Richard Li Tzar Kai is the younger son of Li Ka-shing, a rags-to-riches tycoon known as “Superman” in Hong Kong, his adoptive home. Li Ka-shing in 2012 anointed his elder son, Victor Li, to follow him at the helm of flagship property developer Cheung Kong (Holdings) Ltd, and Hutchison Whampoa Ltd, a conglomerate whose activities span ports, telecoms retailing, energy and infrastructure. But he also vowed to support the business ventures of Richard Li, who is the chairman of phone, pay-television and Internet company PCCW Ltd, formerly Hongkong Telecom.
Publisher of business paper quits after 6 days
The Hong Kong Economic Journal says its new publisher, Francis Yuen Tin-fan, has resigned six days after the public announcement of his appointment.
The Chinese-language business newspaper, controlled by a trust in which PCCW chairman Richard Li Tzar-kai is the settlor, revealed the resignation in an internal letter to staff.
The newspaper said the decision was made because Mr Yuen's Journal role might have triggered controversy over cross-media ownership relating to Mr Li's Now TV, a pay-TV operator in Hong Kong.
Mr Yuen is deputy chairman of Pacific Century Regional Developments, Mr Li's Singapore-listed investment flagship, which also holds a 22 per cent stake in the city's biggest telecoms firm, PCCW.
Mr Yuen's appointment was announced last Saturday after the retirement of former publisher and co-founder Lok Yau-mui.
In a letter to Journal staff, chairman Robert Chan said: 'PCCW holds a television broadcasting licence. Although Mr Yuen is not involved in daily operations, management and decision-making in PCCW and Now TV, the appointment may arouse concerns about cross-media ownership. To avoid that, Mr Yuen has ceased to be the publisher of the Journal.'
Hong Kong Economic Journal Ltd would assume the publisher role before the newspaper appointed a new one.
'We need to respect the law in Hong Kong, despite the fact that we don't agree with concerns about cross-media ownership' between the Journal and Now TV, said Chan King-cheung, the newspaper's chief editor.