Li Tse-fong

Li Tse-fong
Born	(1891-09-21) September 21, 1891 Hong Kong
Died	September 5, 1953(1953-09-05) (aged 61) Winnemucca, Nevada, United States
Occupation(s)	Entrepreneur, politician, banker
Known for	Co-founder of the Bank of East Asia; member of the Legislative Council of Hong Kong

Li Tse-fong (; 21 September 1891 – 5 September 1953) was a prominent entrepreneur and political figure in Hong Kong, recognized as a co-founder of the Bank of East Asia and a member of the Legislative Council of Hong Kong.

Education and business career

Born into the family of businessman Li Shek-pang in Hong Kong, Li completed his studies at Queen's College before becoming among the inaugural graduates of the University of Hong Kong in 1916, where he earned a Bachelor of Arts degree.

Following his education, he entered his father’s enterprises focused on rice trading and shipping. In 1917, he took the initiative to unite merchants aiming to secure exemptions for commercial vessels amid First World War maritime restrictions. By November 1918, Li co-established the Bank of East Asia alongside Fung Ping-shan, Kan Tung-po, and his brother Li Koon-chun. He held various leadership roles within the bank including assistant manager, manager, and eventually life director. Beyond banking, Li served as director for several public companies such as China Emporium, China Provident Co., Ltd., Green Island Cement Co., Ltd., and A. S. Watson Co., Ltd..

Public service

Li played a significant role on the 1930 Currency Committee responsible for introducing the Hong Kong Dollar. His public service extended to membership on the Board of Education starting in 1935 and participation in the University of Hong Kong Court from 1936. He contributed to teacher training initiatives and was involved with the War Revenue Committee in 1940.

In 1939, he was appointed to the Urban Council and served temporary terms on the Legislative Council in both 1939 and 1941. He also led key charitable organizations including Tung Wah Hospital and Po Leung Kuk as chairman.

During the period of the Japanese occupation of Hong Kong, Li accepted appointments to the Japanese-established Chinese Representative Council and Chinese Cooperative Council. However, in 1944 he stepped down from public duties amid allegations of collaboration—partly due to the Bank of East Asia’s operations under Japanese administration which involved issuing lottery tickets that supported Imperial forces. As a result, he was not reinstated to the Legislative Council after World War II.

The British military government under Brigadier David M. MacDougall observed that individuals like Li Tse-fong were contentious figures because of their wartime involvement, which influenced their exclusion from post-war official positions.

Death and family

Li passed away on 5 September 1953 in Winnemucca, Nevada while en route from Colorado Springs to San Francisco to visit his daughters. His remains were transported back to Hong Kong aboard the SS President Cleveland and interred at the Hong Kong Christian Churches Union Pokfulam Road Cemetery following a funeral service held at Saint Paul’s Church on 17 October attended by numerous community dignitaries.

He was married to Tang Sau-hing, daughter of the Mercantile Bank’s comprador, through whom he acquired substantial banking knowledge. The couple had nine children. Their second son, Li Fook-wo, later served on the Legislative Council. Their third son, Li Fook-tai, wed Alice Yui, daughter of former Republic of China Premier Yu Hung-chun. Andrew Li, son of another son Li Fook-kow, became the inaugural Chief Justice of the Court of Final Appeal for Hong Kong SAR.

Legacy

• The North Point St. Peter's Church of the Hong Kong Sheng Kung Hui, originally conceptualized by Li in 1950 and finalized in 1962, serves as a tribute to the memories of Li Tse-fong and Tang Sau-hing.
• Founded in 1998 at the University of British Columbia, the LI Tze Fong Memorial Scholarship provides financial support to exceptional graduates pursuing advanced degrees, including master's and doctoral programs, in any field. Those awarded this scholarship are recognized as Li Tze Fong Scholars.

See also

• Four big families of Hong Kong