Larry Yung and his sons and daughters

Document Sample
Larry Yung and his sons and daughters Powered By Docstoc
					Larry Yung and his sons and daughters
If it is not a huge amount of "Australian Event", Yung and his
children were still hidden in the public view about outside. Published each year only
Hoogewerf "strong rich list in China", people will be feeling
some of this family of incredible wealth and power.
Lives in Hong Kong Larry Yung Chi Kin, a Unassuming. Even giants keen to chase
the children of the Hong Kong paparazzi scandal Yan things, also do not dig on their
gossip. Only through financial news edition of CITIC Pacific (21.95,0.15,0.69%) of
the fierce fight, to see Jung's looming shadow.
By IBM, 400 times the value of assets
In 1978, his father founded the previous summer, CITIC, Larry Yung, 36, bid farewell
to his wife and children, with a one-way pass south of Hong Kong. From that day, as
he bid farewell to the engineers return to the battlefield Fuzu two generations - the
free business world.
1942 Born in Shanghai, Yung Wing was the only home red blood male heir. Wuxi
prominent family background, "Qin Yi and more grace than"
the wife of Yang Rong-Qing inevitably some of this only son preference. Teenager,
Yung is the son of the famous beaches, wide range of interests, energetic, open
pull-style red leather seat sports car - it was a birthday gift my father, and often
invited friends to the Peace Hotel, Red House eating out.
Tianjin University students, the difficult period is three years, Rong Gongzi still able
to open a small row of small kitchen to eat. At that time, he fully thought in baseball,
the daily busy practice a ball game, the first year of the University participated in two
national competitions, almost none on the day of class.
Life was once pampered son of the "Cultural Revolution" break:
He put his men from the water of a hydropower station under the Jilin Changbai
Mountain, in the bitter cold of minus 30 degrees Celsius labor, sleep Northeast Tai
Kang; next year, then was sent to Liangshan Yi Autonomous Prefecture in Sichuan
hydropower stations accept the "labor education", in the
mountains to move machinery, excavation square, carrying the stone, the construction
of high voltage cable ... ... because the experience of this suffering, he was named to
the children when they use the original of the "letter Zi
Generation" (Veterans Home Family Tree fourth generation) to
"that" Generation name. In Yung seems sensible, right and
wrong, than the "letter" is more important. Until 1972, Yung
was transferred back to Beijing to do research work in power system.
This is not his natural battlefield. Rong's family wealth wisdom to show at
this time - the early years and the nephew and uncle Rong they have some joint stock
companies in Hong Kong, mostly for the textile factory. 30 years, they never move off
the money, principal and dividends under the same amount of product actually, it
started to become Yung's capital.
In Hong Kong, he and his son uncle Rongwei Ren Rong Zhixin, Rong Zhiqian love
card electronic factory run partnership. A few years later, another cousin Tangfu by
students, meet the U.S. computer industry, renowned and 米歇尔弗尤尔 Ming Lin,
3 co-founder of the California auto design company.
Just 6 years, a small wing to do the two companies have cash in the market the best of
times, 400 times the value of assets. For his "second pot of
money," Yung is also readily admit: when he is still a big fool, the business
partner in charge of the United States, but maybe has too competent a partner! Indeed,
love card companies were producing electronic form, integrated circuits and computer
memory is Zhijie sold to the mainland, which is then Chuliao other Hong Kong
businesses outside of smuggling desperate not imagine the channel.
Parents can give him, far from only a few hundred thousand and family contacts. In
1986, when Yung of Hong Kong investment in commercial property market slowed,
he received a greater gift than the red sports car - Beijing has invited his capacity as
Vice Chairman and Managing Director of CITIC Hong Kong to join.
Larry Yung, 44, standing on the platform of CITIC Hong Kong. Veterans Home of
glory, now turn him this page.
Among the second-largest shareholder of CITIC Pacific
Larry Yung is Li Ka-shing example of heart, Henry Ying Tung Fok such world-class
financial industrialist, for his family, he would add a new wealth of legend.
At that time, CITIC Hong Kong's asset size was small. Larry Yung Chi Kin
from the State Department to secure 800 million Hong Kong dollars in Hong Kong
launched a dazzling array of big acquisitions: Finally, the CITIC Hong
Kong's Cathay Pacific Airways (11.62, -0.06, -0.51%) 12.5%, 20% of
Hong Kong Telecom, Dragonair 38.3%, 23.5% in the Eastern Harbour Crossing, a
20% stake in CTM, the total assets of nearly 200 billion, a Chinese company in the
aircraft carrier.
An old friend of his father, Li Ka-shing's coaching, the ambitious Yung
success in 1990, bought a shell company, will be the renamed "CITIC
Pacific", as Chairman of the Board itself. After that, he as a platform for
Hong Kong's largest trading Hengchang launched a takeover bid; Li richest
man to help him again this time, the joint Cheng Yu-tung, Kuok, with CITIC Pacific
to form the core of the consortium, acquired 97.12% stake in Hang Cheong. Then,
CITIC Pacific and from the stock market cycle to 2.5 billion Hong Kong dollars, the
acquisition of shares in the hands of three rich, Hengchang swallowed whole belly.
Li Ka-shing and other business giants such a small wing face, in addition to private
friendship with the old veterans, veterans home value is the political background. At
that time, Hong Kong, two Chinese-funded enterprises background - CITIC and
China Everbright.
Inherited the family business talent for the rapidly growing capital master Larry Yung,
Citic Pacific after the acquisition of M & A classic case of many, enough to
write an MBA textbook. Just a few years, the CITIC Pacific from a small mosquito
transformed into a monster, across the real estate, finance, telecommunications and
many other industries, and in 1992 became the Hang Seng Index (20,851.04, -218.77,
-1.04%), one of 33 constituent stocks .
Wealth, the road so smooth, even the most intractable problems of state-owned
enterprise property rights have made a breakthrough success.
Until 2003, retiring as chairman of CITIC, Wang Jun, was disclosed in an interview
that awful MBO insider: the end of 1996, the Vice-President Rong retiring the
occasion of Jung's successor, Wang Jun privately decided to discount 25% ,
placing 330 million shares of CITIC Pacific led to Jung's management, of
which 291 million shares by Larry Yung Chi Kin scored. The placement of shares to
Rong Jiacheng second largest shareholder of CITIC Pacific; for alleged loss of state
assets, Wang Jun, the State Department has named after himself, the vice premier Zhu
Rongji also looking to talk.
Despite the ups and downs during the period, contributions towards the wing and his
son the way the sun was finally established through equity. Serving in a state-owned
enterprises, with the shares held by individuals have four riding "richest
man in China," the throne, Yung is unique in the whole of China.
Yung admitted that his success largely relies on his father. However, he said with
confidence: "If I am merely the son of Vice-President Rong, not
commercial operations of the talent, I would not trust the State and people,
distinguished board of this important position."
Fuzu than two generations of strong sense of national identity, Yung attitude toward
life more free, more self. He has never evaded its Foreign lavish lifestyle: He loved
horses, owned yachts, aircraft, and even forest, each summer to the south of England
with a chef's Castle resort. Racetrack is his only high-profile place there.
Larry Yung Chi Kin frankly think: money Zaiban poor, no doubt,
"hypocrisy"; own earn more than people who are qualified to be
better off than others.
Public outcry, Veterans Home out
Hong Kong people's eyes, CITIC Pacific is a "Purple
chip" - blue chip on the outside, also covered with a layer of red. Purple is
the central symbol of power.
Compared to his father, Larry Yung Chi Kin to their own position is a more purely
commercial sector. Sources close to him told reporters, Yung has declined to invite the
central government positions he was the meaning of the CPPCC National Committee;
he also intends to strengthen the control of CITIC Pacific, with the personal holdings
of shares up more than 400 million shares, the company's family color on
thick, he began high-profile claims, CITIC Pacific is no longer a red-chip companies,
not privileges, but is "more well-informed."
On the other hand, Yung is also customary to enjoy the purple shade under the
"win-win": to make money in Hong Kong, backed by the
central government's resources and unlimited credit; Once the crisis hit, the
parent company CITIC Group, the Federation helps. Over the years, he has a problem
will develop a habit of running in Beijing. 1997 Asian financial (2.55,0.00,0.00%)
crisis hit Hong Kong, Yung soon from Beijing with one billion emergency money
Veterans Home has been with the family in a traditional marriage. Larry
Yung's sister Rongzhi Wan Ma Man Kei, the daughter of Macau rich, his
wife, Soon Mi is the liberation of any "T-shirt King" Renshi
Gang's granddaughter. He has two sons and a daughter are into CITIC
Pacific: low-key stable eldest son Carl Yung, the company's youngest
director of the Board of Directors; second son Rongming Di is a
"80s", shaped like a pop idol. Larry Yung Chi Kin most favorite
is the looks the most like his daughter Frances Yung Ming Fong. Swim out to sea to
meet her daughter's hobby, he bought one specifically for her more than 10
million Hong Kong dollars worth of new yacht.
Rong-Ming Fong, 37, a tough character, dedication and strong. At first, she did not
consider his father's successor in the list. In 2005, she served as a director
of Hong Kong during the Eastern Harbour Crossing, Eastern Harbour Crossing for
passage fare increase, the Government has not been approved, Yung Ming Fong
specified in the contract after a reasonable economic rate of return of 15% of the
ground, start the contract in arbitration mechanism, the fare increase applications to
the international arbitration, won the case, the results of the EHC aisle charge a full
67% increase.
Yung Ming Fong won this recognition of his father, followed his brother to the board
is only a matter of time. But the awful fare competing with private case and allows the
Veterans Home in Hong Kong's public image greatly reduced, until the
case be exposed huge loss of CITIC Pacific Chao Hui, public opinion, especially on
the Rong Rong Ming Fong family sarcasm sound one.
In 2008, as bullish Australian dollar, Citic Pacific in the months and 13 international
banks signed a 24 risk and return completely wrong and so the cumulative foreign
exchange options contracts. With the global financial crisis, the drastic devaluation of
the Australian way, CITIC Pacific's total losses amounted to 14.7 billion
Hong Kong dollars. Information disclosure, the stock tumbled 7 percent, the market
value of more than 20 billion Hong Kong dollars evaporating.
Media generally agreed that, as Finance Director of Honor and the first party bears
responsibility. However, CITIC Pacific's internal investigation into claims
that: Yung Ming Fong only low-level Head of Finance, assume primary responsibility
for the penalty out of the finance department only, a slight pay cut demotion action;
internal investigation finds that the primary responsibility for human Chang and Chau
Chi Yin were resigned.
Hong Kong public outcry, and that Chang and Chou Jung family, but is a
"scapegoat." Hong Kong's leading stock analysts 戴
维德韦伯 open question, saying "According to the company's
2007 Annual Report, Honor and had just the Group's Finance Director,
Leslie Chang Li Hsien, and Chau Chi Yin is deputy managing director and executive
Broiled in the media, the April 8, 2009, announced his resignation as CITIC Pacific
chairman Larry Yung Chi Kin post. May came news of Yung sold 6,000 shares of
company stock, up to 732 million Hong Kong dollars cash. Veterans Home out of a
foregone conclusion. CITIC Group savior once again play the role of allocating 1.8
billion reserve fund for the Pacific, took wing is Vice Chairman and General Manager
of the CITIC Group, Chang Zhenming.
There are indications that: SAC was Larry Yung Chi Kin as interested in this home
run as family enterprises to strengthen control of the company.
Business ups and downs, this is the inevitable fate of the merchant. Embarrassment is
Yung family in this crisis passive and cramped - After being out of CITIC, a
prominent business family, so not even their own independent business, faced with the
primary task of re-start. Larry Yung, CITIC 1986, after joining, Rong Jiazi brother is
no longer an independent venture, CITIC and CITIC Pacific in the big boat to enjoy
their own work.
Officials and businessmen, regardless, perhaps Yung Wing century-old family
business in the biggest mistakes. 20 years, he and his children enjoyed the privilege of
wearing a purple coat and benefits, but forgot that his father had
"supervision," CITIC's frustration, but forgot in the
last century, great uncle Rong Weiren another major crisis in the family of a Fan
worried about the words - "a matter of joint government and business in
China has never been good, and the ability to coordinate non-political businessmen,
will give up to full power to do."