WHEN Chavalit Tsao, 38, took over the leadership of IMC Holdings from his father in January he did so with the full knowledge that he may have a tough act to follow.
Frank Tsao Wen-king, 70, who stepped down as chairman after 23 years as founder and chief executive of the group, is a well-known figure in the international shipping community.
The elder Mr Tsao's story is one of success in the face of adversity, through entrepreneurial talent, patience, prudence, sheer hard work and, as he put it modestly, good fortune.
Mr Tsao was born in Shanghai and grew up during a period of great turmoil in China. He vividly remembers the days of the Sino-Japanese war and the disastrous effects of spiralling inflation after it ended.
As heir to his father's business, he worked in a bank in the morning, in an import-export company in the afternoon and then studied late into the night.
In 1948, leaving most of its assets behind, the family moved to Hong Kong where refugees were pouring from China in their thousands daily.
The family lived under very crowded conditions in Hong Kong and Mr Tsao found himself taking responsibility for the family business.