Early Life
Yao Hsiao Tung's journey began in China, where he was born in 1939. Due to his father’s changing jobs and the onset of World War II, his family faced economic hardship and frequent moves. These experiences instilled in him a strong sense of perseverance and resilience. Yao's early life was marked by challenges, including poverty and bullying, which shaped his 'fighting spirit' and determination to succeed.
Rise to Success
Yao's career began at DuPont, where he worked as a technical service manager. In 1980, he invested in a struggling tool manufacturing firm called Hi-P Tool & Die. He took over the management of Hi-P in 1983 and transformed it into a global contract manufacturer. This marked a pivotal moment in his career. Over the years, Hi-P expanded its operations, including establishing manufacturing plants in China, and achieved significant revenue growth. Hi-P was listed on the Singapore Stock Exchange in 2003. In 2021, Yao privatized the company, gaining more control over its operations.
Key Business Strategies
Yao's business strategies have been key to Hi-P's success. His leadership during the 2008-2009 financial crisis and the 2020 COVID-19 pandemic demonstrated his ability to navigate challenging economic conditions. He focused on adapting the company to changing market demands, expanding its services, and ensuring high-quality manufacturing for clients like Apple. Hi-P's strategic moves included acquiring Molex's stake, delisting from the Singapore Stock Exchange for greater management flexibility, and securing investments from Temasek-backed 65 Equity Partners. Yao emphasized the importance of a strong team and empowered employees.
Philanthropy
While specific philanthropy amounts are not available in the provided search results, Yao is known to believe in giving back to society. Hi-P has CSR initiatives to support communities and markets where it operates.
