Li Fuzhao

Ronald Li Fook Shiu was a former chairman of the Hong Kong Exchanges and Clearing. During the October 1987 stock market crash, he ordered the market closed for four days, attracting widespread criticism. In 1990, while serving as chairman of the stock exchange, he was convicted and imprisoned for accepting illegal benefits.

Biography

Early life

Li was born in the ancestral home of the Li family on Kennedy Terrace, Mid-Levels, Hong Kong. He was a member of the prominent Li Pui-chai family and the youngest son of Li Tso-yuen. He was also the uncle of David Li Kwok-po and Arthur Li Kwok-cheung. Li attended St. Paul's Co-educational College and served as president of the alumni association from 1963 to 1967. In 1946, he enrolled in the Faculty of Arts at the University of Hong Kong. The following year, he transferred to Wittenberg University in the United States as a second-year student. After graduating with honors in 1950, he pursued an MBA at the University of Pennsylvania until 1951 and obtained an accountant qualification.

Stock Exchange Career

In 1969, Li founded the Far East Exchange and served as its first chairman. In 1986, following the merger of the four major exchanges in Hong Kong, he was elected chairman of the newly formed Stock Exchange of Hong Kong. On October 19, 1987, Black Monday triggered a global stock market crash, leading to the 1987 Hong Kong stock crisis. Li made the unprecedented decision to suspend trading for four days—making Hong Kong the only market worldwide to do so during the crash. The decision sparked criticism, and Legislative Councillor Martin Lee called for Li’s resignation in a council meeting.

At a press conference on October 26, 1987, an Australian journalist questioned whether Li’s decision to suspend trading was influenced by his personal interests and whether it was lawful. Enraged, Li pointed his finger at the journalist, rolled up his sleeves, pounded the table, and demanded the journalist’s name and address, threatening legal action. He said:

The press conference ended in chaos after reporters dragged the Australian journalist out of the room. Li was demoted to vice-chairman later that year. On January 2, 1988, the Independent Commission Against Corruption (ICAC) arrested Li, accusing him of accepting allocations of shares from companies seeking listing approval during his tenure. He was convicted and sentenced to four years in prison. He was released in 1993.

Li retired to Thailand in 1994. In 2012, he was diagnosed with stomach cancer, and died in 2014 at the age of 86.

Political Views

In 1987, Li twice publicly stated—during a television interview and at an international conference—that "Hong Kong is now a British colony and will soon be a Chinese colony," arguing that this status would ensure continued prosperity. His remarks reflected the realist perspective of conservative businessmen aligned with United Front policies. This notion of "Hong Kong becoming a new colony" has since gained traction in academic circles.

Family

In 1951, Li married Lo Hiu-wah. They had two sons and one daughter: Lawrence Li Kwok-lun, Dr. Alex Li Kwok-cheung, and Francis Li Chi-hang. His son-in-law is Ma Yung-yee, and his granddaughter’s husband is Ip Yik-nam.

See also

• Li Pui-chai family
• The Greed of Man (TVB drama)

References

• A Review of the Hong Kong Stock Crash, by Lui Chi-wah, Ming Pao Publishing