CORPORATE

Zhang Gaoli

Son-in-law of Zhang Gaoli is a director at 17 Hong Kong firms

Lee Shing Put is a director of 17 Hong Kong companies, including Fusion System

PUBLISHED : Saturday, 17 November, 2012, 12:00am
UPDATED : Saturday, 17 November, 2012, 5:05am

Lee Shing Put, a son-in-law of the new Politburo Standing Committee member Zhang Gaoli, has his fingers in many pies.

Lee now worked for Xinyi Glass Holdings, a Hong Kong-listed glass maker, said his father, Lee Yin Yee, the company's founding chairman.

"I have no comment on Zhang Gaoli. Zhang Gaoli has nothing to do with our business," Lee Yin Yee said.

The elder Lee confirmed his son is married to Zhang Gaoli's daughter Zhang Xiaoyan.

Zhang Gaoli's elevation to the topmost decision-making body had investors betting on the glass maker's bright prospects, pushing the stock up as much as 4.5 per cent yesterday. It closed up 2.25 per cent at HK$4.54.

Lee Shing Put was appointed executive director of Xinyi on June 25, 2004, but resigned from that post on October 15, 2008, "to pursue another career", according to Xinyi.

Hong Kong corporate records show Lee is a director of 17 Hong Kong companies, including Fusion System, an IT solutions provider.

In 2002, Cheung Kong (Holdings), controlled by Li Ka-shing, owned 70 per cent of Fusion System, while Lee Shing Put owned 30 per cent.

In 2007, the shareholding pattern was reversed as Cheung Kong held 30 per cent of Fusion System, while Lee Shing Put owned 70 per cent, according to Hong Kong corporate records. That year, Fusion System acquired a controlling stake in a Shenzhen supermarket chain for 100 million yuan, Southern Metropolis Daily reported.

Cheung Kong no longer owns any stake in Fusion System and no Cheung Kong executives are directors of the IT systems provider, which is now mostly owned by Lee Shing Put, again according to records.

Lee also sits on the board of three Hong Kong charity foundations and of one Hong Kong technology association.

Xinyi, founded by Lee Yin Yee in 1988, was one of the world's three biggest glass makers for vehicles, with a 20 per cent global market share, said Kim Eng Securities analyst Alex Yeung. "Lee Yin Yee is not the person running Xinyi. Most of the management has passed to the chief executive." Xinyi's chief executive is Tung Ching Sai, a brother-in-law of Lee Yin Yee.

"Xinyi is a family business. A lot of relatives are on the board," Yeung said.

Born in Fujian , Lee Yin Yee is a director of nine Hong Kong companies.

 

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