Frances Yung
Frances Yung Ming-fong | |
|---|---|
| Born | December 7, 1972 |
| Citizenship | Template:Canada Template:HK |
| Education | Benenden School |
| Children | 5 |
| Father | Larry Yung Chi-kin |
| Relatives | Rong Yiren (grandfather) Yang Jianqing (grandmother) Rong Desheng (great-grandfather) |
Frances Yung Ming-fong (born December 7, 1972) currently holds the position of Managing Director at Yung's Enterprise. Her previous executive experience includes leadership roles at CITIC Pacific and Citadel LLC. She has been appointed as director of the Group Finance Department at CITIC Pacific, served as deputy chairman of CITIC Pacific Communications Limited, and acted as director of the Hong Kong Eastern Harbour Tunnel Company. Beyond her corporate duties, Yung contributes as a Trustee of Benenden School, participates as a panelist for the China Oxford Scholarship Fund, and is a member of the Board of Trustees at the Chinese International School in Hong Kong.
Personal life
Daughter of former CITIC Pacific chairman Larry Yung Chi-kin, who was among mainland China's wealthiest individuals with an estimated net worth of US$2.9 billion in 2013, Frances Yung descends from a notable lineage. Her grandfather, Rong Yiren—known as "the Red Capitalist"—was influential in China's economic reforms and held the Vice Presidency from 1993 to 1998. Additionally, her great-grandfather Rong Desheng was a prominent Shanghai entrepreneur in textiles and flour milling prior to the Mao era. Her daughters have appeared at the prestigious Queen Charlotte's Ball in London and took part in their paternal grandfather’s tour of Russia in 2010.
Yung’s first marriage to Brian David Li Man-bun ended in divorce; the couple has three children together. She subsequently married Hu Haifeng, with whom she has two daughters who attended The Brearley School in Manhattan and completed their education at Institut auf dem Rosenberg earning the IB Diploma. Among her assets is a Manhattan residence located at 740 Park Avenue, valued at approximately $200 million.
She has also made a philanthropic commitment by pledging $10 million to support the Knight-Hennessy Scholars program.
2008 CITIC Pacific foreign exchange losses
In October 2008, Frances Yung, along with two other senior executives, engaged in unauthorized foreign exchange dealings at CITIC Pacific, which led to a significant loss amounting to HK$15.5 billion. Following this event, she was removed from her role within the finance department, experienced a demotion, and incurred a salary cut.
In 2007, Yung was ranked ninth on Forbes' list of Chinese billionaires; however, by 2008 her ranking dropped to 63rd after CITIC Pacific’s market value declined by 86% that year.