Larry Yung Chi Kin
Encyclopedia
Larry Yung Chi-kin (born January, 1942), also often called Rong Zhijian in mainland China, was the chairman of CITIC Pacific
, a Hong Kong
-based conglomerate
. According to Forbes Magazine
, he is one of the wealthiest person in mainland China
, with a personal net worth
of $2.2 billion US dollars as of March, 2007.. He was in charge of Citic Pacific when it made its first major loss in 20 years of USD 2B, by incorrectly speculating in FX accumulators, which subsequently exposed the lack of internal management controls, which culminated in a temporary suspension of Citic Pacific shares in the HKSE and police raids at CITIC.
Yung was born in Shanghai to a business man Rong Yiren
, who later became the vice president of China during the 1990s. He graduated from Shanghai Nanyang Model High School
in 1959 and attended the Tianjin University
majoring in electronic engineering
.
When the Cultural Revolution
started, because of his "capitalist" background, he was exiled to Liangshan in Sichuan
in 1966. After the turbulent years, Rong Yiren
came to good terms with Deng Xiaoping who came into power after Mao. With the support of the Chinese government and its capital, Yung Chi Kin moved to Hongkong and started businesses with the Chinese government as major shareholder, and he himself subsequently became one of the richest people in China.
His family's tie to the Communist Party of China
earned his nickname "the Red Capitalist." Yung is on the board of directors of the Hong Kong Jockey Club
. He is also the owner of a Bombardier Global Express
.
Yung was recently reported to have joined the rank of speculating the real estate business in Shanghai
with an investment more than one billion RMB.
CITIC Pacific
CITIC Pacific is a Hong Kong-based conglomerate holding company headquartered in the CITIC Tower, Admiralty, Hong Kong. It is 58% owned by the state-owned Citic Group in Beijing and has shareholders around the world.-Business areas:...
, a Hong Kong
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
-based conglomerate
Conglomerate (company)
A conglomerate is a combination of two or more corporations engaged in entirely different businesses that fall under one corporate structure , usually involving a parent company and several subsidiaries. Often, a conglomerate is a multi-industry company...
. According to Forbes Magazine
Forbes
Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...
, he is one of the wealthiest person in mainland China
Mainland China
Mainland China, the Chinese mainland or simply the mainland, is a geopolitical term that refers to the area under the jurisdiction of the People's Republic of China . According to the Taipei-based Mainland Affairs Council, the term excludes the PRC Special Administrative Regions of Hong Kong and...
, with a personal net worth
Net worth
In business, net worth is the total assets minus total outside liabilities of an individual or a company. For a company, this is called shareholders' preference and may be referred to as book value. Net worth is stated as at a particular year in time...
of $2.2 billion US dollars as of March, 2007.. He was in charge of Citic Pacific when it made its first major loss in 20 years of USD 2B, by incorrectly speculating in FX accumulators, which subsequently exposed the lack of internal management controls, which culminated in a temporary suspension of Citic Pacific shares in the HKSE and police raids at CITIC.
Yung was born in Shanghai to a business man Rong Yiren
Rong Yiren
Rong Yiren was the Vice-President of the People's Republic of China from 1993 to 1998 and was heavily involved with the opening of the Chinese economy to western investment. It is from this second accomplishment, that the western media called him "The Red Capitalist".-Biography:Rong was born in...
, who later became the vice president of China during the 1990s. He graduated from Shanghai Nanyang Model High School
Nanyang Model High School
Nanyang Paradigm High School Nanyang Paradigm High School Nanyang Paradigm High School (南洋模范中学, 南模） is located in Shanghai. It was one of the oldest public elementary schools in China.-History:Nanyang Paradigm High School was found in 1901 as an elementary school affiliated to Nanyang Public...
in 1959 and attended the Tianjin University
Tianjin University
Tianjin University is a national university under the direct administration of the Ministry of Education of China. It is the first university in modern Chinese education history. It was part of Peiyang University in 1895...
majoring in electronic engineering
Electronic engineering
Electronics engineering, also referred to as electronic engineering, is an engineering discipline where non-linear and active electrical components such as electron tubes, and semiconductor devices, especially transistors, diodes and integrated circuits, are utilized to design electronic...
.
When the Cultural Revolution
Cultural Revolution
The Great Proletarian Cultural Revolution, commonly known as the Cultural Revolution , was a socio-political movement that took place in the People's Republic of China from 1966 through 1976...
started, because of his "capitalist" background, he was exiled to Liangshan in Sichuan
Sichuan
' , known formerly in the West by its postal map spellings of Szechwan or Szechuan is a province in Southwest China with its capital in Chengdu...
in 1966. After the turbulent years, Rong Yiren
Rong Yiren
Rong Yiren was the Vice-President of the People's Republic of China from 1993 to 1998 and was heavily involved with the opening of the Chinese economy to western investment. It is from this second accomplishment, that the western media called him "The Red Capitalist".-Biography:Rong was born in...
came to good terms with Deng Xiaoping who came into power after Mao. With the support of the Chinese government and its capital, Yung Chi Kin moved to Hongkong and started businesses with the Chinese government as major shareholder, and he himself subsequently became one of the richest people in China.
His family's tie to the Communist Party of China
Communist Party of China
The Communist Party of China , also known as the Chinese Communist Party , is the founding and ruling political party of the People's Republic of China...
earned his nickname "the Red Capitalist." Yung is on the board of directors of the Hong Kong Jockey Club
Hong Kong Jockey Club
The Hong Kong Jockey Club is one of the oldest institutions in Hong Kong, founded in 1884 to promote horse racing. It was granted Royal Charter and renamed to "The Royal Hong Kong Jockey Club" in 1959...
. He is also the owner of a Bombardier Global Express
Bombardier Global Express
The Bombardier Global Express is an ultra long range corporate and VIP high speed jet aircraft produced by Bombardier Aerospace. The Bombardier Global 5000 is a slightly shorter version...
.
Yung was recently reported to have joined the rank of speculating the real estate business in Shanghai
Shanghai
Shanghai is the largest city by population in China and the largest city proper in the world. It is one of the four province-level municipalities in the People's Republic of China, with a total population of over 23 million as of 2010...
with an investment more than one billion RMB.
External links
- chinavitae.com: Biography
- Forbes China Rich List (November 1, 2005)
- Sina's Page On Rong Zhijian