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SCMP Reporter

A RACING and business era will formally close at the end of next month when CITIC chairman Larry Yung Chi-kin replaces Jardine Matheson chief Nigel Rich on the Board of the Stewards of the Royal Hong Kong Jockey Club.

   It will be the first time Jardine's taipan has not been on the Board of Stewards.

  ''Yes, it is the end of an era,'' the Jockey Club's chief executive, Major-General Guy Watkins, commented yesterday.

   ''Nigel Rich has been a Steward in his own right as well as being Jardine's taipan. He has been very involved in racing and has made meaningful contributions to such projects as the redevelopment of Happy Valley.

   ''But this is an indication that it is no longer felt appropriate that any large organisation automatically has the right to a seat on the Board Of Stewards.''   The vacancy arose because of Mr Rich's decision to retire from his post as managing director of Jardines at the end of next month and return to England.

  It will also be seen as the Jockey Club moving with the times.

  But it would be too simplistic to see Mr Yung's appointment solely in the light of his strong and top-level mainland connections.

  ''This appointment has not been made from any political angle,'' stressed General Watkins.

  ''It is, of course, significant that Larry Yung is the first Steward with such mainland Chinese connections and that is a good thing.

  ''But his election stems primarily from being a very prominent businessman with great enthusiasm for horse racing both here and in Australia.

  ''He will bring his love of the sport and his business expertise to the Board as well as his general prominence.''   Mr Yung, 52, currently has Stellar Express in training with Ivan Allan.

  He won more than $40 million in a bet when he selected the wrong numbers and mistakenly landed his $100,000 quinella - and promptly used his windfall to set up a scholarship fund at Stanford University.

  Mr Yung's father, Rong Yiren, was last year elevated to vice-president status in China, and is their best known entrepreneur. He is dubbed China's ''Red Capitalist''.

  Mr Rich has been invited to become an Honorary Steward.

     of the club on his retirement.



CITIC boss marks end of era