Victor Fung

Victor Fung Kwok-king GBM GBS CBE (Chinese: 馮國經; sometimes Victor K. Fung;[2] born 1945, Hong Kong) is the Group Chairman of Li & Fung group of companies. Together with his brother William, he owns a controlling stake of 32% in the business, which was founded by his grandfather.

The Honourable

Victor Fung Kwok-king

GBM GBS CBE
Born1945
Hong Kong
NationalityChinese/American
Alma materMassachusetts Institute of Technology
Harvard School of Business
OccupationEngineer, businessman
Net worth$2.9 billion[1]
Spouse(s)Julia Shen Nai-kee
ChildrenSabrina Fung
Spencer Fung
Stephen Fung
Parent(s)Fung Hon-chu (1911-1994)
Lee Pui-yiu (1919-2013)
RelativesWilliam Fung (brother)
Victor Fung
Traditional Chinese馮國經
Simplified Chinese冯国经

He has held a number of public and other offices, including chairman of the Airport Authority Hong Kong, Hong Kong University Council and the Greater Pearl River Delta Business Council.

Education

Fung has Bachelor of Science and Master of Science degrees in Electrical Engineering from MIT. After earning a PhD in business economics from Harvard Business School, he stayed there as a Professor of Finance. For his early education, he enrolled in King George V School in Hong Kong.

Career

At present, Victor Fung is the Group Chairman of Li & Fung Group, and his brother William is the Group managing director. The business was founded by their grandfather, Fung Pak-liu, in 1906 and subsequently led by their father, Fung Hon-chu.

Fung is chairman of the Hong Kong-Japan Business Co-operation Committee and co-chair of France-based The Evian Group at IMD forum and think tank. He has been chairman since 2008 of the International Chamber of Commerce. He was formerly chairman of the Hong Kong Trade Development Council (1991–2000) and chairman of Airport Authority.

In 2008, Fung was appointed by Donald Tsang, the Chief Executive of Hong Kong, to be the member of "Task Force on Economic Challenges" to evaluate the situation and identify new opportunities during the financial tsunami.[3] The company laid off employees to cut costs, for which he was publicly criticised.[4]

Other positions in civil and public service:

  • Commission on Strategic Development of the HKSAR Government
  • Informal Business Advisory Body to the World Trade Organization
  • Hong Kong Representative on the APEC Business Advisory Council (1996), (2001)
  • Hong Kong Government Judicial Officers Recommendation Committee (?-2006)
  • [5]
  • Member of IESE's International Advisory Board (IAB).[6]

Honours
  • Hong Kong's Businessman of the Year 1995
  • Top 25 Managers in BusinessWeek magazine 1995
  • Awarded Gold Bauhinia Star (GBS) in 2003 for distinguished service to the Hong Kong community.
  • Businessman of the Year 2005 Forbes Asia magazine
  • One of "60 Years of Asian Heroes" (Time Asia magazine)[7]

Personal

Fung is married with three children and like his brother William holds American citizenship.[8]

See also

References
  1. "#10 Victor Fung". Forbes.com. Retrieved 26 January 2017.
  2. "Victor K. Fung", FT Press. Retrieved 1 March 2011.
  3. "CE appoints members of Task Force on Economic Challenges". Info.gov.hk. 28 October 2008. Retrieved 26 January 2017.
  4. "Li & Fung denies layoff report, will cut costs by 10%". Chinadaily.net. 18 November 2008. Retrieved 26 January 2017.
  5. "Home - Asia Global Institute". Fungglobalinstitute.org. 1 January 1970. Retrieved 26 January 2017.
  6. Members of IESE's International Advisory Board, iese.edu
  7. "TIME Magazine | 60 Years of Asian Heroes". minamahalkongpilipinas.blogspot.ae. Retrieved 22 February 2018.
  8. "#287 Victor Fung & family". Forbes.com. 12 February 2010. Retrieved 26 January 2017.
Political offices
Preceded by
Lydia Dunn		 Chairman of the Hong Kong Trade Development Council
1991–2000		 Succeeded by
Peter Woo
Political offices
Preceded by
Wong Po-yan		 Chairman of the Hong Kong Airport Authority
1999–2008		 Succeeded by
Marvin Cheung
Academic offices
Preceded by
Dr T. L. Yang		 Chairman of the Council of the University of Hong Kong
2001–2009		 Succeeded by
Dr Leong Che-hung


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