Richard Li, Hong Kong’s fourth richest man, donates $195 thousand to help Malaysian student fund

MALAYSIA: Richard Li, the Hong-Kong based billionaire, has donated  RM880,000 (approximately $195,096) to a fund set up to help Malaysian students in the special administrative region.

Malaysia’s Minister of Transport, Anthony Loke, spoke about the donation at a business luncheon held between Malaysia and the Hong Kong Trade Development Council in Kuala Lumpur last Friday (28 July).

According to Malay Mail, the two countries signed 11 memoranda of understanding to explore investments and trade in key industries at the luncheon.

The fund was established by the Malaysian Chamber of Commerce in Hong Kong to help Malaysians studying in Hong Kong universities through scholarships.

Addressing the luncheon, Loke hailed Li’s donation as a reflection of the strong trade ties shared by Malaysia and Hong Kong.

“I would like to express deep appreciation to Mr Richard Li, who I understand is a member of your delegation, for donating HK$1.5 million in cash to the Malaysian student fund, without asking for anything in return,” the minister said.

Li is the fourth richest man in Hong Kong with an estimated fortune of US$4 billion, according to news reports.

He is the son of Hong Kong’s legendary tycoon, Li Ka-shing.

Li is the chairman and chief executive of the Pacific Century Group, the parent company of telecoms giant PCCW after buying it for $38 billion in 2000 in what at the time was Asia’s largest corporate acquisition, reported lifestyle magazine Tatler Asia.

The company has extensive financial holdings, including insurance company FWD and PineBridge Investments, formed after Li purchased AIG’s asset management business in 2010, as well as luxury property and infrastructure business Pacific Century Premium Developments.

The fund has so far raised up to HK$15.6 million entirely from voluntary donations in the past few years for a student fund dedicated to Malaysians studying in Hong Kong and Macau.

Malaysia is Hong Kong’s ninth-largest trade partner. Malaysia’s total trade with Hong Kong last year was valued at US$28 billion.