The Hong Kong billionaire who is backing one of the teams bidding for a new place on the F1 grid says he is determined to put Asia on the motorsport map.
Calvin Lo says he’d like to see many more Grand Prix circuits introduced across the continent. This year, there are three F1 races in Asia, the world’s largest continent - the Singapore and Japanese GPs, and a third in Azerbaijan, which straddles Eastern Europe and West Asia.
A world-class motorsport academy to train Asia’s drivers and mechanics of the future would also be a target, says Mr Lo.
The businessman, investor and philanthropist, who is CEO of the world’s largest life insurance broker, R. E. Lee International, already has financial ties with an existing F1 team.
Now, he has provided his support to a team that has applied for a spot on the F1 grid in 2026, with the sport’s governing body FIA expected to make a decision on bids very soon.
Additionally, there have been talks about the possibility of Mr Lo getting involved with a second existing F1 team.
“To make F1 truly global, we cannot forget about this part of the world,” he said.
Mr Lo said that the sport had “entered a new era with growing popularity and a new generation of fans” adding that “there are many opportunities left untapped in F1.”
“I love how Formula One is not just a one-man show; but rather, a group of extremely talented people coming together, committed to one goal,” he said.
The charismatic 46-year-old billionaire tries to attend F1 races whenever he can and has previously been a VIP guest at Grand Prix in Singapore, Shanghai, Malaysia, Monaco, Silverstone, Montreal, and Melbourne.
His all-time favorite F1 driver is Michael Schumacher and he cites him as the reason why he developed a passion for motorsports 20 years ago after being “captivated” by his winning ways on the racetrack.
Indeed, Schumacher’s determination to succeed inspired Mr Lo to be successful in the business world.
Mr Lo is CEO of R.E. Lee International, the world’s largest life insurance broker, based in Hong Kong, specializing in large amounts of life insurance coverage for ultra-high-net-worth individuals and businesses for estate planning purposes.
As well as running his businesses, he devotes much of his time to charitable causes that are close to his heart. He has established The 195 Project, a globally diverse think tank, whose goal is to expand on existing research about how the worldwide economy can adapt and respond to the aftermath of COVID-19, with a particular focus on helping developing nations to recover.
His personal charitable foundation, The CFL Initiative that is named after Mr Lo, is specifically set up for his philanthropic causes, which include the well-being of animals, children and the environment.
As well as F1, his passions include golf and photography, and his beloved 12-year-old daughter who he drops off and picks up from school every day.