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# Tung Chien-Cheng

Random fact: Studied at the University of Liverpool and MIT.

Overview

Tung is the chairman and largest shareholder of Orient Overseas International, a Hong Kong-based container shipping company. The publicly traded business has a fleet of 96 vessels and reported revenue of $5.3 billion in 2016. Tung and his brother, Tung Chee-hwa, agreed to sell the operation to Cosco Shipping for $6.3 billion in July 2017.

As of Oct. 20, 2017:
Last change ()
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Industry Services
Biggest asset N/A
Citizenship Hong Kong
Age 71
Wealth Inherited
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Relative Value

Tung Chien-Cheng's net worth of can buy ...

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Net Worth Summary

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Biography

Birthdate: 1942
Family: Married, 2 children
Education: 1964, University of Liverpool, Science, Bachelor's Degree Massachusetts Institute of Technology, Master's Degree

Tung Chee Chen was born in Shanghai in 1942, the son of shipping magnate Tung Chao Yung. His family fled to Hong Kong from Shanghai in 1950, a year after the Communist Party came to power in China.

He earned a bachelor of science degree from the University of Liverpool in England and obtained a master's degree in mechanical engineering at the Massachusetts Institute of Technology.

The family patriarch built a fleet of vessels under the trade name Orient Overseas Container Line (OOCL), which continues to operate as a subsidiary of Hong Kong-listed Orient Overseas International. 

Older brother Tung Chee-hwa took over as chairman of Orient Overseas International in 1979, after their father became ill. When C.Y. Tung died three years later, his two sons were left to continue running his shipping empire.

The family ran into trouble in the 1980s and needed more than $100 million in additional funding that was arranged by Henry Fok, a pro-Beijing property tycoon. Fok later played a key role in Beijing’s selection of Tung Chee-hwa as Hong Kong’s first leader under Chinese rule.

Tung Chee Chen took over from his elder brother as chairman of Orient Overseas International in October 1996 and continues to run the shipping company from Hong Kong.

Milestones
  • 1942 Tung Chee Chen is born in Shanghai.
  • 1947 First ship with an all-Chinese crew reaches the U.S.
  • 1969 Changes name to Orient Overseas Container Line.
  • 1982 Tung Chee-hwa took over following the death of their father.
  • 1986 Receives bailout of more than $100 million.
  • 1996 Tung Chee Chen becomes chairman after brother was elected chief executive.
  • 2003 Took delivery of the world's largest container ship.
  • 2017 Cosco offers to buy Orient Overseas International for $6.3 billion.