrieved 11 January 2021.
  31. 1 2 3 Chase, Steven (2 April 2015). "John Baird lands yet another job as adviser to Hong Kong billionaire". The Globe and Mail. Retrieved 11 January 2021.
  32. ↑ "Richard Li's FWD Poised to Buy AIG's Fuji Life Insurance". Bloomberg.com. 14 November 2016. Retrieved 8 September 2017.
  33. ↑ "FWD Group Completes Acquisition of AIG Fuji Life Insurance Company | FWD Hong Kong". www.fwd.com.hk. Retrieved 8 September 2017.
  34. ↑ "Great Eastern Vietnam sold to FWD Group". Retrieved 8 August 2016.
  35. 1 2 Giles, Oliver (22 April 2018). "How a failing Japanese ski resort became Aspen of Asia as luxury hotels and wealthy Asians replaced backpackers and hostels". South China Morning Post. Retrieved 11 January 2021.
  36. 1 2 "Lured by deep powder, foreigners are investing in the Aspen of Japan". Business Times. 31 December 2019. Retrieved 11 January 2021.
  37. ↑ Olano, Gabriel (31 October 2018). "Southeast Asia has huge potential for insurance – Richard Li". Insurance Business Magazine. Retrieved 11 January 2021.
  38. ↑ Pui Gwen, Yeung (8 August 2019). "Billionaire Richard Li's HKT Says Profit Up 16%, Targets 5G Launch Next Year". Forbes. Retrieved 11 January 2021.
  39. ↑ "Pacific Century Group appoints group CEO of bolttecht". The Asset. Retrieved 11 January 2021.
  40. ↑ "Richard Li", Ask Men, 2006, retrieved 10 December 2010
  41. ↑ "Global Conference 2015 Speaker: Richard Li". Archived from the original on 25 March 2016. Retrieved 28 July 2016.
  42. ↑ "Hong Kong ABAC Members". Hong Kong APEC Policy Group.
  43. ↑ Press Release "Appointment of Hong Kong, China's representatives to ABAC", Hong Kong Gov website, 20 January 2009
  44. ↑ Press release "Re-appointment of Hong Kong representatives to ABAC", Hong Kong Gov website, 23 December 2010
  45. ↑ Chinese University of Hong Kong "The Council", Chinese University of Hong Kong, 2011
  46. ↑ Chinese University of Hong Kong "The Council", Chinese University of Hong Kong, 2020
  47. 1 2 FAA "FAA Registry: Airmen Certification Inquiry", FAA, Updated monthly
  48. 1 2 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
  49. ↑ Richard Li's Philanthropy page, Faces of Philanthropy, retrieved 28 December 2010
  50. ↑ "100,000 masks for Hospital Authority". The Standard. 20 February 2020.
  51. ↑ "Richard Li - Towards A Winning Vision". 2015.forbesglobalceoconference.com. 2015. Retrieved 8 August 2016.
  52. ↑ "Isabella Leong a few obstacles away from becoming a Li", Channelnewsasia.com, 16 June 2009, archived from the original on 29 September 2009, retrieved 10 December 2010
  53. ↑ "Isabella Leong gives birth to twin sons", Xinhua News, 14 July 2010, archived from the original on 2 March 2011, retrieved 10 December 2010
  54. ↑ "Isabella Leong announces split from tycoon Richard Li", Channelnewsasia.com, 28 February 2011, retrieved 2 March 2011
  55. ↑ "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
  56. ↑ Li, Richard, Bio, RichardLi.com, archived from the original on 15 July 2011, retrieved 10 December 2010
  57. ↑ Francisco, Kieren McCarthy in San. "Meet the man who owns his own piece of the internet". www.theregister.com. Retrieved 5 September 2022.
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