Larry Yung, chairman of Citic Pacific, is one of the best known Chinese businessmen in Hong Kong thanks to his strong political connections on the mainland. Mr Yung’s late father Rong Yiren, known as the “red capitalist”, was China’s vice-president and founder of Citic, the mainland parent and Beijing’s flagship investment vehicle.

A former engineer, Mr Yung, 66, established Citic Hong Kong in 1987. He has led Citic Pacific since 1990 and helped turn it into to one of Hong Kong’s biggest conglomerates. Over the years, Citic Pacific has snapped up stakes in ironic Hong Kong companies including Cathay Pacific, the de facto flag carrier.