Frances Yung
Frances Yung Ming-fong | |
|---|---|
| Born | December 7, 1972 |
| Citizenship |  Canada Hong Kong |
| Education | Benenden School |
| Children | 5 |
| Father | Larry Yung Chi-kin |
| Relatives | Rong Yiren (grandfather) Yang Jianqing (grandmother) Rong Desheng (great-grandfather)[1] |
Frances Yung Ming-fong (born 1972) is currently a Managing Director at Yung's Enterprise. She brings experience from previous roles at CITIC Pacific and Citadel LLC. She was the director of Group Finance Department of CITIC Pacific, the deputy chairman of CITIC Pacific Communications Limited and the director of Hong Kong Eastern Harbour Tunnel Company. She is a Benenden School Trustee, China Oxford Scholarship Fund Panelist, and serves on the Board of Trustees at Chinese International School in Hong Kong.[2]
Personal life
[edit]Yung’s father is Larry Yung Chi-kin, the former chairman of CITIC Pacific, was one of the wealthiest people in mainland China, with a personal net worth of US$2.9 billion as of 2013. Her grandfather Rong Yiren is known as "the Red Capitalist", who played a significant role in opening China's economy to Western investment and served as the Vice President of China from 1993 to 1998. Her great-grandfather Rong Desheng was a Shanghai textile and flour entrepreneur and one of pre-Mao China's wealthiest men. Her daughters debuted at the Queen Charlotte's Ball at Kensington Palace in London and took part in their paternal grandfather's tour of Russia.[3]
Yung’s first marriage, to Brian David Li Man-bun, ended in divorce, they have three children: daughter Brittany attended Mirman School and Brentwood School in Los Angeles until switching to Lawrenceville School in New Jersey at age 14 and graduated from Harvard College with a bachelor's degree in economics, sons Adrian and Will, graduates of California Institute of Technology and Carnegie Mellon University, respectively. She later married Hu Haifeng, the couple have two daughters, both of whom were educated at The Brearley School Lower School in Manhattan, and later graduated from Institut auf dem Rosenberg with IB Diploma.[dead link][4]She has a residence at 740 Park Avenue in Manhattan valued at $200 million.[dead link][4]
Yung has been a Member of the National Committee of the Chinese People's Political Consultative Conference since 2008. She is on the boards of The HSBC and Swire Pacific as independent non-executive director. In addition, she is a member of Chinese General Chamber of Commerce and Christie's Asia Advisory Board.[5][6] She also pledged a $10 million donation to Knight-Hennessy Scholars program in 2017.[7]
2008 CITIC Pacific foreign exchange losses
[edit]In October 2008, Yung and other two senior executives were involved in an unauthorized foreign exchange deals in CITIC Pacific, which caused a HK$15.5 billion loss in the company. Then she was removed from the finance department and demoted with a salary cut.[4]
Yung was ranked the 9th on the Forbes Chinese billionaires list as of 2007. Her ranking, however, dropped to 63rd in 2008, with the value of CITIC Pacific having dive-bombed by 86% so far this year.[8][9]
References
[edit]- ^ "Yung Family". Retrieved 31 March 2022.
- ^ "Frances Yung Ming-fong". Archived from the original on 2008-10-24. Retrieved 2008-10-22.
- ^ "Queen Charlottes Ball". Retrieved 31 March 2019.
- ^ a b c How much did daddy's girl know?[dead link]
- ^ "Christie's Advisory Board Members", Christie's, 2014
- ^ "香港中華總商會 The Chinese General Chamber of Commerce". cgcc.org.hk. Retrieved 2016-04-02.
- ^ "Founders and Benefactors". Retrieved 14 July 2017.
- ^ "CITIC Pacific's $1.5 Billion Bailout". Retrieved 13 November 2008.
- ^ "CITIC Pacific interim report" (PDF). Retrieved 27 December 2008.