Richard Li
Encyclopedia
Richard Li Tzar Kai is the younger son of successful entrepreneur Li Ka-Shing and brother of Victor Li
.
Li was 26th in the Forbes List of Hong Kong’s 40 Richest people for 2010. The same publication named Li as 773rd in the list of the world’s billionaires, with an estimated fortune of $1.3 billion.
. To earn money, he took shifts at McDonalds and also worked as a caddy at the local golf course. 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. Nevertheless, later press releases from PCCW described him as a "Stanford graduate". The claim appeared on PCCW's website, but was removed in 2001 after increased media scrutiny of the matter. Li stated in media comments afterwards that his company's publicity materials may have been "erroneous" and confirmed that he did not graduate from Stanford.
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.
and chairman of PCCW'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
. PCCW is a publicly traded company. In early 2009, Li attempted to take PCCW private again, offering to buy out existing public shareholders at HK$4.50 per share, a premium of nearly 55% to the HK$2.90 price before the offer was announced. In Hong Kong, acquisitions must be approved by shareholders with holdings totalling 75% of all voting shares, and additionally by a majority headcount of all shareholders no matter the size of their holdings. Shortly before the shareholders' vote on the issue, some large existing investors in PCCW granted shares to roughly 800 agents at Fortis Insurance Asia, following which a shareholder vote to approve the merger passed by 1,400 in favour vs. 850 against. As a result, activist shareholder
David Michael Webb
filed a complaint with the Hong Kong Securities and Futures Commission, resulting in an investigation by the SFC and an eventual court case against what its chairman Martin Wheatley
described as "malpractice and manipulation of voting". Court of First Instance
judge Susan Kwan initially approved the merger on 6 April on the grounds that such "share splitting" was legal in Hong Kong; however, the SFC appealed the case, and on 22 April, Anthony Rogers, Johnson Lam, and Aarif Barma of the Court of Appeal
ruled in favour of the SFC and against Li, thus blocking the buyout.
In June 2011, Hong Kong's stock exchange approved the carve-out of the telecommunications and mobile assets by PCCW, which also has broadband television, consulting and property businesses. The exchange initially rejected the proposal in April due to regulatory concerns. In September 2011 the final hurdles were cleared by Hong Kong’s stock exchange for PCCW to list its telecommunications assets as the city’s first publicly traded business trust. On 12 October 2011 PCCW shareholders approved the plan to spin off its telecommunications unit. The listing could raise more than $1 billion.
In September 2009, Li bought the asset management operations of AIG
, AIG Investments, for around $500 million. Renamed Pinebridge, the business currently has some US$90 billion of assets under management.
Mr Li is a representative of Hong Kong
, China
to the Asia Pacific Economic Cooperation (APEC) Business Advisory Council (ABAC) and was, along with Mr Anthony Nightingale, praised by the Secretary for Commerce and Economic Development
, Mrs Rita Lau
, for “helping [to] raise Hong Kong's profile in this important regional business forum”.
, 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 center support for charity fundraisers and community activists.
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.
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.
, but his term as member and association with the University has since ended. He is also a full member of the Hong Kong Computer Society
. He is a licensed pilot
, in the United States
and Canada
, and a licensed divemaster
.
In April 2009, Isabella Leong
, Li's girlfriend and a former Hong Kong singer
, gave birth to his son, Ethan Li. In June 2010, Leong gave birth to Li's twin sons in San Francisco.
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.
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.
Li is the Governor of the World Economic Forum for Information Technologies and Telecommunications, and a member of the Centre for International Development, the Global Information Infrastructure Commission.
Victor Li
Victor Li Tzar-kuoi is a Hong Kong-based businessman with Canadian citizenship. He is the son of tycoon Li Ka-shing and the brother of Richard Li. Li had a net worth of $730 million CDN in 2006. -Early years:...
.
Li was 26th in the Forbes List of Hong Kong’s 40 Richest people for 2010. The same publication named Li as 773rd in the list of the world’s billionaires, with an estimated fortune of $1.3 billion.
Education and early life
Li left Hong Kong aged thirteen to be educated at Menlo School in Atherton, CaliforniaAtherton, California
Atherton is an incorporated town in San Mateo County, California, United States. Its population was 6,914 at the 2010 census. In September 2010, Forbes magazine placed Atherton's zip code of 94027 at #2 on its annual list of America's most expensive zip codes, with a median home price of $4,010,200...
. To earn money, he took shifts at McDonalds and also worked as a caddy at the local golf course. He attended Stanford University
Stanford University
The Leland Stanford Junior University, commonly referred to as Stanford University or Stanford, is a private research university on an campus located near Palo Alto, California. It is situated in the northwestern Santa Clara Valley on the San Francisco Peninsula, approximately northwest of San...
, studying computer engineering
Computer engineering
Computer engineering, also called computer systems engineering, is a discipline that integrates several fields of electrical engineering and computer science required to develop computer systems. Computer engineers usually have training in electronic engineering, software design, and...
, but did not receive a degree; he states that he withdrew from the school for personal reasons after three years. Nevertheless, later press releases from PCCW described him as a "Stanford graduate". The claim appeared on PCCW's website, but was removed in 2001 after increased media scrutiny of the matter. Li stated in media comments afterwards that his company's publicity materials may have been "erroneous" and confirmed that he did not graduate from Stanford.
Li acquired Canadian citizenship
Canadian nationality law
Canadian citizenship is typically obtained by birth in Canada, birth abroad when at least one parent is a Canadian citizen and was born or naturalized in Canada, or by adoption abroad by at least one Canadian citizen. It can also be granted to a permanent resident who lives in Canada for three out...
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
Air Canada
Air Canada is the flag carrier and largest airline of Canada. The airline, founded in 1936, provides scheduled and charter air transport for passengers and cargo to 178 destinations worldwide. It is the world's tenth largest passenger airline by number of destinations, and the airline is a...
and Bell Canada Enterprises without running afoul of restrictions on foreign ownership.
Business activity
Li is chairman of PCCWPCCW
PCCW Limited is the holding company of HKT Group Holdings Limited, Hong Kong's premier telecommunications provider in the Information and Communications Technologies industry. PCCW also holds a majority interest in Pacific Century Premium Developments Limited...
and chairman of PCCW's executive committee. He is also chairman and chief executive of the Pacific Century Group
Pacific Century Group
Pacific Century Group was established in 1996 by Richard Li. PCCW of the group, which is taken over from Cable and Wireless in 2001, is listed on Hang Seng Index...
, chairman of Pacific Century Premium Developments Limited (PCPD), chairman of PCPD's executive committee and chairman of Singapore
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
-based Pacific Century Regional Developments Limited
Pacific Century Regional Developments Limited
Pacific Century Regional Developments Limited is a Singapore based company owned by Hong Kong's Richard Li, son of Hong Kong billionaire Li Ka Shing.PCRD Limited focus is a telecommunications services provider, as well as sales and services activities...
. PCCW is a publicly traded company. In early 2009, Li attempted to take PCCW private again, offering to buy out existing public shareholders at HK$4.50 per share, a premium of nearly 55% to the HK$2.90 price before the offer was announced. In Hong Kong, acquisitions must be approved by shareholders with holdings totalling 75% of all voting shares, and additionally by a majority headcount of all shareholders no matter the size of their holdings. Shortly before the shareholders' vote on the issue, some large existing investors in PCCW granted shares to roughly 800 agents at Fortis Insurance Asia, following which a shareholder vote to approve the merger passed by 1,400 in favour vs. 850 against. As a result, activist shareholder
Activist shareholder
An activist shareholder uses an equity stake in a corporation to put public pressure on its management. The goals of activist shareholders range from financial to non-financial...
David Michael Webb
David Michael Webb
David Michael Webb , usually known as David Webb, is a well-known activist and share market analyst in Hong Kong. He is a retired Investment Banker, and now devotes much of his time to advocating solutions for better corporate and economic governance in Hong Kong...
filed a complaint with the Hong Kong Securities and Futures Commission, resulting in an investigation by the SFC and an eventual court case against what its chairman Martin Wheatley
Martin Wheatley
-In London:Wheatley worked for the London Stock Exchange for 18 years, including six years on its board. He rose to the position of deputy chief executive, and was closely involved with the failed merger with Deutsche Borse which resulted in Gavin Casey's resignation from the LSE...
described as "malpractice and manipulation of voting". Court of First Instance
Court of First Instance (Hong Kong)
The Court of First Instance is one of two courts in the High Court of Hong Kong. The court has unlimited jurisdiction in both civil and criminal matters...
judge Susan Kwan initially approved the merger on 6 April on the grounds that such "share splitting" was legal in Hong Kong; however, the SFC appealed the case, and on 22 April, Anthony Rogers, Johnson Lam, and Aarif Barma of the Court of Appeal
Court of Appeal (Hong Kong)
The Court of Appeal deals with appeals on all civil and criminal cases from the Court of First Instance and the District Courts of Hong Kong. It is one of two courts that makes up the High Court of Hong Kong....
ruled in favour of the SFC and against Li, thus blocking the buyout.
In June 2011, Hong Kong's stock exchange approved the carve-out of the telecommunications and mobile assets by PCCW, which also has broadband television, consulting and property businesses. The exchange initially rejected the proposal in April due to regulatory concerns. In September 2011 the final hurdles were cleared by Hong Kong’s stock exchange for PCCW to list its telecommunications assets as the city’s first publicly traded business trust. On 12 October 2011 PCCW shareholders approved the plan to spin off its telecommunications unit. The listing could raise more than $1 billion.
In September 2009, Li bought the asset management operations of AIG
AIG
AIG is American International Group, a major American insurance corporation.AIG may also refer to:* And-inverter graph, a concept in computer theory* Answers in Genesis, a creationist organization in the U.S.* Arta Industrial Group in Iran...
, AIG Investments, for around $500 million. Renamed Pinebridge, the business currently has some US$90 billion of assets under management.
Mr Li is a representative of 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...
, China
China
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
to the Asia Pacific Economic Cooperation (APEC) Business Advisory Council (ABAC) and was, along with Mr Anthony Nightingale, praised by the Secretary for Commerce and Economic Development
Secretary for Commerce and Economic Development
The Secretary for Commerce and Economic Development , head of Commerce and Economic Development Bureau of the Hong Kong Government, is responsible for promoting the commerce and economic development in Hong Kong...
, Mrs Rita Lau
Rita Lau
Rita Lau Ng Wai Lan or Rita Ng Wai Lan, GBS, JP is a Hong Kong Government senior civil servant. She was appointed Secretary for Commerce and Economic Development in July 2008 after her predecessor Frederick Ma resigned due to health reasons...
, for “helping [to] raise Hong Kong's profile in this important regional business forum”.
Philanthropy
During the 2002–03 SARS outbreakProgress of the SARS outbreak
-November 2002:On November 16, 2002, an outbreak of what is believed to be severe acute respiratory syndrome , began in the Guangdong province of China, which borders on Hong Kong. The first case of infection was speculated to be a farmer in Foshan County...
, PCCW
PCCW
PCCW Limited is the holding company of HKT Group Holdings Limited, Hong Kong's premier telecommunications provider in the Information and Communications Technologies industry. PCCW also holds a majority interest in Pacific Century Premium Developments Limited...
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 center support for charity fundraisers and community activists.
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.
Later, in 2007, under Li's direction PCCW volunteers participated in the District Elderly Campaign sponsored by the Oriental Daily News
Oriental Daily News
Oriental Daily News is a Chinese language newspaper in Hong Kong. It was established in 1969. It is one of the two newspapers published by the Oriental Press Group Limited , found by Ma's Family.-History:While Oriental Daily targets at a more mature reader group, Sun Daily Oriental Daily News is...
Charitable Fund, the Sun Charitable Fund, and Po Leung Kuk
Po Leung Kuk
The Po Leung Kuk is a charitable organisation in Hong Kong that provides support for orphaned children, education and other services.-Founding of Po Leung Kuk:...
. The campaign' mission was to deliver gift packages to the elderly living in the Lower Ngau Tau Kok Estate.
Personal life
Away from business, Li has served as a council member of the Chinese University of Hong KongChinese University of Hong Kong
The Chinese University of Hong Kong is a research-led university in Hong Kong.CUHK is the only tertiary education institution in Hong Kong with Nobel Prize winners on its faculty, including Chen Ning Yang, James Mirrlees, Robert Alexander Mundell and Charles K. Kao...
, but his term as member and association with the University has since ended. He is also a full member of the Hong Kong Computer Society
Hong Kong Computer Society
Founded in 1970, the Hong Kong Computer Society is a non-profit organisation focused on developing Hong Kong's Information Technology industry...
. He is a licensed pilot
Pilot licensing and certification
Pilot licensing or certification refers to permits to fly aircraft that are issued by the National Aviation Authority in each country, establishing that the holder has met a specific set of knowledge and experience requirements. This includes taking a flying test. The certified pilot can then...
, in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
and Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
, and a licensed divemaster
Divemaster
A Divemaster is a diving qualification used throughout most of the world in scuba diving for a diver who has overall responsibility for a group of divers...
.
In April 2009, Isabella Leong
Isabella Leong
Isabella Leong Lok-Sze is a Hong Kong-based actress and former singer.- Career :Her father was a descendant of a prominent Macanese family of Portuguese-English heritage, and her mother is Chinese...
, Li's girlfriend and a former Hong Kong singer
Cantopop
Cantopop is a colloquialism for "Cantonese popular music". It is sometimes referred to as HK-pop, short for "Hong Kong popular music". It is categorized as a subgenre of Chinese popular music within C-pop...
, gave birth to his son, Ethan Li. In June 2010, Leong gave birth to Li's twin sons in San Francisco.
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.
Outside activities
In 2006, Li donated CA$Canadian dollar
The Canadian dollar is the currency of Canada. As of 2007, the Canadian dollar is the 7th most traded currency in the world. It is abbreviated with the dollar sign $, or C$ to distinguish it from other dollar-denominated currencies...
1 million to the Canadian National Arts Centre
National Arts Centre
The National Arts Centre is a centre for the performing arts located in Ottawa, Ontario, between Elgin Street and the Rideau Canal...
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.
Li is the Governor of the World Economic Forum for Information Technologies and Telecommunications, and a member of the Centre for International Development, the Global Information Infrastructure Commission.