Li acquired Canadian citizenship in the 1980s. His Canadian citizenship has proven valuable to him in his financial dealings, allowing him to make bids for PCCW to purchase stakes in companies such as Air Canada and Bell Canada Enterprises without running afoul of restrictions on foreign ownership.

Richard Li founded Pacific Century Group (PCG) in 1993, an Asia-based long-term private investment group with interests across three core Business pillars – financial services, Technology, media & telecommunications (TMT), and property. In 1996, Pacific Century CyberWorks (PCCW) is founded, and was later renamed to PCCW Limited. Four years later, PCCW acquired Cable & Wireless HKT, formerly known as The Hong Kong Telephone Company Ltd., and formed the company with businesses in telecommunications, media, IT solutions, property development and investment, and other businesses.

During the 2002–03 SARS outbreak, PCCW under Li's direction aided victims by providing Telecommunication services to patients, medical staff, and fundraisers; namely, they set up video conferencing for quarantined SARS victims and volunteers to communicate with their families, telephone hotline support for isolated patients and communities to receive medical and legal advice. Li also established a story time program for children kept home to prevent infection, and call centre support for charity fundraisers and community Activists.

In 2006, Li donated CA$1 million to the Canadian National Arts Centre Foundation, which led to the establishment of the Annual Richard Li Young Artist Chair, putting young Musicians each year under the mentorship of musical maestros.

Later, in 2007, under Li's direction PCCW volunteers participated in the District Elderly Campaign sponsored by the Oriental Daily News Charitable Fund, the Sun Charitable Fund, and Po Leung Kuk. The campaign' mission was to deliver gift packages to the elderly living in the Lower Ngau Tau Kok Estate.

Li was a representative of the Hong Kong government at the APEC Business Advisory Council (ABAC) from 2009 to 2014. He was praised by the Secretary for Commerce and Economic Development, Rita Lau, for "helping [to] raise Hong Kong's profile in this important regional Business forum".

In March 2011, Isabella announced to the media that the couple have ended their relationship. They have both announced that the split is amicable and that they will both take care of the children.

In October 2013, FWD Group appoint Ronald Arculli as Chairman. In April 2015 former Canadian foreign affairs minister John Baird was appointed as non-executive Director to FWD and PineBridge.

In March 2015, PCCW Media acquired mobile video provider VuClip and launched Viu. As of August 2017, Viu’s over-the-top (OTT) video Service rolled out to 24 markets globally including Hong Kong, Singapore, Indonesia, Malaysia, India and Thailand.

PCCW OTT provides video streaming services under the “Viu” and “Vuclip” brands as well as a music streaming Service under the “MOOV” brand. In August 2017, it secures new Investors including Hony Capital, Foxconn Ventures and Temasek.