He was one of the co-founders of Dragonair, Hong Kong's first Chinese-owned airline, which was subsequently acquired by Cathay Pacific.
[3] Chao was one of the first few investors in Mainland China, setting up spinning mills, when the Chinese Economic Reforms led by Deng Xiaoping started in late 1970s.
[3] The company was subsequently sold to Hong Kong's flag carrier Cathay Pacific in 2006.
[3] Chao was the honorary chairman of the Wharton School's Global Alumni Forum in Hong Kong.
[2][9] Chao's daughter, Susana Chou, is the first President of the Legislative Assembly of Macau, Macau SAR, while his son Silas K. F. Chou, is a director of Novel Enterprises which owned Tommy Hilfiger and Michael Kors.