From Famous Son To Big Entrepreneur

Since the launch of the Hu Run strong list in 2003, CITIC Pacific chairman Larry Yung Chi Kin has been at the top of the list.

Larry Yung Chi Kin is the fourth generation of Rong family's successor.

Rong Yiren's father Rong Desheng is the second son of Rong Xitai.

Larry Yung Chi Kin is Rong Yiren's eldest son and his only son. He was born in Shanghai in 1942.

1949 was founded in New China in. Because of its active cooperation with public-private partnerships, Rong family received generous economic compensation and political treatment. With high dividends and continued enjoyment of superior life, Rong Yiren was elected vice mayor of the city.

All these gave Larry Yung Chi Kin, who was born with jade, a "noble" environment: the house was quiet and picturesque; the elegant and simple hall was furnished with valuable furniture, porcelain, antiques and famous paintings and calligraphy; there were servants and special cars.

In the year of Shanghai, Larry Yung Chi Kin was a famous "childe": a red leather roadster with a generous hand.

However, the strict family discipline is very strict.

When Larry Yung Chi Kin was disobedient in his childhood, he was spanking and closing the black room.

After the political storm that swept through the whole country, Larry Yung Chi Kin left the Ministry of water and electricity to practice at a hydropower station under Changbai Mountain, Jilin. There was a lot of experience in working in the cold 30 degrees below zero and sleeping in the Northeast Kang.

In the following year, he was "decentralized" to the hydropower station of Liangshan Yi Autonomous Prefecture of Sichuan, receiving "labor education", moving machines in the mountains, digging earth, lifting stones and erecting high-voltage cables.

In 1972, Larry Yung Chi Kin, 30, was pferred back to the Beijing electric power system for scientific research.

If he lost his superior living environment when he was 7 years old, it would be difficult to form a graceful manner.

And 8 years of hard work at the grass-roots level was like a deep quench for his "aristocrat".

Before the reform and opening up, their children came to Hongkong to take care of the industry.

In the summer of 1978, Larry Yung Chi Kin, 36 years old, took the lead in the Xiang River. With his father Rong Yiren's hundreds of thousands of yuan capital in Hong Kong, he opened an electronic factory with two cousins to produce capacitors, electronic watches, integrated circuits and computer memory.

The understanding of the mainland market and his ingenuity in business led Larry Yung Chi Kin to win his first pot of gold.

There are two ways to speak.

In October 1979, Rong Yiren founded the CITIC Group's special window of reform and opening up in the financial field at Deng Xiaoping's point.

Rong Yiren's special life, relatives and talented business intelligence all over the world are of great significance to helping China open its economic door.

Rong Yiren, a 38 year old Wang Zhen son Wang Jun, started his own business together.

Wang Jun borrowed 20 million yuan plus the 10 million yuan personal deposit that Rong Yiren lent to the company. At the beginning of the creation, only 30 million yuan could be invoked.

By 1984, the total value of CITIC Capital Invested by the state was 100 million yuan, and no more cash was invested thereafter.

In 1986, Larry Yung Chi Kin, who was fighting for 8 years in the business world and joined more than 400 million Hong Kong dollars, joined in CITIC Hongkong. He was 44 years old.

In February 1987, CITIC Hongkong was reorganized, and Larry Yung Chi Kin was vice chairman and managing director of CITIC Hongkong.

Larry Yung Chi Kin's request to Beijing CITIC has only two requirements: personnel and business decision-making power.

CITIC Hongkong has entered the Larry Yung Chi Kin era since then.

Larry Yung Chi Kin's first target was Hongkong's leading Cathay Pacific Airways. He stood up to different views and went to Beijing to hand in "military orders" to his father, thereby obtaining 800 million yuan of funds.

Finally purchased Cathay Pacific's 12.5% stake, becoming the third largest shareholder.

In June 5, 1989, the Hang Seng Index fell 21.57% in Hongkong. Larry Yung Chi Kin seized the opportunity to buy 20% shares in HK $10 billion 300 million and became the second largest shareholder.

This time's "easy action" has passed many examination and approval links, and finally got the support of the senior government.

After a series of big acquisitions, CITIC Hongkong has a total assets of nearly HK $20 billion, becoming an aircraft carrier in Chinese companies.

But CITIC Hongkong's M & a funds come mainly from borrowing, and to some extent, the government's credit is overdrawn.

Larry Yung Chi Kin's brilliance lies not in lying on the government but in actively seeking a platform for direct financing to the capital market - listed companies.

Under the guidance of Li Jiacheng, Rong Yiren's old friend and director of CITIC director, Larry Yung Chi Kin chose Tai Fu to develop.

In January 1990, CITIC Hongkong issued a takeover offer to all shareholders of Tai Fu.

After a series of operations, CITIC Hongkong is willing to become the largest shareholder of Tai Fu and has a 49% stake.

Larry Yung Chi Kin became chairman of the board of directors of CITIC Pacific.

After the completion of the CITIC Pacific platform, another amazing act of snake eating elephants was launched.

Founded in 1946, non-listed company Hengchang is the largest trading company in Hong Kong, with 7 wholly-owned subsidiaries, of which the annual turnover of Dachang bank, which operates automobile and retail businesses, is HK $10 billion.

Heng Chang's boss, He Shan Heng, was in a state of high power, and there were no successors in his younger generation who could inherit his mantle.

Such a fat meat is waiting for the price to sell, and all the big families in Hongkong are eager to try.

Li Jiacheng, once again in power, joined Zheng Yutong and Guo Henian to form a consortium at the core of CITIC Pacific. GreatStyle bought HK 97.12% stake in Hengchang for HK $6 billion 940 million.

Among them, CITIC Pacific accounted for 36%, and Larry Yung Chi Kin personally subscribed another 6% (the cost was HK $420 million).

After the completion of the acquisition, CITIC Pacific used the cash dividend paid by Hengchang to reduce the market value of the latter.

In January 1992, CITIC Pacific bought the whole hang chang into the capsule by issuing HK $2 billion 500 million from the stock market and buying the Hengchang rights in Li, Zheng and Guo San's rich.

After the two rounds of capital operation, CITIC Pacific's market capitalization jumped 10 times, to HK $8 billion 700 million, from mosquito to elephant, and became one of the 33 constituent stocks of Hang Seng Index in 1992.

In January 1993, CITIC Pacific acquired 12% stake in Hongkong Telecom with HK $8 billion 700 million.

In February of 1994, CITIC Pacific bought 50% of Hongkong Xingye International Group's Discovery Bay property development and related businesses with HK $3 billion 550 million.

No one in Hongkong will dare to belittle the "window" of CITIC Pacific, an open China.