Ronald Li
Ronald Li Fook-shiu | |
|---|---|
| Born | 10 February 1929 |
| Died | 27 December 2014 (aged 85) |
| Occupation | Businessman |
| Known for | Founder and inaugural chairman of the Hong Kong Stock Exchange |
Ronald Li Fook-shiu (; 10 February 1929 – 27 December 2014) was the founder and inaugural chairman of the Hong Kong Stock Exchange. He faced two arrests by the ICAC in 1987 and 1991 on bribery charges, resulting in imprisonment at Stanley Prison.
Biography
A member of the prominent Li family in Hong Kong, Li was the youngest child of Li Koon-chun. His elder brother, Simon Li Fook-sean, served as a senior judge and briefly held the position of acting Chief Justice of the Supreme Court of Hong Kong. Among his nephews are David Li Kwok-po, former Legislative Councillor and chairman of the Bank of East Asia, and Arthur Li Kwok-cheung, who previously held roles as Secretary for Education and Chairman of the Council at the University of Hong Kong.
Li began his higher education at the University of Hong Kong in 1946, later attending Wittenberg University and completing an MBA at the University of Pennsylvania. He attained qualification as a chartered accountant in 1951.
In 1969, together with his brother Li Fook-hing, Li established a competing exchange to challenge the monopoly held by the Hong Kong Stock Exchange. Known as the "Godfather of the Stock Market," he was instrumental in consolidating four separate exchanges into a single entity, forming the unified Hong Kong Stock Exchange in 1986, where he assumed the role of first chairman.
Following the 1987 stock market crash, Li suspended trading for four days. Upon resumption, the Hang Seng Index had plummeted by 33%, an outcome that attracted significant criticism and led to his reassignment as vice-chairman later that year.
In December 1987, Li was detained by ICAC and subsequently convicted in 1991 for accepting bribes related to stock listing approvals during his tenure as chairman. He served 30 months out of a four-year sentence at Stanley Prison.
Prior to incarceration, his wealth was estimated at HK$10 billion. Remarkably, his stock holdings continued to yield nearly HK$5 million daily while imprisoned, during which he earned HK$9 working in the prison library. After his release in 1993, Li withdrew from business activities and devoted himself to interests such as golf, cinema, and travel. He spent considerable time residing in Thailand until a cancer diagnosis in 2012 prompted his return to Hong Kong.
Ronald Li passed away from cancer at Queen Mary Hospital on 27 December 2014 at age 85.