Richard Ong
Encyclopedia
Richard Ong is the founder and was the chief executive officer
of the Hopu Fund, a China-based private equity fund
. Hopu is now the largest private equity fund in China.
, where he worked for three years as a mergers banker; he also spent a year at Prudential Bache International.
in 1993 and became a partner of the firm seven years later. He was later named to the position of co-president of Goldman's Singapore office.
In 2006, Ong was promoted to the position of co-head of Asia investment banking, replacing Bill Wicker, who moved to New York. GS moved Ong from Singapore to Beijing with the intention that he would also become CEO of their Beijing joint venture Goldman Sachs Gao Hua Securities, Co. However, Ong's weak knowledge of written Chinese led him to fail a language ability examination required to take up his new position. The China Securities Regulatory Commission
(CSRC) had required since 2004 that CEOs, deputy CEOs, and heads of supervisory boards at locally incorporated securities firms all pass the examination; however many CEOs and deputy CEOs of other securities companies were not able to pass the CSRC examination as well, but were given waivers. Goldman elevated the joint venture's deputy CEO Zha Xiangyang to the CEO post in Ong's place.
One industry observer criticised the decision by CSRC to deny Ong his new position as "short sighted and xenophobic", also noting that it served as a wake-up call to overseas Chinese
that shared ethnicity was not a guarantee of success in the mainland China
market. A China Economic Review
editorial speculated that the language proficiency issue was merely a pretext, and that the true reason that CSRC denied Goldman permission to name Ong to his new position was due to his family ties to Singaporean sovereign wealth fund Temasek Holdings
and his own role in the money-losing sale of former Thai prime minister
Thaksin Shinawatra
's Shin Corporation
to Temasek.
300 million of their own money in the new fund, while Temasek would provide another US$1 billion. The total size of the fund was planned at US$2 billion; interest from potential investors far exceeded that amount, according to unnamed sources.
and was born in Malaysia. He received a bachelor's degree from Cornell University
in 1986 and then a master's degree from the University of Chicago
in 1989. He has three children. His brother Charles Ong is the chief strategist of Singaporean sovereign wealth fund Temasek Holdings
.
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
of the Hopu Fund, a China-based private equity fund
Private equity fund
A private equity fund is a collective investment scheme used for making investments in various equity securities according to one of the investment strategies associated with private equity....
. Hopu is now the largest private equity fund in China.
Early career
Ong started his finance career at Chase Manhattan BankChase (bank)
JPMorgan Chase Bank, N.A., doing business as Chase, is a national bank that constitutes the consumer and commercial banking subsidiary of financial services firm JPMorgan Chase. The bank was known as Chase Manhattan Bank until it merged with J.P. Morgan & Co. in 2000...
, where he worked for three years as a mergers banker; he also spent a year at Prudential Bache International.
Goldman Sachs
Ong joined Goldman SachsGoldman Sachs
The Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients...
in 1993 and became a partner of the firm seven years later. He was later named to the position of co-president of Goldman's Singapore office.
In 2006, Ong was promoted to the position of co-head of Asia investment banking, replacing Bill Wicker, who moved to New York. GS moved Ong from Singapore to Beijing with the intention that he would also become CEO of their Beijing joint venture Goldman Sachs Gao Hua Securities, Co. However, Ong's weak knowledge of written Chinese led him to fail a language ability examination required to take up his new position. The China Securities Regulatory Commission
China Securities Regulatory Commission
The China Securities Regulatory Commission is an institution of the State Council of the People's Republic of China , with ministry-level rank...
(CSRC) had required since 2004 that CEOs, deputy CEOs, and heads of supervisory boards at locally incorporated securities firms all pass the examination; however many CEOs and deputy CEOs of other securities companies were not able to pass the CSRC examination as well, but were given waivers. Goldman elevated the joint venture's deputy CEO Zha Xiangyang to the CEO post in Ong's place.
One industry observer criticised the decision by CSRC to deny Ong his new position as "short sighted and xenophobic", also noting that it served as a wake-up call to overseas Chinese
Overseas Chinese
Overseas Chinese are people of Chinese birth or descent who live outside the Greater China Area . People of partial Chinese ancestry living outside the Greater China Area may also consider themselves Overseas Chinese....
that shared ethnicity was not a guarantee of success in the mainland China
Mainland China
Mainland China, the Chinese mainland or simply the mainland, is a geopolitical term that refers to the area under the jurisdiction of the People's Republic of China . According to the Taipei-based Mainland Affairs Council, the term excludes the PRC Special Administrative Regions of Hong Kong and...
market. A China Economic Review
China Economic Review
China Economic Review is an independent English-language monthlybusiness magazine and associated website published by China Economic Review Publishing. CER offers information and analysis on business trends in China through its...
editorial speculated that the language proficiency issue was merely a pretext, and that the true reason that CSRC denied Goldman permission to name Ong to his new position was due to his family ties to Singaporean sovereign wealth fund Temasek Holdings
Temasek Holdings
Temasek Holdings is an investment company owned by the government of Singapore. With an international staff of 380 people, it manages a portfolio of about S$193 billion at end of March 2011, focused primarily in Asia...
and his own role in the money-losing sale of former Thai prime minister
Prime Minister of Thailand
The Prime Minister of Thailand is the head of government of Thailand. The Prime Minister is also the chairman of the Cabinet of Thailand. The post has existed since the Revolution of 1932, when the country became a constitutional monarchy....
Thaksin Shinawatra
Thaksin Shinawatra
Thaksin Shinawatra is a Thai businessman and politician, who was Prime Minister of Thailand from 2001 to 2006, when he was overthrown in a military coup....
's Shin Corporation
Shin Corporation
Shin Corporation is one of the largest conglomerates in Thailand.- History :It was founded in 1983 as Shinawatra Computer by Thaksin Shinawatra, former Prime Minister of Thailand, and took on its current name in 1999, by using the first four letters of his last name...
to Temasek.
Hopu Fund
In January 2008, Ong resigned from his position at GS, ending a fifteen-year tenure there; his departure was seen as a major blow to the firm. He stated that he planned to return to Malaysia to spend time with his family and work in his family business. It soon emerged that he would be joining fellow former GS executive Fang Fenglei at the Hopu Fund, a new China private equity fund established by Fang. Goldman planned to invest roughly US$United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
300 million of their own money in the new fund, while Temasek would provide another US$1 billion. The total size of the fund was planned at US$2 billion; interest from potential investors far exceeded that amount, according to unnamed sources.
Personal life
Ong is Malaysian ChineseMalaysian Chinese
Malaysian Chinese is a Malaysian of Chinese origin. Most are descendants of Chinese who arrived between the fifteenth and the mid-twentieth centuries. Within Malaysia, they are usually simply referred to as "Chinese" in all languages. The term Chinese Malaysian is also sometimes used to refer to...
and was born in Malaysia. He received a bachelor's degree from Cornell University
Cornell University
Cornell University is an Ivy League university located in Ithaca, New York, United States. It is a private land-grant university, receiving annual funding from the State of New York for certain educational missions...
in 1986 and then a master's degree from the University of Chicago
University of Chicago
The University of Chicago is a private research university in Chicago, Illinois, USA. It was founded by the American Baptist Education Society with a donation from oil magnate and philanthropist John D. Rockefeller and incorporated in 1890...
in 1989. He has three children. His brother Charles Ong is the chief strategist of Singaporean sovereign wealth fund Temasek Holdings
Temasek Holdings
Temasek Holdings is an investment company owned by the government of Singapore. With an international staff of 380 people, it manages a portfolio of about S$193 billion at end of March 2011, focused primarily in Asia...
.