Ronald Li Fook-shiu (Chinese: 李福兆; 10 February 1929[1] – 27 December 2014) was the founder and former chairman of the Stock Exchange of Hong Kong and died of cancer.[2]
He founded the Far East Exchange [zh] with his brother Li Fook-hing in 1969 to break the Hong Kong Stock Exchange's monopoly in the buying and selling of stocks. He was hence called the "Godfather of the Stock Market."[2] In 1986, Li helped merge the Far East Stock Exchange with three other exchanges into the Stock Exchange of Hong Kong, precursor of today's Hong Kong Exchanges and Clearing, and became its first chairman.
During the Black Monday market crash, he closed the stock market for four days.[5] The Hang Seng Index fell by 33% after the market reopened which drew criticism against Li's decision. He was only elected Vice-Chairman of the Stock Exchange in the end of the year.[6]
Li was later arrested by the Independent Commission Against Corruption (ICAC) in December 1987 and in 1991 convicted of taking bribes in return for approving listings during his office as the Chairman of the Stock Exchange of Hong Kong in 1987.[3] He was sent to Stanley Prison, and served 30 months of a four-year sentence.[4]
He was reported to be worth HK$10 billion before he was jailed, and even during his prison term his vast stock portfolio was said to be earning almost HK$5 million per day, while Li toiled for HK$9 in the prison library. After his release in 1993, he said he would devote himself into a life of "golf, films and travel."[4] He spent most of his time in Thailand after prison until he found out he had cancer in 2012 and moved back to Hong Kong.[5][6]
^ abc"不敵胃癌 享年86歲 股壇教父李福兆逝世". Apple Daily. 30 December 2014.
^ ab"SIX MORE FORMER EXCHANGE OFFICIALS CHARGED IN BRIBERY PROBE". Associated Press. 10 August 1988.
^ abcdFung, Fanny W.Y. (30 December 2014). "Ronald Li, former Hong Kong stock exchange chief who was jailed for graft, dies aged 85". South China Morning Post.
^ ab"前聯交所主席李福兆逝世 終年86歲". TVB news. 29 December 2014.
ronald, this, article, needs, additional, citations, verification, please, help, improve, this, article, adding, citations, reliable, sources, unsourced, material, challenged, removed, find, sources, news, newspapers, books, scholar, jstor, october, 2018, lear. This article needs additional citations for verification Please help improve this article by adding citations to reliable sources Unsourced material may be challenged and removed Find sources Ronald Li news newspapers books scholar JSTOR October 2018 Learn how and when to remove this template message Ronald Li Fook shiu Chinese 李福兆 10 February 1929 1 27 December 2014 was the founder and former chairman of the Stock Exchange of Hong Kong and died of cancer 2 Ronald Li Fook shiuChairman of the Stock Exchange of Hong KongIn office 1986 1987Preceded byNew officeSucceeded byCharles SinPersonal detailsBorn 1929 02 10 10 February 1929Hong KongDied27 December 2014 2014 12 27 aged 85 Queen Mary Hospital Pok Fu Lam Hong KongNationalityHong KongerSpouseIrene Li Hiu wahChildrenAlfred Ronald Kwok lung LiAlma materWittenberg UniversityUniversity of PennsylvaniaOccupationAccountant and investorLi was arrested twice by the Independent Commission Against Corruption in December 1987 and in 1991 for bribery 3 and was expelled to Stanley Prison 4 Biography EditLi was born into the Li family in Hong Kong in 1929 He was the youngest son of Li Koon chun His brother Simon Li Fook sean was a senior judge and acting Chief Justice of the Supreme Court of Hong Kong His nephews include former Legislative Councillor David Li Kwok po the Bank of East Asia chairman and Arthur Li Kwok cheung deputy chairman at the bank former Secretary for Education and former Dean of the Faculty of Medicine at the Chinese University of Hong Kong latterly Chairman of the Council of the University of Hong Kong Li was enrolled to the University of Hong Kong in 1946 and soon was sent to the Wittenberg University in the United States He graduated from the University of Pennsylvania with a Master of Business Administration degree and became a chartered accountant in 1951 2 He founded the Far East Exchange zh with his brother Li Fook hing in 1969 to break the Hong Kong Stock Exchange s monopoly in the buying and selling of stocks He was hence called the Godfather of the Stock Market 2 In 1986 Li helped merge the Far East Stock Exchange with three other exchanges into the Stock Exchange of Hong Kong precursor of today s Hong Kong Exchanges and Clearing and became its first chairman During the Black Monday market crash he closed the stock market for four days 5 The Hang Seng Index fell by 33 after the market reopened which drew criticism against Li s decision He was only elected Vice Chairman of the Stock Exchange in the end of the year 6 Li was later arrested by the Independent Commission Against Corruption ICAC in December 1987 and in 1991 convicted of taking bribes in return for approving listings during his office as the Chairman of the Stock Exchange of Hong Kong in 1987 3 He was sent to Stanley Prison and served 30 months of a four year sentence 4 He was reported to be worth HK 10 billion before he was jailed and even during his prison term his vast stock portfolio was said to be earning almost HK 5 million per day while Li toiled for HK 9 in the prison library After his release in 1993 he said he would devote himself into a life of golf films and travel 4 He spent most of his time in Thailand after prison until he found out he had cancer in 2012 and moved back to Hong Kong 5 6 Li died of cancer at the Queen Mary Hospital at the age of 85 on 27 December 2014 4 See also EditFour big families of Hong KongReferences Edit Search results www google com better source needed a b c 不敵胃癌 享年86歲 股壇教父李福兆逝世 Apple Daily 30 December 2014 a b SIX MORE FORMER EXCHANGE OFFICIALS CHARGED IN BRIBERY PROBE Associated Press 10 August 1988 a b c d Fung Fanny W Y 30 December 2014 Ronald Li former Hong Kong stock exchange chief who was jailed for graft dies aged 85 South China Morning Post a b 前聯交所主席李福兆逝世 終年86歲 TVB news 29 December 2014 a b 87股災停市受質疑 Apple Daily 30 December 2014 Business positionsNew office Chairman of the Hong Kong Stock Exchange1986 1987 Succeeded byCharles Sin Retrieved from https en wikipedia org w index php title Ronald Li amp oldid 1133990197, wikipedia, wiki, book, books, library,
