Born and educated in Hong Kong, Dr Simon K. Y. Lee experienced the turmoil of war, which led his family to flee to the Mainland when he was 14 years old. After their return in 1945, the family established "Sun Hing Hong," a family business with four staff members. Under his leadership, the company evolved into the Sun Hing Group, expanding from its origins as shipping agents to various sectors such as logistics, warehousing, transportation, insurance agency services, and real estate development.

In his memoir published in 1999, Dr Lee described himself as "obstinate in the pursuit of the good" (in Chinese 擇善固執), a motto that reflects his unwavering commitment to doing what is right. This dedication is not only a personal virtue but also a social value that has benefited both the University and the wider community.

At HKU, he was a long-serving member of the Court and the Founding Honorary Patron of the HKU Foundation, devoting considerable time and effort to supporting the development of the University. In recognition of his contributions to the community of Hong Kong, he was conferred the degree of Doctor of Social Sciences honoris causa in 2006.