11 December 2018

The Big Picture: SIR RUN RUN SHAW

Hong Kong media mogul and philanthropist Sir Run Run Shaw {邵逸夫} passed away Tuesday morning at the age of 107, Television Broadcasts Ltd. (TVB, 00511.HK) said. He died in his home at 6:55 a.m., according to a statement from TVB, which was founded by Shaw in 1967.

Shaw was born in Ningbo in Zhejiang province in 1907. Shaw Brothers (HK) Ltd., which he founded with his brother in the 1930s, has produced more than 1,000 movies over the years, providing entertainment and inspiration to several generations of Chinese.

Shaw was widely known for his philanthropic acts, donating huge amounts to support education and medical development in Hong Kong and mainland China.

In 1973, Shaw set up the Shaw Foundation to undertake charitable activities, said. Since 1985, he has been donating more than HK$100 million (US$12.82 million) annually on average in mainland China. Over the last two decades he offered a total of HK$3.4 billion to build up more than 5,000 schools and hospitals.

When thousands of buildings named Sir Run Run were erected in China, not everyone knew why they were called so. According to some rumors, Shaw, who was usually called “Uncle Six” by media due to his ranking among siblings, once said he was named Run Run because he always ran between cinemas to deliver rolls of films when he was a working as a young boy in Southeast Asia. In fact, the real reason is that the pronounciation of his other Chinese name, Renleng {仁楞}, is very close to “run run”.

As the thousands of Chinese whose lives he has touched bid him goodbye, they also wish that the Shaw Foundation will pursue his charitable works, particularly in education and medical development in China as well as scientific research. It is also hoped that more people who have more in life will follow in his footsteps and give to those who have less.

Government to adopt corporate pension model

The government will reform occupational pensions to make them comparable with the corporate model, the China Securities Journal reported Monday, citing unnamed sources. The changes will allow occupational pension schemes to invest in stocks, bank products and trusts. Up to 40 million civil servants are expected to benefit from the reform. Their contribution to the scheme, a type of supplemental pension, is potentially worth 400 billion yuan (US$66.12 billion) a year, Zheng Bingwen, director of the Center of International Social Security Studies at the Chinese Academy of Social Sciences, was quoted as saying. Occupational pensions should allocate at least 70 percent to bond investment but can also consider investment in green industries and clean energy, the report said.

Insurers can invest in Growth Enterprise Board

China will allow insurance funds to invest in stocks on the Growth Enterprise Board, Shanghai Securities News reported Wednesday, citing the China Insurance Regulatory Commission. The new policy will help insurers with their asset allocation, although they will be looking mainly at initial public offering subscriptions rather than investing in such stocks, several insurance companies were quoted as saying. More than half of the 83 listing applications pending approval are for the Growth Enterprise Board, industry sources said.

– Contact HKEJ at [email protected]




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