AmChamHK Apr/May 2018

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BOOK A SCHOOL TOUR

5 REASONS STAMFORD STANDS OUT Applications Open for 2018/2019 – Apply Today, Spaces Limited


Stamford American School, although it is new to Hong Kong, comes from a large family of successful schools that are part of the Cognita group, including Stamford Singapore that currently has over 3,000 students enrolled. Stamford Hong Kong provides students with a unique learning experience aimed to educate and inspire them, here are 5 reasons why Stamford stands out:

1. Data-driven Personalized Learning Personalized Learning is a popular term, but in order to deliver this effectively, one tool that Stamford uses is continuous MAP Testing. Beginning in Pre-primary, the MAP Test assesses core math and literacy skills; and also science skills in upper elementary onwards. The results help teachers to plan learning goals for the students based on real data. Continuous assessment allows them to see if the students are progressing well or need support. Similar testing is also in place to personalize instruction in Mandarin, Spanish and EAL classes.

2. Future-focused Innovation Program The focus on “STEM” has become a hot topic in education; however, Stamford has gone one step beyond and added innovation as a core component to the curriculum. Stamford has onsite STEMinn experts to ensure that science, technology, engineering, math and innovation are interwoven into units of inquiry to foster critical thinking skills from a multi-disciplinary approach that drives innovative thinking.

4. Global Mentor and Diverse CCA programs Learning also happens outside of the classroom. To support this, Stamford invites thought leaders and inspiring people in their industry to meet our students. This has included wellknown children’s author, Sarah Brennan, Shanghai Shark’s coach, James Scott and Innovator, Cesar Jung-Harada. Stamford offers 19 co-curricular programs for Pre-Primary to Grade 8 students. Programs range from fencing taught by an Olympic medal winning coach, basketball, Chinese calligraphy, robotics and more, allowing children to pursue passions beyond the classroom. Many of the programs are at no additional cost to parents!

5. Global Cognita Family

Developing students into global citizens includes having a strong additional language program in school. Stamford offers a bilingual option for Pre-primary to Grade 2 students (Mandarin/English). Students from Pre-primary to Grade 8 have a choice to daily Spanish or Mandarin class. These daily classes are also leveled to ensure students are challenged appropriately.

Stamford is part of the Cognita family of schools with 70 schools in 8 countries. Being part of a large group allows access to the most important resources such as a world-class faculty. One third of the Stamford faculty comes from other Cognita schools, with an average of 9 years of experience; and 73% of the whole faculty hold master’s degrees. The Stamford programs have also been tried and tested before implementing in Hong Kong; 90% of Stamford Singapore graduates receive offers from their first-choice university.

Applications for 2018/2019 Open – Apply Now!

www.sais.edu.hk

3. Daily World Language Programs

SCHOOL CAMPUS

ADMISSIONS OFFICE

25 Man Fuk Road, Ho Man Tin, Kowloon, Hong Kong +852 3467 4500

Suites 4005-4007, Level 40, Two Exchange Square, 8 Connaught Place, Central, Hong Kong +852 2500 8688

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AmChamHK

4-5 • 2018


Contents APRIL/MAY 2018 | VOL. 50 NO. 4-5 Publisher Tara Joseph

AMCHAM NEWS AND VIEWS

SMART CITY

04 President’s Memo

24

Managing Editor

07 New Business Contacts

Jennifer Khoo

08 Member Spotlight

Advertising Sales Manager

10

Committee Spotlight

Tom Chan

Smart Means Inclusive

CSR 30 Hearts, Minds and Bottom Lines

AmChamHK’s contents do not necessarily reflect the views of officers, governors or members of the Chamber. We welcome your letters, comments & feedback.

HONG KONG ART SEASON 36

All for Art and Art for All

Email: feedback@amcham.org.hk

ICYMI On the cover:

42

HGI CEO James Sun

Briefs 14 MEET THE BOARD

1904 Bank of America Tower, 12 Harcourt Rd, Central, Hong Kong Tel: (852) 2530 6900 Fax: (852) 3753 1206 Email: amcham@amcham.org.hk

Art Central; Telensa; Tax

Things you may not know about the 2018 AmCham Board of Governors

AMCHAM BALL 2018 46

Photo Gallery

50

Mark Your Calendar

Website: www.amcham.org.hk

SPECIAL SUPPLEMENT

Printed by Ease Max Ltd 2A Sum Lung Industrial Building 11 Sun Yip St, Chai Wan, Hong Kong (Green Production Overseas Group)

55

Wine & Dine

64

The Last Page

Designed by Tiffany Lau & Jules Langlais Tel: (852) 6432 2573 Email: ttiffanylauu@gmail.com Website: www.tifflaudesign.com ©The American Chamber of Commerce in Hong Kong, 2018 Library of Congress: LC 98-645652 Single copy price HK$50 Annual subscription HK$600/US$90

COVER STORY 16 RAY OF SUNSHINE HGI Chief Executive Officer James Sun offers unmitigated optimism over Hong Kong’s place in the fund-flow firmament

AmChamHK

4-5 • 2018

Contemplating the human condition

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President’s Memo

Hong Kong has long branded itself as “Asia’s World City,” staking its claim with a bold and colorful flying dragon logo. This upbeat emblem last grabbed my attention in April, when it was emblazoned around the Hong Kong Stadium for the Rugby Sevens, a truly top-drawer event that burnishes the city’s global brand. Otherwise, the logo feels to have somewhat faded into the background as Hong Kong churns with

other pre-occupations, including Belt & Road, local politics and integration with mainland China.

of a futuristic, sustainable and digitally connected city, if only we can unplug old attitudes and tear down silos.

These are all worthy areas to explore. But from the perspective of the large American business community here, Hong Kong needs to build on what it does best: To provide a leading platform for transparent markets and internationally recognized rule of law coupled with an open and free environment for commerce.

We can continue to be a hub that attracts the best and brightest in fields from financial services to technology to education, but not if we fail to develop our homegrown talent as well. Hong Kong’s people must be equipped to embrace the workplace of the future, one that’s driven by collaboration and innovation and less constrained by hierarchy.

Hong Kong can no longer rest on its laurels as an uber-efficient city at the heart of this fast growing region. Rivals such as Singapore and Shenzhen are fast developing formidable strengths of their own. To affirm its top-tier status, Hong Kong must take bold action – to innovate, reboot the brand and more effectively trumpet its capabilities.

This city has so many unique advantages that give it a special role as a first-rate international trading hub, but now is the time to walk the talk of being Asia’s World City.

Regards, Tara Joseph AmCham President

After all, we have the financial firepower needed to become a shining example

BOARD OF GOVERNORS CHAIRMAN Jack Lange VICE CHAIRMAN Robert Grieves TREASURER Owen Belman

EXECUTIVE COMMITTEE

GOVERNORS Donald Austin

Matthew Hosford

Jenny Wong

Jennifer Van Dale

Julie Brandt

Clara Ingen-Housz

Patrick Wu

Diana David

Steven Xavier Chan

Simon Ogus

Lennard Yong

Seth Peterson

Sanjeev Chatrath

Karen Reddington

Catherine Simmons

Elaine Cheung

Anna-Marie Slot

Richard Weisman

David Cruikshank

Eric Szweda

Mark Green

Rick Truscott

PRESIDENT Tara Joseph EX-OFFICIO GOVERNOR Walter Dias

CHAMBER COMMITTEES Apparel & Footwear

Ball

China Business

Communications & Marketing

Food and Beverage

Gareth Brooks

Anna-Marie Slot

Ben Simpfendorfer

Anita Davis

Veronica Sze

Sally Peng

Seth Peterson

John Siu

Entrepreneurs/SME

Environment

Genevieve Hilton

Intellectual Property

Jim Taylor

Pat Nie Woo

Gabriela Kennedy

Lynne Sprugel Energy Rick Truscott John Zadkovich People and Organizational Culture Peter Liu Wendy Zhang

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Laurie Goldberg Cynthia Chow

Rachel Fleishman Innovation

Infrastructure &

& Technology

Construction

Patrick Kirby

Ian Chung Pharmaceutical

Law

Caroline Johnson

Chiann Bao

Grace Lau

Jessica Bartlett

Stephen Leung

Peter Johnston Corporate Social Responsibility

Victor Tse Financial Services Song Jia Ning

Jen Flowers

Insurance & Healthcare

Leonie Valentine

Hanif Kanji

Real Estate Robert Johnston Edward Farrelly Colin Jones

Transportation and Logistics

Women of Influence

Young Professionals

Gavin Dow

Jennifer Parks

Jamie Ford

Geoffrey Siebengartner

Anne O’Riordan

Yanjun Chen

Jasper MacSlarrow

Rebecca Terner Lentchner

Amelie Dionne-Charest

Trade & Investment Barrett Bingley Tatman Savio Herman Cheung David Chao

Invest in USA Eric Szweda Education Virginia Wilson Abigail DeLessio

Taxation Ivan Strunin Peter Guang Chen Wade Wagatsuma

AmChamHK

4-5 • 2018


JOIN US TODAY Become a part of AmCham network and experience the differences with‌

The American Chamber of Commerce is the largest international chamber in Hong Kong, with almost 50 years of history and influence in the Asia-Pacific. Our mission is to serve as a center for networking, information and advocacy for our valued members.

Enquiry: membership@amcham.org.hk / +852 2530 6925


www.amcham.org.hk

AMCHAM Means Business

Members Directory

Over 500 pages in three major sections, including a complete guide to chamber services, corporate sponsors and AmCham Charitable Foundation. This directory lists about 1,350 members from about 660 companies and organizations. ISBN 978-962-7422-78-5

LC 98-645651 NON-MEMBER PRICE Local Delivery HK$1500 Overseas Delivery US$195 Shipping costs: Local HK$45 (per copy) US/International US$50 (per copy)

MEMBER PRICE HK$800 US$105

    AmCham Member   Name: Title:   Company:   Address:     Tel: Fax:     Email: Website:   copy(ies) of Members Directory     Total: HK$/US$ (postage inclusive)   payable to The American Chamber of Commerce in Hong Kong  check#    Bank:    Charge to AMEX (US$) Diners (HK$) Visa (HK$) Master Card (HK$)   Cardholder's Name:   Card#   Expiry Date: Issuing Bank:         Signature: (Not valid unless signed)    The American Chamber of Commerce in Hong Kong 1904 Bank of America Tower, 12 Harcourt Road, Hong Kong. Tel: (852) 2530 6934 Email: hchung@amcham.org.hk


New Business Contacts The following people are new AmCham members: Company Name

First Name

Last Name

Position

AlixPartners Hong Kong Limited

Michelle

Wong

Director

Alliance For Smiles

Brigitte

Cummings

HK Representative

Allied Pickfords Hong Kong

Iren

Fabian

Sales Director

Allied Pickfords Hong Kong

Ellen

Wong

Senior Business Development Manager

Bamboo Strategic Advisors Ltd.

Anne

English

Founder

Butler Snow LLP

Jessica

Staton

Registered foreign lawyer

Centre for Asian Philanthropy and Society

Ruth

Shapiro

Chief Executive

CLP Power Hong Kong Ltd

Sharon

Lee

Deputy Director - Strategic Financial & Business Planning

CTC Asia Ltd

Arnaud

Dyduck

Executive Director - CTC Greater China

Floship

Anthony

Ruan

Business Development Consultant

Gleneagles Hong Kong Hospital

Michael

Yau

CFO

Hard Rock International

Peter

Wynne

VP Hotel Operations - APAC

Heidrick & Struggles Hong Kong Limited

David

Hui

Partner

Heidrick & Struggles Hong Kong Limited

Bernard

Wong

Principal

Hey Travelista Limited

Tony

Low

Founder / CEO / Chairman

Hotel VIC on the Harbour

Elaine

Chow

Director of Sales & Marketing

Iron Mountain Hong Kong Ltd

Jane

Lo

General Manager, HK

Kimberly-Clark (HK) Limited

Aroldo

Goncalves

Managing Director

Leysin American School in Switzerland

Christoph

Ott

Head of Operations

Mead Johnson Nutrition (Hong Kong) Ltd

Pankaj

Agarwal

General Manager, Hong Kong & Taiwan, Health

Neo Risk Investment Advisors Limited

Harold

Kim

CEO

OneSky

Virginia

Wilson

Chief Operations Officer, Global

Paypal Pte Ltd

Suu Wei

Ho

Director, Southeast Asia Government Relations

Philip Morris Asia Limited

Jeffrey

Hoh

Director, Illicit Trade Prevention EA&A S&SA

Porter Road Ventures

Mark

Montgomery

Owner

Ralph Lauren Asia Pacific Limited

Marielle

Bostroem

Vice President

SBA Stone Forest Corporate Advisory (Shanghai) Co., Ltd.

Rita

Boyle

Director

Seyfarth Shaw

Julia

Gorham

Partner

Seyfarth Shaw

David

Smail

Associate

Seyfarth Shaw

Raymond

Wong

Partner

SHL Hong Kong Limited

Ruby

Kwong

Business Development Director

Stryker Pacific Ltd / Asia Pacific Division

Graham

McLean

President, Asia Pacific

Studio X

Rufus

Turnbull

Creative Director

The Child Development Centre

Yvonne

Becher

Acting Chief Executive

TMF Hong Kong Limited

Margaret

Fung

Managing Director

TUV Rheinland Hong Kong Ltd

Martin

Fan

Managing Director

UPS

Kim

Le

Public Affairs Lead for North Asia & APAC Partnerships

Venetian Macau Limited

Hedy

Woodrow

Director of Retail Development

AmChamHK

4-5 • 2018

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MEMBERSPOTLIGHT Name: Raha Nasseri Job title: Senior Manager - Advisory Company: PwC Industry: Financial Services AmCham member since: June 2017

Where is home? I call both Tehran and NYC my home. I grew up in Tehran and went to college there. After graduation I moved to NYC and lived there for over a decade before moving to HK at the end of 2015. Favorite place in Hong Kong? The hiking trails and Sai Kung’s beaches. One thing people would be surprised to learn about you? That I learned to ski in Tehran. There is a great ski resort 1.5 hours away from the center of the city by car.

‘You don’t get paid what you are worth. You get what you negotiate.’ If I wasn’t a business leader, I would be… An educator. I find teaching very rewarding. First job? I worked as a civil engineer in an iron-ore mine in the south of Iran. I was the only female engineer, and one of a handful of women in a 3,000-person complex. Give us your two cents. You don’t get paid what you are worth. You get what you negotiate. Where can we find you outside of work? I spend some of my free time at a ceramics studio. I made a tea pot last week that I am very proud of.

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Name something on your bucket list. I’m a Wagner fan, so I would love to attend the Bayreuth Festival in Germany one day. Unfortunately the wait time is over 10 years. Oh, and skydiving. Why Amcham? To expand my network in HK. I am also participating in the Women of Influence (WOI) Reverse Mentorship Program, and so far, it’s been great. When can we meet in person? I keep an eye out for AmCham WOI events and events discussing developments in the financial services industry.

AmChamHK

4-5 • 2018


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COVER STORY COMMITTEE SPOTLIGHT

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COMMITTEE COVER SPOTLIGHT STORY

‘Shirking responsibility is not an option – particularly for larger, more international businesses’

A

Duty to

Planet Earth

As preaching concern for the environment becomes fashionable, Rachel Fleishman and Jim Taylor of AmCham’s Environment & Sustainability committee explain why businesses need to walk the talk

Sustainable. Responsible. Environmentally friendly. These buzzwords may look good on a company’s website, but actions speak louder than words. Rachel Fleishman and Jim Taylor know that acting responsibly matters more now than ever before, and are dedicated to raising awareness of the environmental issues affecting businesses – both at work and as co-chairs of AmCham’s Environment & Sustainability committee. As Asia-Pacific Head of Advocacy & Sustainability Communications for BASF, Fleishman engages stakeholders across the region to “create chemistry for a sustainable future – building coalitions, regulatory regimes and business models which meet the needs of societies, markets and the environment.” As Asia’s growing populations become wealthier and more sophisticated and their needs for goods and services grow, so will their awareness that these demands put a strain on the natural resources shared by all, she says. This includes clean air, healthy soil, potable water and a stable, supportive climate.

AmChamHK

4-5 • 2018

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COMMITTEE SPOTLIGHT

“As environmental problems grow – think water shortages, more extreme weather and the overload of plastics in the sea and food chains – businesses are held accountable for their waste, their emissions and their environmental footprint,” she says.

Part of the solution Taylor is the Project Director – Strategic Development at CLP Power, where he is responsible for the company’s long-term strategic planning and consideration of Hong Kong’s regulatory environment. Taylor says regulators, media, consumers and employees expect businesses not only to understand their impact on the environment and society, but also to mitigate any negative impacts – or help prevent them altogether. This has driven companies to play their part, he says,

to examine their own business models and those of their supply chain partners, in an effort to meet consumer expectations and become part of the solution, rather than part of the problem. Transparency continues to be a key theme across global industry sectors in 2018. Businesses are increasingly being held accountable to (a) recognize and (b) be seen to contribute materially to key areas of environmental concern – be it air quality, carbon footprints, waste or the careful use of natural resources, says Taylor.

Nowhere to hide Shouting it from the rooftops isn’t enough. Consumers with a conscience, armed with the digital tools to publicly voice their displeasure at anytime and anywhere over what companies choose (or choose not) to do will hold management to their shining promises.

AmChamHK

4-5 • 2018


COMMITTEE SPOTLIGHT

“Shirking responsibility is not an option – particularly for larger, more international businesses,” he says. Expectations from institutional investors are changing as well. For example, says Taylor, the Financial Stability Board’s Task Force on Climate Related Financial Disclosure recommends that companies report on their exposure to future climate risks, as well as actions they are taking to mitigate these potential threats to business continuity. Both Taylor and Fleishman say other important trends, like the rise of the sharing economy, big data and the digitalization of almost everything, will raise questions about whether these new tools will enable businesses to communicate better with their stakeholders and engender trust, or have the opposite effect and unleash more consumer suspicion.

She says key topics on their agenda this year include air quality, waste management and water efficiency, as well as a mini-series on climate risk. The committee also shows strong support for AmCham’s Smart City position, where environmental performance, transport efficiency and energy efficiency are priorities. “The committee meets regularly with senior Environmental Bureau officials to understand their focus and determine where we can most effectively add our advocacy voice,” she adds. Fleishman and Taylor say they want to hear from member companies with ideas on how businesses

‘Businesses need to build a narrative to accompany any change in strategy. Stakeholders – internal and external – demand nothing less’

“One thing is certain: businesses need to build a narrative to accompany any change in strategy. Stakeholders – internal and external – demand nothing less,” they say.

can make Hong Kong a more livable city, how to contribute to the sustainability of the local economy, and what support they need – from the government or otherwise – to do better. “Let us know!” they exclaim.

In it together Fleishman encourages Chamber member companies to pursue opportunities that benefit and improve the environment, and to get involved in committee events that take place throughout the year.

AmChamHK

4-5 • 2018

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Meet the Board Things you may not know about the 2018 AmCham HK Board of Governors

1

Jenny Wong:

2

Mark Green:

3

Steven Chan:

4

Julie Brandt:

5

Seth Peterson:

6

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“I suffer from Ornithophobia (fear of birds).”

“I was born in Kuala Lumpur, Malaysia, and spent my first 17 years in the Far East.”

“In another life, I would be a painter, sculptor or musician. I’ve always admired people with artistic abilities because I have none.”

“I spent my early childhood living in Tokyo which is why I was so happy to move back to Asia with Otis and bring my children along for a similar experience.”

“When not shuttling kids around to their sports activities in his free time, this Nebraskan is likely enjoying the open spaces sailing around Hong Kong waters.”

Tara Joseph, President: “I spent several summers leading bicycle tours across France. I loved the freedom of touring on the open road, and the challenge of climbing long, hard hills.”

1

2

3

4

Members not pictured: Owen Belman, Jennifer Van Dale, Diana David, Catherine Simmons, Richard Weisman, Donald Austin, Sanjeev Chatrath, Matthew Hosford, Clara Ingen-Housz, Simon Ogus, Karen Reddington, Anna-Marie Slot, Eric Szweda, Rick Truscott, Patrick Wu, Walter Dias

AmChamHK

4-5 • 2018

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Jack Lange, Chairman: “I grew up on a cattle farm in Virginia, and spent a year living in the Sinai Desert.”

Robert Grieves, Vice Chairman: “August Busch hired my father to work for the St. Louis Cardinals baseball team when it was owned by Anheuser-Busch.”

Elaine Cheung: “I met my husband at an AmCham Young Professional Happy Hour event within the first month of moving back to HK in 1994.”

Lennard Yong: “I once impersonated and sang an Elvis Presley song at a staff annual dinner in Hong Kong.”

6

7

8

David Cruikshank:

9 10

AmChamHK

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“When I’m not in a suit and tie, I can often be found playing bass guitar with my rock band, Black Rain.”

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9

10 11

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COVER STORY

Ray of Sunshine HGI Chief Executive Officer James Sun offers some unmitigated optimism over Hong Kong’s place in the fund-flow firmament

Hong Kong’s future is so bright, you’d better wear shades. That’s the message from James Sun, CEO of Harvest Global Investments, the local unit of one of China’s biggest and oldest fund management companies. “The best opportunities are right here in Hong Kong,” says Sun, a former AmCham chairman whose untrammeled optimism over the city’s continued importance as the preeminent global financial hub for China comes as a ray of sunshine amid the all-

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too-often gloomy predictions of inevitable decline. “I’ve been here since 2004 and never thought about leaving. It’s just wonderful.” Sun says the reasons for his cheerful outlook abound, from the coming inclusion of Chinese shares in MSCI benchmark indexes, to the development of the so-called stock and bond connect programs, and Beijing’s recent decision to further open up its finance sector. The growing sophistication of Chinese investors seeking global diversification and more

AmChamHK

4-5 • 2018


COVER STORY

‘Hong Kong has always been a city that knows how to get on the next rung of opportunity’ —

James Sun, Chief Executive Officer

“It’s China’s gateway to the rest of the world and it’s the world’s gateway into China, and that will continue to be the primary function of Hong Kong,” Sun says. “Hong Kong as a gateway sits in a perfect position.”

hat on that worn-out old peg since China began its experiments with market reforms in the 1970s – if not as far back as the beginning of British colonial rule. But if the hat still fits, why not wear it: The skills, experience and toolkit built up over decades in the role as China’s gateway are sticky and won’t be easily surrendered; as a springboard into the rest of Asia, Hong Kong is still hard to beat; on top of that, there are the new engines of growth.

Some might say Hong Kong has been hanging its

MSCI, the creator of global indexes used by fund

tools to enhance returns and mitigate risks mean there are drivers for both domestic and international flows through Hong Kong.

AmChamHK

4-5 • 2018

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COVER STORY

managers to balance investment portfolios and gauge their performance, will next month include 222 domestic A shares in its Emerging Markets Index. A second wave of inclusions is due by August, with more to come as China continues its market reforms. That process will force institutional investors who have been under-allocating Chinese assets to reweight their portfolios. Chinese equities now account for about 18 percent of global stock market capitalization, but only about 3 percent of global fund allocation. By 2030, around half of the US$8.5 trillion in net inflows to global investment funds are expected to have been allocated to Chinese companies, making the country the world’s second-largest asset management market after the US, according to a report last year by consultancy Casey Quirk that was cited by the Financial Times.

Growth story… China fund industry (assets under management)

12 10 8 6 4 10.666

8.047

2 0

Dec 2016

Dec 2017

Other Equity

“If MSCI continue to allocate more into China, they have to follow,” says Sun. “And we are right here to help them.” Recent indications by China’s leaders that they are committed to further opening of the nation’s markets and economy are also stoking the interest of overseas investors for more China exposure. The central bank on April 11 said foreign majority ownership of securities, fund management, futures and life insurance companies will be allowed “over the next few months.” That’s a move Sun said HGI welcomes, as it plays to the firm’s unique strengths as a local player with global characteristics – one that can meet the demand for deep knowledge of China and emerging Asia, together with international levels of compliance and execution. “Only with international participation can the market and the industry continue to grow in terms of sophistication,” Sun said. Unlike rival Chinese-owned asset managers in Hong Kong, HGI has an international mindset and global levels of compliance and execution hard-wired into its DNA, he said. Prior to joining HGI, Sun ran the Asian business of Charles Schwab, moving to Hong Kong from the brokerage’s New York base in 2004. Beijing-born Sun also had a stint at HSBC, helping to establish the group’s private banking business in China. (And let’s not forget that as a past chairman

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Fixed income Allocation (mixed asset) Money Market Fund Selector Asia/Morningstar

of AmCham, he led the 2012 and 2013 Washington Doorknocks, discussing key trade and policy issues with government and congressional officials.) Parent Harvest Fund Management has three overseas subsidiaries, one based in London, another in the US and the Hong Kong unit that is celebrating its 10th anniversary later this month with a conference and gala dinner at the Shangri-La Hotel in Admiralty. Harvest’s Hong Kong arm itself began life as the Asia business of Deutsche Asset Management – which invested in Harvest in 2005 to create the largest Sino-foreign joint venture fund management company. The year after HGI was founded in Hong Kong, Deutsche’s China and Asian equities teams joined the group. In those early days, the Hong Kong unit’s client base comprised mostly overseas investors. “We actually managed very little Chinese money,” Sun said. As China has gradually opened up, more money has come to Hong Kong looking for global diversification, he said. “Our expertise fit right in, because we are a Chinese firm but we have international caliber teams and investment processes. And they actually come to us and say, look, how do we invest beyond China.”

AmChamHK

4-5 • 2018


COVER STORY

Stepping stones… That process began more than 10 years ago, through Hong Kong-listed stocks and later via Asian emerging markets and global allocations. More recently, the stock connect initiatives linking Shanghai and Shenzhen markets with Hong Kong allow investors on both sides to trade shares across the border, while the bond connect program does the same for fixed-income products. An ETF connect is expected in the second half of this year.

Reasons to be cheerful… Total stock connect volumes 125 100 75 50 25 0

In late April, China indicated it would further open the door for foreign fund managers to invest domestic investors’ assets overseas. China doubled quotas for the Qualified Domestic Limited Partnership trial programs in Shanghai and Qualified Domestic Investment Enterprise trial programs in Shenzhen, allowing fund companies to invest a total of US$10 billion in assets overseas, Bloomberg News reported. This shows China is continuing to open up as the country’s investors – like their global counterparts – seek more sophisticated investment options. HGI’s assets under management are now split about evenly between overseas and domestic money, Sun said. Mainland Chinese institutional investors are expected to increase their allocations to non-Chinese asset to around 17 percent by 2030, the Casey Quirk report said.

AmChamHK

4-5 • 2018

HKEX

Adding to the two-way flow through Hong Kong’s gateway now comes a third wave: that created by China’s outbound investment initiatives such as the Belt & Road. “Because the driving forces are from China and the interactions will happen in Asia, basically you are creating a new frontier of development,” Sun said, adding that because of HGI’s experience in the region and capabilities, this will “create investment opportunities that we can see that others cannot. “And that’s also Hong Kong’s expertise,” he said. “Hong Kong has always been a city that knows how to get on the next rung of opportunity.”

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U.S. — CHINA COVER STORYRELATIONS

Global Local, Local Global Being able to swim in both international and Chinese investment oceans gives an edge, says Chief Business Development Officer Ashley Dale As HGI rides the market reforms and economic opening that is transforming China, the firm is undergoing a fundamental shift in its own business too, said Ashley Dale, who joined HGI as Chief Business Development Officer to transition the firm from one in which Deutsche Asset Management still ran the sales and distribution of products for the global market to one where the Hong Kong arm of HGI controls that side of the business. “You can categorize us as a highly sophisticated asset manager that really knows its onions in China,” said Dale, a former British Army officer who adds a UK twist to the senior executive team in Hong Kong, “but also elsewhere throughout Asia, and is now taking what was previously a white label brand through a western company and saying, ‘Right, we

can do this ourselves because we are good enough and because we can actually make a difference in the products and offerings.’” Having grown out of Deutsche Asset Management’s Asia arm, HGI has long had depth and expertise in Asian equities and fixed income, adding the parent’s domestic China knowhow, first through the 2005 joint venture, and later embedding that into the Hong Kong unit’s makeup four years later. Now, HGI develops products to sell to the rest of the world, whether that’s funds and other solutions aimed at US consumers and global institutions, or to the increasingly sophisticated domestic Chinese market. “In time, we want to be seen an international player with Chinese roots, rather than a Chinese player trying to go global,” Dale said. While globalization of asset markets and the growing investment appetite of emerging market asset owners and individuals is one of the key drivers transforming the investment-management industry worldwide, one of the most important – and differentiating – forces reshaping HGI’s business has been the structural changes in China’s economy. China’s market has been more or less a beta market – driven by allocations based on market

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`We want to be seen an international player with Chinese roots, rather than a Chinese player trying to go global’ — capitalization that seek to mimic the performance of the overall indices. Large state-owned enterprises and finance companies tended to dominate. Over the past five years, that has begun to change, creating more opportunities to seek alpha – those rates of return in excess of the market norm – from sectors such as domestic consumption, education, pharmaceuticals and technology. “In the past, it’s been about offshore China. Now the trend is for more onshore China, and as a Chinese manager with the local knowledge we can offer those kind of products much better than the other houses,” Chief Investment Officer Thomas Kwan said. To do so requires a research-focused approach that is agnostic about the nature of the securities in a portfolio. The team simply seeks out the very best companies in China. And if that may sound obvious, Kwan points out that most funds are either based on domestic-only A shares – which remain heavily restricted by quotas for international investors – or a mix of Hong Kong-listed H shares and American Depositary Receipts – securities that have other shares as their underlying assets. “Today, if you want to invest in China, why would you choose one of the big, established international firms?” said Kwan. “If you look at the global houses, they may have 10, 20 analysts in Hong Kong looking

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Ashley Dale, Chief Business Development Officer

at China, but we have 280 investment staff. “We have local knowledge. Not only that, we are global,” he said. “That’s very important, because each market has its own conventions or culture that may not fit clients from other markets.” And it’s not only an international mindset and deep understanding of Chinese markets that’s required: being able to design products that are not hobbled by geographical or asset class restraints matters too, said Dale. “Because we have got all the pipes open, we are totally agnostic. We are just finding the best companies at the best valuations,” he said. “And that’s surely how the market is going to move over the next 10 years as China opens up.” That means incorporating the impact of China’s economic engagement with countries along the Belt & Road, for example. “So we’re actually looking at where the government is going. We have such insights in China but also, through the Asia investment team here, can recognize where the wider opportunities are,” said Dale. “What we are doing is taking where we see China is today, where China wants to be, and how the rest of the world is going to accept China, and packaging that into products.”

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COVER STORY

From Better to Best Demands for more transparency, better governance are only good news for HGI, says Chief Investment Officer Thomas Kwan Buying into China’s growth story has never been easier, as the pool of available securities expands exponentially. On the other hand, growing demands from governments, regulators and asset owners for sustainable and responsible investment ratchets up the risks for shareholders. Resolving these contradictions poses a question that HGI Chief Investment Officer Thomas Kwan sees as a golden opportunity. “How can we more systematically analyse a company? That’s the key,” Kwan said. “When you have 3,000 or so companies in the universe, how you more effectively analyse the returns as well as the risks in this market becomes very important.” Technology will provide part of the solution, with longstanding computer-based modeling

`Responsible investors are very important in driving responsible behavior of companies. That will lead to sustainable growth in China’ — Thomas Kwan, Chief Investment Officer augmented by newer technologies such as big data analytics, machine learning and artificial intelligence. With China a global contender in many of these new fields, Kwan said HGI may have an advantage over its rivals in designing robust selection, monitoring and reporting systems. Two other pieces that need to fit together to solve the puzzle are a deep and experienced bench of investment professionals, and an ability to tailor products that meet the increasingly stringent ESG – environment, social and governance – criteria. Kwan will lead a sizeable ESG team that he is now building at Harvest to put in place those systems to meet the group’s commitments as a new signatory to the Principles for Responsible Investing, a United Nations-supported initiative for the finance industry (See ‘Force for change’). HGI isn’t content to be just one of the first movers in terms of ESG in Asia, but wants to be the regional leader, Kwan said. “We really believe in China’s new focus on quality of growth,” he said. “As a fund manager, we should take an active role in this strategy, because responsible investors are very important in driving responsible behavior of companies. That will lead to sustainable growth in China.” Backing the Chinese government’s push to wean the economy away from investment-driven, highly polluting industries and toward creating an “ecological civilization” isn’t just the ethical thing to

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COVER STORY

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do. It’s also a way to showcase HGI’s core strengths of being able to pick out the best of Chinese investments based on deep local understanding, as well as spotting the positive impact of the nation’s outbound investments, and to wrap these in products that meet the evolving global standards for compliance, reporting and verification. “The opportunity in China right now is no longer about the beta. It’s the same as with the economy. The growth rate is not so important; the details are more important,” Kwan said. China’s challenges are also not unique, but are shared by many emerging markets – including many that form the Belt & Road Initiative. And while environmental and social issues were of crucial importance to sustainable investment, effective measures to improve governance would naturally feed through into better overall performance, he said. “Governance is a key concern for investors in emerging market countries, including China. But it’s not just about choosing companies with good governance standards,” he said. “We are trying to use our power as one of the largest fund managers in China to actually give incentives to companies to improve their E, S and G.”

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SMART CITY

Smart Means Inclusive We consider the impact of tech-based initiatives on the lives of Hong Kong’s impoverished residents — for whom staying connected isn’t a priority

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SMART CITY

Smart cities put the wellbeing of their citizens at the center of their decision making

Picture your usual trip to the local supermarket. Except this time, it’s a fresh, clear day in the city, you aren’t stuck in traffic along the way, and there are no queues at checkout. Considering what the Hong Kong government hopes to achieve with its Smart City Blueprint, to most of us, embracing smart city tech seems like a no brainer. But for the 20 percent of the population living below the poverty line worried about where their next meal will come from, or from marginalized communities, technology is likely to be the last thing on their minds. “For asylum seekers and refugees whose biggest concern is where they are going to sleep, a mobile phone or getting on the internet isn’t a priority,” says Sue Toomey, Executive Director of HandsOn Hong Kong (HOHK), an NGO dedicated to supporting Hong Kong’s social sector through the mobilization of volunteer services. Income inequality in the city

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Connectivity isn’t just nice to have, it’s a must have’ has reached its highest level in more than 40 years, according to government data. An aging population and smaller family structures, coupled with the economic shift from manufacturing to higher valueadded services, all add pressures to workforce issues and the poverty rate. At particular risk are the city’s isolated elderly, solemnly defined by Toomey as those “aging and dying alone.” Hong Kong’s elderly population is growing at an alarming rate. One in three elderly residents currently live below the poverty line, and in 20 years, one in three people will be over the age of 65, according to the latest government census. The good news is, this demographic stands to gain the most from greater connectivity brought on by smart city initiatives, she thinks. NGO-organized visits to the homes

of elderly residents can provide a crucial human connection to those living alone, but Toomey says that, if taught how, elderly people can leverage technology to inform more people about their needs. “For these people, connectivity isn’t just nice to have, it’s a musthave,” she says. “The Hong Kong government needs to be more mindful and deliberate about making its Smart City initiatives more inclusive in ways that will also benefit those on the fringes of society who will otherwise get left behind.” Janet Pau, Program Director at Asia Business Council, thinks greater social inclusion can be achieved by using smart city tech to target two key areas in Hong Kong: healthcare and housing.

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SMART CITY

installed sensor devices in the homes of 1,000 elderly people in an effort to decrease the number of serious accidents thanks to quicker reaction times, also relieving the public hospital system.

Healthcare Hong Kong still does not have a dedicated program or strategy specific to actively promote innovation and technology within elderly care services, says Pau. This is particularly problematic given that the average wait for an elderly person to get a place in a public nursing home is longer than two years. There are also chronic staff shortages at elderly homes, severely impacting the quality of care on offer. Smart home technologies have the potential to keep elderly residents in their homes for longer and to address their needs, says Pau. In 2017, a pilot program implemented by the Senior Citizen Home Safety Association

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Pau says Hong Kong should learn from American telecom companies and technology startups already offering services that enable family members and other caregivers to monitor the meals, mobility and medication schedules of the elderly via mobile phone apps connected to sensor devices. “This way, the home can, in a way, help ‘care for’ the elderly resident,” says Pau. Julian Vella, ASPAC Regional Head - Global Infrastructure Advisory, KPMG China, agrees that technology will play an important role in planning for and reducing the cost of aged care and public healthcare facilities. “The built environment should

place more emphasis on diverse age-friendly neighborhoods and buildings,” he says, “including for example, barrier-free urban infrastructure, recreational facilities and technologically equipped housing for the elderly.”

Housing Hong Kong’s lack of affordable housing is another area in which smart technology can bring about positive change. The use of “prefabricated” construction technology, which involves the manufacturing of modular units, such as wall panels, at factories, followed by the assembly of the modules on-site, can substantially lower the cost of housing, says Pau. Advocates for Smart City cite other benefits such as energy efficiency, speedy construction, and not only financial — but also

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SMART CITY

A committee view

physical — access to low cost, highquality housing, through better infrastructure. “In a city like Hong Kong with limited land supply and a growing population of seven million, well-connected intra-city public transport is necessary for livability and access to affordable housing,” says Vella, who specializes in infrastructure.

A human-centric approach In Hong Kong specifically, major obstacles to Smart City involve scaling up existing initiatives and technology, most of which, up to this point, have only been for demonstrative or pilot use, says Pau. According to a 2018 government report entitled Policy measures to promote smart elderly care services in selected places, other possible difficulties during smart city implementation include

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the lack of funding for product commercialization, shortage of testing grounds, difficulties associated with localizing imported products, and limited knowledge and spending power of the elderly. The report also heeds a lack of “government-led holistic strategy to drive innovation and technology for elderly care services.” It may still be early days for IoT in Hong Kong, but Pau says the government should be aware of an over-emphasis on technology solutions and over-reliance on foreign and corporate investment, to avoid marginalizing the city’s poor.

‘Connectivity goes beyond mobile and devices. A connected city is building infrastructure, healthcare and real estate investments that can create more jobs, better efficiencies and essentially improve living standards. For people who have fallen through the cracks, a smart city is about connecting their priorities, such as basic food and shelter, with access to public and private sector services that better cater to community needs’ — Jen Flowers, Consulting Director at PwC Hong Kong and AmCham I&T Committee Vice-Chair

Vella agrees. “There are many definitions of what constitutes a smart city. They have a vision, are well managed and are technology enabled. But most of all, smart cities put the well-being of their citizens at the center of their decision making,” he says.

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SMART CITY

Success Stories If you can’t beat ’em...

Singapore Singapore ranked second on the global smart cities ranking in 2017. Some attribute this success to the government’s Smart Nation strategy. Like Hong Kong, the Lion City also uses smart tech to address its aging population. “Elderly monitoring systems” which use Internet of Things technology to monitor movement within the home have already been deployed under the initiative. When there is suspiciously infrequent activity, or the system detects a problem, a caregiver is alerted immediately. Vital-X, a system allowing patients to be monitored remotely by doctors without having to leave their homes, is also a part of the Smart Nation initiative.

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Japan “Systems like these could help to alleviate stress on the public healthcare system,” says Pau. “A core emphasis is on the commercialization of smart city initiatives, which makes sustaining these systems over time more likely.” In terms of prefabricated housing, the Singapore government aims to build 35 percent of its new HDB (Housing Development Board) flats using the latest prefabricated construction technology by 2019, although this seems to be being discussed from an efficiency standpoint in Singapore rather than one aimed at helping lowerincome residents, says Pau.

In 2015, Japan launched a robotcare strategy in response to the growing healthcare issues faced by its rapidly aging population. At that point, 60 percent of caring methods already involved the use of robots, said Pau, and the government is targeting an 80 percent usage rate by 2020. In 2013, it launched the Project to Promote the Development and Introduction of Robotics Devices for Nursing Care, which “aims to support and promote the development, practical application, and introduction of robotic care equipment, and to create an environment for the preparation of standards necessary to introduce robotic equipment into nursing care settings.”

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SMART CITY

An example of prefabricated container housing - a practical and affordable solution to Hong Kong’s housing crisis, some say

Robots like this may soon replace staff in hospitals under smart city

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AmCham’s Smart City Summit 2018 will take place on 27 June. See p52 for more details

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CSR

Hearts,

s d n i M & Bottom Lines

Passion to build a world class business drives Vietnamese family to go the extra mile — literally When Tran Uyen Phuong breezes into the Central Hong Kong office of her public relations agency at the end of normal business hours, the wave of energy emanating from the deputy CEO of Vietnam’s biggest maker of herbal teas and sports drinks is inescapable. Just as well: fresh from the airport, she jokes that she should have saved the expense of her hotel bill because she’s flying straight back home after a packed agenda of meetings and interviews. Which is odd, because listening back on the taped interview reveals a full hour in which the eldest daughter of the Tan Hiep Phat Beverage Group founder regaled the room with jokes and humorous anecdotes about the company, her family and their mission to create a world-class Vietnamese organization that can slug it out toe-to-toe with giant rivals such as Coca-Cola and PepsiCo. We watch a video of Tran’s gala performance at THP’s annual charity event — so large that it is broadcast on national TV. Check it out on www.youtube.com/watch?v=h_X1woTtpvsShe — note the outfit sporting images of the group’s beverages as she sings a song composed by an employee in THP’s IT department (more on that later). Tran is engagingly frank about the challenges of working under the iron will and demanding supervision of her father, Tran Qui Thanh. An iron will that denied younger sister Ngoc Bich of her place in the first Vietnamese team to conquer Everest — which the company nonetheless sponsored. To mend her sister’s broken heart, Tran tells how she helped divert her energy into training for the Iron Man ultramarathon — a regime that saw Tran pound out a few minimarathons of her own as moral support. And then, the hour is up, and Tran gets set for her second interview. Oh, and did she mention that she’s also writing a book? Her second. Where, you might wonder, does she find the time, let alone the energy. Part of the answer lies in the lore and legend of THP itself — a classic tale of homespun David taking on multinational Goliaths. And part can also be gleaned from Tran’s quixotic portrait of her father. Written out in black and white, a reader might imagine a tyrannical

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THP’s heir apparent Tran(Photo: Uyen Phuong THP’s heir apparent Tran Uyen Phuong THP)

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despot whose overbearing ambition has made life hell on earth for his downtrodden daughters. But Tran peppers her stories with self-deprecating wit and what is clearly a deep and genuine affection for a stern and demanding father, and it becomes clear that his mission has become the whole family’s. “It’s not about responsibility, it’s a way of being,” she says. “If you’re being the owner, you will look at everything differently,” she says, outlining a worldview that seems to best fit the modern notion of “stewardship.”

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father is very tough on everything.” The company’s success – it now supplies drinks including herbal and green teas, sports and energy drinks, soya milk and water across Vietnam as well as in 16 other countries including China and Australia – has attracted the attention of global brands, with Coca-Cola, PepsiCo, Universal Robina Corp of the Philippines and Japan’s Ito En approaching it over the years with a view to forming partnerships or acquiring a minority stake.

Serial entrepreneur Tran (the elder) started the company in 1994 by buying over an old production line from Saigon Beer, and refurbishing it himself — helped by his training as a mechanical engineer. Growing up in an orphanage after his mother passed away when he was nine taught Tran to fend for himself, and he applied that survival instinct, as well as sheer graft, to his business — forging an iron discipline that has clearly passed onto his children.

Talks with Coca-Cola ended without a deal because, Tran says, the Atlanta-based giant would have clipped THP’s wings — and the Trans’ ambitions to build a national champion to compete on the world stage. That ambition fuels the family’s determination to create a professionally managed company that cleaves to global standards not just in its manufacturing process but also in terms of corporate governance — which includes each daughter having to earn her right to a role in the group.

“We had tough love,” his eldest daughter said. “My

“We had to work like hell in order to come up to the

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CSR

position,” she said. So, THP proudly touts its investments into state-ofthe-art technology in its production, packaging and distribution processes. That includes surveillance systems to prevent any recurrence of the 2015 scandal in which a customer complained he had found a fly in his drink. A government inspection cleared THP of that charge — and earned the accuser a stint in gaol — but underscored the vulnerability of the company’s brand in the communist country’s new economy. MNCs like Coca-Cola and PepsiCo have learned hard lessons about the need to engage with all their stakeholders in the markets where they operate — think India and water shortages. Companies in developing countries, especially manufacturers, and even more so family-owned ones, tend to be preoccupied with reaping profits — sometimes at the expense of the environment, workers and the long-term viability of the business. That’s a failing Tran is determined to root out. “For us to grow the business we always have to have a separation between family and business. If not we will make the same mistakes as all the other family businesses,” she says. “We need to make it sustainable. CSR is part of this sustainability. It’s not like, without me, it’s not going to work.”

Charity begins at home… So THP’s Dream Bridge Program connects isolated rural communities that otherwise faced dangerous river crossings. It also helps the group’s products to reach more of the nation’s 100-million strong

consumer market. The group also promotes Vietnamese art and culture — a particular passion of the hyperactive Tran. That has included sponsoring Vietnam National Drama Theater’s production of Hamlet and Vietnamese Kitchen Gods in Singapore. Sports are the third pillar of THP’s CSR. Aside from the Everest assault, the group named ultra-marathon runner Thanh Vu as brand ambassador for its Number One energy drink as she sought to become the first Southeast Asian woman to complete the 4 Desert Grand Slam. Winning hearts and minds of employees is core to the company’s success, Tran says. “They spend twothirds of their lifetime with the company, so if they don’t like it, it’s torture.” Investing in staff has its own and sometimes unexpected rewards, she says, citing the winning songwriter at last year’s event. “I discovered a very nice song, written by my IT staff,” she said. “He wrote the song about nine different herbs [that are the essential ingredients in the company’s products] which my marketing department couldn’t do. We’ve been looking for someone who could do it … He told me that it took him five years.”

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CSR

e v o l Tough

Patriarch Tran Qui Thanh set up THP in 1994, the year that US President Bill Clinton’s administration lifted its trade embargo on its former Cold War foe. Two years earlier, the ruling communist party had introduced market-led economic reforms that enabled entrepreneurs such as Tran to expand and modernize their businesses.

Tran was an early mover in Vietnam’s private-sector, starting a small yeast maker in 1977 — just two years after the Viet Cong took control of his native Saigon and ended the US-backed South Vietnamese regime. A combination of US sanctions and a centrally controlled economy made a tough tutor for the country’s businessmen: Tran survived several booms and busts as the economy lurched through

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periods of stagnation, hyperinflation and currency instability. Tran was sent to an orphanage in South Vietnam after his mother died in a car crash when he was aged nine. Conditions were harsh, he told the Financial Times, recalling being caged overnight with pigs as a punishment for fighting another boy: “No food, no clothes and they put me in a pig’s cage … I learnt that I must fight if I want to survive.” THP began when Tran took over a production unit of Saigon Beer, branching out into soft drinks and flavored teas in step with the evolving tastes of Vietnam’s burgeoning middle class consumers.

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Hewn from the same stone‌ THP founder Tran Qui Thanh with his daughters Uyen Phuong (left) and her ultra-marathon running younger sister Ngoc Bich. (Photo: THP) 35

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HONG KONG ART SEASON

All for Art and Art for All If you find shopping for art intimidating let your heart lead the way, says Affordable Art Fair Director Stephanie Kelly, who is on a mission to make collecting accessible for everyone

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HONG KONG ART SEASON

Art, demystified. The Affordable Art Fair’s raison d’être is also what drives Stephanie Kelly, Fair Director for Hong Kong, to showcase the fun side of art to people in our sometimes-too-serious city. An avid collector herself, New Zealand native Kelly has spent the past decade traveling and living in London, Singapore and now Hong Kong, filling each home with pieces snapped up along the way. Hong Kong’s art scene has grown rapidly in the six years she has worked at the fair, with more galleries opening across the city and a developing grassroots movement. “There is a strong thirst for art knowledge and art appreciation, and collecting culture here is evolving,” said Kelly. Still, there’s room to grow. Hong Kong remains a developing market, despite the popularity of the city’s annual “Arts Month,” which hosts a lineup of exhibitions and events around town. Only about half of the visitors to the fair already own a work of art, compared with the 80 percent to AAF’s events in New York and 90 percent in London, she said.

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HONG KONG ART SEASON

For everyone, everywhere More than 30,000 people visited last year’s fair in Hong Kong, notching up HK$34 million in sales and with one in five pieces going to first-time buyers, Kelly said. Founded in London 19 years ago, the AAF aims to inform and inspire visitors within a pressure-free environment so they feel empowered to view and buy art. Information and prices are clearly displayed so there are no surprises. And with a wrapping service on site, artwork can be taken home on the spot. “We want to put art into every home, large or small and whatever the budget,” Kelly said. To do that, AAF has built a network connecting more than 1,000 galleries and artists to markets in 10 cities around the world. As well as Hong Kong, London and New York, six other European events and Singapore round out the rolling global calendar. The Hong Kong fair features more than 115 local and international galleries, Kelly said, with roughly 60 percent from Asia and the remainder from the U.K., U.S., Middle East and beyond. Monitoring changing trends is just as important in the art world as it is elsewhere. Kelly says the overall decline in bricks-and-mortar galleries within emerging and mid-range art markets has given rise to a non-traditional gallery model that focuses on pop-up exhibitions, art fairs and a stronger digital presence. The Hong Kong fair runs support programs to help galleries stay ahead of these changes, she said.

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HONG KONG ART SEASON

‘We want to put art into every home, large or small and whatever the budget’

Shopping with your heart While buying and selling art can be profitable in purely monetary terms, the ROI on a piece you love is priceless. “Artists can unlock a greater depth of creativity and express ideas we find difficult to articulate,” Kelly said about the importance of art itself. Art can also bring benefits to the workplace. “As we move into the age of automation and artificial intelligence, art and creativity are becoming increasingly important,” she said, citing a recent IBM study of 1,500 CEOs which revealed that creativity is the single most important skill for leaders in today’s innovation economy. “Artist-innovators are radically open to new ideas and willing to immerse themselves in new experiences,” she said. Ultimately, Kelly said she encourages people to buy for love. Even the majority of seasoned and serious buyers do it for passion or to express their personality, she said, referring to a survey of high net worth collectors and their reasons for purchasing art, which found that just 32% were concerned with a return on their investment. “You are really investing in an artist’s career,” as she put it.

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#ICYMI

HONG KONG ART SEASON

Shop Sm(ART) Here are Kelly’s top tips for first time art buyers

Be prepared Take some time to think about what you are looking for – a new local artist, an artwork to celebrate an occasion, or the perfect piece to fill a blank wall. Find out what’s on offer from the galleries and artists exhibiting by browsing catalogues, website and social media first.

Ask questions Gallerists are there to talk to visitors, so don’t be afraid to strike up a conversation. They will want to share the story behind the artwork – the artists’ inspiration, their training, techniques and materials, and not to mention, their accolades!

Snap your shortlist With 1,000+ artists on display, the process can feel overwhelming. Take photos to create a shortlist of artworks you like – making sure you include the information labels. If you need more time to make a decision, the gallery may agree to reserve the artwork for you to avoid disappointment.

Trust your instincts If you find yourself still thinking about a certain piece as you walk through the fair, you know you’ve found your fit. Trust your taste and buy art that makes you feel happy every time you see it.

The Affordable Art Fair will take place between 18-20 May inside the Hong Kong Convention & Exhibition Center in Wanchai.

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ICYMI

Getting ‘Stoned’ at Art Central Who says all art is pretentious?

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ICYMI

White tents were pitched once again at the Central harbor front from March 26-April 1 as Art Central returned to Hong Kong for the fifth year running to kick off the city’s annual “Arts Month.” Amid the visual smorgasbord of work on display by local and international artists, what appeared to be an assortment of iconic sports balls atop a wooden table caught our eye. As we got closer, this peculiar exhibit turned out to be large river stones painted with the colors and markings of their reallife counterparts.

Gallery manager James Kerr from Chalk Horse art gallery in Sydney, Australia, explained, “As a painter and sculptor, Danny Morse wanted to bring these two mediums together in a fun and comedic way. The stones were collected from the riverbed in a town called Bellingen in New South Wales that were then dried out and painted on to resemble various sports balls.”

In this series, Morse plays on everyday humor and the tension between illusion and reality, said Kerr. “The point isn’t that people will look at these and think they are real balls. He is trying to portray something fun and lighthearted here,” he said.

On display were an NBA “Spalding” basketball, an American baseball, an Aussie “Sherrin” football and a “Slazenger no. 4” tennis ball. The work, entitled “Stoned” by Australian artist Danny Morse, had a successful debut at Art Central Hong Kong with all pieces (bar those for display) sold by the end of the seven-day event.

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ICYMI

Lighting the way to the Future Smart lamps hit Hong Kong streets Hong Kong will soon take its first steps toward the Smart City dream when a new intelligent street lighting system is piloted in the New Territories. In April, the Highways Department announced it had selected British smart city applications provider Telensa to roll out the pilot program that will see about 600 street lamps in Yuen Long fitted with the company’s PLANet intelligent road lighting system. With over 1 million installations worldwide, PLANet is the world’s leading smart street lighting system consisting of wireless nodes connecting individual lights, a dedicated wireless network owned by the city, and a central management application.

that include automatic fault reporting and the capacity to turn street lights into data sensors for other smart initiatives, such as pollution monitoring and traffic management. Telensa is teaming up with local engineering group South King-Kum Shing JV to install “an efficient, resilient and smart street lighting system for Hong Kong, one that will be responsive to citizens’ needs for decades to come,” said Will Gibson, founder and Chief Commercial Officer at Telensa. “We’re looking forward to working together in future on low-cost smart city applications, enabled by the city’s lighting network.”

Besides reduced energy and maintenance costs, Smart City advocates can look forward to features

Street lamps light up Dr Sun Yat Sen Memorial Park at night, Wikimedia Commons

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ICYMI

Taxes, Tariffs & Regulation The monthly roundup Torque about tariffs Last week’s Beijing Auto Show was the usual concours of imaginative (and impossible) concept cars, intimidating sports utility vehicles, eye-catching convertibles and the latest in all-electric and hybrid innovations. But most of the talk at the show was not about T-birds and tension struts, but trade and tariffs. Some experts who attended the show suggested that US President Donald Trump was somewhat misguided in his threat to impose tariffs on Chinese automotive imports. “The biggest exporters of cars to the US are actually the US carmakers themselves,” said Scott Laprise, a director at LTH Consulting, a Beijing-based financial analysis company. “Trump should leave the auto sector alone for the better interests of the US.”

Mainland burden lightens China’s State Council has handed out another economic stimulus in the form of lower value added tax from May 1, according to a joint announcement by the Ministry of Finance and State Administration of Taxation. Transactions subject to 17 percent VAT – sales of goods, imported components and materials – will now be assessed at 16 percent. The 11 percent VAT rates on agricultural products and certain services will be reduced to 10 percent. Transactions requiring VAT refunds carried out after May 1 will be refunded according to the new regulations.

Cracking down on bad form American taxpayers might have a new ally in their battles with bad preparers. Nicola T. Hanna, recently appointed U.S. attorney for central California, which includes Los Angeles, says his office intends to stamp out fraud through unscrupulous tax returns. This month, Hanna’s office and the IRS Criminal Investigation Division jointly announced a series of cases targeting tax return preparers who allegedly defrauded the IRS by filing fraudulent returns, such as by trying to inflate refunds by falsifying deductions.

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But taxpayers duped by preparers won’t get a pass from the IRS. “Even if a tax return preparer makes an error on an individual’s tax return, it is still the taxpayer’s responsibility to pay the correct taxes,” Hanna noted.

China GDP shrugs off trade war – or does it? Policymakers in Beijing patted themselves on the back after gross domestic product grew 6.8 percent in the first quarter, broadly in line with market expectations. A rebound in private investment helped offset a 20 percent decline in China’s trade surplus, while real estate investment also accelerated. However, the stable growth might not be able to dissipate broader concerns about the economy. In fact, a slew of financial and markets indicators suggest that investors are taking a cautious view for now. “China’s growth outlook is still challenging due to the threat of a trade war,” said Hao Zhou, senior emerging markets economist at Commerzbank in Singapore. “Strong trade growth significantly bolstered China’s economy last year, which indicates any big headwind on the trade front will generate a negative shock.”

Bitcoin makes tax a bit harder Cryptocurrencies were designed to make finances easier – at least until the Internal Revenue Service cottoned on to them. The IRS issued a guidance note in 2014 classifying cryptocurrencies as property, which makes them subject to capital gains and income taxes. Although you can’t be taxed when buying and holding cryptocurrencies, using them to buy anything after your holdings have increased in value is – because that counts as a capital gain. Under IRS rules, taxpayers must report each transaction – even, as Orcott says, a cup of coffee – and the difference between the currency’s value when you obtained it and when you spent it. Gain means pain. Read the full column by George W. Russell on AmCham’s website using the QR code below.

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AmCham Ball 2018

AmCham Ball: Mardi Gras Night Saturday, April 14, 2018 Title Sponsor

Exclusive VIP table sponsors

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Exclusive table gift sponsor

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HKD

Lucky winners of two American Airlines Business Class HK-US round trip tickets

400,000 RAISED


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BOTTLES OF WINE ENJOYED

Young students from title sponsor Stamford American School make a grand entrance

AmCham committee chair Ivan Strunin gives a surprise violin performance

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PEOPLE CAME TO 450 ARTY

View the full gallery on our Facebook page using the QR code below.

Testing out the virtual reality (VR) game station

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MARK YOUR CALENDAR Has the Time Come for Vietnam? - May 16

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The World Bank estimates that Vietnam, with the right economic reforms and macroeconomic variables, will see its average income more than double to USD7,000 in 15 years. For foreign investors and enterprises, significant opportunities await, such as the recent conclusion of a Free Trade Agreement between Hong Kong and ASEAN, the latest development of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the country’s strategic supply-chain location, and China’s Belt & Road Initiative. However, tough challenges remain, such as the country’s weak private property and environmental protections and lack of governmental transparency. Will the government implement much needed market reforms and will the macroeconomic opportunities sustain this new Asian tiger into the next decade? Venue: AmCham 1904 Bank of America Tower 12 Harcourt Road Central, Hong Kong

Time: 8:00am - 9:30am

Tickets: Member: HK$200 Non-member: HK$350

Energizing Asia Pacific - May 21

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Green trends are evident throughout Asia, but the region is still behind trends in the rest of the world. China continues to press forward – leading the region in many ways - with more renewable energy but also it struggles with excess capacity and poor air quality. What does it all mean? What are some of the challenges and opportunities ahead? Join Mike Thomas, co-founding partner of The Lantau Group, a leading energy economics consultancy based in Hong Kong that advises energy stakeholders throughout the Asia Pacific region on policy, regulatory, and commercial issues related to the electricity and gas sectors, in a combined presentation and discussion session for anyone interested in these important and perplexing issues. Venue: AmCham 1904 Bank of America Tower 12 Harcourt Road Central, Hong Kong

Time: 12:00pm - 1:45pm

Tickets: Member: HK$300 Non-member: HK$450

The Future of Blockchain in APAC - May 23 Asia Pacific is well positioned to become a hotbed for Blockchain innovation with its digitization of payment solutions, supporting regulatory environment and a robust FinTech and financial services ecosystems. Syed Musheer Ahmed is General Manager of the Fintech Association of Hong Kong. He has an extensive background in financial services and technology, having been a global markets trader for a decade, and a management consultant following his MBA.

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Mary McHale is the Director of Business Development for Financial Services APAC at Equinix. She is responsible for building new relationships and creating interconnection opportunities across multiple industry verticals to develop the Equinix Digital Commerce Ecosystem. A Silicon Valley native, Nikesh Kalra commercializes next generation products for Equinix, focusing on Enterprise transformation segments including Blockchain, security, data management and cloud. Venue: AmCham 1904 Bank of America Tower 12 Harcourt Road Central, Hong Kong

Time: 12:00pm - 1:45pm

Tickets: Member: HK$390 Non-member: HK$550

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MARK YOUR CALENDAR TRUMP: Implications for Property Markets - May 24 Fewer than 250 days remain until U.S. President Donald Trump faces a key test in the 2018 congressional midterm elections this November. How have the commercial property markets performed under Trump, where do we stand today, and more importantly — where is the market headed? Where are potential opportunities for global investors to find better yield, and how are the macroeconomy and real estate supply/demand fundamentals informing those decisions? As Global Chief Economist, Kevin Thorpe focuses on global economic trends and forecasts. He and the firm’s worldwide research team produce studies and statistics on topics affecting the global and U.S. economy, capital markets, finance, leasing fundamentals, property and project management, and factors affecting supply-demand fundamentals in commercial real estate. Venue: AmCham 1904 Bank of America Tower 12 Harcourt Road Central, Hong Kong

Time: 12:00pm - 1:45pm

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Tickets: Member: HK$300 Non-member: HK$450

A Smart and Green City is a Walkable City — How about Hong Kong? - Jun 5 How can Hong Kong align its drive for a greener and more inclusive city? Mr. Markus Shaw will talk about smart urban planning, the options to reduce road traffic and the measures to help address health, traffic, pollution, transport planning and climate change challenges — in part by encouraging Hong Kongers to walk more. He will also show how we could make it easier for them to do so. Markus Shaw is the Chair of Walk DVRC Limited and is passionate about making Hong Kong a more peoplefriendly environment. He is a lifelong citizen of Hong Kong.

Venue: AmCham 1904 Bank of America Tower 12 Harcourt Road Central, Hong Kong

Time: 12:00pm - 1:45pm

Tickets: Member: HK$300 Non-member: HK$450

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The Future of Food - Jun 14 Co-organized by AmCham and The British Chamber of Commerce of Hong Kong Food is essential to our survival. It’s also an important part of our cultural identity as well as fundamental to our economies. But the challenges we face are complicated: the food industry is affected by, and affects, climate change, public health, social welfare, and politics. These converging issues present significant sustainability risks, but also great opportunities to business and many are succeeding by capitalizing on these emerging trends. During this event, we will hear from the experts and innovators who are redefining the landscape of the food world and reaping the rewards as a result. Join us for this cocktail evening to understand: what is at stake, what is the size of the prize and how is the business world reacting? Sustainable drinks/canapes will be served

Venue: 13/F, Zung Fu Industrial Building No. 1067 King’s Road, Tai Koo Hong Kong

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Time: 6:00pm - 8:30pm

Tickets: Member: HK$300 Non-member: HK$400 Non-member (NGO/start-up): HK$250

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MARK YOUR CALENDAR Technological Utopia or Humanity’s Demise? - Jun 15

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There is widespread uncertainty around advances in artificial intelligence (AI) and one of its major sub-sets, machine learning, particularly with regards to the technology’s impact on society and the economy. Without a doubt, recent advances have been incredible. Advocates are right to envision a more perfect future. However, not everyone views AI development as unimpeachable progress. A common perspective envisions AI as a threat to jobs, privacy, and, eventually, humanity itself. The problem is that both sides—futurists of blind faith and those warning of a cyber-apocalypse—often deploy hyperbole in support of their views. As a result, much of the current debate AI has become an either/ or proposition. The truth probably lies somewhere in between. Michael Frank will present on the Economist Intelligence Unit’s recent research on the economic impact of AI, commissioned by Google. He is a Research Analyst with the Economist Intelligence Unit’s Public Policy, Economics and Politics team based in the Hong Kong office. Venue: AmCham 1904 Bank of America Tower 12 Harcourt Road Central, Hong Kong

Time: 12:00pm - 1:45pm

Tickets: Member: HK$300 Non-member: HK$450

Global and Regional M&A Trends in the Energy Industry - Jun 19 This session will cover energy M&A trends globally, regionally and in China. The presentation will begin with a review of historical energy M&A globally based on their nature, value and deal count. It will then move into a review of recent M&A activity in Asia Pacific, with an emphasis on oil, gas and renewables, and investments made through private equity.

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The presentation will also review historical and more recent energy transactions in China, analyzing the political environment, sectoral activity and outbound investments, including OBOR transactions. The session will conclude with a forecast of future transactions, focusing on the outlook for energy M&A in Asia Pacific and China specifically. Michael Arruda is a partner with the international law firm Baker Botts and is partner-in-charge of the Firm’s Asia Pacific offices. Venue: AmCham 1904 Bank of America Tower 12 Harcourt Road Central, Hong Kong

Time: 12:00pm - 1:45pm

Tickets: Member: HK$300 Non-member: HK$450

AmCham Smart City Summit 2018 - Jun 27 The AmCham Smart City Summit 2018 seeks to address the specific opportunities and challenges facing Hong Kong on its path towards becoming a truly “smart” city.

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The full day Summit will include keynote speakers, panel discussions, workshops and exhibitions showcasing international best practices as well as innovative ideas and products by home-grown and overseas talents. The Summit welcomes all media and will target an attendance of 800+ industry experts. Venue: HKCEC Theatres 1&2 1 Expo Drive Wanchai, Hong Kong

Time: 9:00am - 5:15pm

Tickets: Member/Incl. Lunch: HK$980/HK$1,260 Non-member/Incl. Lunch: HK$1,300/HK$1,580

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June 27, 2018 9:00am - 5:30pm HKCEC Theatre 1 & 2

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GUIDE TO INTERNATIONAL SCHOOLS

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WINE & DINE

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WINE AND DINE

DINING CONCEPTS www.diningconcepts.com

AL MOLO Shop G63, G/F, Ocean Terminal, Harbour City, Tsim Sha Tsui, Kowloon

Tel: 2730 7900 Mon - Sun All day dining from 12:00pm - 11:00pm Weekend brunch buffet available Saturdays, Sundays & Public Holidays almolo.res@gmail.com Fees: $250-$400 with wine “The King of Italian Cooking in New York” Showcasing an eclectic array of fine Italian cuisine by Michael White, AL MOLO presents a unique dining experience, New York style.

BLT STEAK Shop G62, G/F, Ocean Terminal, Harbour City, Tsim Sha Tsui, Kowloon

Tel: 2730 3508 Mon - Sun All day dining from 12:00pm - 11:00pm Weekend Brunch Buffet available Saturdays, Sundays and Public Holidays info.bltsteak @diningconcepts.com Fees: $250-$500 with wine

BLT Steak opened in New York in 2004 as a revolutionary modern American steakhouse by celebrity chef, Lauren Tourondel, now available in Hong Kong.

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WINE AND DINE

BLT BURGER Shop 301, Level 3, Ocean Terminal, Harbour City, Tsim Sha Tsui, Kowloon

Tel: 2730 2338 Mon - Sun All day dining from 11:00pm - 11:00pm Fees: $200

Born in New York, celebrity chef Laurent Tourondel’s BLT Burger brings an exciting new concept of burgers, milkshakes, salads, fries and desserts.

BIZOU Shop 132, Level 1, Pacific Place, 88 Queensway Admiralty

Tel: 2871 0775 Mon - Sun All day dining from 11:30pm - 10:30pm info@bizou.com.hk Fees: $250-$400 A unique interpretation of great American brasserie cuisine, BIZOU American Brasserie features a deliciously balanced menu of flavors and textures created by Head Chef Todd Williams.

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WINE AND DINE

KERRY HOTEL http://www.shangri-la.com/hongkong/kerry/

HUNG TONG Don’t Be Shellfish

Seafood fans are in for a treat this month, thanks to Hung Tong’s new lobster menu. Executive Chinese Chef Ken Yu has created a range of decadent dishes starring everyone’s favourite crustacean; from steamed lobster dumplings with bird’s nest to sour and spicy soup with lobster and fish maw. It’s available from now until the 31 May, for both lunch and dinner – a claws for celebration! Available from now until 31 May 2018 for lunch and dinner. Dim Sum dishes available at lunch service only. For reservations, please contact our team at Hung Tong on khhk.hungtong@thekerryhotels.com or call (852) 2252 5279.

LOBBY LOUNGE Happy Hour! Introducing our 2-for-1 happy hour deal at Lobby Lounge make the most of the city’s ‘Magic Hour’ and sunset with views over Victoria Harbour and the Hong Kong skyline. Whether you are relaxing amongst the tropical plants on the terrace or cooling off in our spacious Lobby Lounge, start your evening off the right way! With drinks priced from HK$58, there is no excuse! Happy Hour is available Monday to Friday from 6–9pm in our Lobby Lounge. For reservations, please contact our team on khhk.lobbylounge@thekerryhotels.com or call (852) 2252 5237.

RED SUGAR The Bartender Series We’re raising a glass to two very special guests this June – Daniele Dalla Pola, world famous for his Tiki cocktails from 31 May – 3 June and Luke Whearty, founder of Singapore’s award-winning bar and one of the World’s Top 50 Operation Dagger from 14-16 June. Our world famous guests will be in residence at Red Sugar for three nights only with a host of masterclasses, parties and some worldfamous cocktails to sample during your visit to the bar. Cheers! For further information, please contact our team at Red Sugar on khhk.redsugar@thekerryhotels.com or call (852) 2252 5281. 58

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WINE AND DINE

BIG BAY CAFÉ Love Mother’s Month

With Mother’s Day in May it’s the ideal time for a family get-together at Big Bay Café. Executive Chef Matthew Bennink has created a variety of sumptuous sharing dishes designed for celebrating with the whole brood including an outdoor BBQ as well as Canadian Slow Cooked Pork Rach, Salmon and Jack Daniels Marinated Bone in Beef Short Ribs. Guests can get a family portrait taken and framed of the special day, while at dinner service, children are invited to decorate a surprise cake for the mothers, to be taken home to devour! Throughout May, mothers will dine with a 50% discount from Monday – Thursday for Lunch and Dinner. Each table reservation requires 4pax minimum, with one mother able to enjoy the 50% discount. On the 12 and 13 May, pricing for buffet will be HK$428+10% per person for lunch and for dinner HK$688+10% for the first sitting and HK$628 for the second sitting per person. For reservations, please contact the team on khhk.bigbaycafe@thekerryhotels.com or call (852) 2252 5246.

DOCKYARD Sundowners at the Sunset Bar Window

We might be biased but we reckon that Hong Kong has one of the best skylines in the world – and what better way to enjoy it than at sunset, with a drink in hand at our alfresco venue Dockyard? Make the most of an amazing line-up of happy hour deals and cocktail promotions every day, starting at 5pm – including our exclusive Dockyard Lager, produced in collaboration with Young Master Brewery – so come kick back and relax at the Kerry with a laidback sundowner… or two! For more information, please drop the team a line at info@dockyardhk.com or call (852) 2252 5228.

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WINE AND DINE

PINOT DUCK Ground Floor, 18 Lun Fat Street, Wanchai, Hong Kong

Pinot Duck is a culinary journey of experimentation and creativity, inspired by the diversity of the two star ingredients. With locations in Wan Chai and Stanley, Pinot Duck showcases the flavours of duck and the pinot grape in a contemporary, casual setting. The duck-focused menu showcases different parts of the bird, and is divided into tasters, snacks, and a selection of smaller and larger dishes that make it perfect for family-style dining.

Tel: (852) 2891 1177 Opening hours: 11:30am – 10.30pm Daily

Unlike other Chinese restaurants, Pinot Duck is a bold, creative, progressive and curated restaurant showcasing the many flavor possibilities of duck and pinot grape. The duck-focused menu of small and larger dishes includes traditional Chinese dishes with creative flare. Pinot Duck is a perfect spot for after-work drinks, offering new and old world wine, locally brewed beers and cocktails at the sleek music bar.

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WINE AND DINE

THE COFFEE ACADEMÏCS 38 Yiu Wa Street, Causeway Bay, Hong Kong

In November 2012, The Coffee Academïcs opened its doors on 38 Yiu Wa Street, Causeway Bay with only one goal in mind – to redefine the coffee house experience in Hong Kong. Founded by global entrepreneur, Ms. Jennifer Liu, who believed that the Hong Kong consumer market was ready for a specialty coffee experience that can be offered only by The Coffee Academïcs independent group of coffee houses. Since its inauguration, The Coffee Academïcs has been setting the standards in coffee quality. Taking Hong Kong’s coffee culture to new heights and offering a unique sensory playground for coffee aficionados in Singapore and Shanghai, our guests enjoy the latest innovations and technologies that enhance this coffee experience.

coffee speaks of our interpretation of the perfect brew. The Coffee Academïcs aims to continue its global expansion to create more unique coffee experiences for people all over the world.

Tel: +852 2156 0313 Mon - Thurs: 9am - 11pm Fri - Sat & PH Eve: 9am - 2am Sun & PH: 10am - 9pm contactus@ the-coffeeacademics.com

From the curation of each bean directly from farmers worldwide, roasting onsite to finesse the inherent character of coffee and meticulously cupping to ensure quality, every molten pearl of

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WINE AND DINE

TIKI TIKI BOWLING BAR 4/F Centro, 1A Chui Tong Road,Sai Kung, New Territories, Hong Kong BEACH BUMS & CANNIBALS ISLAND FUSION RESTAURANT This restaurant has an opulent ambiance delivering a one of a kind Surf and Turf Dining experience fit for a king, the truly unique decoration will mesmerise you from floor to ceiling. Tikitiki Bowling Bar is proud to introduce Chef Peter Lim, Peter and his team formerly of the Four Seasons Hotel, have taken over the culinary direction at Tikitiki and are bringing world class dining to Beach Bums & Cannibals.

Cuisine Sensational Surf and Turf Dining [Customised Set Menu available for private dining].

Average Food Cost $200 - $700 per person plus 10% service charge

For Reservations Tel: +852 2657 8488 Mon - Thu: 11am - 10pm Fri: 11am - 12mn Sat: 10am - 12mn Sun: 10am - 10pm PH Eve: 11am - 12mn PH: 10am - 10pm www.tikitiki.hk/beach-bumscannibals-restaurant

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New Primary School Campus Opening August 2018

A trusted British education within a purpose-built primary school offering an ambitious and immersive curriculum. Apply now for children aged between 3 and 11 Call +852 2480 1500 or email admissions@shrewsbury.hk www.shrewsbury.hk

Exceptional People Outstanding Opportunities Academic Excellence 63

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THE LAST PAGE

Strokes of Inspiration We contemplate the profound message behind Li Ying-wei’s painting in celebration of Hong Kong Arts Month

等待後花園 No.36 Waiting for the Backyard No. 36

Inspired by memories of his childhood in China’s Jilin Province, artist Li Ying-wei painted “No. 36 Waiting for the Backyard No. 36” to get people thinking about the human condition.

of what it once was, full of trash and damage.” In this piece Li reflects on the relationship of coexistence between humans and the environment, and the drivers behind human ambition.

The imaginary scene is loaded with symbolism. Li’s depictions of ruin and decay are juxtaposed with his memories of the area’s natural beauty, which quickly became ravaged by heavy industrialization in the 1950s that left a landscape scarred by abandoned factories and derelict buildings in its wake.

“He wants us to wonder ‘what will be left in our hearts and minds when there is nothing left to build?’” Chen said.

“The merry-go-round on the right represents the artist’s happy memories, as this place was once like his playground,” Mei Chen from Taiwan’s Artnutri Gallery said at Art Central, “but now it’s the opposite

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Li believes that everything, including humans, will eventually return to nature for answers, like an inevitable rebirth, she said. “Nature embraces all things, good and bad,” Chen said, pointing to the middle section of the painting: It is bright, the shade of optimism.

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American Airlines, Flagship and the Flight Symbol logo are marks of American Airlines, Inc. oneworldŽ is a mark of the oneworld Alliance, LLC. Š 2018 American Airlines, Inc. All rights reserved. Japan Airlines and the Tsurumaru Symbol logo are marks of Japan Airlines.Copyright Japan Airlines. All rights reserved.


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