Hong Leong Group
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Hong Leong Group is a prominent family-owned conglomerate under the Quek/Kwek family, with a strong presence in both Singapore and Malaysia.
While the group shares a common heritage, it operates as two separate entities: Hong Leong Group Malaysia, chaired by Quek Leng Chan, and Hong Leong Group Singapore, chaired by Kwek Leng Beng.
History
Hong Leong Group, founded by Kwek Hong Png in 1941 in Singapore, began after he saved $7,000 in starting capital over a decade by working hard in his brother-in-law's hardware shop.<ref>Realising dreams by tackling tigers. (1989, October 19). The Business Times, p. 14.</ref>
With this savings, he decided to set up his own company and named the business "Hong Leong": "Hong" means big, good, and plentiful, while "Leong" means great prosperity. Together, "Hong Leong" connoted a good harvest.<ref>郭芳枫. [Kwek Hong Png]. (1989). 我与丰隆. [Wo yu Fenglong / A Lifetime with Hong Leong: An Autobiography of Mr. Kwek Hong Png]. Singapore, p. 76.</ref>
Kwek Hong Png started the business in a red, two-storey shophouse along Beach Road as a general trading firm dealing in ropes, paints, and supplies for ships and rubber estates.
Kwek Hong Png knew that expanding his business would require increasing his staff, so he invited his brothers Kwek Hong Khai, Kwek Hong Lye, and Kwek Hong Leong to join his firm. He gave them a 65 percent stake in the company, retaining 35 percent for himself.<ref>郭芳枫. [Kwek Hong Png]. (1989). 我与丰隆. [Wo yu Fenglong / A Lifetime with Hong Leong: An Autobiography of Mr. Kwek Hong Png]. Singapore, p. 81.</ref>
In the 1950s and 1960s, in line with the Singapore government's industrialization goals, Hong Leong began manufacturing superior products such as cement through joint ventures with Onoda Cement and Mitsui & Co., via Singapore Cement Manufacturing Company.<ref name="Hong Leong Asia: 2023 Annual Report">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref name="Kwek Hong Png">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
This also led to new opportunities amidst a developing Singapore, including acquiring land and expanding into consumer financing.<ref name="Hong Leong Asia: 2023 Annual Report"/>
During this period, Hong Leong also entered the Malaysian market, first establishing Tasek Cement Berhad, followed by setting up a Hong Leong Malaysia branch to expand its real estate and banking activities.<ref name="Hong Leong Asia: 2023 Annual Report" />
Hong Leong Group Malaysia
Hong Leong Company (Malaysia) Berhad, more commonly known as Hong Leong Group Malaysia, is a conglomerate based in Malaysia. Founded as a trading company in 1963 by Quek Leng Chan and Kwek Hong Png, the company controls 14 listed companies involved in the financial services, manufacturing, distribution, property and infrastructure development. The group's shares are listed on stock exchanges of Malaysia, Singapore, Hong Kong, and Europe.
Finance/Banking
- Hong Leong Financial Group is the holding company for Hong Leong Group's banking and financial services.
- Hong Leong Bank
- Hong Leong Capital
- Hong Leong Assurance
Manufacturing
- Hong Leong Industries Berhad<ref name="Hong Leong Manufacturing">{{#invoke:citation/CS1|citation
|CitationClass=web }}</ref>
- Malaysian Pacific Industries Berhad<ref name="Hong Leong Manufacturing" />
- Southern Steel Berhad<ref name="Hong Leong Manufacturing" />
- Hume Industries Berhad<ref name="Hong Leong Manufacturing" />
Property development
- Guoco Group<ref name="GuocoLand">{{#invoke:citation/CS1|citation
|CitationClass=web }}</ref>
- Guoco Leisure Ltd - the holding company (listed on Singapore Exchange) of an international hospitality and leisure group, operating through a subsidiary GLH Hotels Limited headquartered in London, UK.<ref name="GLL">{{#invoke:citation/CS1|citation
|CitationClass=web }}</ref>
Hong Leong Group Singapore
Property development
- City Developments Limited<ref name="Hong Leong Group Structure">{{#invoke:citation/CS1|citation
|CitationClass=web }}</ref>
- Hong Leong Asia Limited<ref name="Hong Leong Group Structure"/>
- Privately held Hong Leong Holdings Limited<ref name="Hong Leong Group Structure"/>
Finance
- Hong Leong Finance Limited<ref name="Hong Leong Group Structure"/>
See also
References
External links
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