Frances Yung
Chinese-Canadian businesswoman and heiress
From Wikipedia, the free encyclopedia
Frances Yung Ming-fong (born 1972) is a Chinese-Canadian businesswoman and heiress, known for her connection to the CITIC Pacific foreign exchange losses scandal.[3] The daughter of CITIC Chairman Larry Yung, in 2007, Yung was ranked the 9th on the Forbes Chinese billionaires list.
- Brittany
- Adrian
- Will
- Mel
- Cordelia[1]
Frances Yung Ming-fong | |
|---|---|
| Born | December 7, 1972 |
| Education | Benenden School |
| Children | 5
|
| Father | Larry Yung Chi-kin |
| Relatives | Rong Yiren (grandfather) Yang Jianqing (grandmother) Rong Desheng (great-grandfather)[2] |
Biography
Yung holds coterm Bachelor’s and Master’s degrees in Economics and Management Science & Engineering from Stanford University. She provided major support to help launch the Knight-Hennessy Scholars.[4] She is a member of Chinese General Chamber of Commerce and Christie's Asia Advisory Board.[5][6]
In October 2008, Yung and other two senior executives were involved in unauthorized foreign exchange deals in CITIC Pacific, which caused a HK$15.5 billion loss in the company. Yung was later called to testify about her conduct in the CITIC Pacific foreign exchange losses scandal.[7][8][9] Yung was removed from the finance department and demoted with a salary cut.[1] That year, Yung's ranking on the Chinese billionaires list dropped to 63rd in 2008, when the value of CITIC Pacific dropped 86% due to the scandal.[10][11]
Personal life and family
Yung’s first marriage, to Brian David Li Man-bun, ended in divorce, they have three children. She later married Hu Haifeng, the couple have two daughters.[1] Her daughters debuted at the Queen Charlotte's Ball at Kensington Palace in London and took part in their paternal grandfather's tour of Russia.[12]