Larry Yung
Larry Yung Chi-kin | |
|---|---|
| Born | Rong Zhijian January 31, 1942 Shanghai, China |
| Occupation | Entrepreneur |
| Years active | 1990–2009 (CITIC Pacific chairman) |
| Known for | Former chairman of CITIC Pacific |
Larry Yung Chi-kin, also known as Rong Zhijian (; born 31 January 1942), is a prominent Chinese entrepreneur and the former chairman of CITIC Pacific, a diversified conglomerate headquartered in Hong Kong. As reported by the Hurun Report, he was listed among mainland China's wealthiest individuals, possessing an estimated personal net worth of US$2.9 billion in 2013. Under his leadership, CITIC Pacific experienced its first significant financial setback in two decades—a loss amounting to $2 billion caused by speculative foreign exchange accumulator transactions—revealing deficiencies in the company's internal risk management. This incident led to a temporary halt in trading of CITIC Pacific shares on the Hong Kong Stock Exchange and subsequent police raids at the firm.
Early life
Yung was born in Shanghai into a business-oriented family; his father, Rong Yiren, served as vice president of China during the 1990s. He completed his secondary education at Shanghai's Nanyang Model High School in 1959 before pursuing electronic engineering studies at Tianjin University. His family history also includes his uncle Paul, who perished in Hong Kong's deadliest aviation accident on Basalt Island in 1948.
Cultural revolution
During the period of the Cultural Revolution, Yung's father faced exile due to their capitalist roots but later ascended to the vice presidency and developed close connections with Deng Xiaoping. Nicknamed "the Red Capitalist," Rong Yiren utilized governmental backing and capital resources, which allowed Larry Yung to initiate business ventures in Hong Kong with significant investment from the Chinese government, ultimately amassing considerable wealth.
CITIC Pacific
Yung assumed the role of chairman at CITIC Pacific, a subsidiary under his father's CITIC Group, in 1990. He remained at the helm until the foreign exchange losses controversy in 2008 led to his resignation on 8 April 2009.
Recent ventures
In 2007, Yung ventured into Shanghai's real estate sector with investments surpassing one billion RMB. Following his departure from CITIC in 2009, he established Yung's Enterprise Holdings, focusing primarily on property development and investment activities.