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Distribution Services

Li & Fung Ltd.

Company Background

Li & Fung is one of the world's leading consumer products sourcing and logistics companies. Based in Hong Kong, with total assets of more than $8.4 billion, the company engages in businesses ranging from product design and raw-material sourcing to production management and quality control. Li & Fung supplies a wide range of consumer products, including designer apparel, home furnishings, handbags, accessories, sporting goods and footwear.

The company's logistics business manages worldwide supply chains with partner companies, providing in-country logistics and international freight forwarding services. Its network spans mainland China, Japan, South Korea, the Middle East, India and Southeast Asia, and comprises over 1.8 million sq. meters of logistics space.

Li & Fung spun off its brand management unit in 2014. The newly formed company, Global Brands Group Holding, has licenses on hundreds of trademarks and distributes goods to major Western retailers. The spinoff was intended to allow Li & Fung to focus on its core operations of product sourcing and logistics.

The company was established by Fung Pak-liu and Li To-ming in 1906. Honorary Chairman Victor Fung and Chairman William Fung, the third generation of the Fung family, have led the company since the 1980s. The Fung family holds a 28% stake in the company.

Business Summary

Li & Fung Ltd. is an investment holding company, which engages in the trading, logistics, and distribution of consumer products. It operates through the Services and Product segment. The Services segment consists of the supply chain solutions and logistics businesses. The Product segment includes onshore wholesale business and the three product verticals. The company was founded in 1906 and is headquartered in Hong Kong.

Financial Highlights

Dec 2018 HKDUSD
Gross Profit9,563.15M1,220.17M
Operating income1,747.71M222.99M
Income before tax1,579.34M201.50M
Net income986.10M125.81M
Diluted EPS0.090.01
Dividends Per Share0.070.00
Total Assets41,817.27M5,341.09M
Total liabilities32,314.45M4,127.34M
Total equity9,527.47M1,216.89M
Operating cash flow923.94M117.88M
Currency in HKDCurrency in USD

Historical Data

 Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Revenue 149,576.17M 145,987.42M 114,505.72M 105,469.60M 99,542.65M
Gross Profit 8,377.08M 15,948.45M 4,680.55M 9,962.98M 9,563.15M
Operating income 3,934.10M 3,489.01M 2,138.68M 2,279.23M 1,747.71M
Income before tax 4,850.01M 3,916.63M 1,765.26M 2,138.89M 1,579.34M
Net income 4,182.86M 3,264.18M 1,242.06M 1,328.03M 986.10M
EBITDA 4,825.76M 4,345.33M 2,704.45M 2,830.11M 2,415.26M
Diluted EPS 0.40 0.38 0.20 0.20 0.09
Dividends Per Share 0.41 0.28 0.23 0.13 0.07
Total Assets 65,738.03M 61,482.70M 59,736.29M 50,953.18M 41,817.27M
Total liabilities 45,520.53M 42,051.79M 41,901.75M 37,233.76M 32,314.45M
Total equity 20,150.85M 19,397.64M 17,842.94M 13,662.65M 9,527.47M
Operating cash flow 4,267.51M 3,351.01M 1,333.64M 1,522.32M 923.94M
 Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Revenue 19,288.49M 18,830.83M 14,751.22M 13,534.20M 12,700.74M
Gross Profit 1,080.26M 2,057.18M 602.97M 1,278.48M 1,220.17M
Operating income 507.32M 450.04M 275.51M 292.47M 222.99M
Income before tax 625.43M 505.20M 227.41M 274.46M 201.50M
Net income 539.39M 421.04M 160.00M 170.41M 125.81M
EBITDA 622.30M 560.50M 348.40M 363.16M 308.16M
Diluted EPS 0.05 0.05 0.02 0.02 0.01
Dividends Per Share 0.05 0.03 0.02 0.01 0.00
Total Assets 8,477.02M 7,933.09M 7,704.77M 6,518.00M 5,341.09M
Total liabilities 5,869.94M 5,425.93M 5,404.48M 4,762.99M 4,127.34M
Total equity 2,598.48M 2,502.87M 2,301.37M 1,747.74M 1,216.89M
Operating cash flow 550.31M 432.24M 171.80M 195.34M 117.88M

Valuation Measures

Dec 2018
Operating margin1.75%
Profit margin0.99%

Key executives

  • Group Chief Executive Officer & Executive Director: Spencer Theodore Fung
  • President & Executive Director: Joseph Chua Phi
  • Chief Operating Officer: Weizhong Zhu
  • Chief Financial Officer: Sung Lai Lam
  • Group Chief Technology Officer: Manuel Carlos Fernandez


  • FUNG FAMILY (27.5%)
  • Silchester International Investors LLP (10.0%)
  • First State Investments (Singapore) (3.0%)
  • FUNG KWOK LUN (2.9%)
  • First State Investment Management (UK) Ltd. (2.7%)
  • FUNG KWOK KING (2.4%)
  • The Vanguard Group, Inc. (1.8%)
  • First State Investments (Hong Kong) Ltd. (1.2%)
  • BlackRock Fund Advisors (1.2%)
  • First Sentier Investors (Australia) IM Ltd. (1.0%)

Contact Details

  • Website:
  • Address: 11th Floor, LiFung Tower, 888 Cheung Sha Wan Road, Hong Kong, Hong Kong
  • Phone: +852.2300.2300

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Last Updated on 26 Feb, 2020

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