Li Zekai

Richard Li Tzar Kai** (born November 8, 1966), a native of Chaozhou, Guangdong, holds dual citizenship in Canada and the People's Republic of China (Hong Kong). He was raised in Hong Kong and the United States. He is the younger son of Hong Kong tycoon Li Ka-shing and the younger brother of Victor Li Tzar-kuoi. He primarily conducts his business from Hong Kong. He is the founder of the Asia-focused private investment group Pacific Century Group and currently serves as chairman of PCCW and honorary chairman of the board of trustees of Shantou University.

He served as a member of the 11th Beijing Committee of the Chinese People's Political Consultative Conference. According to the 2019 Forbes Global Rich List, Richard Li's net worth was estimated at USD 4.4 billion, ranking 401st globally. In May 2012, his father Li Ka-shing publicly stated his full support for Richard's business ventures, pledging financial support several times greater than Richard’s existing assets.

Biography

Richard Li was born on November 8, 1966, in his parents' residence on Deep Water Bay Road, Hong Kong. He is the youngest son of Li Ka-shing and Chong Yuet Ming, with an older brother, Victor Li. He attended St. Paul's Co-educational Primary School and later went to Menlo School in California. In 1983, he enrolled in Stanford University to study computer engineering but dropped out after three years. In 1987, he left the U.S. and began his career at Gordon Capital in Canada, an investment fund his father had invested in.

Personal Life

Public reports indicate that in 2009, Richard Li and his then-girlfriend Isabella Leong had their first son in Canada, followed by twin sons in the United States the next year. In 2011, the couple separated and now co-parent their three children.

Career

In 1991, Richard Li invested USD 400 million to establish Star TV. Through the sale of STAR TV to media mogul Rupert Murdoch for USD 950 million—reportedly seven times the original investment—he earned his first major fortune at age 25.

In 1998, he obtained exclusive development rights from the Hong Kong government to develop a 64-acre information technology park, Cyberport. The development was later injected into a listed shell company, Tricom Holdings (renamed Pacific Century CyberWorks), which became a tech stock darling and reached a valuation of HKD 60 billion.

In early 2000, Li raised USD 1 billion in 48 hours by selling shares of Pacific Century CyberWorks. He used this capital to secure a USD 13 billion loan and acquired Cable & Wireless HKT on August 17, 2000, during the dot-com boom, defeating Singapore Telecom. The merger led to the formation of PCCW.

In August 2006, he acquired 50% of Hong Kong Economic Journal for USD 35 million and in 2014, his offshore trust company Clermont Media Ltd. acquired the remaining shares.

In late 2008, PCCW suspended trading due to a privatization plan by Pacific Century and China Netcom. The Hong Kong High Court later ruled against the privatization due to manipulation, and Li abandoned the proposal.

In 2009, he acquired AIG’s asset management business for USD 500 million, later renamed PineBridge Investments, which managed approximately USD 84.5 billion in assets and earned 13 industry awards.

In 2011, PCCW spun off HKT Trust and HKT Limited, which successfully listed on November 29.

In October 2012, Pacific Century acquired ING’s insurance operations in Hong Kong, Macau, and Thailand for USD 2.14 billion. The business was renamed FWD, symbolizing "protecting wealth and safety."

In October 2013, Swiss Re purchased a 12.3% stake in FWD for USD 425 million, implying a valuation of HKD 27 billion.

FWD expanded into Indonesia, the Philippines, Singapore, Vietnam, and Japan.

In December 2013, HKT acquired 100% of CSL New World Mobility Limited for USD 2.425 billion.

In March 2015, PCCW Media acquired VuClip and launched the Viu OTT video platform. ViuTV, a free-to-air TV channel, was launched in April 2016.

In March 2016, he personally invested in Stakk Factory Limited, a youth-focused mobile and social media news platform.

In 2017, FWD acquired AIG Fuji Life Insurance Company in Japan—AIG's last life insurance asset in Asia.

In August 2017, Zhang Jieping, then-editor of Initium Media, revealed that Richard Li had been in acquisition talks with Initium for six months before pulling out. PCCW later clarified it had no intention to invest in Initium.

In 2019, FWD acquired HSBC Amanah Takaful Malaysia’s 49% stake and also acquired the life insurance unit of Thailand’s Siam Commercial Bank for THB 92.7 billion—Southeast Asia’s largest insurance deal at the time.

That same year, SC Digital Solutions Limited, a joint venture between Standard Chartered Bank (Hong Kong), PCCW, HKT, and Trip.com, was granted a virtual banking license by the Hong Kong Monetary Authority.

In 2020, Li founded bolttech, an international digital insurance company offering device protection, digital brokerage, tech services, and general insurance.

Horse Racing

Richard Li became a racehorse owner in the 2020–2021 season with the Hong Kong Jockey Club. His horse is named "Exceptional."

Family

He has three sons with former girlfriend Isabella Leong. On February 26, 2011, Leong announced their separation. On March 1, Li confirmed the news and denied rumors of a third party or a billion-dollar breakup settlement.

Unofficial Activities

Li is chairman of the World Information Technology and Services Alliance. He is also a member of the International Development Center and the Global Information Infrastructure Commission. On May 14, 2008, he donated RMB 20 million to aid the Sichuan earthquake victims.

Controversies

In 2001, media revealed that Li had not graduated from Stanford University despite earlier claims. He later admitted the error, saying he failed to correct the media’s mistaken reporting.

See Also

• Timothy Fok
• Li Ka-shing
• Chong Yuet Ming
• Victor Li
• Li Ka-shing family