New | Veteran Hong Kong banker calls on budding entrepreneurs to take their first steps in business

Veteran banker Francis Leung Pak-to calls on the city's budding entrepreneurs to take their first steps and never mind the failure

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Francis Leung says this is the best time for the young to set up a business. Photo: May Tse

Published: 11:50pm, 4 Sep 2015

Veteran investment banker Francis Leung Pak-to, the "Father of Red Chips", has reached retirement age but he has no plans to stop and has taken on roles urging the young to set up businesses as well as promoting Hong Kong's capital market.

Leung, 60, has just been elected chairman of the Chamber of Hong Kong Listed Companies which represents locally listed firms and negotiates with regulators to launch new boards to allow different companies to list in the city.

"I would like to see my children and other youngsters set up their business. I set up my investment bank Peregrine at the age of 33. It was not easy and you may fail. But that is very good training for young people," Leung told the at his office in Central.

Leung is also managing partner of CVC Capital Partners, one the world's largest buyout funds. He invested US$100 million to take management control to improve the business.

He has personally invested in a number of start-ups such as mainland e-commerce giant JD.com which is listed on the Nasdaq market in the United States and in the turnaround of loss-making Hong Kong animation company Imagi International.

He rejected the idea that high rents and dominant market players would deter youngsters in getting new businesses established.