What is Richard Li doing with Tokopedia, even before BTWN SPAC?

Just two days ago, we posted an article on the shareholders of Tokopedia. Among the top 3 major shareholders, we mentioned the third largest, was a set of companies with the name “Radiant”.

A few readers wrote to us wanting to find out more about “Radiant” and its potential linkage to Richard Li, beyond the following screenshot we initially published: 

Victor Li (Richard Li’s brother) is the Chairman of Cheung Kong Property Holdings. 

Anyway, as Radiant companies hold about 10% of Tokopedia, they should have a board seat. 

Coincidentally, one of the directors of Tokopedia is a Hong Kong based person called Wong Ka Kit, with the registered address of 38/F Champion Tower, 3 Garden Road, Central, Hong Kong: 

It is not hard to find out that this is exactly the address of Pacific Century Group:

Champion Tower in Hong Kong where Pacific Century Group is headquartered

 

And guess what? Pacific Century Group is chaired by…? Richard Li.

Connecting all the dots, this leads us to infer that the ‘mysterious’ companies with the name Radiant, which holds a total of 10.6% shares through three different entities ( Radiant Pioneer, Radiant Trinity, and Radiant Yield Limited ) are linked to the Hong Kong billionaire Richard Li. 

This makes sense when Tokopedia received a merger approach from blank-check acquisition firm Bridgetown Holdings Ltd (NASDAQ: BTWN) which was backed by Richard Li (and Peter Thiel). Although Tokopedia says this is only one of the options (a costly one), it is probably a ‘more likely’ option from investors’ point of view. 

However, we remain unconvinced that bundling Gojek into the IPO package is a good idea.