Richard Li

Li was born in 1966 at their parent's residence in 79 Deep Water Bay Road, Deep Water Bay, Hong Kong,{{Cite news |title=继承者：李泽钜 or 李泽楷？ |url=https://zhuanlan.zhihu.com/p/34756279 |archive-url=http://web.archive.org/web/20200505095228/https://zhuanlan.zhihu.com/p/34756279 |archive-date=2020-05-05 |access-date=2025-03-18 |work=知乎专栏 |language=zh}}Richard Li Tzar-kai is the youngest son of businessman Li Ka-shing.{{cite news |last=Zhang |first=Karen |date=July 4, 2019|title=Son of HK's richest man to stay on Shantou University council, his foundation says amid concerns |url=https://www.thestar.com.my/news/regional/2019/07/04/son-of-hong-kongs-richest-man-li-kashing-will-stay-on-shantou-university-council-his-foundation-says |work=The Star |access-date=December 3, 2020 }} 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.{{citation|url=https://www.wired.com/wired/archive/7.05/li_pr.html|periodical=Wired Magazine|title=Empire of the Son|date=July 2005|access-date=10 December 2010|last=McGill|first=Douglas C.}} He studied computer engineering at Stanford University until 1987.{{cite news |last=Courtney |first=Christine |date=April 11, 1994 |title=Hong Kong Rich Kid Turns Asia on Its Headset|url=https://www.latimes.com/archives/la-xpm-1994-04-11-fi-44804-story.html |work=Los Angeles Times |access-date=December 3, 2020 }} Citing personal reasons, he withdrew from university after three years.{{citation|url=http://findarticles.com/p/articles/mi_m0WDP/is_2001_March_26/ai_72696450/|archive-url=https://web.archive.org/web/20071201202023/http://findarticles.com/p/articles/mi_m0WDP/is_2001_March_26/ai_72696450/|archive-date=1 December 2007|publisher=Kyodo News|date=26 March 2001|access-date=30 September 2011|title=H.K. tycoon Richard Li confirms he is no Stanford graduate}}

For the first three years of his career, Li managed funds at an investment bank in Toronto, Canada, acquiring Canadian citizenship in the 1980s. In 1990 he began working in the fund-management department at Hutchison Whampoa in Hong Kong. At Hutchison Whampoa, he was an executive director from 1992 until 1993 and deputy chairman from 1993 until 2000.{{cite news |title=Richard Li |url=https://www.bloomberg.com/profile/person/1552480 |work=Bloomberg |location= |access-date=January 11, 2021 }}

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.

Using the funds raised from the sale of STAR TV, in 1993 Li founded Pacific Century Group (PCG), an Asia-based investment group with Li serving as CEO and chairman. Li subsequently oversaw PCG's investments in real estate, financial services, technology, and media & telecommunications.{{Cite news|url=http://www.pcg-group.com/leadership/|title=Leadership - Pacific Century Group|work=Pacific Century Group|access-date=8 September 2017|language=en-US}}{{primary source inline|date=May 2018}}

He was an executive director at Hongkong Electric Holdings from 1993 until 2000, and chairman of Singapore-based Pacific Century Regional Developments Limited starting in 1994, a role he still held in 2020.

In 1996, Li established Pacific Century CyberWorks (PCCW).{{Cite news|url=http://www.pcg-group.com/milestones/|title=Milestones - Pacific Century Group|work=Pacific Century Group|access-date=8 September 2017|language=en-US}} Serving as the company's chairman starting in 1999, he remained chairman when the company changed its name to PCCW Ltd. in 2002.

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.{{citation|url=https://dealbook.nytimes.com/2007/05/31/richard-li-may-join-bell-canada-bidders/|title=Richard Li May Join Bell Canada Bidders|periodical=The New York Times|date=31 May 2007|access-date=13 March 2011}} 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. Li joined the board of the Bank of East Asia in 2001, retaining the role until 2017.

In 2004, he created the property company PCPD, or Pacific Century Premium Developments, as a spinoff from PCCW,{{cite news |date=July 12, 2006 |title=After Selling PCCW, in which industry will RICHARD LI find his future?|url=https://www.asiasentinel.com/p/after-selling-pccw-in-which-industry-will-richard-li-find-his-future-2|work=Asia Sentinel |location= |access-date= January 11, 2020}} and was chairman of PCPD from 2004 until 2019.

As chairman of both PCCW and PCCW's executive committee,{{citation|periodical=The Wall Street Journal|title=Topics: Richard Li|url=http://topics.wsj.com/person/l/richard-tk-li/527|access-date=9 December 2010|archive-url=https://archive.today/20130210133123/http://topics.wsj.com/person/l/richard-tk-li/527|archive-date=10 February 2013}} 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, the listing plan was approved by the exchange in June 2011Nisha Gopalan and Polly Huy, [https://www.wsj.com/articles/SB10001424053111904583204576543442183646456 "PCCW Seeks Listing for TrustPCCW Seeks Listing for Trust"], Wall Street Journal, 1 September 2011 and PCCW shareholders on 12 October 2011,{{Cite web|url=http://www.financeasia.com/news/276574,pccw-shareholders-approve-hkt-trust-spin-off.aspx#|title=PCCW shareholders approve HKT Trust spin-off|access-date=28 July 2016}} allowing for the creation of Hong Kong's first publicly traded business trust.{{Cite news|url=https://www.bloomberg.com/news/articles/2011-09-09/richard-li-s-pccw-said-to-win-approval-for-first-hong-kong-business-trust|title=PCCW Said to Win Approval for First Hong Kong Business Trust|last1=Hu|first1=Fox|last2=Lee|first2=Mark|newspaper=Bloomberg|date=9 September 2011 |access-date=28 July 2016}} The IPO ultimately raised around $1.2 billion.{{cite news |author=Elzio Barreto and Lee Chyen Yee |date=November 23, 2011 |title=UPDATE 3-PCCW's HKT Trust to raise $1.2bln in Hong Kong IPO |url=https://www.reuters.com/article/pccw-hkttrust-idUSL4E7MN00G20111123 |work=Reuters |access-date=1 July 2017 |archive-date=13 December 2011 |archive-url=https://web.archive.org/web/20111213160316/http://www.reuters.com/article/2011/11/23/pccw-hkttrust-idUSL4E7MN00G20111123 |url-status=live }} with PCCW maintaining a majority interest in both HKT Trust and HKT Limited. In November 2011, Li became chairman of HKT Trust, HKT Limited, and HKT's executive committee.

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.{{Cite web|url=http://www.scmp.com/business/companies/article/1386552/hkt-acquire-csl-new-world-mobility-us2425-billion-deal|title=HKT's acquisition of CSL makes Richard Li telecoms kingpin again|date=20 December 2013 |access-date=8 August 2016}} In March 2015, PCCW Media acquired the mobile video provider Vuclip, and launched the streaming service Viu.{{Cite news|url=http://www.marketing-interactive.com/pccw-media-looks-beyond-hong-kong-vuclip-investment/|title=PCCW Media looks beyond Hong Kong with Vuclip investment - Marketing Magazine|work=Marketing Interactive|access-date=8 September 2017|language=en-US}} Viu was rolled out to 24 markets globally over the next two years,{{Cite news|url=https://variety.com/2017/biz/news/hony-foxconn-temasek-invest-in-pccw-streaming-ventures-1202522322/|title=Hony, Foxconn, Temasek Back PCCW Streaming Ventures|last=Frater|first=Patrick|date=10 August 2017|work=Variety|access-date=8 September 2017|language=en-US}} 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.{{Cite news|url=https://www.reuters.com/article/pccw-ma/hony-capital-foxconn-ventures-and-temasek-invest-in-pccw-ott-idUSL4N1KW40G|title=Hony Capital, Foxconn Ventures and Temasek invest in PCCW OTT|work=Reuters|access-date=8 September 2017}}{{Cite web|url=https://techcrunch.com/2017/08/10/pccw-media-raises-110m/|title=PCCW Media raises $110M for its video and music streaming services in Asia {{!}} TechCrunch|last=Russell|first=Jon|date=10 August 2017 |access-date=8 September 2017}} Li was 15th in the Forbes list of Hong Kong's 50 richest people for 2017.{{Cite web|url=https://www.forbes.com/profile/richard-li/?list=hong-kong-billionaires|title=Richard Li|website=Forbes |access-date=16 August 2017}} The same publication named him 385th in the list of the world's billionaires, with an estimated fortune of $4.3 billion.{{Cite web|url=https://www.forbes.com/profile/richard-li/|title=Richard Li|website=Forbes |access-date=16 August 2017}}

In September 2009, Li oversaw PCG's acquisition of AIG Investments for around $500 million,{{citation|url=https://online.wsj.com/article/NA_WSJ_PUB:SB125226030606889371.html|periodical=The Wall Street Journal|title=Li Is Back in Game with AIG Purchase|date=7 September 2009|access-date=9 December 2010|first=Rick|last=Carew}} renaming the asset management company PineBridge Investments.{{Cite web|url=https://www.pinebridge.com/our-company/overview|title=PineBridge Investments, assets under management, data as of 30 June 2017|website=www.pinebridge.com|access-date=8 September 2017}}

Re-entering the insurance business, in March 2013, Li's PCG acquired the Hong Kong, Macau and Thailand insurance business of ING Groep N.V. for $2.1 billion, renaming it FWD Group.{{Cite web|url=http://www.asiainsurancereview.com/News/View-NewsLetter-Article?id=27094&Type=eDaily|title=Asia: Pacific Century Group completes acquisition of ING units|language=en-US|access-date=8 August 2016}} With backing by Swiss Re, Li expanded FWD Group through acquisitions,{{cite news |last=Weinland |first=Don |date=June 28, 2019 |title=Richard Li's FWD Group acquiring an Asian insurance empire|url=https://www.ft.com/content/92bf47bc-3a61-11e9-b856-5404d3811663 |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/92bf47bc-3a61-11e9-b856-5404d3811663 |archive-date=10 December 2022 |url-access=subscription|work=Financial Times |location= |access-date=January 11, 2021 }} appointing Ronald Arculli as FWD chairman in October 2013.{{Cite web|url=http://www.scmp.com/business/companies/article/1338612/richard-li-taps-former-hkex-chairman-join-insurance-venture|title=Richard Li appoints Ronald Arculli as chairman of insurer FWD|date=24 October 2013 |language=en-US|access-date=24 October 2013}} In 2015, Li then appointed former Canadian foreign affairs minister John Baird as a non-executive director to both FWD and PineBridge. By 2016, Li had overseen FWD's expansion into Indonesia, the Philippines, Singapore, Vietnam and Japan.{{Cite news|url=https://www.bloomberg.com/news/articles/2016-11-14/aig-to-sell-fuji-life-insurer-in-japan-to-li-s-pacific-century|title=Richard Li's FWD Poised to Buy AIG's Fuji Life Insurance|date=14 November 2016|work=Bloomberg.com|access-date=8 September 2017}}{{Cite web|url=https://www.fwd.com.hk/en/press/2017/FWD-Group-Completes-Acquisition-of-AIG-Fuji-Life-Insurance-Company/|title=FWD Group Completes Acquisition of AIG Fuji Life Insurance Company {{!}} FWD Hong Kong|website=www.fwd.com.hk|access-date=8 September 2017}}{{Cite web|url=http://vneconomictimes.com/article/banking-finance/great-eastern-vietnam-sold-to-fwd-group|title=Great Eastern Vietnam sold to FWD Group|access-date=8 August 2016}}

After Li purchased the Hanazono resort in Niseko, Hokkaido in 2007 through his company Pacific Century Premium Developments, development was delayed by the 2011 earthquake and tsunami disaster.

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{{cite news |last=Giles |first=Oliver |date=April 22, 2018 |title=How a failing Japanese ski resort became Aspen of Asia as luxury hotels and wealthy Asians replaced backpackers and hostels|url=https://www.scmp.com/lifestyle/interiors-living/article/2142637/how-failing-japanese-ski-resort-became-aspen-asia-luxury|work=South China Morning Post |location= |access-date=January 11, 2021 }} nearing completion by late 2019.{{cite news |last= |first= |date=December 31, 2019 |title=Lured by deep powder, foreigners are investing in the Aspen of Japan|url=https://www.businesstimes.com.sg/real-estate/lured-by-deep-powder-foreigners-are-investing-in-the-aspen-of-japan|work=Business Times |location= |access-date=January 11, 2021}}

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.{{cite news |last=Olano |first=Gabriel |date=October 31, 2018 |title=Southeast Asia has huge potential for insurance – Richard Li|url=https://www.insurancebusinessmag.com/asia/news/breaking-news/southeast-asia-has-huge-potential-for-insurance--richard-li-115039.aspx|work=Insurance Business Magazine |location= |access-date=January 11, 2021}} In 2019, FWD had around $30 billion in assets under management. 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.{{cite news |last=Pui Gwen |first=Yeung |date=August 8, 2019|title=Billionaire Richard Li's HKT Says Profit Up 16%, Targets 5G Launch Next Year|url=https://www.forbes.com/sites/puigwenyeung/2019/08/08/billionaire-richard-lis-hkt-says-profits-up-16-targets-5g-launch-next-year/#b9c25bb4cff9|work=Forbes |location= |access-date=January 11, 2021 }} Under Li, the insurance group bolttech was launched in early 2020.{{cite news |last= |first= |date=|title=Pacific Century Group appoints group CEO of bolttecht|url=https://www.theasset.com/article/40134/pacific-century-group-appoints-group-ceo-of-bolttech|work=The Asset |location= |access-date=January 11, 2021}}

He continued to chair Pacific Century Group in 2020, and remained chairman of PCCW Ltd. and HKT Limited. Also on the boards of companies such as PineBridge, Li oversees PCCW subsidiaries such as PCCW Media and the IT and business process outsourcing company PCCW Solutions.{{Cite news|url=http://www.pccw.com/About+PCCW/Company+Profile/The+Group?language=en_US|title=PCCW, company profile|work=PCCW}} 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.

Li is currently a member of the Global Information Infrastructure Commission, the United Nations, and the Center for Strategic and International Studies' International Councillors Group in Washington DC.{{citation|url=http://www.askmen.com/specials/2006_top_49/richard-li-40.html|periodical=Ask Men|title=Richard Li|year=2006|access-date=10 December 2010}}{{Cite web|url=http://www.milkeninstitute.org/events/conferences/global-conference/global-conference-2015/speaker-detail/19361|title=Global Conference 2015 Speaker: Richard Li|access-date=28 July 2016|archive-date=25 March 2016|archive-url=https://web.archive.org/web/20160325185721/http://www.milkeninstitute.org/events/conferences/global-conference/global-conference-2015/speaker-detail/19361}} He was previously the Governor of the World Economic Forum for Information Technologies and Telecommunications, as well as a representative of the Hong Kong government at the APEC Business Advisory Council (ABAC) from 2009 to 2014.{{cite news |title=Hong Kong ABAC Members |url=http://hk-apec.com.hk/c.php?id=5 |work=Hong Kong APEC Policy Group }} 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".Press Release [http://www.info.gov.hk/gia/general/200901/20/P200901200129.htm "Appointment of Hong Kong, China's representatives to ABAC"], Hong Kong Gov website, 20 January 2009Press release [http://www.info.gov.hk/gia/general/201012/23/P201012220202.htm "Re-appointment of Hong Kong representatives to ABAC"], Hong Kong Gov website, 23 December 2010

Li served as a council member of the Chinese University of Hong Kong,Chinese University of Hong Kong [http://www.cuhk.edu.hk/governance/council/english/composition.html "The Council"], Chinese University of Hong Kong, 2011 but his association with the university has since ended.Chinese University of Hong Kong [http://www.cuhk.edu.hk/governance/council/english/composition.html "The Council"], Chinese University of Hong Kong, 2020 He is a full member of the Hong Kong Computer Society.

In 2006, Li donated CA$1 million to the Canadian National Arts Centre Foundation in Ottawa, which led to the establishment of the Annual Richard Li Young Artist Chair, putting young musicians each year under the mentorship of musical maestros.{{citation |url=http://www.nac-cna.ca/en/news/viewnews.cfm?ID=1966 |archive-url=https://wayback.archive-it.org/all/20091231203914/http://www.nac-cna.ca/en/news/viewnews.cfm?ID=1966 |archive-date=31 December 2009 |location=Canada |publisher=National Arts Centre |title=Apprentices with the National Arts Centre's Institute for Orchestral Studies selected to hold the title of Richard Li Young Artists Chair for 2009–2010 season |date=30 September 2009 |access-date=10 December 2010 }}

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.{{citation|url=http://www.facesofphilanthropy.com/richard-li/|title=Richard Li's Philanthropy page|publisher=Faces of Philanthropy|access-date=28 December 2010}}

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.{{cite news |last= |first= |date=February 20, 2020|title=100,000 masks for Hospital Authority|url=https://www.thestandard.com.hk/breaking-news/section/2/142248/100,000-masks-for-Hospital-Authority|work=The Standard |location= }}

Li was awarded the Lifetime Achievement Award by the Cable and Satellite Broadcasting Association of Asia in November 2011.{{Cite web|url=http://2015.forbesglobalceoconference.com/richard-li|title=Richard Li - Towards A Winning Vision|date=2015|website=2015.forbesglobalceoconference.com|access-date=8 August 2016}} He has also been presented with a Queen Elizabeth II Diamond Jubilee medal for "outstanding business and charitable contributions to Canada."{{cite news |last=Chase |first=Steven |date=April 2, 2015 |title=John Baird lands yet another job as adviser to Hong Kong billionaire|url=https://www.theglobeandmail.com/news/politics/john-baird-lands-yet-another-job-as-adviser-to-hong-kong-billionaire/article23786325/|work=The Globe and Mail |location= |access-date=January 11, 2021 }}

Li's girlfriend Isabella Leong, a former Hong Kong singer, gave birth to their son Ethan in April 2008,{{citation|url=http://www.channelnewsasia.com/stories/entertainment/view/436327/1/.html|website=Channelnewsasia.com|title=Isabella Leong a few obstacles away from becoming a Li|date=16 June 2009|access-date=10 December 2010|archive-date=29 September 2009|archive-url=https://web.archive.org/web/20090929221852/http://www.channelnewsasia.com/stories/entertainment/view/436327/1/.html}} followed by twin sons in June 2010.{{citation|periodical=Xinhua News|url=http://news.xinhuanet.com/english2010/china/2010-07/14/c_13399632.htm|date=14 July 2010|access-date=10 December 2010|title=Isabella Leong gives birth to twin sons|archive-url=https://web.archive.org/web/20110302112127/http://news.xinhuanet.com/english2010/china/2010-07/14/c_13399632.htm|archive-date=2 March 2011}} Leong announced in March 2011 that the couple had amicably ended their relationship and that both would be caring for the children.{{citation|url=http://www.channelnewsasia.com/stories/entertainment/view/1113412/1/.html|website=Channelnewsasia.com|title=Isabella Leong announces split from tycoon Richard Li|date=28 February 2011|access-date=2 March 2011}}{{citation|url=http://www.thestandard.com.hk/news_detail.asp?we_cat=21&art_id=108670&sid=31484549&con_type=1&d_str=20110302&fc=2|periodical=The Hong Kong Standard|title=Talk of other women way off the money, says Li|date=2 March 2011|access-date=2 March 2011|archive-url=https://web.archive.org/web/20110628201122/http://www.thestandard.com.hk/news_detail.asp?we_cat=21&art_id=108670&sid=31484549&con_type=1&d_str=20110302&fc=2|archive-date=28 June 2011}} Li is a licensed pilot in the United States and Canada,FAA [https://amsrvs.registry.faa.gov/airmeninquiry/Detail.aspx?uniqid=A2856156&certNum=1 "FAA Registry: Airmen Certification Inquiry"], FAA, Updated monthly as well as a licensed divemaster.{{citation|last=Li |first=Richard |title=Bio |publisher=RichardLi.com |access-date=10 December 2010 |url=http://www.richardli.com/bio.html |archive-url=https://web.archive.org/web/20110715183403/http://www.richardli.com/bio.html |archive-date=15 July 2011 }} In 2016, Li bought his own top-level domain (.richardli) for $250,000.{{Cite web |last=Francisco |first=Kieren McCarthy in San |title=Meet the man who owns his own piece of the internet |url=https://www.theregister.com/2016/05/12/meet_the_man_who_owns_his_own_piece_of_the_internet/ |access-date=2022-09-05 |website=www.theregister.com |language=en}}

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• [http://www.pcg-group.com/ Richard Li] at Pacific Century Group

{{DEFAULTSORT:Li, Richard}}

Category:1966 births

Category:Living people

Category:Bank of East Asia

Category:Cable television company founders

Category:Hong Kong billionaires

Category:Chaoshanese people

Category:Hong Kong chief executives

Category:Hong Kong emigrants to Canada

Category:Hong Kong financial businesspeople

Category:Hong Kong philanthropists

Category:Naturalized citizens of Canada

Category:Pacific Century Group

Category:Stanford University alumni

Category:Alumni of St. Paul's Co-educational College

Category:People who fabricated academic degrees

Category:Members of the Election Committee of Hong Kong, 2007–2012

Category:Members of the Election Committee of Hong Kong, 2017–2021

Category:Members of the Election Committee of Hong Kong, 2021–2026