Richard Li Tzar Kai
is a Hong Kong businessman and philanthropist. He is the younger son of businessman Li Ka-Shing and brother of Victor Li.
Li was 26th in the Forbes List of Hong Kongâ€™s 40 Richest people for 2010. The same publication named Li as 773rd in the list of the worldâ€™s billionaires, with an estimated fortune of $1.3 billion.
Education and early life
Li attended St. Paul's Co-educational College in Hong Kong and left at age thirteen to be educated at Menlo School in Atherton, California. To earn money, he took shifts at McDonalds and also worked as a caddy at the local golf course. He attended Stanford University, studying computer engineering, but did not receive a degree; he states that he withdrew from the school for personal reasons after three years.
Li acquired Canadian citizenship in the 1980s. His Canadian citizenship has proven valuable to him in his financial dealings, allowing him to make bids for PCCW to purchase stakes in companies such as Air Canada and Bell Canada Enterprises without running afoul of restrictions on foreign ownership.
Li is chairman of PCCW and chairman of PCCW's executive committee. He is also chairman and chief executive of the Pacific Century Group, chairman of Pacific Century Premium Developments Limited (PCPD), chairman of PCPD's executive committee and chairman of Singapore-based Pacific Century Regional Developments Limited. PCCW is a publicly traded company. In early 2009, Li attempted to take PCCW private again, offering to buy out existing public shareholders at HK$4.50 per share, a premium of nearly 55% to the HK$2.90 price before the offer was announced. In Hong Kong, acquisitions must be approved by shareholders with holdings totalling 75% of all voting shares, and additionally by a majority headcount of all shareholders no matter the size of their holdings. Shortly before the shareholders' vote on the issue, some large existing investors in PCCW granted shares to roughly 800 agents at Fortis Insurance Asia, following which a shareholder vote to approve the merger passed by 1,400 in favour vs. 850 against. As a result, activist shareholder David Michael Webb filed a complaint with the Hong Kong Securities and Futures Commission, resulting in an investigation by the SFC and an eventual court case against what its chairman Martin Wheatley described as 'malpractice and manipulation of voting'. Court of First Instance judge Susan Kwan initially approved the merger on 6 April on the grounds that such 'share splitting' was legal in Hong Kong; however, the SFC appealed the case, and on 22 April, Anthony Rogers, Johnson Lam, and Aarif Barma of the Court of Appeal ruled in favour of the SFC and against Li, thus blocking the buyout.
In June 2011, Hong Kong's stock exchange approved the carve-out of the telecommunications and mobile assets by PCCW, which also has broadband television, consulting and property businesses. The exchange initially rejected the proposal in April due to regulatory concerns. In September 2011 the final hurdles were cleared by Hong Kongâ€™s stock exchange for PCCW to list its telecommunications assets as the cityâ€™s first publicly traded business trust.Fox Hu and Mark Lee [ 'Richa
Source @ Wikipedia