Victor Fung
Encyclopedia
Victor Fung Kwok-king GBS (2003)
, 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.
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.
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.
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 the France-based Evian Group at IMD talking shop. He is also chairman (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. The company laid off employees to cut costs, for which he was publicly criticized.
Other positions in civil and public service:
Gold Bauhinia Star
The Gold Bauhinia Star is the highest rank in Order of the Bauhinia Star in Hong Kong, created in 1997 to replace the British honours system of the Order of the British Empire after the transfer of sovereignty to People's Republic of China and the establishment of the Hong Kong Special...
, is the Group Chairman of Li & Fung
Li & Fung
Li & Fung Limited is a global trading group, based in Hong Kong, that supplies high-volume, time-sensitive consumer goods. Garments make up around two-thirds of the Li & Fung business which also covers the sourcing of hardgoods such as fashion accessories, furnishings, gifts, handicrafts, home...
group of companies. Together with his brother William
William Fung
Dr. William Fung Kwok Lun, BSE, OBE, JP is a Hong Kong entrepreneur who is the group managing director of Li & Fung Group, one of the largest trading companies in Hong Kong, as well as an alumnus and trustee of Princeton University. He is the younger brother of Dr. Victor Fung Kwok King, the...
, he owns a controlling stake of 32% in the business, which was founded by his grandfather.
He has held a number of public and other offices, including Chairman of the Airport Authority Hong Kong
Airport Authority Hong Kong
The Airport Authority Hong Kong is the statutory body of the government of Hong Kong that is responsible for the operations of the Hong Kong International Airport.-History:...
, Hong Kong University Council and the Greater Pearl River Delta
Pearl River Delta
The Pearl River Delta , Zhujiang Delta or Zhusanjiao in Guangdong province, People's Republic of China is the low-lying area surrounding the Pearl River estuary where the Pearl River flows into the South China Sea...
Business Council.
Education
Fung has Bachelor of ScienceBachelor of Science
A Bachelor of Science is an undergraduate academic degree awarded for completed courses that generally last three to five years .-Australia:In Australia, the BSc is a 3 year degree, offered from 1st year on...
and Master of Science
Master of Science
A Master of Science is a postgraduate academic master's degree awarded by universities in many countries. The degree is typically studied for in the sciences including the social sciences.-Brazil, Argentina and Uruguay:...
degrees in Electrical Engineering
Electrical engineering
Electrical engineering is a field of engineering that generally deals with the study and application of electricity, electronics and electromagnetism. The field first became an identifiable occupation in the late nineteenth century after commercialization of the electric telegraph and electrical...
from MIT
Massachusetts Institute of Technology
The Massachusetts Institute of Technology is a private research university located in Cambridge, Massachusetts. MIT has five schools and one college, containing a total of 32 academic departments, with a strong emphasis on scientific and technological education and research.Founded in 1861 in...
. After earning a PhD in Business Economics from Harvard Business School
Harvard Business School
Harvard Business School is the graduate business school of Harvard University in Boston, Massachusetts, United States and is widely recognized as one of the top business schools in the world. The school offers the world's largest full-time MBA program, doctoral programs, and many executive...
, he stayed there as a Professor of Finance.
Career
At present, Victor Fung is the Group Chairman of Li & FungLi & Fung
Li & Fung Limited is a global trading group, based in Hong Kong, that supplies high-volume, time-sensitive consumer goods. Garments make up around two-thirds of the Li & Fung business which also covers the sourcing of hardgoods such as fashion accessories, furnishings, gifts, handicrafts, home...
Group, and his brother William
William Fung
Dr. William Fung Kwok Lun, BSE, OBE, JP is a Hong Kong entrepreneur who is the group managing director of Li & Fung Group, one of the largest trading companies in Hong Kong, as well as an alumnus and trustee of Princeton University. He is the younger brother of Dr. Victor Fung Kwok King, the...
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 the France-based Evian Group at IMD talking shop. He is also chairman (2008- ) of the International Chamber of Commerce
International Chamber of Commerce
The International Chamber of Commerce is the largest, most representative business organization in the world. Its hundreds of thousands of member companies in over 130 countries have interests spanning every sector of private enterprise....
.
He was formerly chairman of the Hong Kong Trade Development Council
Hong Kong Trade Development Council
The Hong Kong Trade Development Council is the international marketing arm for Hong Kong-based manufacturers, traders and service providers. Established in 1966, it has more than 40 offices around the world, including 11 in the Chinese mainland, promoting Hong Kong as a platform for doing business...
(1991-2000) and chairman of Airport Authority
Airport Authority Hong Kong
The Airport Authority Hong Kong is the statutory body of the government of Hong Kong that is responsible for the operations of the Hong Kong International Airport.-History:...
.
In 2008, Fung was appointed by Donald Tsang
Donald Tsang
Sir Donald Tsang Yam-kuen, GBM, KBE is the current Chief Executive and President of the Executive Council of the Government of Hong Kong....
, the Chief Executive of Hong Kong
Chief Executive of Hong Kong
The Chief Executive of Hong Kong is the President of the Executive Council of Hong Kong and head of the Government of the Hong Kong Special Administrative Region. The position was created to replace the Governor of Hong Kong, who was the head of the Hong Kong government during British rule...
, to be the member of "Task Force on Economic Challenges" to evaluate the situation and identify new opportunities during the financial tsunami. The company laid off employees to cut costs, for which he was publicly criticized.
Other positions in civil and public service:
- Member of Chinese People's Political Consultative ConferenceChinese People's Political Consultative ConferenceThe Chinese People's Political Consultative Conference [], shortened as 人民政协, Rénmín Zhèngxié, i.e. "People's PCC"; or just 政协, Zhèngxié, i.e. "The PCC"), abbreviated CPPCC, is a political advisory body in the People's Republic of China...
of People's Republic of China - Commission on Strategic Development of the HKSAR GovernmentGovernment of Hong KongThe Government of the Hong Kong Special Administrative Region of the People's Republic of China, commonly the Hong Kong Government, is led by the Chief Executive as Head of the Government, who is also the head of the Hong Kong SAR...
- Informal Business Advisory Body to the World Trade OrganizationWorld Trade OrganizationThe World Trade Organization is an organization that intends to supervise and liberalize international trade. The organization officially commenced on January 1, 1995 under the Marrakech Agreement, replacing the General Agreement on Tariffs and Trade , which commenced in 1948...
- Hong Kong Representative on the APEC Business Advisory Council (1996), (2001)
- Hong Kong Government Judicial Officers Recommendation Committee (?-2006)
Honours
- Hong Kong's Businessman of the Year 1995
- Top 25 Managers in BusinessWeekBusinessWeekBloomberg Businessweek, commonly and formerly known as BusinessWeek, is a weekly business magazine published by Bloomberg L.P. It is currently headquartered in New York City.- History :...
magazine 1995 - Awarded Gold Bauhinia StarGold Bauhinia StarThe Gold Bauhinia Star is the highest rank in Order of the Bauhinia Star in Hong Kong, created in 1997 to replace the British honours system of the Order of the British Empire after the transfer of sovereignty to People's Republic of China and the establishment of the Hong Kong Special...
(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)
See also
- William FungWilliam FungDr. William Fung Kwok Lun, BSE, OBE, JP is a Hong Kong entrepreneur who is the group managing director of Li & Fung Group, one of the largest trading companies in Hong Kong, as well as an alumnus and trustee of Princeton University. He is the younger brother of Dr. Victor Fung Kwok King, the...
- Antony LeungAntony LeungAntony Leung Kam-chung GBS JP was the former Financial Secretary of the Hong Kong Special Administrative Region...
- Politics of Hong KongPolitics of Hong KongPolitics of Hong Kong takes place in a framework of a political system dominated by its constitutional document, the Basic Law of Hong Kong, its own legislature, the Chief Executive as the head of government, and of a multi-party system...
- Executive Council of Hong KongExecutive Council of Hong KongThe Executive Council of Hong Kong is a core policy-making organ in the executive branch of the government of Hong Kong.. The Chief Executive of Hong Kong serves as its President.The Executive Council normally meets once a week...