Richard Li

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 2016.^[1] The same publication named Li as 317th in the list of the world's billionaires, with an estimated fortune of $4.7 billion.^[2]

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 McDonalds and also worked as a caddy at the local golf course.^[3] He attended Stanford University, studying computer engineering, but did not receive a degree; he states that he withdrew from the school for personal reasons after three years.^[4]

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.^[5]

Business activity

Li is chairman of PCCW, HKT Trust and HKT Limited, and chairman of PCCW's and HKT's executive committee. He is also chairman and chief executive of the Pacific Century Group, chairman of Pacific Century Premium Developments Limited (PCPD), chairman of PCPD's executive committee and chairman of Singapore-based Pacific Century Regional Developments Limited.^[6]

In September 2009, Li bought the asset management operations of AIG, AIG Investments, for around $500 million.^[7] Renamed PineBridge Investments, the business currently has approximately $83 billion of assets under management.

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.^[8] 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.^[9] On 12 October 2011 PCCW shareholders approved the plan.^[10] Li's involvement in the 2011 initial public offering of HKT Trust saw the company raise around $1.2 billion.^[11] In December 2013, HKT agreed to acquire CSL New World Mobility, a subsidiary of Australian network operator Telstra, for HK$18.8 billion.^[12] CSL currently runs the premium 1010 and mainstream CSL brands in Hong Kong. The transaction was completed in May 2014.

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.^[13] Since then, FWD has expanded into Indonesia and the Philippines. Most recently, the company announced its entry into the Singapore and Vietnam markets.^[14]

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.^[15]

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.^[16]

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.^[16]

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.^[16]

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.^[17] He is also a full member of the Hong Kong Computer Society. He is a licensed pilot, in the United States and Canada,^[18] and a licensed divemaster.^[19]

In April 2009, Isabella Leong, Li's girlfriend and a former Hong Kong singer, gave birth to his son, Ethan Li.^[20] In June 2010, Leong gave birth to Li's twin sons in San Francisco.^[21]

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.^[22][23]

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.^[24][25] 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.^[26] 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".^[27][28]

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.^[29]

References

External links

• The Official Website of Richard Li
• short bios. at Forbes world richest people 2006