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Contents JANUARY/FEBRUARY 2019 | VOL. 51 NO. 1-2 Publisher Tara Joseph
AMCHAM NEWS AND VIEWS 04 President’s memo
Managing Editor
07 New business contacts
Jennifer Khoo
09 Member spotlight
Advertising Sales Manager
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Tom Chan
My favorite AmCham experience
AmChamHK’s contents do not necessarily reflect the views of officers, governors or members of the Chamber. We welcome your letters, comments & feedback.
COMMUNICATIONS 30 BRAND MARKETING
Email: feedback@amcham.org.hk
TRENDS IN ASIA, 2019 By new Chairman Robert Grieves
On the cover: Robert Grieves, Founder, Chairman & CEO of Hamilton Advisors Ltd and 2019 Chairman of AmCham Hong Kong
TECHNOLOGY 36
Tik Tok: The world’s most valuable startup that you’ve never heard of
COVER STORY 12 BACK TO THE FUTURE Contemplating AmCham’s future in an uncertain world
ICYMI 40
Guangzhou & Foshan Delegation trip; Heritage Foundation visit
1904 Bank of America Tower, 12 Harcourt Rd, Central, Hong Kong Tel: (852) 2530 6900 Fax: (852) 3753 1206 Email: amcham@amcham.org.hk
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Website: www.amcham.org.hk
FUTURE OF WORK
Printed by Ease Max Ltd 2A Sum Lung Industrial Building 11 Sun Yip St, Chai Wan, Hong Kong (Green Production Overseas Group)
18 THE FUTURE IS FEMALE
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, 2019 Single copy price HK$50 Annual subscription HK$600/US$90
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CHAMBER NEWS
It’s not the robots you should worry about
AmCham’s offices get a makeover
SPECIAL SUPPLEMENT 45
Who’s who in Marketing, Advertising & Communication Services
ADVOCACY 24 Leveraging healthcare
50 The last page
strategy to drive economic growth
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President’s Memo part, to the strength of our mission. But also thanks to the time and care that AmCham’s leaders have put into advocacy and thought leadership.
I hope you will join us on this exploration, starting with our hosting of the Asia Pacific Council of American Chambers summit on March 4 & 5, where we will delve into key themes related to the future of US trade and investment in Asia with our chamber peers from across the region, along with corporate and government leaders.
While our long-standing success certainly justifies a birthday bash, we are doing much more than looking back on a colorful history, a history in which the chamber and its members played a central role at watershed moments.
Happy anniversary to Amcham Hong Kong. This year the chamber celebrates 50 years since its formation by a group of business executives devoted to fostering trade between the US and Hong Kong. Over the years, we’ve grown into the largest international chamber in this dynamic trading city thanks, in large
Also keep posted for details on events throughout the year, and book your table for our annual ball. This year’s theme is the golden sound of Motown – which, like your chamber, just gets better and better with age. See you there.
Instead of resting on our laurels we plan to look ahead to how business and trade will likely develop in Hong Kong over the next 50 years and how US companies can play a role. We also plan to groom the next generation of chamber talent by launching a new leadership program for junior executives. I think looking ahead will be even more fun than the champagne toasts in remembrance of times past. While geopolitically it is obvious that free trade faces potent challenges at this crucial juncture, emerging technology and new initiatives could open fresh and inspiring opportunities.
Regards, Tara Joseph AmCham President
BOARD OF GOVERNORS CHAIRMAN Robert Grieves VICE CHAIRMAN Diana David TREASURER Owen Belman
EXECUTIVE COMMITTEE
GOVERNORS Donald Austin
Anna-Marie Slot
Jenny Wong
Sanjeev Chatrath
Elaine Cheung
Simon Ogus
Patrick Wu
David Cruikshank
Jennifer Van Dale
Anne O’Riordan
Lennard Yong
Seth Peterson
Mark Green
Eric Szweda
Karen Reddington
Matthew Hosford
Kevin Tranbarger
Richard Weisman
Christopher Laskowski Rick Truscott Sabrina Lin
PRESIDENT Tara Joseph EX-OFFICIO GOVERNOR Jack Lange
Leonie Valentine
CHAMBER COMMITTEES Apparel, Footwear & Supply Chain Gareth Brooks
Sally Peng
Lynne Sprugel Jenny Wong
Energy Joseph Jacobelli John Zadkovich
Jennifer Parks Anne LeBourgeois Young Professionals Jamie Ford
Future of Work
Nicholas Gordon
Peter Liu
Oscar Wong
Wendy Zhang Transportation and Logistics Geoffrey Siebengartner Gavin Dow Steven Suh
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Ian Chung Women of Influence
Ball David Cruikshank
Infrastructure & Construction
Education
China Business
Communications & Marketing
Law
Ben Simpfendorfer
Anita Davis
Chiann Bao
Ling Jin
Heather Bach
John Siu
Corporate Social Responsibility
Environment & Sustainability Jim Taylor Rachel Fleishman Innovation & Technology Jen Flowers Lucy Werner
Virginia Wilson
Real Estate
Abigail DeLessio
Robert Johnston Colin Jones
Lauren Chung
Jessica Bartlett
Genevieve Hilton Hans Leung
Janice Lao
Financial Services
Intellectual Property Gabriela Kennedy Victor Tse Jasper MacSlarrow
Rebecca Terner Lentchner Michael Frank Healthcare & Insurance Hanif Kanji
Trade & Investment Barrett Bingley David Chao Tatman Savio
Amelie Dionne-Charest Stephen Leung Invest in USA Eric Szweda
Taxation Ivan Strunin Peter Guang Chen Wade Wagatsuma
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AmChamHK
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Members Directory
www.amcham.org.hk
AMCHAM Means Business
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 978-988-8519-04-0 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) check# Bank: Charge to AMEX (US$)
payable to The American Chamber of Commerce in Hong Kong Diners (HK$)
Visa (HK$)
Master Card (HK$)
Cardholder's Name: Card# Expiry Date:
Signature: 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
Issuing Bank:
(Not valid unless signed)
New Business Contacts The following people are new AmCham members: Company Name
First Name
Last Name
Position
Accenture Co. Ltd.
Nicholas
Chen
Managing Director, Financial Services, Greater China Insurance, Practice Lead
John
Mefford
Managing Director, Accenture Interactive Capability Lead APAC
Sher Li
Tan
Managing Director, Accenture Consulting - Financial Services
Adecco Personnel Limited
Joyce
Cheung
Managing Director, Adecco Hong Kong & Macau
AIG Insurance Hong Kong Limited
Tomi
Latva-Kiskola
President & CEO
Allergan Hong Kong Ltd
Sean
Lin
Managing Director TW/HK
Arkadin
Max
Ying
Business Development Manager, Unified Communications
Asia Business Trade Association
Brett
Stephenson
Hong Kong & China Representative
Atrium HR Consulting (Asia) Ltd
Pauline
Williams
Director, Relationship Management (Asia)
BASF East Asia Regional Headquarters Ltd
Sally
Cox
Vice President, Corporate Affairs Asia Pacific
BlackRock
Winnie
Pun
Head of Public Policy, Asia Pacific
Broadridge Asia Pacific Ltd
Joanne
Hon
General Manager, North Asia, Regional Director, Broadridge Asset Management Solutions, Asia Pacific
Chubb Insurance Hong Kong Limited
Stanley
Wong
Country President, Hong Kong, Taiwan and Macau
Coca-Cola China Limited
Page
Guillot
Vice President/General Manager Hong Kong, Taiwan, Macau & Mongolia
Colliers International (HK) Limited
Niall
Rowark
Manager
Coppel Corporation
Joaquin
Aguirre
Vice President
Crown Worldwide Group
Joshua
Rose
Regional GM - Greater China
Dow Chemical Pacific Ltd
Jon
Penrice
President, Asia Pacific
Esquel Enterprises Ltd
Wesley
Choi
Chief of Staff to Chairman
Euromonitor International
Agilson
Valle
General Manager
ExxonMobil Hong Kong Ltd
Bono
Chan
Director
EY
Jeffrey
Green
Executive Director
Four Seasons Hotel Hong Kong
Irene
Tan
Regional Director of Marketing
Freudenberg & Vilene International Ltd
Jonathan
Oh
Managing Director
Gap International Sourcing Limited
Christophe
Roussel
EVP Global Sourcing and Production
Gleneagles Hong Kong Hospital
Chris
Tsui
Head of Business Development & Marketing
Global Sources
Wei
Hu
CEO
Hayden T Joseph & Co DBA Advanced American Tax
Derren
Joseph
Partner
HilburgMalan
Duke
Malan
Partner
Hong Kong Adventist Hospital
Jo
Soo-Tang
Chairman, Board of Governors (Stubbs Road), Hong Kong Adventist Hospital Foundation
Rachel
Yeung
Vice President for Administration
The Hongkong and Shanghai Banking Corporation Ltd
Jen
Flowers
Partnerships & Innovation
Hongkong International Theme Parks Ltd
Addison
Goh
Director, Corporate Alliances
InterContinental Energy
Alicia
Eastman
Managing Director
Intertek Hong Kong
Patrick
Lee
EVP, North East Asia and Australasia
Invest Hong Kong
Elsie
Tang
Investor Support Officer, ISO(CIO)2
J.P. Morgan
Filippo
Gori
Senior Country Officer, Hong Kong; Head of Markets & Investor Services(APAC)
Vanessa
Le Lesle
Head of Regulatory Affairs, APAC
Korean Air / Delta
Jong Seob
Koh
Regional General Manager, Hong Kong & Macau
KPMG
Mark
Bowra
Partner, Head of Forensic
Jerome
Chung
Partner, Deal Advisory
David
Frey
Partner, Markets Strategy
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New Business Contacts The following people are new AmCham members: KPMG
Jelloun
Partner, Deal Advisory & Strategy
Paul
Lau
Partner, Head of Capital Market, KPMG China
Adam
Stuckert
Partner, IT Advisory
Andrew
Weir
Senior Partner, Hong Kong
Li & Fung Foundation
Marina
Vogt
Senior Manager - Special Projects
Malvern College Hong Kong
Robin
Lister
Founding Headmaster of Malvern College Hong Kong
Jacqueline
McNalty
Founding Principal of Malvern College Pre-School Hong Kong
Bart
Buiring
Chief Lodging Operations
Alethea
Lam
Vice President, Communications
Lawrence
Ng
Vice President, Sales and Marketing, Greater China
Peggy
Roe
Chief Sales & Marketing Officer
Silvio
Rosenberger
General Manager, JW Marriott Hotel Hong Kong
Craig
Smith
President Asia Pacific
Regan
Taikitsadaporn
Chief Human Resources Officer
Marriott International Inc.
John
Toomey
Vice President, Sales and Marketing, Asia Pacific
MassMutual International LLC
Frank
Lucchesi
General Counsel
MetLife
Kishore
Ponnavolu
Executive Vice President and President, Asia
NCL Hong Kong Limited
Felix
Chan
Vice President of Sales Asia
Platinum Guild International HK Limited
Zhenzhen
Liu
Global Corporate Marketing Director
Polygroup
Eric
Szweda
Group General Counsel
PVH Asia Limited
Yolanda
Ho
Senior Director, Talent and OD
Rosewood Hong Kong
Simon
Gilkes
Director of Sales & Marketing
Ruder Finn Asia Ltd
Paul
Yang
General Manager
Sarana Labs / Sarana Capital
Diana
David
Founder & CEO
SCAD Hong Kong
Vince
Lau
Director of Communications and Marketing
State Street Bank & Trust Co
Wei Zhi
Tan
Head, Regulatory, Industry and Government Affairs, Asia Pacific
Synergy Fiber
Joshy
George
Senior Account Manager
Chun Wun
Liu
Sales Engineer
Norman
Roe
CEO
Jamee
Hawn
APAC Regional Operations Manager, Financial Services and Insurance
Thomas
Yu
Regional Business Development Manager
Thales Transport & Security (Hong Kong) Ltd
Nicolas
Rabbat
Chief Executive Officer
The Gap Partnership
Gregory
Chu
Consultant
Tradewind International Factoring Ltd.
Katherine
Fan
AVP, Business Development
United Technologies Corporation
Joseph
Armas
Managing Director, Otis Elevator Company
Christine
Choy
Senior Manager - Marketing & Communications, Carrier Hong Kong, Macau, Taiwan & Guam
Tesla Motors HK Limited
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Ben
Simon
Lo
Director, Strategic Accounts, Otis Asia Pacific
VF Asia Pacific Sourcing S. a. r. l.
Alexander
Wilson
Vice President, Human Resources, Asia Supply Chain and Country Offices
Whirlpool Overseas Hong Kong Ltd
Anil
Berera
CFO & VP, Asia
Helen
Hu
General Counsel, Asia
Sarthak
Raychaudhuri
Senior Director, Human Resources, Asia
Samuel
Wu
President, Asia
Ken
Wu
Senior Director, Strategic Marketing & Business Development, Asia
Andrew
Yu
Vice President, Hong Kong, Taiwan, Korea & Japan
Winston & Strawn
Nassim
Hooshmandnia
Registered Foreign Lawyer
Workday
Donald
Sullivan
General Manager, Greater China
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MEMBERSPOTLIGHT Name: Chris Parker Job title: Sales & Marketing Director, APAC Company: Carey International Industry: Transportation AmCham member since: June 2017
If you aren’t from Hong Kong originally, where is home? How long have you been living/working here? Home is now Hong Kong actually! Although I am originally from England, I have been in HK almost 10 years and really feel like this is home now. Dim sum or boozy brunch? Depending on my mood both could work...but both would have to have alcohol! What is one thing people would be surprised to learn about you? In addition to my main role I also play double (slap) bass in a rockabilly band. If I wasn’t a business leader, I would be… I would love to say musician (see above), but more seriously a university professor, I have done it parttime and I enjoy teaching. What was your first ever job? Bank Clerk. Favorite piece of advice? Life is too short, don’t waste it, find something you are passionate about and do that. Outside the office, where can we find you / what can we find you doing? Discovery Bay (when in Hong Kong which is not often as I cover APAC and travel regularly), practicing my bass (sorry to my neighbors) or in the pub. Last place you visited and next destination on your travel checklist? Just returned from a conference in Honolulu, which was my first time there, next first is to French Polynesia (Tahiti/Moorea & Bora Bora) in a couple of weeks’ time.
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‘Life is too short, don’t waste it, find something you are passionate about and do that’ What attracted you to Amcham? I have been a member off and on since I moved to Hong Kong in 2008, as I find it an excellent networking and social group. My company is US based so many of the members know who we are without me having to explain. Which AmCham event are we likely to find you at next? Hopefully I will make the Thanksgiving Lunch, which is always a great event.
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MY FAVORITE AMCHAM EXPERIENCE
TONY RENO Sales Director, Hong Kong at Arkadin “I have been a member of the American
MY FAVORITE AMCHAM EXPERIENCE
Chamber of Commerce since 2005. After being an active member for many years, in 2015 I was invited to assist AmCham create a digital transformation roadmap that aligned with the goals of their new 5-year plan ending in 2020. My favorite memory of the American Chamber was working with the team to make their digital transformation a reality. It was a great and necessary challenge, and I was impressed with how the board and office team embraced and engaged in the transformation. It makes me proud to see the progress the team has continued to make in their modern approach to events, content, and memberships.”
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Back to
the future
New Chairman Robert Grieves finds the past a source of inspiration when contemplating AmCham’s future in an uncertain world The French have a saying for it: Plus ça change, plus c'est la même chose. Or, the more things change, the more they feel the same. This enigmatic contradiction may offer some comfort when we contemplate – to channel a more contemporary and thoroughly American trope from the Temptations and Tamla Motown – the “Ball of Confusion... that’s what the world is today.” As this magazine goes to press, US President Donald Trump and China’s Xi Jinping are circling each other, building up for another summit as the two sides engage in 11th-hour talks to head off a potentially catastrophic full-blown trade war.
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Already, there are signs of severe stresses in the global economy. Interest rates are back on hold, throwing into doubt the cycle of economic tightening seen as a crucial stage in normalization after the pain and painfully long recovery from the global financial crisis. China’s economy is slowing, with particular concerns over consumer spending that dents hopes of a rebalancing in the Chinese economic model. By the time AmCham hosts the annual summit of Asia Pacific Council of American Chambers on March 4 & 5, we will know whether the US and China have headed off immediate calamity in the shape of Trump’s March 1 deadline to avoid sweeping and swingeing tariff hikes.
an unprecedented pace? It’s becoming harder to sort wheat from chaff; noise from meaningful signals. As AmCham celebrates its 50th birthday, we’ve been trawling through the archives and looking back at our past achievements in search of clues about our likely future, and the perspective of the long-view. Some of the results of this can be seen at our special 50th Anniversary exhibition at the Exchange Square Rotunda from March 18-22.
If a deal is struck, will that mark an end to the Trumpian wave of protectionism, or just a short term respite? Will attention turn to other markets – the EU? Japan? Southeast Asia? Is the trade spat just a temporary phenomenon, or something hardwired into the global economic DNA?
What becomes immediately clear is that tension, confusion and misunderstanding have always been core risks – if not ever-present features – in the relationship between Washington and Beijing. What’s also shone out has been AmCham’s role as a source of ballast and clear-sighted reason in that relationship: From the foundational moment of our organization, the chamber has been a constant and consistent voice calling for free and fair trade – including over access to China’s markets.
And if calamity and confusion are to become the norm, how can companies best prepare themselves? Moreover, why are international investors piling into Chinese stocks at
By campaigning on behalf of international business, AmCham helped create the conditions for an unprecedented period of global prosperity built upon trade and cross-border investment.
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COVER STORY
Let’s not forget, AmCham was born during the chaos and economic destruction of the Cultural Revolution – when our members could already clearly see the shoots of opportunity sprouting. Tracing the history of the chamber, there can be moments of cognitive dissonance: Some of the high-tide marks of optimism predate the chronology of perceived wisdom. International business has proved a leading indicator of political change, time and again. Is this another of those moments now? These twin themes – the wisdom of ages and the search for opportunities in times of chaos – were at the fore when Robert T. Grieves set out AmCham’s priorities for 2019 at his January Inaugural Luncheon. For those that missed it, here are some of the highlights (with a special mention going to the Chairman’s parrot joke): This year represents an important landmark, as the American Chamber of Commerce in Hong Kong celebrates its 50th anniversary. ‘May you live in interesting times,’ as the hackneyed English version of a supposed Chinese curse has it, but in fact the curse is fake, with no known source. The nearest real Chinese saying, translated, is: ‘Better to be a dog in a peaceful time, than to be a human in a chaotic period.’ Indeed, this is a chaotic period, what with a slowing global economy, a continuing US-China trade war, North Korea’s unabated nuclear missile development, and growing military competition
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in the South China Sea. Not to mention Brexit and the current political landscape in the US. However, it is also a period full of promise, with new scientific and technological breakthroughs being made seemingly every day, and with exciting new initiatives being announced. As an American I am by nature an optimist, and I believe that by working together with our chamber’s members, the Hong Kong government and leaders in the Hong Kong business
community, the American Chamber in Hong Kong can accomplish great and worthy things this year. For the past five decades the American Chamber of Commerce in Hong Kong has championed the free flow of information, freedom of expression, the rule of law, and a level playing field for international businesses operating in Greater China and throughout Asia. It has defined for itself a unique role as an honest broker, defending Hong Kong’s interests
STEPPING STONES Helped defeat the Gore Amendment, a proposal to eliminate tax exemption for income earned by overseas Americans
Strong advocate of Hong Kong’s `one country, two systems’ formula enshrined in the Basic Law
Lobbied for China’s 2001 entry into the World Trade Organization, which arguably helped lift millions of people from poverty
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COVER STORY
in Washington and Beijing, and advocating on behalf of international business and the interests of its membership throughout Asia. AmCham Hong Kong will continue to play an influential role in the next 50 years. We are looking at how technology is changing the way people work, and the skills required to manage successful businesses in the next half century. We will also launch a Future Leaders program, which will bring together a talented crop of young people for a year-long program devoted to building leadership skills across a variety of sectors as well as develop a pipeline of future Chamber leaders. This year, we want to sharpen our advocacy efforts in both Washington and Beijing. AmCham advocacy on behalf of Hong Kong has become increasingly more important as Hong Kong faces pressure from the north and from Washington as a result of trade war friction and as the Hong Kong economy becomes increasingly more integrated with the Mainland China economy. We will refine our messages for the Washington Doorknock according to the latest developments amid US-China trade tensions. We look forward to a strong delegation of business executives joining us to make our case as clear and convincing as possible to lawmakers on Capitol Hill. In our interactions with stakeholders we will underline Hong Kong’s role as a hub for business in Asia and continue to emphasize the city’s traditional role as a gateway into and out of China. We believe this aligns with the US Indo Pacific Strategy and the Asia Reassurance Initiative Act, recently passed by Congress, as well as the Hong Kong government’s goal to broaden and deepen collaboration with Asean countries after signing a series of Free Trade Agreements.
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Throughout the year we will also focus efforts on rallying US corporations, educational and technical organizations to work with the Hong Kong government to fulfill some of its most important objectives as outlined in Chief Executive Carrie Lam’s policy speech. In addition, we will seek to bring more US officials to Hong Kong, to better socialize Hong Kong with US elected officials at the federal level, an effort we expect will bear fruit as the year progresses. FOCUS AREAS THE GREATER BAY AREA The Greater Bay Area was first outlined by China’s top authorities three years ago to create a new economic growth engine by pooling together the resources of Hong Kong, Macau and nine neighboring cities in Guangdong province. Hong Kong will be the international finance, navigation and trade center, as well as a transport hub. The city will have the role of developing finance, trade, logistics and professional services throughout the GBA. HEALTHCARE We see opportunities for US healthcare firms to collaborate with the Hong Kong government in applied research and technological development. Last month Hong Kong University and Harvard
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COVER STORY
University announced that they are setting up a laboratory in Hong Kong Science and Technology Park in an ambitious joint effort to make detection of diseases such as cancer faster, easier and more precise. Earlier this month, the first international research center in Hong Kong to focus on neurodegenerative diseases such as dementia was announced. The center will be established by the Hong Kong University of Science and Technology, Harvard Medical School, the Stanford University School of Medicine, and University College London.
DESIGNING A LIVABLE CITY American urban design expertise can be leveraged to make Hong Kong a more livable city. Former Harborfront Commissioner Nicholas Brooke a few years ago visited an AmCham Board meeting to discuss the government’s goal of making Hong Kong one of the most livable cities in Asia.
STEM EDUCATION American educational institutions can play an important role in preparing Hong Kong students for the workplace of the future. Cooperation may range from STEM education for women to applications of fintech in the financial services space. We intend to bolster this initiative with at least one STEM education event held in conjunction with our Future of Work series.
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On behalf of AmCham I asked that government come up with a holistic vision for the Victoria Harbour front development in a design-led approach that would invite a world design competition following the great examples of Sydney, New York, London, Amsterdam and others. We believe project quality excellence, environmental safeguards and the public interest should be central components of a project that faces iconic Victoria Harbour. A highest bid approach that puts design as a lower priority sets a bad standard for Hong Kong as a worldclass city. This year AmCham will continue to pay close attention to this issue.
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THE FUTURE OF WORK Talent continues to stand out as a priority issue for Hong Kong as it seeks to enhance its competitiveness. Hong Kong should continue to reform its educational system in accordance with its needs and current occupational trends, and consider expanding the import of talent. The Hong Kong government should also look into opportunities to extend the “Hong Kong model” – for example, staying ahead in global education rankings and aligning with international standards – in Greater Bay Area cities.
‘Being elected Chairman of AmCham reminds me of the parrot story that Dan Tully, a former chairman of Merrill Lynch, used to tell when I worked for him more than 20 years ago,’ Grieves told the luncheon audience. For those who missed it, here it is: One day a man goes to a pet shop to buy a parrot. The assistant takes the man to the parrot section and asks him to choose one. There are three parrots in three separate cages. The man asks, "How much is the yellow one?"
We held our first Future of Work conference last month, which brought the focus on our members’ thought-leadership in this area. (See “The Future is Female” on Page 18.)
The assistant says, "US$2,000." The man is shocked and asks why the parrot is so expensive.
THE ENVIRONMENT Hong Kong’s environmental issues manifest themselves in polluted water, garbage-strewn beaches, and unhealthy air. Through AmCham’s Environment & Sustainability and CSR committees the chamber will advocate practical ways to make Hong Kong cleaner and healthier. AmCham member firms are already vocal in this advocacy effort.
The assistant explains, "This parrot is a very special one. He knows typewriting and can type really fast." "What about the green one?" the man asks. The assistant says, "He costs US$5,000 because he knows typewriting and can answer incoming telephone calls and take notes." "What about the red one?" the visibly shaken man asks. The assistant says, "That one's US$10,000." The man looks closely at the red parrot, which appears fairly mean and shabby, and asks, "What does HE do?" "I don’t know, " the assistant admits, "but the other two parrots call him ‘Chairman.’"
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COVER STORY
A special shout-out for David Cruikshank and Jennifer Wong for getting this year’s Ball rolling — with the toe-tapping theme of Motown. Golden sounds for AmCham’s Golden Jubilee.
AmCham is preparing to host the APCAC Business Summit 2019 on March 4-5, an annual event which will see over 300 business and political leaders from around Asia and the US gather at the Grand Hyatt Hong Kong to discuss international trade issues against the backdrop of today’s political climate, and the implications for businesses in the region. APCAC is an association of American Chambers of Commerce from across the Asia-Pacific.
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It’s not the robots you should worry about 18
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FUTURE OF WORK
‘Women possess more of the skills least likely to be automated’ Which of us will be left with jobs when the robots take over? According to Jason Hong, a computer science professor at Carnegie Mellon University, those of us in jobs that rely on creativity and empathy will be the last ones standing. Caregivers, artists and people-managers can breathe a collective sigh of relief (for now)... and so can women, who in the most part naturally possess these two traits. Pew Research Center’s Women and Leadership 2018 study shows that women rank higher than men in nine out of the 12 qualities and competencies required for effective leadership. These include “being compassionate and empathetic,” “creating a safe and respectful workplace,” and “standing up for what they believe in.” What do these results mean for the future of work in the age of technology? In an effort to ease our anxiety, AmCham gathered a panel of experts at its Future of Work Forum on January 29 to discuss why hiring (and promoting) women is the key for companies to flourish in the age of AI. The REAL competition The last thing Emma Kenyon, Senior Manager for Business Development at Aetna International, worries about is a robot stealing her job. She thinks people who are curious-minded, who develop a range of soft skills will always have employment options in the future. “There will always be opportunities for people of diverse backgrounds with empathy, good communication skills and who understand human behaviors. I see those people as being my future competition, not the technology that will come and take over jobs,” she says. Women make up almost 60 percent of undergraduate students on US college campuses, according to a March 2018 report by Bloomberg. With more women than men graduating from US colleges for the past
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FUTURE OF WORK
'Any organization where you stop seeing women at management levels — why would I want to work in a place like that?' three decades, the paltry representation of women in senior workforce positions is striking. “When I speak to other women of my age, they are similarly frustrated and fed up of having the same conversations over and over about things like decent pay, and nothing changing,” says Kenyon. In 2017, women in the US earned 82 percent of what their male counterparts took home, according to Pew. But the days of educated, talented women willing to stay at a company that doesn’t invest in them may be numbered. Companies may soon face a choice between promoting their female staff or risk losing out on the best talent. “I want to work at a company where I can see women working at all levels of the organization. Any organization where you stop seeing women at management levels — why would I want to work in a place like that?” says Kenyon. Two to tango Brian Henderson, Chief Operating Officer at Baker & McKenzie and recipient of AmCham’s Champion for the Advancement of Women WOI Award in 2017, knows all too well that workplace equality will remain a dream if men don’t do their part to help. While he has enjoyed a public platform to talk about such issues without negative repercussions to his career, he acknowledges that his female co-workers don’t always get the same opportunities. “Women tend not to be that vocal as they know they might get penalized in terms of their career progression. Men like myself don’t experience this, and this is something a lot of men don’t appreciate,” he says of his
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FUTURE OF WORK
speaking opportunity on the panel. According to the 2018 Pew survey, just 53 percent of US respondents felt that “being assertive” helps a woman’s chances of getting ahead at work, compared to the 73 percent who felt that the same quality can help a man. Men can do their bit by acknowledging workplace gender biases which prevent their female colleagues from reaching their full potential, and if possible, speaking out against them. “It’s not the women we need to fix,” he says. Redefining success traits A February 2018 report by PwC confirms what we’ve been told so far, which is that automation and AI will impact men and women in different ways. The study, which looked at the jobs of over 200,000 workers across 29 countries and the skills involved in each, revealed that 34 percent of jobs held by men, versus 26 percent of jobs held by women, are at risk of being automated. “Soft skills, people skills — things we associate with a more feminine, caring approach to the workplace will be valued more in the future,” says Rob Koepp, Director at The Economist Corporate Network of The Economist Group. ‘Human’ qualities will become highly sought after in the best employers as well. “Employers must accommodate people's need for flexible time — not just seeing people as resources who have to show up on time to do a job,” he says. Robots, people are not. Citing Susan Cain’s award-winning book Quiet: The Power of Introverts in a World That Can’t Stop Talking, Koepp says introverted traits such as listening and learning, still viewed largely as feminine qualities, are not typically associated with workplace success though they should be. “In our capitalist workplace, ‘alpha, extroverted’ individuals with a ‘not-always-right-but-never-indoubt’ confidence are rewarded. But we are all different,” he says. Welcome to the future of work. Leave your preconceived notions of success at the door.
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FUTURE OF WORK
FUTURE OF WORK FORUM
JAN 29, 2019
BERNARD CHAN, HKSAR GOVERNMENT EXCOM MEMBER
EMMA KENYON, AETNA INTERNATIONAL 22
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FUTURE OF WORK
LILY YANG, WEWORK GREATER CHINA
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ADVOCACY
Leveraging health strategy to drive economic growth Caroline Johnson and Sabrina Chan of the Hong Kong Association of the Pharmaceutical Industry suggest how
The Hong Kong Association of the Pharmaceutical Industry (HKAPI) held its annual dinner on April 26, 2018. HKAPI President Caroline Johnson and HK CE Carrie Lam were in attendance.
Goal: • Sustainable financial planning in healthcare Proposed action points: • Early resource planning for new medical advances • Greater allocation of resources to preventive measures and early treatments 24
HKAPI say: The budget allocated by the government should be able to cope with the demographic changes in Hong Kong. Resources allocated to healthcare are an investment in people. With an aging population, it is critical to allocate a reasonable budget to health services in order to not only maintain the productivity and stability of society but also to improve the healthcare system and ensure it remains fit for purpose. The ability of patients to afford treatment, particularly for cancer and rare diseases, is increasingly a focus of debate. There has also been growing discussion around the complexity of the Hospital Authority’s enlistment procedure for approved drugs, which often delays patient access to innovative medicines. AmChamHK
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ADVOCACY
To ensure sustainable and timely access to innovative and effective treatments, the government should consider establishing a more visionary longterm healthcare financing strategy. Early planning to provide resources for medical advances that address unmet needs is important to ensure budget planning is practical, drives better health outcomes for local people and saves expenditure in the long run. Disease prevention and screening are the most effective ways to reduce downstream healthcare costs, numerous studies have shown. As prevention and early treatment generally cost less than treatment at more advanced stages of a disease, the government should allocate
more resources to these two areas and extend screening programs to diseases that have a profound impact on society and families, such as diabetes, hepatitis and dementia.
industry would like to be involved in discussions about resource allocation to ensure that funds are spent effectively and that more multinational pharmaceutical companies are attracted to invest in Hong Kong.
Goal: • Greater investment in biomedical R&D Proposed action points: • Introduce more attractive tax incentives The government’s vision is to make Hong Kong a biomedical hub for Asia, which will require considerable investment in this area. The pharmaceutical industry includes a number of multinational corporations that have a long track record of sizable investment into R&D. The
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The pharmaceutical industry spent more than US$157 billion on R&D in this area in 2016. This figure may be more than US$200 billion by 2024, according to some estimates. The experience of Singapore suggests that tax incentives will be a major factor in attracting multinationals to invest in Hong Kong. Eight of the world’s top-10 bio-pharmaceutical companies manufacture products in Singapore and, with strong tax incentives, the industry now accounts for about 20 percent of the nation’s manufacturing sector – the second-biggest component. Under the “Inland Revenue (Amendment) (No. 7)
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ADVOCACY
Ordinance 2018,” gazetted late last year, Hong Kong will allow a tax deduction of 300 percent for the first HK$2 million of expenditure on local R&D and 200 percent for anything over that amount – with no cap. Overseas R&D spending will qualify for a 100 percent deduction. While Singapore also offers a 100 percent deduction for overseas R&D spending, the deduction for local R&D is a flat 250 percent. Given most, if not all, big bio-pharmaceutical multinationals invest much more than HK$2 million a year on R&D – with some spending billions of dollars – Singapore’s tax benefits are more attractive. Comparison of tax deduction rates offered by Hong Kong and Singapore:
Hong Kong[1]
Singapore[2]
Local R&D
300% tax deduction for the first HK$ 2 million and 200% for the remaining amount
250% without limit
Overseas R&D
100%
100%
•
Goal • Boost Hong Kong’s attractiveness as a destination for clinical trials Proposed action points: • Set up independent department to coordinate,
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facilitate and promote clinical trials within the Health Authority Create single system of pathways that extends to all hospitals in the Greater Bay Area
Apart from tax incentives, a good R&D infrastructure and a strong system for implementation are vital. For example, Hong Kong would like to develop itself into a biomedical hub focused on clinical R&D of medicines for humans, given that clinical research paves the way for the growth of pre-clinical and other research industries.
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ADVOCACY
The Hong Kong Association of the Pharmaceutical Industry in 2017 asked its 13 members – all multinationals – for their views on the importance of drivers in choosing the location of clinical trials. The attractiveness of Hong Kong by these measures was collected and analyzed. Of the 527 clinical trials conducted in 2015 in four Asian locations, 38 (7.2 percent) were in Hong Kong. This share was far below the other locations of South Korea, Taiwan and Singapore. Survey results show that high data quality, experienced and credible investigators, mutual recognition of trial data between Hong Kong and Mainland China, well-equipped hospitals and simple and transparent approval procedures were Hong Kong’s top attractions as a location for clinical trials.
However, the lack of government support, high cost and slow speed of conducting trials were the main deterrents. Both Hong Kong and Singapore are considered as costly clinical trial locations. The average cost per trial, investigator fees, fees paid to healthcare institutions and contract research organizations are the major cost hurdles. But while Singapore scored well on the government’s role in fostering an ecosystem conducive to clinical trials and incentivizing companies to do more trials locally, Hong Kong performed relatively poorly in these areas. Hong Kong also seems to lag behind in time taken to get approvals from regulators and the ethics committee. For example, it takes about five weeks to
Timeline for setting up a clinical trial in various countries/regions:[4] Regulatory approval
Ethics committee approval
Singapore
30 business days
30 business days
Malaysia
30 business days
50 business days
Hong Kong
30-60 business days
30-60 business days
obtain a clinical trial certificate in Singapore; in Hong Kong, the wait is up to twice as long. This is because staffing levels at the relevant authority in Hong Kong are about half those at its Singaporean counterpart. It also takes longer to recruit patients under the Hong Kong Hospital Authority (HA) as companies have to negotiate with various departments in different hospitals. Singapore offers a centralized “one-stop shop.” The pharmaceutical industry would like to see an independent department set up to coordinate, facilitate and promote clinical trials within the HA. The responsibilities of this department would include creating a single ethics committee to rapidly assess and approve clinical trials in public hospitals by
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combining ethics committees in different hospitals, providing a seed fund for clinical trials and reviewing incentives for pharmaceutical companies to support clinical trials in the HA – i.e. facilitating early access to new/innovative medicine in the public system. There are also untapped opportunities to leverage Hong Kong’s strong relationship with China. The system of single pathways could be extended to all hospitals in the Greater Bay Area to bring investment while attracting and leveraging world class investigators.
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ADVOCACY
Hong Kong’s aging population. Photo: HKSARG, Information Services Department
Looking ahead The government set up a steering committee on genomic medicine in November 2017 and proposes to establish a strategic plan for developing genomic medicine in Hong Kong. Recently, the steering committee announced their initial ideas. The steering committee consists of renowned medical scholars with relevant government officials to support policy. However, the business world has been forgotten. For many years, pharmaceutical companies have been looking at the applications of genomes to different disease areas. This has resulted in the creation of many new precision medicines. The industry sincerely requests the government to
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involve pharmaceutical companies, as is the case in other countries, in the strategic development of genomic medicine in Hong Kong. To ensure that genomic solutions are pragmatic and sustainable, all stakeholders can work together to have a rounded view on how to access existing health databases as well as on how to collect relevant information for the future. This will accelerate the development of new knowledge, medicines, diagnostics and devices. In addition, parties can collaborate to adjust work procedures and build the right infrastructure. In the long term, many disease areas will benefit, including rare and chronic conditions and cancer.
ADVOCACY
CONCLUSION The pharmaceutical industry is an important partner in the healthcare ecosystem as it invests billions of dollars in R&D and strives to ensure the application of the most advanced medical technologies to help patients in the real world. Only when these technologies are made widely available, can the value of medicine bring real benefits to humankind. For medical technology to develop in Hong Kong and support the advancement of medical practice, the pharmaceutical industry should be considered a core stakeholder. Only by working together, can we ensure a pragmatic, cohesive and sustainable healthcare system for Hong Kong.
[1] Effective from 1 April 2019. “news.gov.hk” website: https://www.news.gov.hk/chi/2018/11/20181102/20181102_121 939_116.html?type=ticker [2] Effective from 1 Jan 2019. “Inland Revenue Authority of Singapore” website: https://www.iras.gov.sg/irashome/ Businesses/Companies/Working-out-Corporate-IncomeTaxes/Business-Expenses/Tax-Treatment-of-BusinessExpensesQ-R-/ [3] Regulatory approval time was 107 days in Hong Kong, compared to 74 days in South Korea, 59 days in Singapore and 55 days in Taiwan. [4] Clinical Research Malaysia (CRM) website 2017
The Healthcare & Insurance Committee provides a platform for AmCham members to share information, exchange views, network and advocate about trends and developments in medical insurance and healthcare issues. The committee focuses on all aspects of Hong Kong’s health and private medical insurance, including regulations, innovation, technology, research and development, disease prevention and treatment, as well as commercial opportunities in the Greater Bay Area. The committee will enhance the knowledge of AmCham members through regular meetings, forums and special events as well as support AmCham in responding to or submitting advocacy positions on insurance or healthrelated matters. Amelie Dionne-Charest chairs the committee. As stakeholders in healthcare, the pharmaceutical industry, together with the Hong Kong Association of the Pharmaceutical Industry and AmCham, take various opportunities to engage in dialogue with the government on how to collaborate to improve healthcare services.
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COMMUNICATIONS
BRAND MARKETING TRENDS IN ASIA, 2019 By Robert T. Grieves
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COMMUNICATIONS
R
eports of the latest digital brand marketing trends for 2019 discuss the importance of content marketing, big data, artificial intelligence, even the role of chatbots. Before we delve into new, high-tech marketing channels, we need to discuss the most serious challenge facing brand marketers in Asia during the Year of the Pig: lack of trust in what they say and do on social media channels. These days marketers must work on behalf of clients against a backdrop of rising populism, trade tensions, fear of technological innovation and widespread distrust of news and information sources, as well as of institutions. According to the 2019 Edelman Trust Barometer, an annual global survey, average engagement with the news has surged by 22 percentage points from last year, with 72 percent of respondents saying they consume news once a week or more. Forty percent said they also routinely amplify it – by posting, sharing or commenting on stories. Increased engagement is the good news. The bad news is that 73 percent of respondents overall worried about fake news being used as a weapon. So, even while consumers of news read more voraciously and engage more actively with news sources than ever before, they continue to distrust the news they are consuming. Beyond concerns over fake news, trust for social media is the lowest in Asia Pacific, the Middle East and Africa (APACMEA), according to the Edelman Trust Barometer, with only 50 percent of respondents indicating they trust social media as a news source. (The 2019 barometer surveyed some 33,000 respondents in 27 markets between October 19 and November 16, 2018.) Which leads us back to the major dilemma confronting brand marketers in 2019: how to communicate about brands in ways that are credible and that burnish corporate reputations? Building trust with clients, journalists and targeted audiences is still a major goal of brand marketing. A brave new world of technological channels is promised to marketers in pursuit of gaining trust:
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COMMUNICATIONS
‘The way company leaders and indeed key employees brand themselves plays an outsized role in the way audiences connect with and trust a brand’ Using artificial intelligence to automate ad buying so that marketers can target more specific audiences (known as “programmatic advertising”); chatbots, which use instant messaging to chat in real-time, day or night, with customers or site visitors; live video marketing, used for interviews, product demos and “behind the scenes” glimpses of events or how products are made; influencer marketing, which employs celebrities, Instagram or YouTube stars, or well-known bloggers and journalists who can spread the word about a brand and its products through their social channels; social messaging apps; visual search; voice search; and social media stories that disappear after a set period of time, raising the specter of FOMO (fear of missing out) in the target audience. While interesting, the new applications still feel a bit like gimmickry, and it will be interesting to see how successful they are in 2019. Beyond the technology, some existing strategies are still useful. One solid trust-building tactic is the alignment of marketing and public relations with content marketing. This represents a shift away from a brand’s self-promotion at an audience’s expense, and towards giving the audience a chance to connect with a brand by using content to educate, engage and deliver value. Another new-ish tactic is what I call executive communications, undertaken with the goal of personally branding business leaders. Overall perception of a brand includes how audiences view the people leading a company. The way company
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COMMUNICATIONS
leaders and indeed key employees brand themselves plays an outsized role in the way audiences connect with and trust a brand. Related to executive communications is a not-so-new but still important channel of brand communication that is relevant in 2019 – thought leadership. Thought leadership programs communicate the insights and value that a brand brings to the market. Thought leadership content ranges from insightful market analysis to a company’s sustainability efforts. PR teams must be ready to work alongside marketing teams to help key employees create content that builds their thought leadership and connects them to their audiences.
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In this brave new world of distrust and hyperscrutiny brand marketers and PR pros must play a role in content performance. It is no longer good enough to sell a story to the media and get a story “hit” online or in a publication. Media contacts and editors are becoming more concerned with content performance, for instance page views, social shares, and time on site. To strengthen their relationships with the media, marketing and PR teams should look for ways in which the content they produce will help their media allies via a content distribution plan and an engaged following. Big data is key to the future of brand marketing. The amount of information generated online daily in
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COMMUNICATIONS
unstructured data sets is staggering. The Economist has estimated that up to 90 percent of all the existing digital data available today has been generated only in the last few years. One way in which big data is used in marketing is sentiment analysis. By combining big data with social listening, marketers can gather useful information about sentiment toward their clients among various communities. They can then customize campaign materials to fit the perceived values of the targeted community. Brand marketers can further use big data and social listening to mitigate any negative press their client may receive. Big data also allows marketing teams to collect information from a wide range of sources to catch any bad publicity that could turn into trending news stories, thus creating a crisis situation for a client. In many cases this can happen in less than an hour. In the “earned media” space, meaning when a story is placed in a publication based on an interview with a company or brand representative, new analytics tools powered by big data allow PR professionals to gather more accurate and insightful information regarding earned media placements. For example, insights on how many people click on a third-party post or article, how many website visits occur after an article is read, and even how many people bought a product or asked for more information. As Cision states, big data allows professionals to “quantify the degree to which their earned media content contributes to meaningful business outcomes such
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as awareness, consideration and behavior.” Marketers can analyze what has caused a trend in the past and then predict when it will occur again. Big data enables them to assess trending topics, or identify what causes a negative reaction within a particular company or industry. Because big data can analyze trends within large sets of information, it can be used to correlate data over long periods of time. Big data can also help marketers adjust messaging based on the trends they find, and more effectively generate interest in a product by analyzing which audience to target first. Trends such as big data mining can help companies build trust with their audiences more accurately and cost effectively than in the past. PR for CEOs and other key corporate officials can also build trust between brands and their audiences if handled correctly. Where marketers and PR teams continue to run into difficulty is in linking their corporate clients to causes, such as economic equality, sustainability and social justice, only to face scandals within the client organization that negate audience trust. This year we will see which companies develop the most effective brand campaigns, and which crash and burn against the barriers of distrust and skepticism. Robert T. Grieves is AmCham’s Chairman for 2019. He is also the Founder, Chairman and CEO of Hamilton Advisors Ltd, a strategic communications firm based in Hong Kong.
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WE ARE REFINITIV CONNECTING THE FINANCIAL COMMUNITY TO WHAT’S NEXT.
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refinitiv.com
The Financial and Risk business of Thomson Reuters is now Refinitiv.
TECHNOLOGY
TIKTOK: THE WORLD’S MOST VALUABLE STARTUP THAT YOU’VE NEVER HEARD OF A
nticipation has long been building about the impending takeover of the tech world by Chinese digital giants like Alibaba, Tencent, Baidu, and JD. Efforts so far, however, have been largely disappointing. The most popular messaging app
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in the West is WhatsApp, not WeChat; people use PayPal, not Alipay, for digital payments; Google dominates the search market, not Baidu.
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TECHNOLOGY
Indeed, Google, Facebook, Instagram, Snap, Spotify, and Amazon, have barely noticed the competitive impact of their Chinese equivalents. While China has found great success in global hardware markets, they
What is TikTok?
T
ikTok is a video sharing platform with a twist.
have had much less success with software. That is, until
Videos can be no longer than 15 seconds and they are
now.
based on various themes: music, cooking, travel, dance, fashion, and so on. Users create these short videos,
You may not have heard of it, but TikTok became one
use simple tools to add music and special effects,
of 2018’s most downloaded mobile apps for Apple and
and share them on the site. The most popular clips
Android devices in the US and Europe, unseating the
are high on entertainment value, with a premium on
likes of YouTube, Instagram, and Snapchat. TikTok has
instant gratification. Similar to Vine, which shut down in 2016, TikTok can be thought of as a video version of Instagram or Snapchat.
already been downloaded more than 80m times in the US, logging 4m downloads from the App Store in October alone. It is also one of the most popular apps on Google Play.
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TECHNOLOGY
TikTok came for Music.ly. Now it’s coming for Facebook.
TikTok comes from China, but, interestingly, it is not owned by one of the Chinese tech giants. Despite massive investments in video platforms by the likes of Alibaba, Tencent, and Baidu, none of them dominates this area. TikTok – known locally as Douyin – was launched in 2016 by ByteDance, a Beijing-based tech company traditionally focused on news. Its news app, called Toutiao, uses advanced AI algorithms that learn user preferences, then provides customised news feeds. Bytedance uses the
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same algorithms to provide relevant video feeds to TikTok users. By the start of 2017, Douyin had become China’s most popular mobile video app. In November of the same year, ByteDance spent US$1 billion to acquire a competing video sharing site called Musical.ly. While Musical.ly was also founded in China, most of its users were based in the US. The combined global reach of TikTok and Musical.ly made for a powerful combination.
TECHNOLOGY
While many social media applications focus on global consistency and reach, TikTok focused on targeting specific local audiences. For example, in Japan, TikTok collaborated with a large artist management company to drive traffic from YouTube and Instagram using watermarked TikTok videos created by local celebrities. It also ran a series of dancing and music campaigns focused on overcoming shyness, an issue for many young people in Japan.
also taking note, with Facebook quietly launching a TikTok competitor app called Lasso in November 2018.
Challenges are one of the key elements of TikTok. These are video skits that get acted out on masse, with people creating various responses to a popular meme. A recent one involved gummy bears singing an Adele song, which got 1.7m likes on TikTok, went viral on Twitter and spawned numerous spinoffs.
Bytedance cannot rest on its laurels, however, if it wants TikTok to build on its position as the first globally successful “made in China” app. TikTok will need to massively expand from its base, while staving off attacks from well funded and ambitious Chinese and global competitors. Building a successful app is one thing. But, as Snapchat’s fall from grace shows, sustaining that success is an entirely more challenging endeavour.
Competition looms
Meanwhile, Bytedance recently completed a new round of funding led by major tech investor SoftBank. This valued the company behind TikTok at US$75 billion, making it the world’s most valuable startup, higher even than Uber.
B
y the end of 2018, TikTok had more than half a billion active users (more than Twitter) – around 40% of them outside China. It is no surprise that the Chinese giants are closely studying TikTok’s successful approach of simple design, active promotion, attention to different locales, and focused acquisition, with an eye to understanding and emulating the magic formula for succeeding in global markets. Tencent is already making a bet on the short-video streaming industry by investing in Kuaishou, TikTok’s main local competitor, and reportedly giving out subsidies worth nearly US$500m to promote its own platform Weishi. The giants of the West are
Michael Wade is Professor of Innovation and Strategy, Cisco Chair in Digital Business Transformation at IMD Business School. Jialu Shan is Research Associate at the Global Center for Digital Business Transformation, IMD Business School. This article was originally published on The Conversation.
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ICYMI
Delegates in Guangzhou & Foshan - Jan 17-18, 2019 The first of AmCham’s 2019 GBA Delegation series
Delegates at Vanke World Meets
The high-speed train back to Hong Kong awaits
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Inside FedEx’s APAC hub in Guangzhou
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ICYMI
Guangzhou South railway station
Building plans for the east side of Guangzhou South station
Visiting the KPMG Delivery Center in Foshan
FAW - Volkswagen factory tour
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For details of future delegation trips to China, please contact myu@amcham.org.hk
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ICYMI
The Heritage Foundation visits AmCham
Hong Kong has once again topped the Heritage Foundation's global Index of Economic Freedom for the 25th consecutive year!
The Foundation announced the 2019 results at the newly refurbished AmCham offices on Jan 28, lauding Hong Kong for its resilient economy, light regulatory touch, low taxes and defense of property rights, among other measures.
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CHAMBER NEWS
Let there be light AmCham’s offices get a makeover!
Reception and welcome area
Pantry and conference room
Pantry and conference room No more plastic cups or cutlery!
Greenery and great views from the breakout area
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Small conference room
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MARK YOUR CALENDAR
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U.S. Tax and Related Estate Planning for American Expatriates in HK - Feb 26 The financial issues faced by American expatriates differ from those of Americans living in the U.S. in many aspects, especially with respect to taxation and estate planning issues. U.S. expatriates should be aware of simple yet effective tax planning to minimize their U.S. tax liabilities. Please join us on February 26th as Jessica Cutrera from The Capital Company, Ishali Patel from Buzzacott Expatriate Tax Services and Davis Lusk from Lusk Moore Group Limited share with us important information on tax planning, IRS Streamlined Filing Compliance Procedures, and strategies American expatriates can use to address their unique estate planning needs. 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
From the athletic field to the business world: Getting to the top with an athletic mindset - Feb 27
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Please join us in this panel discussion that explores the link between sports and the business world. In particular, we will discuss how we can apply lessons learned from the athletic field to raising our game in the corporate world and furthering our careers. On this evening, several highly accomplished women and men senior executives and athletes in Hong Kong, will be sharing their perspectives and personal stories of how participating in sports contributes to their business success. Venue: White & Case 9/F Central Tower, 28 Queen’s Road Central, Hong Kong
4 & 5 44
Time: 6:30pm - 8:00pm
Tickets: Member: HK$250 Non-member: HK$350
APCAC Business Summit - Mar 4 & 5 Asia’s continued rapid development has made the region the biggest engine of the global economy and has presented enormous opportunities for American multinational businesses. Against this backdrop of potentially seismic shifts in the world economic and political order, more than 300 top business and political leaders from around Asia and the U.S. will gather in the vibrant heart of Hong Kong’s financial and business district for the 2019 APCAC Business Summit on March 4-5. APCAC is an association of 29 American Chambers of Commerce from 22 economies in the Asia-Pacific. The Business Summit is hosted each spring by one of APCAC’s member associations, and AmCham Hong Kong is honored to have been given the opportunity at this critical juncture. Venue: Grand Hyatt Hong Kong, Grand Ballroom, Lobby Level 1 Harbour Road, Wan Chai Hong Kong
Time: Day 1 (Mar 4) 8:30am - 8:00pm Day 2 (Mar 5) 8:30am -4:25pm
Tickets: Member: US$1,215 Non-member: US$1,350 Group (10 pax): US$12,150 Spouse/Partner: US$500
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WHO'S WHO IN MARKETING, ADVERTISING & COMMUNICATION SERVICES
Edelman Public Relations Worldwide (HK) Ltd. 7/F Central Plaza, 18 Harbour Road, Wanchai, Hong Kong Tel: (852) 2804 1338 Fax: (852) 2804 1303 Email: hongkong@edelman.com Website: www.edelman.com Key Contacts: Adrian Warr, Managing Director, HK Year Established: 1986
Staff Size: 105+
Awards and Projects: Edelman is the world’s largest independent communications firm, with 67 offices wholly owned worldwide and affiliates in more than 65 cities. Edelman Hong Kong’s work with IKEA and Sunkists won both silver and bronze at the Marketing Excellence Awards 2018. Campaign Agency of the Year 2018 recognized Edelman Hong Kong with a bronze in Greater China PR Agency of the Year. Company Activities: Edelman is an independent consultancy servicing startup to giant multinational brands with expertise and IP
like the annual Trust Barometer. Edelman’s specialist team of professionals cover creative, digital, reputation management, stakeholder, influencer and brand engagement, events organization, CSR, government campaigns, advertising as well as crisis, consumer and corporate communications.
New Narrative 6/F, 12P Smithfield Road, Kennedy Town, Hong Kong Tel: (852) 8192 7768 Fax: (852) 3568 6342 Email: info@new-narrative.com Website: www.new-narrative.com Key Contacts: Joseph Chaney, Partner Jonathan Hopfner, Partner David Line, Partner Lorraine Cushnie, Partner
Staff Size: 10 Year Established: 2013 Major Business: Tailor-made content marketing, research and thought leadership campaigns for financial services and other firms active in Asia, the Middle East and beyond
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Professional Association: Foreign Correspondents’ Club, Hong Kong Columbia University Alumni Association New York University Alumni Association Oxford University Alumni Association Beta Gamma Sigma Company Activities: Sinclair is a multi award-winning New Narrative Ltd. (n/n) is a Hong Kong and New York-based, contentfocused marketing agency founded by professionals from the world’s top media organisations. The company conceptualizes and creates custom research, thought leadership and editorial campaigns across a range of formats that help its clients highlight their expertise, develop compelling voices in the marketplace and ultimately drive business growth.
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WHO'S WHO IN MARKETING, ADVERTISING & COMMUNICATION SERVICES
FleishmanHillard Hong Kong
Hamilton Advisors
Suite 1501, Cityplaza 4, 12 Taikoo Wan Road, Taikoo Shing, Hong Kong
901A, 9/F, Kinwick Centre, 32 Hollywood Road, Central, Hong Kong
Tel: (852) 2530 0228 Fax: (852) 2845 0363 Email: fhhk@fleishman.com Website: www.fleishmanhillard.com.hk Key Contacts: Rachel Catanach, President & Sr Partner, Greater China Patrick Yu, General Manager, SVP & Partner, HK Kitty Lee, SVP & Deputy General Manager, HK Major Business: Public Relations, Reputation Management, Public Affairs, Brand Marketing, Media Relations, Investor Relations, Crisis Management, Internal Communications, Social Media Management, Content Development, Influencer Relations Professional Associations: • Agency of the Year (Silver) 2018 / Marketing Magazine • Greater China Consultancy of the Year 2017 / PRWeek Awards Asia • B2B Agency of the Year (GOLD) 2017 | Marketing-Interactive Hong Kong • Best Places to Work 2017 | PRWeek • Best Places to Work for LGBTQ Equality 2018 | Human Rights Campaign • Top Companies for Women 2010-2017 | National Association for Female Executives Professional Associations: Member of PRHK Company Activities: FleishmanHillard is the world’s most complete global communications firm. In Asia-Pacific, the firm is headquartered in Hong Kong, and has operations in Bangalore, Bangkok, Beijing, Jakarta, Manila, Mumbai, New Delhi, Seoul, Shanghai, Singapore, Sydney and Tokyo. FleishmanHillard was named Marketing Magazine’s 2018 Agency of the Year Silver Award and PRWeek’s 2017 Greater China Agency of the Year. FleishmanHillard is part of Omnicom Group Inc., and has more than 85 offices in more than 30 countries, plus affiliates in 42 countries.
Tel: (852) 2488 8866 Email: rgrieves@hamiltonadvisorsltd.com Website: www.hamiltonadvisorsltd.com Key Contacts: Robert Grieves, Chairman Anne LeBourgeois, Managing Director Major Business: Public Relations, Media Relations, Investor Relations, Brand and Reputation Management, Digital and Social Media, Executive Communications and Media Training Professional Associations: American Chamber of Commerce in Hong Kong, Public Relations Hong Kong (PRHK), The American Club Hong Kong, The Foreign Correspondents’ Club HK (FCC) Company Activities: Hamilton Advisors is a Hong Kong-based consultancy providing premium strategic communications services to financial institutions, listed and privately-held companies, and professional organizations. We help clients build brand and reputation, strengthen stakeholder relationships and achieve business objectives. Our team includes multicultural public relations experts with extensive experience throughout the Asia-Pacific region and in global markets.
Hill+Knowlton Strategies 36/F, PCCW Tower, Taikoo Place, 979 King’s Road, Quarry Bay, Hong Kong Tel: (852) 2894 6321 Fax: (852) 2576 3551 Email: kw.lam@hkstrategies.com Website: www.hkstrategies.com Key Contacts: Nan Dong, Managing Director, Hong Kong and Head of Financial Communications, China Year Established: 1962
Staff Size: 100
Major Business: Corporate communications, integrated marketing services, social and digital communications, crisis and issues management, financial communications, public affairs and media training Notable Clients: McDonald’s, Ping An Insurance, Alibaba, HSBC, CNOOC, ZhongAn Insurance, China National Petroleum, Rolex, Korean Air, Hong Kong Airlines, CSL1O1O and Huawei Professional Association: PR Association of Hong Kong Company Activities Hill+Knowlton Strategies is a public relations and integrated communications agency with more than 85 offices around the globe. H+K Hong Kong is home to over 100 creative strategists, content creators, digital experts, and storytellers experienced in helping clients strengthen brands, reputations and bottom lines. We understand how audiences think and engage, and recognize that in today’s ever-connected world, it’s all about business-to-human integrated communications. Whether it is investor relations, corporate communications, digital communications, or innovative marketing communication campaigns, H+K Hong Kong crafts credible and engaging ideas that deliver cut-through and measurable impact in an always-on world. We are proud to say that our in depth local knowledge, coupled with our global reach, means we are better positioned to take more Companies global than ever before.
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WHO'S WHO IN MARKETING, ADVERTISING & COMMUNICATION SERVICES
RFI Asia Limited Address: Unit B-C, 12/F, Casey Aberdeen House, 38 Heung Yip Road, Wong Chuk Hang, Hong Kong Tel: +852 2237 1661 Email: ask@rfi.asia Website: www.rfi.asia Key Contacts: David Ko, SVP, Asia Pacific | Max Wang, Group Director Year Established: 2013 Company Activities/History & Special Features: RFI Asia is a digital consultancy and integrated marketing agency comprising a cutting-edge team of digital strategists, creatives, scientists, and technologists, brought together by a passion to change minds and influence behavior. Full-service digital arm of Ruder Finn Asia. We believe in bold visions and results-oriented digital strategy that enable our highly specialized teams covering content strategy and development, multimedia production, web and app development, immersive storytelling, and analytics. With a reputation of anchoring creativity designed with user in mind, our solutions are simple and elegant and built to scale with execution based on real-time metrics that equip brands for optimal consumer engagement and business success. Introducing BEACON, RFI Asia’s advanced Insights & Analytics suite delivering actionable intelligent that embolden brands to outperform their peers across a wide range of KPIs, from predictive insight to engagement to conversion. In good company, our clients are a robust mix of market leaders, transformation drivers and industry disrupters, including HSBC, Swire Properties, The Peninsula Hotel, The Peninsula Boutique, Lee Kum Kee, Deutsche Bank, CLP, L’Oréal and more. Recognized in the region by industry gatekeepers the likes of Mumbrella, PR Awards and The Holmes Report, we take pride in our award-winning work, delivering ideas that have impact.
RUDER FINN ASIA LTD 24/F Neich Tower, 128 Gloucester Road, Hong Kong | Tel: (852) 2521 0800 | Fax: (852) 2521 7088 Email: hkoffice@ruderfinnasia.com | Website: www.ruderfinnasia.com | Year Established: 1989 | Staff Size: 490 Key Contacts: Jean-Michel Dumont, Chairman, Ruder Finn Asia Elan Shou, Regional Director of Asia Paul Yang, Deputy General Manager, Ruder Finn Hong Kong Charles Lankester, Executive Vice President, Global Reputation & Risk Management Professional Associations: CPRF, American Chamber, British Chamber | Major Business: Integrated communications, Reputation management, luxury sector communications, digital and social media marketing strategy & services, corporate, brand and crisis communications Company Activities: Ruder Finn Asia – The Art and Science of Engagement Founded in 1989, Ruder Finn Asia (www.ruderfinnasia.com) is the Asia-Pacific subsidiary of New York-based Ruder Finn (www.ruderfinn.com), a global communications consulting firm, producing award-winning work at the intersection of content, creative and digital. Ruder Finn Asia today employs close to 490 consultants in Asia-Pacific and has offices in Beijing, Shanghai, Guangzhou, Hong Kong, Kuala Lumpur, Singapore, Mumbai, New Delhi and Bangalore. The firm is represented across all other regional markets through a network of high quality partners. Ruder Finn Asia’s business centers on four strategic pillars: Corporate & Public Trust, Global Connectivity, Health & Wellness and Life+Style. As an integrated communication consultancy, we help our clients engage with those vital to their success, delivering meaningful, measurable, business results through inspirational, data-driven, communications counsel and solutions. Our expertise encompasses reputation management, digital and social marketing strategy, employee engagement, branding and executive skills training. Our research and analysis team provides insights and counsel in market trends, producing annual research reports including the China Luxury Forecast, Physicians Digital Outlook Survey and other publications. Ruder Finn Asia’s key clients include Almond Board of California, Bang & Olufsen, BMS, Emirates, GSK, Hermès, Jumeirah, L’Oréal, Michelin, Omron, Sanofi, VISA, Volkswagen Group and leading brands from the Kering, LVMH and Richemont Groups.
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WHO'S WHO IN MARKETING, ADVERTISING & COMMUNICATION SERVICES
Sinclair 7/f, 299 QRC, Queen’s Road Central, Wan, Hong Kong Tel: (852) 2915 1234 Fax: (852) 2114 4948 Email: talk@sinclaircomms.com Website: www.sinclaircomms.com Key Contacts: Kiri Sinclair, Founder & CEO Kevin Lam, Executive Director Year Established: 2009
Staff Size: 54
Major Business: Sinclair is an award-winning independent PR, digital and experiential communications agency that takes a multi-channel approach to storytelling for brands across Greater China. Our services include Brand Strategy, Marketing Campaigns, Media Relations, Social Media Analysis and Management, Digital Strategy and Content Creation. Major Clients: David Zwirner, FITCH, GREAT Festival of Innovation, Hong Kong Arts Centre, P&G – SK-II, P&T Group, Pirata Group, Pure Group, Savanah Colleage of Art & Design, Singapore Tourism Board, Steve Leung Designs, Swire Properties, Tourism Australia, Van Cleef & Arpels Professional Association: PRHK, PRPA, DMA, IAB Company Activities: Sinclair is a multi award-winning independent PR, digital and experiential communications agency. We work across industry and sector with one goal in mind – to create business impact for our clients through persuasive storytelling. Our ability to embrace new technologies and our bold approach to brand communications builds value,
inspires action, changes opinion and grows reputation. Our expert team of strategists deliver seamlessly integrated PR programmes that ensure brands are shaping the conversations that matter. We influence. Whether you’re launching a new brand, product or service, opening into new markets or making a major announcement, we are here to help. We bring research, insight and experience together to build impactful strategy that ensures your brand is strong and understood. It’s about crafting the right content for the right people, and being consistent across every touch point. Which is why we listen closely to our clients, working in partnership to cohesively bring together digital, social, marketing and media. Why? Because an integrated strategy delivers a consistent message across all of your marketing communications channels. Sinclair Communications has been accredited with the following recognition: • Greater China PR Consultancy of the Year, Winner - PR Awards Asia 2018, Campaign Asia • Independent Agency of the Year, Winner – Mumbrella Awards Asia 2018 • PR Agency of the Year, Local Hero Award - Agency of the Year Awards 2018, Marketing Magazine • Most Innovative Use of Video, Gold - Asia-Pacific Stevie Awards 2018 • The Best Public Influence for Content Marketing, Gold Golden Flag Awards 2017 • Travel & Tourism, Winner - Asia Pacific Excellence Awards 2017
Strategic Public Relations Group Tel: (852) 2527 0490 Fax: (852) 2114 4948 Email: enquiry@sprg.com.hk Website: www.sprg.com.hk / www.sprg.asia Key Contacts: Richard Tsang, Chairman of SPRG & Eveline Wan, Senior Director – Asia Year Established: 1995
Staff Size: 320+
Major Business: Integrated PR consultancy provides IPO, investor relations, corporate marketing communications, public affairs, government relations and digital solutions. Major Clients: AEON Stores, Asia Paper Pulp, ASM Pacific Technology, Bank J. Safra Sarasin, China Mengniu Dairy, COFCO, Deloitte Touche Tohmatsu, Esprit, Fairwood, Fortune REIT, Google, Hawaiian Airlines, K. Wah International, KFC, Lenovo, Merck, Microsoft Hong Kong, Nippon, ONYX, Puma, Sinomax Group, The Hong Kong Institute of Director, Texwood, Tsui Wah, UC RUSAL, Xinyi, Xtep. Professional Association: Partner of PROI Worldwide Company Activities: Established in 1995, Strategic Public Relations Group (SPRG) is one of the largest public relations networks in Asia and Hong Kong’s largest public relations consultancy. It has 320+ professionals working from 15 offices in Hong Kong, Beijing, Shanghai, Guangzhou, Taiwan, Singapore and Malaysia, providing clients with integrated communication services. SPRG has won to date 366 esteemed industry, client project and CSR/non industry awards: • •
Asia Pacific Network of the Year – Campaign Public Relations Agency of the Year in Asia Pacific – The Stevie Awards
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Public Relations Agency of the Year in Asia – The Stevie Awards Grand Stevie Award Winner– The Stevie Awards Asia Pacific Agency of the Year – Communication Director Asia Pacific Corporate Consultancy of the Year – The Holmes Report Asia Pacific Financial Consultancy of the Year – The Holmes Report Greater China Independent Agency of the Year (Silver) – Campaign Local Hero – Public Relations Agency of the Year – Marketing Magazine Hong Kong Consultancy of the Year – The Holmes Report Best of Show – Agency – Marketing Magazine Best Crisis Management Team – Marketing Magazine Innovation in Community Relations or Public Service Communications – The Stevie Awards Corporate Social Responsibility Programme in Asia Pacific – The Stevie Awards Corporate Social Responsibility Programme in Asia – The Stevie Awards
Founded by SPRG in 2014, Strategic CSR Network (“SCSR”) is the first and only NGO to be funded and fully supported by a PR consultancy in Hong Kong. It aims to serve as a platform for connecting corporations, NGOs and volunteers to helping local people in need. As of December 2018, SCSR has already received HK$ 4.87M in in-kind donations from 42 corporate donors, held 139 events with 76 community/volunteer partners and attracted an aggregate of 1,660 volunteers who contributed 4,290+ service hours to serve 8,600+ beneficiaries.
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A LOOK BACK IN TIME
AmCham estimated there were about 400 American companies and individuals here in late 1969 — 50 years ago! That picture soon changed, with many instrumental in transforming the Central skyline. Happy Birthday AmCham!
To commemorate AmCham’s 50th anniversary, we reached into the depths of our archives and pulled out this gem of Hong Kong from 50 years ago…
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