Frances Yung Ming-fong | |
|---|---|
| Born | December 7, 1972 |
| 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 a Chinese-Canadian businesswoman and heiress, known for her connection to the CITIC Pacific foreign exchange losses scandal. [2] The daughter of CITIC Chairman Larry Yung, in 2007, Yung was ranked the 9th on the Forbes Chinese billionaires list.
Yung holds coterm Bachelor’s and Master’s degrees in Economics and Management Science & Engineering from Stanford University. She provided major support to help launch the Knight-Hennessy Scholars. [3] She is a member of Chinese General Chamber of Commerce and Christie's Asia Advisory Board. [4] [5]
In October 2008, Yung and other two senior executives were involved in unauthorized foreign exchange deals in CITIC Pacific, which caused a HK$15.5 billion loss in the company. Yung was later called to testify about her conduct in the CITIC Pacific foreign exchange losses scandal. [6] [7] [8] Yung was removed from the finance department and demoted with a salary cut. [9] That year, Yung's ranking on the Chinese billionaires list dropped to 63rd in 2008, when the value of CITIC Pacific dropped 86% due to the scandal. [10] [11]
Yung’s first marriage, to Brian David Li Man-bun, ended in divorce, they have three children. She later married Hu Haifeng, the couple have two daughters. [9] 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. [12]