Li Shek Men Family
The Li family is a Hong Kong banking dynasty associated principally with the founding, ownership influence, and long-term management of Bank of East Asia.
Last updated August 31, 2026
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Overview
The Li family is a multigenerational Hong Kong business and public-service family whose principal institutional association is with Bank of East Asia. The family’s banking story began in 1918, when brothers Li Koon-chun and Li Tse-fong were approached by Kan Tong-po for financial support in establishing the bank. The family subsequently became closely involved in the institution’s management and governance. Although the family has generally held a minority economic interest rather than outright majority ownership, complex shareholding and holding arrangements enabled it to retain direct managerial influence over the bank for decades. The family’s significance extends beyond banking. Its members participated in shipping, rice trading, cement, retail, dairy, investment banking, public administration, education, law, medicine, the judiciary, financial-market regulation, and politics. This breadth reflects the role played by prominent Chinese commercial families in Hong Kong’s economic and civic development during the twentieth century. Li Tse-fong, for example, combined bank leadership with directorships at China Emporium, China Provident, Green Island Cement, A. S. Watson and other companies. Li Lan-sang helped establish Kowloon Dairy in 1940 and remained a Bank of East Asia director until his death. The second generation broadened the family’s institutional footprint. Li Fook-shu became a Bank of East Asia director after training as an accountant in England. His cousin Li Fook-wo joined the bank in 1940, later serving as chief manager and then chairman. Other relatives entered public life: Simon Li became a senior Hong Kong judge and acting Chief Justice, while Li Fook-kow became the first Chinese Secretary for Home Affairs. Ronald Li played a major role in Hong Kong’s securities-market history by founding the Far East Exchange and later helping consolidate Hong Kong’s four exchanges into the Stock Exchange of Hong Kong. His subsequent bribery conviction became the family’s most prominent publicly documented scandal. The third generation maintained the family’s connection with the bank while also occupying senior positions in government, law, education and public institutions. Sir David Li joined Bank of East Asia in 1969, became chief executive in 1981 and chairman in 1997, and led the bank as chief executive until 2019. His brother Arthur Li pursued medicine, university administration and government, while Andrew Li and Gladys Li became prominent members of Hong Kong’s legal establishment. Other relatives contributed to public health, investment banking, dairy operations and corporate governance. The fourth generation marked a further transition in bank leadership. Adrian Li and Brian Li, sons of David Li, joined Bank of East Asia in the early 2000s, became deputy chief executives in 2009 and were appointed co-chief executives in 2019. Their succession preserved the family’s direct executive role while moving day-to-day leadership into a shared arrangement. Other younger family members have pursued careers in academia, technology-company governance, law and professional networks. The Li family is therefore best understood not as a consumer brand or a single operating company, but as a family business dynasty organized around a major Hong Kong bank and connected to a wider network of commercial and civic institutions.
History
The Li family’s banking history is anchored in Hong Kong’s commercial development during the early twentieth century. In 1918, Li Koon-chun and his younger brother Li Tse-fong were approached by Kan Tong-po for financing to establish Bank of East Asia. The brothers came from a prosperous Hong Kong family involved in rice trading and shipping, and their participation placed the Li family at the center of a new Chinese-led banking institution. Li Lan-sang, another brother, later joined the bank’s board and helped create Kowloon Dairy in 1940, illustrating the family’s simultaneous involvement in banking and other local industries. The family’s influence did not depend solely on majority ownership. Despite holding a minority stake in Bank of East Asia, family members retained direct management control through holding structures and coordinated governance. This arrangement allowed successive generations to combine family continuity with professional management. Li Tse-fong served on the boards of several commercial companies, while Li Fook-shu and Li Fook-wo helped institutionalize the family’s role within the bank after the Second World War. Li Fook-wo joined the bank in 1940, later became chief manager in 1972 and served as chairman from 1984 to 1997. The second generation also expanded the family’s public influence. Simon Li trained as a barrister, joined the Hong Kong judiciary and eventually served as acting Chief Justice in 1986. After retiring from the judiciary, he joined Bank of East Asia’s board. Li Fook-kow pursued a government career and became the first Chinese person to serve as Secretary for Home Affairs. Ronald Li entered the securities industry and founded the Far East Exchange in 1969, challenging the monopoly previously held by Hong Kong’s principal stock exchange. In 1986, he helped combine the Far East Exchange with three other exchanges to form the Stock Exchange of Hong Kong, where he became the first chairman. His later bribery conviction, following an investigation by the Independent Commission Against Corruption, remains the family’s most significant documented reputational crisis. The third generation continued the banking succession while creating a substantial presence in law, education, medicine and politics. Sir David Li joined Bank of East Asia in 1969 and became chief executive in 1981. He later became chairman in 1997 and served as chief executive until 2019. His public career included service in Hong Kong’s Legislative Council and Executive Council, as well as university and corporate board appointments. He was knighted by the United Kingdom in 2005 for contributions to British education. His brother Arthur Li became a medical academic, university leader and government official, and also served as a Bank of East Asia director. Other members of the generation included Andrew Li, Hong Kong’s first Chief Justice of the Court of Final Appeal, Gladys Li, a senior barrister and former chair of the Hong Kong Bar Association, Eric Li, a Kowloon Dairy leader and Bank of East Asia director, and Aubrey Li, an investment banker and bank director. Their careers demonstrate that the family’s influence was not confined to commercial ownership but extended through professional authority and public institutions. The fourth generation assumed a more visible role in bank management. Adrian Li and Brian Li joined Bank of East Asia in 2000 and 2002 respectively, became deputy chief executives in 2009 and were appointed co-chief executives in 2019. Their appointment represented a planned generational transition from Sir David Li while preserving the family’s direct management role. Other younger relatives have developed careers in academia, corporate governance, technology and professional organizations. The family consequently remains a notable example of Hong Kong family capitalism: an intergenerational network built around a bank, supported by diversified commercial activity, and sustained through leadership in public and professional life.
- 2019
Fourth-generation co-chief executives appointed
[1]Adrian Li and Brian Li became co-chief executives, succeeding their father’s long tenure as chief executive.
- 1997
David Li becomes chairman
[1]David Li became chairman of Bank of East Asia while continuing as chief executive.
- 1991
Ronald Li convicted of bribery
[1]Ronald Li was convicted of taking bribes in connection with stock-listing approvals during his exchange chairmanship.
- 1986
Hong Kong exchanges consolidated
[1]Ronald Li helped merge the Far East Exchange with three other exchanges into the Stock Exchange of Hong Kong.
- 1981
David Li becomes chief executive
[1]David Li assumed chief-executive leadership of Bank of East Asia, beginning a tenure that lasted until 2019.
- 1969
Far East Exchange founded
[1]Ronald Li founded the Far East Exchange, challenging Hong Kong’s established stock-exchange structure.
- 1940
Li Fook-wo joins Bank of East Asia
[1]Li Fook-wo entered the bank and later became chief manager and chairman.
- 1933
Li Lan-sang joins the bank’s board
[1]Li Lan-sang began serving as a Bank of East Asia director, a position he held until his death in 1969.
- 1918
Bank of East Asia established with Li family participation
[1]Li Koon-chun and Li Tse-fong provided financing associated with the establishment of Bank of East Asia, creating the family’s enduring banking connection.
Products and positioning
A Hong Kong banking dynasty whose identity is rooted in long-term family stewardship of Bank of East Asia and participation in the territory’s commercial, legal, governmental and educational institutions.
Banking institution · 1918
Bank of East Asia
Bank of East Asia is the family’s central institutional association and the principal platform through which several generations exercised commercial leadership. Family members have served as founders, directors, chief manager, chairman and chief executives. The bank represents the family’s long-term model of minority ownership combined with direct managerial influence and intergenerational succession.
Dairy business · 1940
Kowloon Dairy
Kowloon Dairy was co-established in 1940 with the involvement of Li Lan-sang and later chaired by Eric Li. It represents the family’s participation in Hong Kong consumer and food manufacturing businesses outside banking.
Stock exchange · 1969
Far East Exchange
Founded by Ronald Li in 1969, the Far East Exchange challenged the existing exchange monopoly in Hong Kong. It later became part of the 1986 consolidation that created the Stock Exchange of Hong Kong, a predecessor of Hong Kong Exchanges and Clearing.
Controversies
1991
Ronald Li stock-listing bribery conviction
Ronald Li was arrested in 1987 and later convicted in 1991 of accepting bribes in return for approving stock listings while chairman of the Stock Exchange of Hong Kong. He received a four-year sentence and served 30 months. The case concerned financial-market governance and did not establish wrongdoing by the wider Li family or Bank of East Asia.
Brand decisions
2019
Generational transition to co-chief executivesStrategyBackground
After David Li’s long tenure as chief executive of Bank of East Asia, leadership passed to the next generation.
Action taken
Adrian Li and Brian Li were appointed co-chief executives after previously serving as deputy chief executives.
Aftermath
The appointment preserved direct family participation in the bank’s executive management while introducing joint leadership.
1986
Consolidation of Hong Kong stock exchangesStrategyBackground
Hong Kong had multiple stock exchanges, including the Far East Exchange founded by Ronald Li.
Action taken
Ronald Li helped combine the Far East Exchange with three other exchanges to form the Stock Exchange of Hong Kong.
Aftermath
The consolidated exchange became a predecessor of Hong Kong Exchanges and Clearing and replaced the fragmented exchange structure.
Recent events
- 2019
Adrian Li and Brian Li appointed co-chief executives[1]
Leadership change
The two sons of Sir David Li succeeded to joint chief-executive leadership at Bank of East Asia, continuing the family’s direct executive involvement in the bank.
Sources1 sources
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