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Hopu Investment Management

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{{short description|Malaysian businessman and investor (born 1965)}}
{{EngvarB|date=February 2017}}
{{Use dmy dates|date=February 2017}}
{{Chinese
|c=王忠信<ref>{{citation|url=http://www.mpfinance.com/htm/Finance/20090514/News/eb_eba2.htm|periodical=Ming Pao Finance|date=14 May 2009|access-date=15 October 2009|title=厚樸吞建行股份震天下/Hopu 'swallows' CCB shares in shocking move}}</ref>
|poj=Ông Tiong-sìn
|tl=Ông Tiong-sìn
|j=Wong4 Zung1 Seon3
|p=Wáng Zhōngxìn
}}
'''Richard Ong Tiong Sin''' (born 1965) is a Malaysian businessman and investor.<ref>{{Cite web|date=2016-04-13|title=AFG shares climb with emergence of shareholder having close ties with Temasek|url=http://www.theedgemarkets.com/article/afg-shares-climb-emergence-shareholder-having-close-ties-temasek|access-date=2021-06-22|website=The Edge Markets}}</ref> He is the founder, chairman, and CEO of [[RRJ Capital]], one of the largest [[private equity fund]]s based in Asia.<ref name="Resign">{{citation|title=Goldman's Ong to Step Down as Asia Banking Co-Head|last=Chan|first=Cathy|date=30 January 2008|access-date=20 February 2009|url=https://www.bloomberg.com/apps/news?pid=20601087&sid=aUWeuqPm4xnA&refer=home|website=Bloomberg.com}}</ref><ref>{{citation|title=Goldman's Fang Makes First Private Equity Investment|url=https://www.bloomberg.com/apps/news?pid=20601087&sid=afJuVzXpjsGw&refer=home|website=Bloomberg.com|date=30 April 2008|access-date=20 February 2009|last=Lau|first=Josephine}}</ref> Richard was also a founder and CEO of [[Hopu Investment Management]], a Beijing-based private equity fund.<ref>{{Cite web|title=RRJ Capital plans to raise record $4bn for new Asia fund|url=https://www.ft.com/content/52fb5764-970f-11e4-845a-00144feabdc0|access-date=2021-06-22|website=www.ft.com}}</ref><ref>{{Cite web|title=Richard Ong|url=https://www.bloomberg.com/research/stocks/private/person.asp?personId=261904107&privcapId=127380687|access-date=2021-06-22|website=www.bloomberg.com}}</ref>

==Career==
===Early career===
Ong started his finance career at [[Chase (bank)|Chase Manhattan Bank]], where he worked for three years as a mergers banker; he also spent a year at [[Prudential Bache|Prudential Bache International]].<ref name="IHT">{{citation|last=Austin|first=Bill|title=Goldman picks chief for China bank unit|url=http://www.iht.com/articles/2006/10/11/bloomberg/sxgoldman.php|periodical=International Herald Tribune|date=11 October 2006|access-date=20 February 2009}}</ref>

===Goldman Sachs===
Ong joined [[Goldman Sachs]] in 1993 and became a partner of the firm seven years later.<ref name="Resign"/> He was later named to the position of co-president of Goldman's Singapore office.<ref name="IHT"/>

In 2006, Ong was promoted to the position of co-head of Asia investment banking, replacing [[Bill Wicker]], who moved to New York.<ref name="Resign"/> GS moved Ong from Singapore to Beijing with the intention that he would also become CEO of their Beijing joint venture Goldman Sachs Gao Hua Securities, Co.<ref name="IHT"/> However, Ong's weak knowledge of [[written Chinese]]<ref name="HSK">{{citation|title=Goldman's Ong Misses China CEO Job on Language Hitch|url=https://www.bloomberg.com/apps/news?pid=20601087&sid=aFLxmEoVl4HM&refer=home|website=Bloomberg.com|last=Chan|first=Cathy|date=12 July 2007|access-date=20 February 2009}}</ref> led him to fail a language ability examination required to take up his new position.<ref name="CER"/> The [[China Securities Regulatory Commission]] (CSRC) had required since 2004 that CEOs, deputy CEOs, and heads of supervisory boards at locally incorporated securities firms all pass the examination; however many CEOs and deputy CEOs of other securities companies were not able to pass the CSRC examination as well, but were given waivers.<ref name="CER"/> Goldman elevated the joint venture's deputy CEO [[Zha Xiangyang]] to the CEO post in Ong's place.<ref name="HSK"/>

One industry observer criticised the decision by CSRC to deny Ong his new position as "short sighted and xenophobic", also noting that it served as a wake-up call to [[overseas Chinese]] that shared ethnicity was not a guarantee of success in the [[mainland China]] market.<ref>{{citation|title=Goldman executive hits China barrier|periodical=Financial Times|url=http://www.ft.com/cms/s/0/7ed7ce4c-309e-11dc-9a81-0000779fd2ac,dwp_uuid=9c33700c-4c86-11da-89df-0000779e2340.html?nclick_check=1|date=12 July 2007|last=Anderlini|first=Jamil|access-date=20 February 2009}}</ref> A ''[[China Economic Review]]'' editorial speculated that the language proficiency issue was merely a pretext, and that the true reason that CSRC denied Goldman permission to name Ong to his new position was due to his [[#Personal life|family ties to]] Singaporean [[sovereign wealth fund]] [[Temasek Holdings]] and his own role in the money-losing sale of former Thai prime minister [[Thaksin Shinawatra]]'s [[Shin Corporation]] to Temasek.<ref name="CER">{{citation|url=http://www.chinaeconomicreview.com/editors/2007/07/24/the-tangled-web-of-the-brothers-ong-goldman-temasek-shin-corp-and-beijing/|title=The tangled web of the brothers Ong, Goldman, Temasek, Shin Corp, and Beijing|date=24 July 2007|access-date=20 February 2009|last=Wong|first=Joon-Ian|periodical=China Economic Review|archive-url=https://web.archive.org/web/20080515191839/http://www.chinaeconomicreview.com/editors/2007/07/24/the-tangled-web-of-the-brothers-ong-goldman-temasek-shin-corp-and-beijing/|archive-date=15 May 2008|url-status=dead}}</ref>

=== Hopu Investment Management ===
{{main|Hopu Investment Management}}

In January 2008, Ong resigned from his position at GS, ending a fifteen-year tenure there; his departure was seen as a major blow to the firm.<ref>{{citation|title=Goldman Loses Further Executive|last=Douglas|first=Stewart|periodical=Banking Times|date=1 February 2008|access-date=20 January 2009|url=http://www.bankingtimes.co.uk/01022008-goldman-loses-further-executive/|archive-url=https://web.archive.org/web/20080304104626/http://www.bankingtimes.co.uk/01022008-goldman-loses-further-executive/|archive-date=4 March 2008|url-status=dead}}</ref> He stated that he planned to return to Malaysia to spend time with his family and work in his family business.<ref name="Resign" /> It soon emerged that he would be joining fellow former GS executive [[Fang Fenglei]] at [[Hopu Investment Management]], a new China private equity fund established by Fang. Goldman planned to invest roughly [[United States dollar|US$]]300 million of their own money in the new fund, while Temasek would provide another US$1 billion. The total size of the fund was planned at US$2 billion; interest from potential investors far exceeded that amount, according to unnamed sources.<ref>{{citation|url=http://chinese.wsj.com/big5/20080204/bch102006.asp?source=channel|title=New private equity fund targets deals in China|date=4 February 2008|access-date=20 February 2009|periodical=Wall Street Journal|last=Carew|first=Rick}}</ref> In 2010 the fund began winding down when it announced that Hopu Investment Management would not be raising a second fund.<ref>{{Cite web|title=Hopu fund to wind itself down|url=https://www.ft.com/content/8185fafc-e6b1-11df-99b3-00144feab49a|access-date=2021-06-22|website=www.ft.com}}</ref>

=== RRJ Capital ===
{{main|RRJ Capital}}RRJ Capital, a [[private equity]] firm based in [[Hong Kong]] and [[Singapore]], was founded in March 2011 by Ong.<ref name=":0">{{Cite news|last=Carew|first=Rick|date=2015-10-01|title=RRJ Capital Raises $4.5 Billion in Largest Asian Private-Equity Firm Fundraising|language=en-US|work=Wall Street Journal|url=https://www.wsj.com/articles/rrj-capital-raises-4-5-billion-in-largest-asian-private-equity-firm-fundraising-1443687559|access-date=2021-03-17|issn=0099-9660}}</ref><ref>{{cite web|date=22 April 2019|title=Lead Story: New administration piques RRJ Capital's interest in Malaysia|url=https://www.theedgemarkets.com/article/lead-story-new-administration-piques-rrj-capitals-interest-malaysia|website=The Edge Markets}}</ref>

==Personal life==
Ong is of [[Malaysian Chinese|Chinese]] descent and was born in Malaysia.<ref name="HSK"/> He received a bachelor's degree from [[Cornell University]] in 1986 and then an MBA from the [[University of Chicago]] in 1989. His brother [[Charles Ong]] was the chief strategist of Singaporean sovereign wealth fund [[Temasek Holdings]]<ref name="Resign"/> and is currently co-CEO and co-chairman of [[RRJ Capital]].

==References==
{{Reflist|2}}

== External links ==
* [https://web.archive.org/web/20100719131726/http://www.ezcap.cn/PersonList/10002469.html 王忠信（Richard Ong）]

{{DEFAULTSORT:Ong, Richard}}
[[Category:1966 births]]
[[Category:Living people]]
[[Category:Cornell University alumni]]
[[Category:Financial company founders]]
[[Category:Goldman Sachs people]]
[[Category:Malaysian chief executives]]
[[Category:Malaysian people of Chinese descent]]
[[Category:Malaysian expatriates in China]]
[[Category:Malaysian expatriates in the United States]]
[[Category:Malaysian investment bankers]]
[[Category:Malaysian investors]]
[[Category:Malaysian money managers]]
[[Category:Private equity and venture capital investors]]
[[Category:Temasek Holdings people]]
[[Category:University of Chicago Booth School of Business alumni]]

Richard Ong - Revision history

imported>Imcdc: Hopu Investment Management