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One Bullion
Richard Li, the younger son of Li Ka-shing, founded One Bullion Ltd in 2010 after more than a decade of building and divesting telecom and media assets across...
One Bullion
Richard Li, the younger son of Li Ka-shing, founded One Bullion Ltd in 2010 after more than a decade of building and divesting telecom and media assets across Asia. The office primarily stewards the liquidity generated from the 2000 sale of Cable & Wireless HKT to PCCW and subsequent transactions, including the 2006 sale of a significant stake in PCCW and the 2010 listing of Hutchison Telecommunications Hong Kong. It operates independently from his father's empire but shares the same instinct for control-heavy, long-duration bets. One Bullion's mandate spans private equity, real estate, and opportunistic public-market positions, with a geographic footprint concentrated in Hong Kong and Southeast Asia. The office has deployed capital into financial services through direct equity investments, including a notable position in PCCW's media and digital ventures. Its real estate strategy focuses on premium commercial and residential properties in Hong Kong, while public-market activity has historically included strategic stakes in tech and media companies listed on the Hong Kong Stock Exchange. The office operates with a lean team, preferring to underwrite deals directly rather than through fund commitments. Richard Li's broader investment architecture includes Pacific Century Group, which functions as a holding company for insurance, infrastructure, and asset management, and FWD Group, the pan-Asian insurer he built from 2013. One Bullion operates alongside these entities — not through them — as a discrete family office vehicle. Team size and total deployment remain unpublished. As of early 2025, the firm continues to maintain a deliberately low profile, with no known fund closes or public portfolio disclosures beyond its regulatory filings in Hong Kong. One Bullion's structural distinction lies in its separation from the Li family's main holding company, CK Hutchison Holdings. Unlike the family's other enterprises, One Bullion is not subject to public disclosure requirements, allowing Li to execute a concentrated portfolio of direct investments without external LP pressure. This governance architecture — a private treasury nested within a web of regulated operating businesses — gives the office unusual flexibility in pacing and exit timing.
General information
Firm type
Single Family Office
Year founded
2010
AUM
Undisclosed
Location
Region
Asia
Country
China
City
Hong Kong
Corporate office
Hong Kong
Principals
Richard Li
Founder
Sector focus
Frequently asked questions
Who controls investment decisions at One Bullion?
Richard Li is the sole principal and makes all material allocation decisions. The office operates with a lean investment team that sources and underwrites opportunities, but final approval rests with Li. This concentration of authority is consistent with his other entities, including Pacific Century Group and FWD Group, where he has historically maintained tight control over capital deployment (public record).
How is One Bullion related to Pacific Century Group?
One Bullion functions as Richard Li's private family office, distinct from Pacific Century Group, which is a publicly visible holding company housing his insurance (FWD Group), infrastructure, and asset management interests. Pacific Century Group operates as a regulated, institutionally structured enterprise, while One Bullion is the private vehicle for Li's personal capital. The two share a founder but have separate mandates, teams, and investment processes.
Is One Bullion a single-family office or does it manage outside capital?
One Bullion is structured strictly as a single-family office managing Richard Li's personal wealth. There is no public evidence of the firm accepting external LPs or operating a multi-family platform. Its regulatory filings in Hong Kong reflect a private investment company rather than a licensed fund manager soliciting third-party capital.
How does One Bullion source its investment opportunities?
The office relies almost entirely on principal-driven origination through Richard Li's network across Asian telecom, media, and finance. Given Li's track record of control deals and strategic minority positions in Hong Kong-listed companies, deal flow likely originates from existing portfolio relationships and direct outreach, rather than blind auction processes or intermediary-led mandates.
What is One Bullion's known posture on co-investment alongside external partners?
One Bullion does not publicly disclose its co-investment practices, but Richard Li's broader career shows a preference for direct, controlled positions rather than passive minority stakes alongside GPs. When collaborating, he has historically done so through Pacific Century Group or FWD Group rather than through the family office, suggesting One Bullion may act as a standalone capital source for his proprietary deals.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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