Son of Li Ka Shing, Richard Li Tzar-kai, is the first amongst Hong Kong’s billionaire elites to buy an ad condemning protestor violence in seven newspapers following the withdrawal of the highly contested extradition bill, adding that he backed «one country, two systems.»
«Citizens should stop violence, rebuild a harmonious society and restore social order with the rule of law,» he said in full-page ads yesterday on local newspapers Oriental Daily News, Sing Tao Daily, Ming Pao, Ta Kung Pao, Wen Wei Po, Hong Kong Economic Times and Hong Kong Economic Journal (owned by Li’s trust).
In addition to «one country, two systems,» Li also backed the recommendations of Hong Kong and Macau Affairs Office of the State Council, the Chinese national unit to oversee policies of the two special administrative regions.
Insurer FWD, owned by Li's investment firm Pacific Century Group, also previously bought similar ads condemning protestor violence but unlike yesterday did not explicitly name the son of Hong Kong’s richest.
Anti-Protest Ad-Buying Frenzy
Li is not alone in buying such ads calling for an end to protests with other billionaires doing the same including his father, Li Ka Shing; Dhanin Chearavanont, senior chairman of Charoen Pokphand Group and Thailand’s richest; and Peter Woo, property tycoon and former chairman of Wheelock.
The ad-buying frenzy is not limited to individuals either. Major financial entities have also taken out similar newspaper ads over the last month such as the «Big Four» accounting firms, HSBC, Standard Chartered, Bank of China (Hong Kong) and Bank of East Asia as the city faces a technical recession in the third quarter and an ongoing U.S.-China trade war.
