Formed by businessmen and tycoons from various business sectors in Hong Kong, the Liberal Party is considered conservative and pro-business. In reference to the Liberal Party name, founding chairman Allen Lee said that "liberalism" would be the party's cherished ideal, with its values being free enterprise, equal opportunity, and individual freedom, but it expounds liberal conservative economic policies such as opposition to a minimum wage, collective bargaining and antitrust legislation. The Liberals also support limited government, low taxes, a high degree of economic freedom and uphold the interests of small and medium enterprises.