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Larry Yung

Larry Yung Chi-kin (simplified Chinese: 荣智健; traditional Chinese: 榮智健; pinyin: Róng Zhìjiàn; Jyutping: Yung4 Chi3 Kin6) (born January 1942), also often called Rong Zhijian in mainland China, is a Chinese businessman and the former chairman of CITIC Pacific, a Hong Kong-based conglomerate. According to Hurun Report, he is one of the wealthiest people in mainland China, with a personal net worth of US$2.9 billion as of 2013.. He was in charge of CITIC Pacific when it made its first major loss in 20 years of US$2 billion due to speculation in FX accumulators. This exposed the lack of internal management controls, which subsequently resulted in a temporary suspension of CITIC Pacific shares on the Hong Kong Stock Exchange and police raids at CITIC.Yung was born in Shanghai to businessman Rong Yiren, who later became the vice president of China during the 1990s. He graduated from Shanghai Nanyang Model High School in 1959 and went on to Tianjin University, where he majored in electronic engineering.When the Cultural Revolution started, because of his "capitalist" background, he was exiled to Liangshan in Sichuan in 1966. After the turbulent years, Rong Yiren came to good terms with Deng Xiaoping, who came into power after Mao. With the support of the Chinese government and its capital, Yung moved to Hong Kong and started businesses with the Chinese government as major shareholder, and he himself subsequently became one of the richest people in China.His family's ties to the Communist Party of China earned him the nickname "the Red Capitalist." Yung is on the board of directors of the Hong Kong Jockey Club. He is also the owner of a Bombardier Global Express.Yung was recently reported to have joined the rank of speculating the real estate business in Shanghai with an investment more than one billion RMB.