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 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.^[1] By 2015 Li improved his position to #360 with a net worth 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 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.^[6]

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.^[7] 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.^[8] On 12 October 2011 PCCW shareholders approved the plan to spin off its telecommunications unit.^[9] The listing could raise more than $1 billion.^[9]

In September 2009, Li bought the asset management operations of AIG, AIG Investments, for around $500 million.^[10] Renamed PineBridge Investments, the business currently has some US$67 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”.^[11][12]

His involvement in the 2011 initial public offering of the HKT Trust, PCCW’s telecom business spinoff, saw the company raise around $1.2 billion.^[13]

In April 2015 Mr. Li hired former Canadian foreign affairs minister John Baird to be his investment adviser.^[14]

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 center support for charity fundraisers and community activists.^[15]

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.^[15]

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.^[15]

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.^[16] He is also a full member of the Hong Kong Computer Society. He is a licensed pilot, in the United States and Canada,^[17] and a licensed divemaster.^[18]

In April 2009, Isabella Leong, Li's girlfriend and a former Hong Kong singer, gave birth to his son, Ethan Li.^[19] In June 2010, Leong gave birth to Li's twin sons in San Francisco.^[20]

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.^[21][22]

Outside activities

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.^[23]

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.^[24]

Li has been a representative of the Hong Kong government at the APEC Business Advisory Council (ABAC) since 2009.^[25]

References

External links

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