Business tycoon Richard Li is reportedly dating Miss Hong Kong 2015 second runner-up Karmen Kwok, according to Lollipop.

The rumor mill is at it again after Li, the chairman of PCCW, was photographed in Tokyo with a "mystery woman" on Valentine's Day earlier this year. Li was seen playing a slot car race with said female. The couple was attempting to keep a low profile by wearing face masks.

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The telecommunications mogul did not comment on the speculations, but the woman spotted with Li on Feb. 14 is said to be none other than Kwok, according to Jaynestars.

The former beauty queen was identified as the woman with Li after she was seen on a date with him recently.

However, when asked about the matter, Li said, "Work has been very busy lately. I do not want to talk about romance matters." He further expressed thanks to the media for their concern.

As for Kwok, sources stated that the Miss Hong Kong 2015 runner-up used to live a simple lifestyle, but after the dating rumors surfaced, she was allegedly seen arriving at TVB studios with a personal driver.

Furthermore, the aspiring actress has been posting photos of herself on yachts on her social media pages, and sources stated that she has been frequently receiving gifts. Kwok is yet to respond to the dating rumors.

Local media outlets claim that Li and Kwok had been dating for eight months now.

Kwok debuted as an actress in the TVB miniseries "ICAC Investigators 2016" after winning second runner-up in Miss Hong Kong last year.

TagsRichard Li, Karmen Kwok