Leung Pak-tao

Francis Leung (Francis Leung; born 1955) is a Hong Kong investment banker and former Chairman and Non‑executive Director of Ima International (SEHK: 0585).

Career

Leung grew up in Ngau Tau Kok, Kowloon. He began Primary 3 at Salesian School in 1962 and completed Primary 6 in 1966, then attended Salesian English School (1971) and Rosary Church School. After graduating, he worked as a laboratory assistant before moving to Canada for further study.

In 1980, Leung earned an MBA from the University of Toronto. He returned to Hong Kong to join Wood Financial, an HSBC subsidiary, as a financial adviser, before moving to Wincor International (later Citibank). In 1988, he co‑founded the private bank Beaufort Investments with his former manager David Taylor, serving as Managing Director.

In 1989, Beaufort acquired a 30% stake in Kong Sang Hang for HK$226 million, and in 1990 took over Tai Shing International, renaming it Beaufort Investments. During the 1990s, Beaufort arranged Hong Kong listings for many mainland Chinese enterprises—known as red chips—including Shanghai Petrochemical and Shanghai Industrial, earning Leung the nickname "Father of Red Chips." The 1997 Asian Financial Crisis led to significant losses on Indonesian bonds, and Beaufort entered liquidation in 1998 under a government‑appointed inquiry.

After Beaufort, Leung became CEO and later Vice‑Chairman of BNP Paribas Beaufort in France. On 1 July 2001, he returned to Citigroup as Chairman and MD of Solomon Smith Barney Asia.

Association with Li Ka‑shing

Leung has maintained a close advisory role with Li Ka‑shing’s CK Hutchison conglomerate on IPOs and financings. He worked on the 1981 IPO of International City, the 1987 rights issue for Cheung Kong, the 2000 Tom.com IPO (oversubscribed 669 times), and the 2002 Cheung Kong Life Sciences listing.

In 2006, when PCCW considered selling assets to Macquarie and Newbridge Capital, Leung acquired 23% of PCCW from Richard Li for HK$9.16 billion, backed by Li Ka‑shing. He paid a HK$500 million deposit on 10 July and repaid it with interest on 19 July, with no further involvement from Li Ka‑shing.

Awards and honours

• 1991: Best Merchant Banker, Asian Finance
• Top 25 Asia Pacific Capital Markets Leaders, EuroWeek
• 2000: Banker of the Year, Financial Intelligence Asia
• 2000: Telecom/Media/Tech Banker of the Year, Financial Technology Asia

Public service

• Member, 12th National Committee of the CPPCC

References

• "From Housing Estate to Red Chip Father: Francis Leung’s Journey" (archived profile)
• China Review News: "Who is Francis Leung? Li Ka‑shing’s Banker"
• Xinhua News: "‘Father of Red Chips’ Francis Leung’s 20‑Year Banking Career"
• Xinhua News: "Leung Acquires 23% of PCCW for HK$9.16 Billion"
• People’s Daily: "China Netcom Welcomes ‘Father of Red Chips’ to PCCW"