AWSJ: Richard Li Didn't Graduate, HK Pacific CyberWorks Says
March 22, 2001
Dow Jones Newswires
By GREN MANUEL
Staff Reporter
HONG KONG -- Richard Li, one of Asia's most high-profile Internet businessmen, suffered yet another dent to his tarnished image on Thursday, as it emerged that a little virtual reality had been added to his resume by company officials.
Mr. Li, whose profile posted on Pacific Century CyberWorks Ltd.'s Web site said he "graduated from Stanford University with a degree in computer engineering," in fact left Stanford after three years without graduating, the company said in a statement. It said he "left before completing his degree, for personal reasons."
"I was in a rush to go to work at an investment bank, so I didn't finish my course," Mr. Li told Hong King reporters who had followed him on a business trip to Tokyo.
His father, leading businessman Li Ka-shing, immediately jumped to the defense of his 34-year-old youngest son, saying, "Richard is not a liar."
However, while local media have yet to find any instance in which the younger Mr. Li claimed to have graduated, both the company and numerous media profiles have said he received a degree from the prestigious California institution. References to his education on the company's Web site, which initially said he graduated, were removed earlier this week.
The company said official documents submitted to regulators contained a more accurate description of its chairman's academic achievements. Last year's CyberWorks annual report said Mr. Li was "educated at Stanford University."
Analysts said the news appeared to have no impact on the company's stock price, already off 87% from last year's high of HK$28.50 (US$3.65). Although it closed Thursday at HK$3.60, down 4%, analysts reckoned that a torrent of recent "sell" reports was doing most of the damage.
However, the revelation could further damage the formerly highflying entrepreneur's reputation, which has taken a severe beating in recent months as the share price of CyberWorks has plunged. CyberWorks bought out Hong Kong's telephone monopoly, HK Telecom, last August.
The Stanford education was an integral part of the Richard Li aura. Friends told how he lived like an ordinary student working at McDonald's even though his father was one of Asia's richest men.
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