OLD Media Moves

Hong Kong entrepreneur aims to duplicate Bloomberg in China

October 18, 2009

Michael Sainsbury of The Australian writes for Monday’s paper about how Hong Kong businessman Richard Li is creating a data and news company to compete with Bloomberg and Thomson Reuters in China.

Sainsbury writes, “Like Bloomberg, the business will be the delivery of data and analytical tools to professional investors, with a news operation supplementing that core business.

“Li last year tapped the aristocratic James Ogilvy-Stuart, a 17-year Bloomberg veteran who drives an Aston Martin and owns a Rolls Royce, as chief executive, and other former Bloomberg employees are said to have come on board.

“Li has also bolstered the venture with proven talent, no doubt lured by heavy pay packets, bonuses and equity stakes. He has attracted former Pacific Century Cyberworks (PCCW) property finance chief Patricia Leung back as chief financial officer as well as grabbing investment banker Jeffrey Yap as head of research and content management. Former New York Times and Wall Street Journal foreign correspondent Craig Smith is listed as executive editor and has publicly enthused about the new business.

“Li’s loyal lieutenant Richard Chen, a former employee at his father’s Hutchison group who is chairman of PCCW’s Great China division, has been named as company chairman.

“Ogilvy-Stuart is instituting a Bloomberg-like internal culture, where employees accept a rigid management style in return for relatively high pay.”

Read more here.

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