William Fung

William Fung

Owner of Li
Country: Hong Kong

  1. Biography of William Fung
  2. Family Background and Early Life
  3. Modernizing the Family Business
  4. Success and Wealth

Biography of William Fung

William Fung, born in 1948 in Hong Kong, is the owner of the company "Li & Fung." He received his education at Princeton University and holds a Bachelor of Science degree from Harvard. With his accomplishments, he has become one of the largest Asian businessmen.

Family Background and Early Life

If we look back into the past, we can see that the entire Fung family was involved in commercial activities. William Fung's grandfather, Pakliu, founded the company "Li To-ming," which specialized in selling antiques and porcelain items. His father, Hon-chu Fung, was responsible for managing and developing the family business.

After completing his studies at university, William's father offered him a position in the management of the family business. However, at the age of twenty-five, William believed that this was not what he wanted to do at that moment. Being ambitious and determined, he, like all Harvard graduates, dreamt of working in the United States. It took a lot of effort for his mother to convince him to return to his homeland and assist his father in managing the family company, "Li & Fung."

Modernizing the Family Business

For a long time, William and his father struggled to come to a consensus on how to breathe new life into a company that was established a century ago. Eventually, his father suggested that William put his university knowledge into practice. After six months, William Fung presented the company's management with his plan for modernizing the business, which involved selling off some of the company's assets.

In April 1973, the shares of the company "Li & Fung" were listed on the Hong Kong Stock Exchange. This was one of William's first business achievements. He established his reputation as the most capable and dynamic leader of the company. In the future, "Li & Fung" expanded significantly on the global markets, with around 36 offices in 20 countries. The company's annual turnover amounts to 1.6 billion dollars, with its main focus on trading children's toys and everyday clothing for men and women.

Success and Wealth

William Fung has proven through his actions that his father made the right decision in entrusting him with the management of the family business. He has fully justified the hopes placed upon him. Currently, William Fung has amassed a massive fortune estimated at approximately 2.4 billion dollars, making him one of the wealthiest residents of Hong Kong. In the Forbes list of the world's richest people, he ranks 390th.