Sun Hung Kai Matriarch Transfers Shares to Sons Thomas, Raymond

Sun Hung Kai Matriarch Transfers Shares to Sons Thomas, Raymond

Sun Hung Kai Properties Ltd. (16)’s biggest shareholder, Kwong Siu-hing, transferred part of her holdings in the Hong Kong-based developer to sons and co-chairmen Thomas and Raymond Kwok, according to the family trust.Kwong, widow of Sun Hung Kai founder Kwok Tak-seng, gave 6.36 percent of the company’s shares each to the families of Thomas and Raymond Kwok, she said yesterday in a statement.

The share transfer comes as the two brothers, each with a net worth of $8.3 billion according to the Bloomberg Billionaires Index, prepare to face trial in May for allegedly providing bribes to the city’s former No. 2 government official. Adam and Edward Kwok, sons of Thomas and Raymond, were appointed deputy managing directors of the city’s second-biggest developer by value last year following the arrest of their fathers.

Kwong was holding a 43.43 percent stake in Sun Hung Kai through the family trust for Thomas, Raymond and their families, as well as for the family of her eldest son Walter Kwok. Walter was removed as a beneficiary in 2010 following a dispute. Each of the families were to get a third of that stake.

After the Nov. 29 transfer, Kwong’s holding in Sun Hung Kai fell to 30.79 percent, according to filings to the Hong Kong Stock Exchange. The interests of Walter’s family weren’t affected by the transfer, according to the family trust, indicating that his family will continue to have an interest equivalent to a third of the original stake.

To contact the reporter on this story: Kelvin Wong in Hong Kong at

About bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (, the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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