Feng Yongxiang
Fung Wing-cheung (born 1951) is a Hong Kong financial figure of Guangzhou, Guangdong origin, nicknamed "Bad Boy of the Stock Market". He is the second son of Fung King-hey, founder of Sun Hung Kai Securities. He formerly served as Chairman of Sun Hung Kai Securities and Chairman of Yu Ming Group.
Biography
Fung Wing-cheung studied at the University of Waterloo in Canada but did not graduate. In 1973, he joined his father's company, Sun Hung Kai Securities, as his elder brother Fung Wing-fat had no interest in the financial business. In August 1985, his father Fung King-hey died suddenly of cerebral hemorrhage during a cruise, and Fung Wing-cheung succeeded him as Chairman of Sun Hung Kai Securities. In 1989, he founded Sun Hung Kai Industries, which was listed the following year.[1]
On March 23, 1986, Fung Wing-cheung and the Lee family co-founded the company Bassina, proposing to acquire all shares of Chinese Estates Holdings at HK$16 per share. Later, Joseph Lau joined the takeover battle and ultimately succeeded in acquiring Chinese Estates.[2]
In 1996, Fung sold 33% of Sun Hung Kai Securities, founded by his father, to United Land, owned by Lee Ming-chee, and only retained ownership of Sun Hung Kai Industries, serving as its chairman. Together with his partner Fung Yiu-fai, he restructured the company and renamed it Yu Ming Investments.[1]
In 2002, Yu Ming made a series of one-cent-per-share takeover offers for several listed companies with substantial assets or cash reserves. The most notable was China Motor Bus, which held HK$4 billion in assets. However, all acquisition attempts failed. Afterwards, the Securities and Futures Commission revised the Code on Takeovers and Mergers to prevent similar one-cent acquisitions from recurring.[1]
In 2007, Fung acquired Hong Kong investment properties from Yu Ming and resigned as its chairman in May 2008.[3] That same year, he invested in the GEM-listed company Greater China Technology. In July 2009, he acquired a 66.58% stake in Fast Access Air Conditioning, a company that manufactured energy-saving equipment, and renamed Greater China Technology to Eco-Tek Holdings.[4] In September 2010, Chinese "Prince of Gymnastics" Li Ning injected shares of his listed company Li Ning Company Limited into Eco-Tek, causing the stock price to soar tenfold.[5] On November 24, 2010, Eco-Tek Holdings was renamed to Viva China Holdings Limited.
In 2007, he was awarded the title of Honorary Fellow by the Chinese University of Hong Kong.[6]
In 2013, Fung Wing-cheung acquired Reef Casino Trust for HK$1.54 billion. Reef Casino Trust owns The Reef Hotel Casino in Cairns, Northern Queensland, Australia.[7]
In 2015, Fung made a major investment in Queensland, Australia, purchasing the Patinack Farm training base for racehorses and officially renamed it "Aston Farm".
Family
Fung Wing-cheung's father, Fung King-hey, was the founder of Sun Hung Kai Securities. He has one elder brother and two younger sisters: elder brother Fung Wing-fat, third sister Fung Yee-man, and youngest sister Fung Yee-ling. Fung Wing-cheung has been married three times.
Racehorse Ownership
Fung Wing-cheung and his son Fung Sheung-yan are members and owners with the Hong Kong Jockey Club. They began owning racehorses in Hong Kong during the 2016/2017 racing season, with a horse named "Go Fortune".
Public Service
- 1988–2003: Member of the Chinese People's Political Consultative Conference (7th, 8th, and 9th Sessions)
- 1988–1990: Vice Chairman of the Council of the Hong Kong Stock Exchange
- 1994–1997: Council Member of the Hong Kong Stock Exchange
- 1986–1994: Board Member of New Asia College, CUHK
- 1987–1993: Chairman of the Employment Advisory Board, CUHK
- 2000–present: Member of the Finance Committee of the CUHK Council
- Standing Committee Member of the Hong Kong General Chamber of Commerce
References
- ↑ 1.0 1.1 1.2 Headline No.1: Fung Brothers Prey on the Stock Market Next Magazine, Issue 1010, July 16, 2009
- ↑ Hong Kong Chinese Capital Groups by Fung Bong-yin, Joint Publishing
- ↑ Yu Ming (00666): Fung Wing-cheung Resigns as Chairman and Non-Executive Director
- ↑ Fung Wing-cheung Returns to Lead Eco Hot Water Heater Business – Acquires Fast Access Air Conditioning, Greater China Surges 41% Ming Pao, July 3, 2009
- ↑ A Big Move Late in the Game: Fung Yiu-fai Next Magazine, Issue 1070, September 9, 2010
- ↑ Honorary Fellows List Chinese University of Hong Kong
- ↑ Central Watch: Stock Market Bad Boy Won’t Stay Quiet – Fung Wing-cheung Becomes Gambling King Apple Daily, November 14, 2013