Hong Kong host Shirley Cheung (top row, L) and her boyfriend Calvin Lo (top row, R). Photo from Cheung’s Instagram |
According to Dimsum DailyCheung confirmed her relationship with Lo during a charity gala, as evidenced by her Instagram post where she shared photos with Lo for the first time since their relationship rumors began in July 2023. Historically private about her personal life, Cheung has faced intense media scrutiny since her association with Lo, who was discredited in 2023 as a “sham billionaire.” Despite the controversies, Cheung has remained supportive of Lo, frequently noting his caring nature and their strong connection.
At the gala, Cheung exuded elegance in a fitted white dress and chic shawl, while Lo complemented her in a sharply tailored suit. Their coordinated looks not only drew attention but also seemed to affirm Lo’s significance in Cheung’s life amid continuous public curiosity and speculation.
Cheung, 50, founded a beauty and wellness company that she took public in 2003 at the age of 28, becoming the youngest chairperson of a listed company in Hong Kong. Since selling her business, she has accumulated a net worth exceeding HK$300 million (US$38.6 million).
Lo, listed in his identity card and passport as born in 1977, making him 47, has conflicting birthdates, as a 2013 annual report from the Jane Goodall Institute, where he briefly served on the board, indicates a 1971 birth year, suggesting he is 53, according to Forbes.
Lo claimed to be the CEO and owner of R.E. Lee International, described as “the world’s largest life insurance broker” with about US$1 billion in premiums, and the founder of R.E. Lee Capital, an asset management firm reported to handle between US$8 billion and US$10 billion in assets. He was also portrayed as a Harvard-educated investor who, in 2018, supposedly used his investment vehicle R.E. Lee Octagon to purchase the five-star Mandarin Oriental hotel in Taipei for US$1.2 billion.
Additionally, he was said to have founded a US$250 million charitable foundation and owns multiple homes globally. Lo was reputed to be Asia’s top collector and investor in champagnes and one of the first in Asia to own a Gulfstream G650 private jet. He was also claimed to be an investor in the Williams Formula 1 racing team.
However, many of these assertions are unsubstantiated or false. He does not own a stake in the F1 team, nor does he own the Mandarin Oriental. The addresses he provided for his homes actually belong to his parents or others. Harvard Business School has no records of him as a graduate.
Moreover, his purported charitable foundation and R.E. Lee Octagon seem nonexistent. R.E. Lee Capital has clarified that Lo is the son of a non-executive equity investor in the firm, and his mother Regina Lee, who is the chairwoman, should not be mistaken for having a business association with him. R.E. Lee Capital also confirmed that it does not manage assets close to the alleged US$8 billion to US$10 billion.
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