Richard Li

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Chong Yuet-mingVictor Li Tzar-kuoi (brother)Stanford University (dropped out)|Personal details}} | label4 = Pronunciation | data4 =

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Richard Li Tzar-kai is a Hong Kong businessman and philanthropist. The founder and chairman of the private investment group Pacific Century Group (PCG),<ref name="Forbes_2020_Li">Template:Cite news</ref> Li started his career in the 1990s with the founding of STAR TV, a pan-Asian television network.<ref name="Wired"/> After founding PCG in 1993,<ref name="Wired"/> he went on to establish PCCW<ref name="Canadian"/> and HKT Trust.<ref name="Reuters_2011_Trust"/>

In 2010,<ref name="NewYork_2010_Deal">Template:Cite news</ref> PCG acquired the asset management business of AIG Investments<ref name="The Wall Street Journal"/> and renamed it to PineBridge Investments.<ref name="NewYork_2010_Deal"/> In 2013, PCG founded FWD Group.<ref name="AsiaInsuranceReview_2016_Completes"/> Richard Li currently serves as chairman of PCG,<ref name="Forbes_2020_Li"/> PCCW Ltd. and HKT Limited. He is also on the boards of companies including Pinebridge Investments.<ref name="Bloomberg_Richard_Li"/> Forbes listed his net worth in 2020 at $4.5 billion, ranking him 20th on its list of the richest businesspeople in Hong Kong.<ref name="Forbes_2020_Li"/>

Early life and educationEdit

Li was born in 1966 at their parent's residence in 79 Deep Water Bay Road, Deep Water Bay, Hong Kong,<ref name="Wired"/><ref>Template:Cite news</ref>Richard Li Tzar-kai is the youngest son of businessman Li Ka-shing.<ref name="TheStar_2019_Zhang">Template:Cite news</ref> 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.<ref name="Wired">Template:Citation</ref> He studied computer engineering at Stanford University until 1987.<ref name="LATimes_1994_Li">Template:Cite news</ref> Citing personal reasons, he withdrew from university after three years.<ref name="Kyodo">Template:Citation</ref>

CareerEdit

Founding PCGEdit

For the first three years of his career, Li managed funds at an investment bank in Toronto, Canada,<ref name="Wired"/> acquiring Canadian citizenship in the 1980s.<ref name="Canadian"/> In 1990 he began working in the fund-management department at Hutchison Whampoa in Hong Kong.<ref name="Wired"/> At Hutchison Whampoa, he was an executive director from 1992 until 1993 and deputy chairman from 1993 until 2000.<ref name="Bloomberg_Richard_Li">Template:Cite news</ref>

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.<ref name="Wired"/>

Using the funds raised from the sale of STAR TV, in 1993 Li founded Pacific Century Group (PCG), an Asia-based investment group<ref name="Wired"/> with Li serving as CEO and chairman.<ref name="Bloomberg_Richard_Li"/> Li subsequently oversaw PCG's investments in real estate,<ref name="Wired"/> financial services, technology, and media & telecommunications.<ref name="PCG_2017_Group">Template:Cite news</ref>Template:Primary source inline

He was an executive director at Hongkong Electric Holdings from 1993 until 2000,<ref name="Bloomberg_Richard_Li"/> and chairman of Singapore-based Pacific Century Regional Developments Limited starting in 1994,<ref name="topics"/><ref name="Bloomberg_Richard_Li"/> a role he still held in 2020.<ref name="Bloomberg_Richard_Li"/>

PCCW and HKT TrustEdit

In 1996, Li established Pacific Century CyberWorks (PCCW).<ref name="PCG_2017_Milestones">Template:Cite news</ref><ref name="Canadian"/><ref name="Bloomberg_Richard_Li"/> Serving as the company's chairman starting in 1999,<ref name="topics"/><ref name="Bloomberg_Richard_Li"/> he remained chairman when the company changed its name to PCCW Ltd. in 2002.<ref name="Bloomberg_Richard_Li"/>

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.<ref name="Canadian">Template:Citation</ref> 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.<ref name="Try this"/> Li joined the board of the Bank of East Asia in 2001, retaining the role until 2017.<ref name="topics"/>

In 2004, he created the property company PCPD, or Pacific Century Premium Developments, as a spinoff from PCCW,<ref name="Sentien_2006">Template:Cite news</ref> and was chairman of PCPD from 2004 until 2019.<ref name="Bloomberg_Richard_Li"/>

As chairman of both PCCW<ref name="Bloomberg_2011_Richard"/> and PCCW's executive committee,<ref name="topics">Template:Citation</ref> 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,<ref name="Reuters_2011_Trust"/> the listing plan was approved by the exchange in June 2011<ref name="WallStreet_2011_Polly">Nisha Gopalan and Polly Huy, "PCCW Seeks Listing for TrustPCCW Seeks Listing for Trust", Wall Street Journal, 1 September 2011</ref> and PCCW shareholders<ref name="Bloomberg_2011_Richard"/> on 12 October 2011,<ref name="FinanceAsia_2016_Approve">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> allowing for the creation of Hong Kong's first publicly traded business trust.<ref name="Bloomberg_2011_Richard">Template:Cite news</ref> The IPO ultimately raised around $1.2 billion.<ref name="Reuters_2011_Trust">Template:Cite news</ref> with PCCW maintaining a majority interest in both HKT Trust and HKT Limited.<ref name="PCCW_Group_Profile"/> In November 2011,<ref name="Bloomberg_Richard_Li"/> Li became chairman of HKT Trust, HKT Limited, and HKT's executive committee.<ref name="topics"/>

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.<ref name="Try this">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> In March 2015, PCCW Media acquired the mobile video provider Vuclip, and launched the streaming service Viu.<ref name="MarketingInteractive_2017">Template:Cite news</ref> Viu was rolled out to 24 markets globally over the next two years,<ref name="Variety_2017_Streaming">Template:Cite news</ref> 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.<ref name="Reuters_2017_Temasek">Template:Cite news</ref><ref name="TechCrunch_2017_PCCW">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> Li was 15th in the Forbes list of Hong Kong's 50 richest people for 2017.<ref name="Forbes_2017_Profile">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> The same publication named him 385th in the list of the world's billionaires, with an estimated fortune of $4.3 billion.<ref name="Forbes_2017_Ranking">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

PineBridge and FWD GroupEdit

In September 2009, Li oversaw PCG's acquisition of AIG Investments for around $500 million,<ref name="The Wall Street Journal">Template:Citation</ref> renaming the asset management company PineBridge Investments.<ref name="Pinebridge_Our_Overview">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

Re-entering the insurance business,<ref name="SCMP_2013_Taps"/> in March 2013, Li's PCG acquired the Hong Kong, Macau and Thailand insurance business of ING Groep N.V.<ref name="AsiaInsuranceReview_2016_Completes"/> for $2.1 billion,<ref name="FT_2019_Weinland"/> renaming it FWD Group.<ref name="AsiaInsuranceReview_2016_Completes">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> With backing by Swiss Re, Li expanded FWD Group through acquisitions,<ref name="FT_2019_Weinland">Template:Cite news</ref> appointing Ronald Arculli as FWD chairman in October 2013.<ref name="SCMP_2013_Taps">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> In 2015, Li then appointed former Canadian foreign affairs minister John Baird as a non-executive director to both FWD and PineBridge.<ref name="Globeand_2015_Chase"/> By 2016, Li had overseen FWD's expansion into Indonesia, the Philippines, Singapore, Vietnam and Japan.<ref name="Bloomberg_2016_AIG">Template:Cite news</ref><ref name="FWD_2017_Completes">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref name="VEconomic_2016_Banking">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

Recent developmentsEdit

After Li purchased the Hanazono resort in Niseko, Hokkaido in 2007<ref name="SCMP_2018_Giles"/> through his company Pacific Century Premium Developments, development was delayed by the 2011 earthquake and tsunami disaster.<ref name="BusinessTimes_2019_Aspen"/>

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<ref name="SCMP_2018_Giles">Template:Cite news</ref> nearing completion by late 2019.<ref name="BusinessTimes_2019_Aspen">Template:Cite news</ref>

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.<ref name="Insurance_2018_Olano">Template:Cite news</ref> In 2019, FWD had around $30 billion in assets under management.<ref name="FT_2019_Weinland"/> 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.<ref>Template:Cite news</ref> Under Li, the insurance group bolttech was launched in early 2020.<ref>Template:Cite news</ref>

He continued to chair Pacific Century Group in 2020,<ref name="Forbes_2020_Li"/> and remained chairman of PCCW Ltd. and HKT Limited. Also on the boards of companies such as PineBridge,<ref name="Bloomberg_Richard_Li"/> Li oversees PCCW subsidiaries such as PCCW Media and the IT and business process outsourcing company PCCW Solutions.<ref name="PCCW_Group_Profile">Template:Cite news</ref> 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.<ref name="Forbes_2020_Li"/>

Boards and public positionsEdit

Li is currently a member of the Global Information Infrastructure Commission, the United Nations, and the Center for Strategic and International Studies'<ref name="Bloomberg_Richard_Li"/> International Councillors Group in Washington DC.<ref name="Askmen">Template:Citation</ref><ref name="Milken_Li">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> He was previously the Governor of the World Economic Forum for Information Technologies and Telecommunications,<ref name="Bloomberg_Richard_Li"/> as well as a representative of the Hong Kong government at the APEC Business Advisory Council (ABAC) from 2009 to 2014.<ref name="APEK_hk">Template:Cite news</ref> 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".<ref name="Info_2009_HongKong">Press Release "Appointment of Hong Kong, China's representatives to ABAC", Hong Kong Gov website, 20 January 2009</ref><ref name="Info_2010_Press">Press release "Re-appointment of Hong Kong representatives to ABAC", Hong Kong Gov website, 23 December 2010</ref>

Li served as a council member of the Chinese University of Hong Kong,<ref name="CUHK_2011_Council">Chinese University of Hong Kong "The Council", Chinese University of Hong Kong, 2011</ref> but his association with the university has since ended.<ref name="CUHK_2020_Council">Chinese University of Hong Kong "The Council", Chinese University of Hong Kong, 2020</ref> He is a full member of the Hong Kong Computer Society.<ref name="AMSRV_Montly"/>

PhilanthropyEdit

In 2006, Li donated CA$1 million to the Canadian National Arts Centre Foundation in Ottawa,<ref name="Artist_2006_Wayback"/><ref name="Globeand_2015_Chase"/> which led to the establishment of the Annual Richard Li Young Artist Chair, putting young musicians each year under the mentorship of musical maestros.<ref name="Artist_2006_Wayback">Template:Citation</ref>

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.<ref name="FOP">Template:Citation</ref>

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.<ref>Template:Cite news</ref>

RecognitionEdit

Li was awarded the Lifetime Achievement Award by the Cable and Satellite Broadcasting Association of Asia in November 2011.<ref name="ForbesGlobal_2015_Li">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> He has also been presented with a Queen Elizabeth II Diamond Jubilee medal for "outstanding business and charitable contributions to Canada."<ref name="Globeand_2015_Chase">Template:Cite news</ref>

Personal lifeEdit

Li's girlfriend Isabella Leong, a former Hong Kong singer, gave birth to their son Ethan in April 2008,<ref name="channelasia">Template:Citation</ref> followed by twin sons in June 2010.<ref name="Xinhuanet">Template:Citation</ref> Leong announced in March 2011 that the couple had amicably ended their relationship and that both would be caring for the children.<ref name="ChannelNewsAsia">Template:Citation</ref><ref name="HK Standard">Template:Citation</ref> Li is a licensed pilot in the United States and Canada,<ref name="AMSRV_Montly">FAA "FAA Registry: Airmen Certification Inquiry", FAA, Updated monthly</ref> as well as a licensed divemaster.<ref name="Richard Li">Template:Citation</ref> In 2016, Li bought his own top-level domain (.richardli) for $250,000.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

ReferencesEdit

Template:Reflist

External linksEdit

Richard Li at Pacific Century Group