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Company type | Private |
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Industry | |
Founded | October 1993 |
Founder | Richard Li |
Headquarters | |
Subsidiaries |
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Website | www |
Pacific Century Group (PCG), chaired by Richard Li, is an Asia-based private investment group founded in 1993 with interests in technology, media and telecommunications, financial services, infrastructure, property and other investments. [1] It operates mainly in the Asia-Pacific region, including Singapore, Hong Kong and Japan. [2]
PCG's main subsidiary is PCCW, which is the largest telecommunications and IT provider in Hong Kong, and through which it controls Hong Kong Telecom (HKT) and Pacific Century Premium Developments among other companies. [3] [4]
Richard Li first became interested in the TMT space in 1989 when he foresaw the opportunity for the creative development of information and home entertainment services in Asia and set-up STAR TV, Asia's first satellite-delivered cable-TV service. [5] By 1993 STAR TV had a viewer base of 45 million. [6] In 1993, Richard Li sold STAR TV to Rupert Murdoch's News Corporation in 2 tranches for around US$1.0 billion, achieving a return of 9x over 3 years, [7] and went on to form PCG. [8]
PCG has a strong track record of holding and developing assets over the long term, and has a network of well-established connections in Asia. Its first foray into financial services came from the acquisition of Pacific Century Insurance ("PCI") in 1994. [9] PCI was listed on the stock exchange of Hong Kong in 1999. [10] By 2007, PCI was the sixth largest life insurer in Hong Kong, including PCI Investment Management [11] Between 2000 and 2007 this company's assets increased seven-fold and the firm received numerous awards from Standard & Poor's, as well as Lipper. [12] Having grown the business in Hong Kong into a public company with a strong agency force and sound financial performance, there were limited opportunities for expansion in Asia at that time. In 2007, PCI was sold to Fortis to better position the business for the next phase of growth as part of a broader international platform. [13]
PCG acquired AIG's asset management operations, AIG Investments, in 2010, and renamed it PineBridge Investments after restructuring. [14]
In February 2013, PCG announced the acquisition of the Hong Kong, Macau and Thailand insurance businesses from ING Groep N.V. (ING). PCG has said that these acquisitions are the first step in its plan to develop a world class pan-Asian insurance business to capitalise on the long-term potential of the insurance sector. The total cash consideration of the acquisition was US$2.14 billion (EUR 1.64 billion). [15]
In September 2020, FWD Group, the insurance arm of Pacific Century Group entered into a strategic partnership with IPP Financial Advisers to develop life insurance products. [16]
PCCW Limited is a Hong Kong-based information and communication technology (ICT) company.
Cyberport is a business park in Southern District, Hong Kong consisting of four office buildings, a hotel, and a retail entertainment complex. It describes itself as a digital technology community with over 1,800 digital and technology companies.
Richard Li Tzar-kai is a Hong Kong businessman and philanthropist. The founder and chairman of the private investment group Pacific Century Group (PCG), Li started his career in the 1990s with the founding of STAR TV, a pan-Asian television network. After founding PCG in 1993, he went on to establish PCCW and HKT Trust.
Disney Networks Group Asia Pacific, was a Hong Kong-based commercial broadcasting company operating multiple specialty television channels. The company was founded in 1991 by Hong Kong businessman Richard Li.
The People's Insurance Company (Group) of China Limited, known as PICC Group or just PICC, is a Chinese listed insurer. The Chinese Central Government is the controlling shareholder.
Pacific Century Regional Developments Limited is a Singapore-based company owned by Hong Kong's Richard Li, son of Hong Kong billionaire Li Ka Shing.
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AIA Group Limited, often known as AIA, is a Hong Kong-based multinational insurance and finance corporation. It is the largest publicly listed life insurance group in Asia-Pacific. It offers insurance and financial services, writing life insurance for individuals and businesses, as well as accident and health insurance, and offers retirement planning, and wealth management services, variable contracts, investments and securities.
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PCCW Mobile HK Limited previously known as Mandarin Communications Limited, was a subsidiary of PCCW involving mobile network operator of 2G and 3G in Hong Kong. It was previously owned by a Caymans-incorporated Hong Kong listed company Sunday Communications until 2006.
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Ageas is a Belgian-French multinational insurance company co-headquartered in Brussels. Ageas is Belgium's largest insurer and operates in 14 countries worldwide. The company was renamed from Fortis Holding in April 2010 and consists of those insurance activities remaining after the breakup and sale of the financial services group Fortis during the financial crisis of 2007-2010.
HKT Limited, also known as Hong Kong Telecom, is one of the largest telecommunications companies in Hong Kong. It has a dominant position in fixed-line, mobile, IDD and broadband services in Hong Kong. HKT Group is a subsidiary of PCCW since 2000, after it was acquired from Cable & Wireless plc.
Star China Media, also known as Star (CM) Holdings, is a Chinese media company currently owned by China Media Capital. The company operates television channels Xing Kong and Channel V Mainland China, and maintains Fortune Star film library.
FWD Group is a multinational insurance company based in Hong Kong. Founded in 2013 as the insurance arm of Pacific Century Group, FWD Group sells life and medical insurance, general insurance and employee benefits in Asia. The company had USD$50.9 billion in assets under management in 2020 and in 2021 was managing US$63 billion in assets. On March 13, 2023, FWD Group refiled its Main Board listing application with The Stock Exchange of Hong Kong. The initial filing was made on February 28, 2022. In 2023, FWD celebrated its 10th anniversary, and currently operates in Hong Kong, Japan, Macau, Singapore, Thailand, Philippines, Indonesia, Vietnam, Malaysia and Cambodia.
The Li Ka-shing Family refers to a wealthy family based in Hong Kong but with business interests worldwide. The family empire was started by Li Ka-shing, a wealthy Hong Kong entrepreneur who has long been Hong Kong's wealthiest individual and one of the wealthiest in the world. While Li Ka-shing and his family are best known for CK Hutchison Holdings and CK Asset Holdings, they are also associated with a number of other businesses outside of CK including Pacific Century Group.
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