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Lessons not Learned

In: Doing Business with China

Author

Listed:
  • Stewart Hamilton

    (IMD)

  • Jinxuan Ann Zhang

Abstract

At the age of 67, Larry Yung Chikin (or Rong Zhijian in Mandarin), chairman of CITIC Pacific Limited (CITIC Pacific), had not thought about retiring from the company that he had founded two decades earlier, at least not in such a dismaying way. However, things changed in 2008 when an unsuccessful bet on the direction of currency moves caught the company wrong-footed amid the global credit crunch. Faced with the “great impact in society” following the Hong Kong police force’s probe into the debacle, Yung was forced to resign “in the best interests of the company,” ending a century-long family history in both Hong Kong and mainland China, as well as his legendary status as the “red tycoon.”

Suggested Citation

  • Stewart Hamilton & Jinxuan Ann Zhang, 2012. "Lessons not Learned," Palgrave Macmillan Books, in: Doing Business with China, chapter 10, pages 144-147, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-30545-8_12
    DOI: 10.1057/9780230305458_12
    as

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