Menswear group Goldlion Holdings (0533) yesterday said its founder and former chairman Tsang Hin-chi has stepped down for health reasons and his youngest son Ricky Tsang Chi-ming will take the role, according to a stock exchange filing.
Tsang, 84, a former member of the Standing Committee of the National People's Congress, served as the executive chairman since 1968. He was reported to have had two kidney surgeries in 1998.
Tsang was born into a poor family in Guangdong in 1934 and moved to Hong Kong with his family in 1968 and later founded Goldlion together with his wife Wong Lei-kuan, another executive director of the company.
Ricky Tsang, 51, a member of the National Committee of Chinese People's Political Consultative Conference, was appointed an executive director in 2001 and chief executive in 2005. He holds a total of 614,438,750 issued shares of the company, comprising 1,404,000 shares held directly under his own name and 613,034,750 shares controlled by the Tsang Hin Chi (2007) Family Settlement, a family trust. Ricky Tsang ended a 12-year marriage to pop singer Vivian Lai Sui-yan in 2014.