Zheng Haiquan

Cheng Hoi‑Chuen GBS OBE JP (Vincent Cheng Hoi‑Chuen, 16 July 1948 – 28 August 2022) was a Hong Kong banker who served as Chairman of The Hongkong and Shanghai Banking Corporation Limited. He was the first ethnic Chinese Executive Director of HSBC Holdings plc. While at university he was Vice‑President of the Student Union and was labeled “extremely radical” by the colonial political department.

Early life

Cheng was born in 1948 into a family of six; his parents sold fruit on the street. Shortly after his birth he contracted polio and walked with crutches thereafter. He attended Nam Ying Memorial School (primary section) in Sham Shui Po, followed by Fu Wah Street Practical School (Forms 1–3), then Kowloon Technical School (Forms 4–5), leaving to work while completing Form 6 at Kowloon Chamber of Commerce Evening School. He first worked as a clerk at a law firm, then at China Light & Power before entering New Asia College at the Chinese University of Hong Kong in 1969 to study economics (Upper Second Class Honours). Graduating in 1973, he then took an MPhil in Economics at the University of Auckland, supporting himself by washing dishes and later bookkeeping part‑time.

Banking career

In 1978 Cheng joined HSBC in the Group Finance department. Rising through roles including Chief Economist, Senior Manager for Business Strategy, Finance Director and General Manager, he was appointed to the Legislative Council in 1991, Executive Director and Group General Manager of HSBC in 1995, and a member of the Executive Council. In 1998 he became Vice‑Chairman and Chief Executive of Hang Seng Bank. On 25 May 2005 he succeeded Sir John Eldon as Chairman of The Hongkong and Shanghai Banking Corporation, becoming HSBC’s first Chinese Chairman worldwide. He also served as Chairman of HSBC Bank (China) and Executive Director of HSBC Holdings, and was appointed Independent Non‑Executive Director of MTR Corporation in 2009. In October 2009 he became Chairman of the Council of the Chinese University of Hong Kong, serving until 2015. He retired from executive duties in May 2011.

Death

Cheng died on 28 August 2022 at Hong Kong Sanatorium & Hospital in Happy Valley at age 74, after a battle with nasopharyngeal carcinoma. His funeral service was held on 21 September 2022 at St. John’s Cathedral, with officiants including Financial Secretary Paul Chan and CUHK Vice‑Chancellor Roland Chin.

Management philosophy

At Hang Seng Bank Cheng grew the share price from about HK$30 to over HK$100 without laying off any staff. He viewed employees as “the boss” and advocated that subordinates evaluate management. His motto was “Don’t live in the past”: learn from mistakes without letting them become obstacles.

Academic posts

Cheng served as Visiting Professor at Zhejiang University and Shenzhen University (2000–2001) and Honorary Professor at Southwestern University of Finance and Economics (2000).

Public service

• Member, Central Policy Unit (1989–1991)
• Appointed Member, Legislative Council (1991–1995)
• Hong Kong Affairs Advisor to the PRC (1994–1997)
• Member, Executive Council (1995–1997)
• Chairman, Board of Governors, Hang Seng Management College (1998–2005)
• Member, Independent Commission on Remuneration for Members of the Executive Council and Legislative Council (2002–2006)
• Chairman, Mandatory Provident Fund Schemes Authority Consultative Committee
• Vice‑Chairman, Federation of Hong Kong and Kowloon Chamber of Commerce
• Director, Hong Kong Ballet
• Member, Innovation and Technology Commission
• Member, Economic Advisory Committee
• Member, Council for Science and Technology Development
• Trustee, Lord Wilson Heritage Trust (1999–2007)
• Independent Non‑Executive Director, MTR Corporation (2009)
• Chairman, Council, Chinese University of Hong Kong (2009–2015)
• Member, Council, New Asia College, CUHK (1998–2022)
• Chairman, Securities and Futures Appeals Tribunal
• Member, Legislative Council Remuneration Independent Commission (2006–2012)
• Vice‑President, Hong Kong Institute of Bankers
• Member, Beijing Municipal Committee of the Chinese People’s Political Consultative Conference
• Member, Land Fund Consultation Committee, HKMA
• Member, Long Term Housing Strategy Advisory Committee
• Member, Financial Services subsector, Election Committee (Hong Kong)
• Honorary Vice‑President, The Community Chest of Hong Kong
• Member, Strategy Development Committee, Central Policy Unit
• Honorary Vice‑President, Hong Kong Society for Rehabilitation

Honours

• Justice of the Peace
• Officer of the Order of the British Empire (1994)
• Honorary Fellow, Chinese University of Hong Kong (2002)
• Outstanding Director Award, The Hong Kong Institute of Directors (2004)
• Gold Bauhinia Star (2005)
• Honorary Doctor of Business Administration, Open University of Hong Kong (2005)
• Honorary Doctor of Social Sciences, Chinese University of Hong Kong (2005)
• Honorary Doctor of Social Sciences, Hang Seng University of Hong Kong (2022)

External links

• Archive: Xinhua report on his appointment as first Chinese Chairman of HSBC (2004)
• CUHK press release on Honorary Doctorate (2005)
• HKMA biography