L.R. Capital Group (“L.R. Captial”or the “Group”), a global multi-family office, with a network across Asia Europe and North America, announces the appointment of Mr. Raymond Yung as Chief Executive Officer. In his new capacity, Mr. Yung will oversee the investment management of the Group in Asia.
Mr. Raymond Yung is recognized as a financial services expert and has over 35 years of experience in advising financial institutions in China and Hong Kong. Prior to joining L.R. Capital, Mr. Yung served as the China Leader for PwC’s financial services practice since 2002. Mr. Yung has been heavily involved in the reform of many Chinese state-owned banks and is one of the key authors of the “PwC China Bank Reform Roadmap”. Prior to relocating to China, Mr. Yung also served as the leader of Arthur Anderson’s financial services group in Hong Kong. His most notable achievement is leading the audit of Bank of China Hong Kong Group in preparation of a restructuring and IPO in 2002. Between 1991 to 1992, Mr. Yung was appointed as a special advisor to the Hong Kong Monetary Authority (HKMA) in relation to internal controls and accounting matters, and subsequently appointed by the Hong Kong Government to the Banking Advisory Committee in the HKMA. Mr. Yung is a member of the HK Institute of Certified Public Accountants, the Association of Chartered Certified Accountants and CPA Australia.
The Global Advisory Committee of L.R. Capital said in a statement that Mr. Yung is a well-respected professional in Asia, especially in the financial services sector and capital markets in Hong Kong and China. He is also well-known for his extensive experience and professional management abilities. Under Mr. Yung’s leadership, L.R. Capital will strengthen its investment capability across the globe, providing unique value for the future development of its global assets portfolio, and achieving the goal of L.R. Capital to be a Hong Kong-headquartered family office with an investment network across the world, and to act as the linkage of capital and resources. The appointment of Mr. Yung also reflects that L.R. Capital’s plan to further increase the investment of capital and resources in the Greater China region. In the future, L.R. Capital will continue to interconnect resources and capital between China and the world, by taking advantage of its capital platform, extensive network resources, flexible but prudent operation mechanism, best-in-class investment approach and risk control system. The Group aims to enhance technological innovation through capital investment, to improve industry distribution with appropriate resources allocation, and to build an international, creative strategic investment platform.
Since 2015, L.R. Capital has increased its investment in financial services industry, gradually enriching its presence in the financial sector, including the strategic investment in Bank of Qingdao (1578.HK); the investment of US$250mm in GF Securities(1776.HK) as the second largest cornerstone investor; the investment of US$130mm in China Taiping(966.HK) share placement; the anchor investments in H-share IPOs of Huatai Securities (6886.HK), Legend Holdings (3396.HK) and China Reinsurance (1508.HK); the investment in the share placement of Fosun International (656.HK); the co-investment with Standard Chartered Bank to lead the Series C fundraising of Dianrong.com, China’s leading FinTech company; the investment into Series A financing of Credible.com, a key Internet Finance company in US. L.R. Capital also acquired AMTD Group, the largest independent domestic wealth management company in Hong Kong, and transforming AMTD to become a leading and preeminent platform in investment banking and asset management locally. Over the years, L.R. Capital has built up its presence in various financial services industry covering securities, banking, insurance, reinsurance, FinTech and asset management universe.
L.R. Capital emphasizes on the investment in the “New Economy” related space, especially in internet technologies. In November 2015, L.R. Capital joined force with GF Securities to co-lead the investment into the US$ 60mm Series B+ fundraising of UCAR, a leading online chauffeured car rental firm in China. After bringing in strategic investors such as Yunfeng Capital, UCAR has announced the plan to debut on the National Equities Exchange and Quotation market (NEEQ, also known as the “New Third Board”) in China, and is likely to become the first ever listed auto rental company domestically. In addition, L.R. Capital is an investor of Didi Chuxing, the largest one-stop ride-sharing platform globally; Xinte Energy, a leading new energy company in China; Youche.com, a major online trading platform for used vehicles in China, as well as Peachjar, a leading internet education company in US.