Magazine of The American Chamber of Commerce in Hong Kong
October/November 2017
Peter Levesque, AmCham Charitable Foundation Chairman
Serving Hong Kong's Forgotten
A Life Rooted in Altruism A U.S. Perspective on Eurasia Benchmarking China’s Innovation Drive
Peter Nip, 2017 Community Service Award winner COVER SPONSOR
THINKING FOR TOMORROW ACHIEVING MORE THAN YOU BELIEVE YOU CAN APPLICATIONS OPEN FOR AUGUST 2018 INTAKE PRE-PRIMARY TO GRADE 8
Only one month after opening its doors in Ho Man Tin, Stamford American School has been leading children to achieve more than they believe they can, both academically and as citizens of our increasingly globalized world through:
Innovation without Compromise Parents interested in progressive programs at their children’s schools often worry that these programs will leave them at a disadvantage in other areas especially in core subjects such as math and literacy. Stamford American School offers an innovative STEMinn Program (Science, Technology, Engineering, Math and Innovation) which allows students access to hands on projects using the latest in learning technology. These projects are integrated throughout the curriculum in order to help students explore new ideas while also reinforcing learning. To ensure students are also excelling in core subjects, teachers conduct regular MAP® (Measures of Academic Progress) assessments to benchmark students’ literacy, math and for Grade 3 and higher the assessment also covers science. Based on the results teachers will develop individualized learning plans for each student in order to develop their strengths and also support areas that need additional focus. Additional assessments are given throughout the year to ensure that students are progressing according to plan and parents are able to readily access the information. This means that for Stamford students following an innovative curriculum does not mean sacrificing excellence in core subjects.
Bilingual and Daily Foreign Language Program To develop global citizens and celebrate the school’s diverse community of over 25 nationalities, Stamford American School offers a strong foreign language program. Students from PrePrimary to Grade 2 (in 2018) have the option to enter the bilingual stream which involves Mandarin being completely integrated into the curriculum, with all subjects being taught in both English and Mandarin. In all grade levels students are also able to study Mandarin or Spanish as a daily subject at an appropriate proficiency level. Stamford’s Head of Mandarin, Qian Wang spoke passionately about the program at a school parent information session: “The Mandarin program at Stamford might surprise parents since one might not expect an American school to have such a strong foreign language focus. Our bilingual and daily Mandarin programs are targeted at different levels of proficiency and aim to produce students that are bilingual, biliterate and bicultural. I think in many programs the cultural aspect of learning a language is often overlooked, however, one cannot understand the language without understanding the culture. I want all of our students to leave with a true understanding of all elements of the language.”
Applications for 2018-2019 Open – Apply Now! SCHOOL CAMPUS
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Everything is on the move. Talent… Targets… Technology. Mobility has never been more mobile It’s always been a challenge coordinating the services to support people, whether relocating or on assignment. Keeping up with the needs of a diverse employee group, managing ?KIIAN?E=H LNEKNEPEAO EJ @EBł?QHP economic conditions, and ensuring full compliance together call for a capable and experienced partner. With our people on the ground we can help meet the challenges of mobility here, there and everywhere.
How the world works better www.crownworldmobility.com
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Presents
2017 Human Resources Conference
Innovative growth, global mindset: is Hong Kong’s workforce ready, willing and able? December 8
As companies large and small in Asia are gearing up for growth, the limiting factor for capturing this opportunity is talent. The 2017 AmCham Hong Kong Human Resources Conference will address key challenges that Hong Kong is facing in delivering a workforce that can help companies capture this opportunity in Asia and China. Date & Time: December 8 (8:00am - 2:30pm)
Venue: JW Marriott Hotel, Salons 1-4, Level 3, One Pacific Place, Queensway, HK
SPEAKERS Keynotes: Kate Bravery Global Solutions Leader Talent Business Mercer Wai-Kwong Seck CEO-Asia Pacific State Street Bank Will Ross CEO Lazada Cross Boarder
Panelists: Bernard Coulaty, Founder & CEO, MOST Engaged Consulting Gautam Dev, Regional Director, Human Resources - Talent and Leadership, Prudential Corporation Asia Don Duquette, Executive Vice President, Learning Solutions, GP Strategies Adam Gregory, Country Manager, APAC Talent Solutions, LinkedIn Brad Hall, Senior Advisor to the CHRO, Huawei Lale Kesebi, Chief Communications Officer & Head of Strategic Engagement, Li & Fung Rosaline Koo, Founder & CEO, CXA Jane Morgan, Managing Director, HK, GOLIN Lee Quane, Regional Director-Asia, ECA International … more to be announced
PROGRAM HIGHLIGHTS Morning Keynote – Creating a Thriving Workforce: The Path to Making Hong Kong a Global Talent Leader Lunch Keynote CEO Panel – Are the Business and HR Aligned to Capture Growth? CONCURRENT BREAKOUT SESSIONS (sessions I & II run twice; sessions III & IV run once) Session I: Creating the DNA That Fuels Sustainable Growth – An Innovation Culture Session II: The march of the robots – is your workforce prepared for Artificial Intelligence? Session III: Global Mindset, Building a Workforce That Can Deliver Beyond Hong Kong Session IV: The Evolving Role of the Expat in the Hong Kong Workforce TITLE SPONSOR
GOLD SPONSOR
SILVER SPONSOR
Sponsorship: Villy Leung, Director of Events & Marketing, vleung@amcham.org.hk For registration and more details http://www.amcham.org.hk/HRC
BRONZE SPONSOR
AmChamHK Publisher Tara Joseph Editor-in-Chief Kenny Lau Managing Editor Jennifer Khoo Advertising Sales Manager Tom Chan
AmChamHK is a magazine of news and views for management executives and members of the American Chamber of Commerce in Hong Kong. Its contents are independent and do not necessarily reflect the views of officers, governors or members of the Chamber. Advertising office 1904 Bank of America Tower, 12 Harcourt Rd, Central, Hong Kong Tel: (852) 2530 6900 Fax: (852) 3753 1206 Email: amcham@amcham.org.hk Website: www.amcham.org.hk Printed by Ease Max Ltd 2A Sum Lung Industrial Building 11 Sun Yip St, Chai Wan, Hong Kong (Green Production Overseas Group) Designed by Overa Creative Tel: (852) 3596 8466 Email: ray.chau@overa.com.hk Website: www.overacreative.com ©The American Chamber of Commerce in Hong Kong, 2017 Library of Congress: LC 98-645652 Single copy price HK$50 Annual subscription HK$600/US$90
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COVER STORY
Peter Nip, AmCham Charitable Foundation Ira Dan Kaye Community Service Award winner, reflects on a life rooted in altruism
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INFRASTRUCTURE & CONSTRUCTION
Ian Chung of AECOM explains what China’s latest Belt & Road infrastructure projects mean for Hong Kong
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CHINA BUSINESS
Should China’s glowing innovation performance be taken at face value? Scott Kennedy of CSIS discusses the issue
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FINANCE & ECONOMICS
Peter Stein of the Private Wealth Management Association outlines the opportunities and challenges facing Hong Kong AmChamHK 10-11 • 2017
OCTOBER/ NOVEMBER 2017 Vol. 49 No.10-11
AMCHAM NEWS AND VIEWS
04 President’s Memo 07 New Business Contacts
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Member Spotlight Mark Your Calendar
COVER STORY
ASEAN FOCUS
Hong Kong's Forgotten 08 Serving The Banyan Elderly Services Association delivers compassion
Play 32 Power Underdeveloped Laos believes hydropower is its
and care to Hong Kong’s community. Its chairman and 2017 Ira Dan Kaye Community Service Award winner, Peter Nip, reflects on a life rooted in altruism
CHAMBER NEWS
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Five Minutes With…Mike Tsang
Director of Member Services & Business Development, Mike Tsang, explains how a background in customer services has helped him at AmCham
ticket to economic advancement but taming the Mekong River involves more than engineering
FINANCE & ECONOMICS Global Center for Wealth Creation 38 APeter Stein, MD of Private Wealth Management Association, outlines the opportunities and challenges facing Hong Kong as a growing PWM hub
INFRASTRUCTURE & CONSTRUCTION
CORPORATE SOCIAL RESPONSIBILITY
20 Connectivity beyond Imagination
Media for Social Good 42 Social Jayne Leung, Head of Greater China at Facebook,
Chair of AmCham’s new Infrastructure and Construction committee, Ian Chung, explains what China’s latest OBOR infrastructure projects mean for Hong Kong
explains the ambition of bringing the world closer together by empowering volunteers, donors and social activists
TRADE & INVESTMENT
CHARITABLE FOUNDATION
Set on Eurasia 24 Sights The U.S. considers its options from afar as regional
for a Great Cause 46 Jazzing The Chamber has raised over HK$200,000 at the
CHINA BUSINESS
SPECIAL SUPPLEMENT
China’s Innovation Drive 28 Benchmarking Should China’s glowing innovation performance be
Resources & 51 Human Executive Search Providers
powers compete for physical and political influence over the Eurasian super-continent
taken at face value? Scott Kennedy of CSIS considers the fuller picture in his report
AmChamHK 10-11 • 2017
Charitable Foundation Dinner dedicated to the underprivileged of Hong Kong
A guide to recruitment and staffing agencies in Hong Kong
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BOARD OF GOVERNORS CHAIRMAN
Walter Dias
VICE CHAIRMAN
Jack Lange
TREASURER
Owen Belman
GOVERNORS
Donald Austin Evan Auyang Sanjeev Chatrath Elaine Cheung Sean Chiao Diana David Sean Ferguson Mark Green Robert Grieves Matthew Hosford Clara Ingen-Housz
Michael Klibaner Simon Ogus Seth Peterson Catherine Simmons Anna-Marie Slot Eric Szweda Rick Truscott Jennifer Van Dale Jenny Wong Patrick Wu Lennard Yong
EX-OFFICIO GOVERNOR
Peter Levesque
PRESIDENT
Tara Joseph
CHAMBER COMMITTEES Apparel & Footwear Ball China Business Communications & Marketing Corporate Social Responsibility Education Energy Entrepreneurs/SME Environment Financial Services Food & Beverage Hospitality & Tourism Human Resources Infrastructure & Construction Innovation & Technology Insurance & Healthcare Intellectual Property Law Pharmaceutical Real Estate SelectUSA Senior HR Forum Taxation Trade & Investment Transportation & Logistics Women of Influence Young Professionals
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Gareth Brooks Sally Peng Elaine Cheung Rick Truscott Devin Ehrig Lili Zheng Oliver Rust Pat-Nie Woo Virginia Wilson Rick Truscott Cynthia Chow Jim Taylor Steven Chan Veronica Sze Mark Kemper Peter Liu Ian Chung Julie Brandt Leonie Valentine Rebecca Harrison Hanif Kanji Gabriela Kennedy Chiann Bao Jessica Bartlett Caroline Johnson Edward Farrelly Robert Johnston Terrance Philips Lili Zheng MaryAnn Vale Ivan Strunin Barrett Bingley Gavin Dow Jennifer Parks Anne O'Riordan David Boman Jamie Ford
PRESIDENT'S MEMO
Dear fellow members and friends, It’s now official that Hong Kong is launching a major effort to develop the city’s fledgling digital economy. Chief Executive Carrie Lam admits Hong Kong has a big job ahead starting with the recruitment of top talent, building its fintech industry, and re-gearing this once uber- efficient city into a “Smart City” metropolis. For starters, Mrs. Lam has pledged to inject funding of up to US$1.3 billion for research & development at local universities, and through major tax deductions for R&D expenditure at small- and medium-sized enterprises. The US$64 million initiative to adopt e-Government systems and big data analytics is another step forward to making our city “smart.” While the city remains a prime hub for international companies, it faces rising competition from other Asian centers, including Singapore and Shenzhen, which have swiftly developed their new economic prowess. Our chamber committees are keenly aware of the digital disruption across industries, from apparel manufacturing and sourcing to financial services, logistics and retail, and that Hong Kong needs to be up to date. AmCham is doing its part to boost Hong Kong’s chances for success by collaborating with the government, sharing experience and best practices among stakeholders, and highlighting the latest trends in technology across sectors. With the launch of a new committee on Innovation & Technology, we’ve convened a group of executives from Google, Facebook, United Technologies, KPMG and others in our effort to push the agenda forward. We recognize that Hong Kong has a pile of distinct advantages over other Asian cities: free flow of information, easy access to data, and the rule of law including solid protection of intellectual property rights. We are eager and ready to do more in the journey of 21st century development. In the year ahead, expect to see a lot more tech initiatives from the Chamber: we are launching a Tech Leadership series whereby thought leaders across the industry will be a regular feature. In 2018, AmCham will hold its first “Smart City” conference to focus on the areas of technology, urban planning and environmental sustainability in Hong Kong. It would be our tremendous honor to invite Mrs. Lam and leading HKSAR government officials for a visit to Silicon Valley and other U.S. cities under technological transformation, including Boston, to exchange views and to see first-hand what Hong Kong may do to become a regional leader in key areas such as biotech and R&D. The rapid pace of technology means Hong Kong faces the challenge of both catching up – and keeping up – in the race for developing an innovative mindset and translating it into economic gains. But, as one of the most competitive and international cities in the world, Hong Kong also has a major opportunity to solidify its foundation for the future. The stakes have never been higher, and AmCham will strive to support that goal.
Regards, Tara Joseph AmCham President
AmChamHK 10-11 • 2017
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 1,400 members from about 700 companies and organizations. ISBN 978-962-7422-68-6
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$104
AmCham Member Name: Title: Company: Address: Tel: Fax: Email: Website: copy(ies) of Members Directory Total: HK$/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 6900 Fax: (852) 3753 1208 Email: hchung@amcham.org.hk
New Business Contacts
View our other members at: www.amcham.org.hk/memberlist
The following people are new AmCham members: Accenture Co. Ltd.
Andrew Levy
Managing Director - Legal, APAC
Akin Gump Strauss Hauer & Feld
Naomi Moore
Partner
Amgen Asia Holding Limited
G. Koji Sonoda
Technology Partnership Director
Banco Santander, SA - HK Branch
Elina Wong
Chief Operating Officer, Asia Pacific
Brand USA Hong Kong Office
Yvonne Ma
Director
Digital Realty
Carol Chan
Senior Regional Sales Manager, Greater China
Economist Group, The
Michelle Haase
Associate Director, Media Sales, North Asia
EMBA Global Asia
Patrick Chau
Associate Dean (Taught Postgraduate), Faculty of Business and Economics,
Four Seasons Hotel Hong Kong
Catherine Scown
Director of Sales - Asia Pacific
French International School
Yves Bernard
Chairman
Google (Hong Kong) Limited
Aimee Moon
Analyst, APAC Public Policy, Google
Hong Kong Adventist Hospital
Cordelia Ip
Assistant Marketing Manager
Edith Cheng
Business Development Manager
Hongkong and Shanghai Banking Corporation Ltd, The
JiaoJiao Zhang
Investment Banking Associate
HP Inc Hong Kong Limited
Kelvin Kong
Director, Enterprise Sales
Qian Song
Director, Beijing & Hong Kong Government Relations
Amirtharaj Thankaraj
Project Executive
Francis Ngai
General Manager
Mark Stimson
Executive Director
Sandy Chan
Executive Director
Janssen Pharmaceutical Companies of Johnson & Johnson
Kammy Leung
Head of integrated Market Access & Health Policy
Kaplan Professional
Rowena Li
Director, Business Development
Loeb & Loeb LLP
Lawrence Venick
Managing Partner
Lord Asia International Limited
Graham Lambert
Director of Operation & Supply Chain, APAC
Bernie Chan
Director, Marketing & Sales - A&D, APAC
Moody's Investors Service
Donough Foley
Senior Vice President, Government & Public Affairs
Philip Morris Asia Limited
Kennie Siu
Regulatory Affairs Manager
Prophet HK Limited
Summer Xia
Marketing Manager
PVH Asia Limited
Brian Chan
VP, IT Operations Services
Quiksilver Asia Sourcing Ltd
Simon Dowd
Managing Director
Ropes & Gray LLP
Victoria Lloyd
Partner
Eduard Sheremeta
Partner
RSM Hong Kong
Eric Chen
Partner, Tax Services
Sancus Group
Philip Leung
Director
Save the Children Hong Kong Limited
Amy Fong
Chief Executive Officer
SCAD Hong Kong
Pelesino Ane Kevichusa
Executive Director of Admission
Skypoint Realty Partners Limited
Kevin Tai
CEO
SMS International Limited
Jingjing Liu
Business Development Manager
Syracuse University Hong Kong
Josette Li
Program Manager
ThalesTransport & Security (Hong Kong) Ltd
Flavia Tai
Customer Service Director
TUV Rheinland Hong Kong Ltd
Christopher Burling
Vice General Manager
University of Chicago Booth School of Business in Hong Kong
Chin Kwong Han
Senior Associate Director - Alumni Relations, Asia
The University of Hong Kong
IBM China/Hong Kong Limited J.P. Morgan
AmChamHK 10-11 • 2017
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COVER STORY
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AmChamHK 10-11 • 2017
Serving Hong Kong's Forgotten Peter Nip, winner of AmCham Charitable Foundation’s 2017 Ira Dan Kaye Community Service Award, reflects on a life rooted in altruism
By Jennifer Khoo
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single act of altruism in 1985 shaped Peter Nip’s life.
The post on the noticeboard outside the community service center in Wanchai asked for volunteers to drive a 14-year-old boy with epilepsy from his home in Tai Po to the hospital and back. At least once a month for the next 11 years, Nip ferried the boy across Hong Kong. Nip grew up in a small middle-class family and, with his father’s support, had become a successful entrepreneur running a manufacturing business. But by the time the boy died an untimely death in 1996, Nip had discovered his passion was to help others. “There are many people in Hong Kong in need of help. This has sparked my passion to continue helping others to the widest and greatest extent possible,” he says. Peter Levesque, Chairman of AmCham Charitable Foundation's Board of Trustees, left, presents Ira Dan Kaye Community Service Award winner Peter Nip, right, at the AmCham Charitable Foundation Dinner in October.
AmChamHK 10-11 • 2017
Friend to the friendless Nip would later realize an ambition to help the elderly, and particularly those that were sick, poor or living alone without a family to offer support.
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A TCM practitioner checks the pulse of an elderly patient (right photo) in a mobile clinic operated by Banyan Elderly Services Association (below photo).
“In 1995, some public housing estates in the Wong Tai Sin district were undergoing reconstruction, and those who lived in that district were forced to move,” he says. “The elderly residents, most of whom immigrated to Hong Kong in the 1950s and had a limited education, some illiterate, received little assistance with moving homes and did not know where to find it.” Nip joined the Banyan Elderly Services Association, a charitable organization named after the sacred symbol of longevity providing support and a family network to the elderly. He and a like-minded group of volunteers helped the displaced residents move into new accommodation and helped bring the homes up to standard by carrying out basic renovations. Long after the move was over, Nip and the volunteers continued to help out wherever possible. Through his regular visits, Nip came to learn that the most pressing concern among the group was who would take care of them after they passed away, taking care of the funeral and their remains.
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Former U.S. Consul General Clifford Hart, left, expresses his gratitude to Mr. Nip, right, for bringing the remains of an American citizen back to her family in the United States after the funeral (above photo).
AmChamHK 10-11 • 2017
“In Hong Kong, the government will bury any person who dies without any relatives or friends to claim their bodies in a yard designated for the general public. Individual graves are not provided, and the bodies are buried without names, only a number on a small gravestone,” he says. There are many reasons why a senior citizen might live alone without the support of a family. Often their family network is in Mainland China or their relatives have emigrated. In other cases, the children may already be dead or be
What is AmCham’s Charitable Foundation? The AmCham Charitable Foundation is the chamber’s philanthropic arm which contributes to communities by raising funds for projects emphasizing education, training and community service. It partners with the American Women’s Association (AWA) to support local charities dedicated to assisting children, the elderly and the disadvantaged. The foundation is governed by a board of trustees comprising past AmCham chairmen who currently reside in Hong Kong. Established in 1985, it has recognized numerous local students through various programs including the Prize Book Awards, the Scholar Awards and the Lyn Edinger U.S. Studies Scholarships, as well as many charitable projects and individuals through the Ira Dan Kaye Community Service Award and the American Women's Association Awards Tea.
Mr. Nip regularly visits the elderly, who are without family, at their homes.
AmChamHK 10-11 • 2017
Ira Dan Kaye Community Service Award The Ira Dan Kaye Community Service Award was established in 1986 to recognize individuals who have been outstanding volunteers in the service of the Hong Kong community. Award winners each receive HK$30,000 to be donated to the charity of their choice and an engraved silver plate. The award was renamed as a tribute to Ira Kaye, who passed away in 1999. Kaye was a founding AmCham member, a former chairman and a notable entrepreneur in Asia’s cinematic and cultural spheres.
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Peter Levesque, AmCham Chairman 2014 & 2015 "The presentation of the Ira Dan Kaye Award is a highlight of the Charitable Foundation's year. This year we honor Mr. Peter Nip who is doing extraordinary work in our Hong Kong community through his leadership at Banyan Elderly Services."
Jon Zinke, AmCham Chairman 2005 “I was very impressed with Mr. Nip’s low-key passion for taking care of the elderly. He identified a need in the community with his ‘Friends of Sunset’ service to make sure the elderly without any relatives are given proper burials and even visited afterwards at their graves so they can pass away in peace, knowing they have not been forgotten.”
What the judges
Rob Chipman, AmCham Chairman 2011 “As part of the AmCham Charitable Foundation, I am fortunate enough to see many great people of Hong Kong working selflessly for the betterment of others less fortunate than they are. Seldom have I seen anyone of the caliber of Peter Nip. He has established a benchmark for generosity of spirit that few others will be able to match. That is why this year is it such a privilege to recognize the great work that he has done for the elderly through the Banyan Association.”
so ill that they are unable to care for even themselves. Sadly, there are also cases of cruelty towards seniors and abandonment. “Although it is true that filial piety is deeply rooted in Chinese culture and society generally, there are always exceptions,” he says. Comfort and dignity Since 2008, Nip has been the association’s chairman and worked to provide funeral and burial services in the hope that the elderly can spend their remaining
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days comfortably and with dignity, free of worry. That means an individual promise to respect each personal request. “Some people prefer to have their ashes sewn in the sea when they die, and others in a garden. Some have already bought their own graveyards and are entrusting volunteers from the Banyan Elderly Association to host a funeral for them there after their passing,” he says. The level of care is important. When one man bought stacks of hell money – joss paper printed to resemble
AmChamHK 10-11 • 2017
Tom Gorman, AmCham Chairman 1995 "Banyan Elderly Services Foundation serves an often-neglected segment of the Hong Kong community but one we should all be more attentive to caring for. Hats off to Mr. Peter Nip and his associates for the fine work they are doing."
Steve Marcopoto, AmCham Chairman 2006
have to say...
“Amidst a wide range of very impressive stories, Mr. Nip's application stood out as a remarkable case of humble, long-term giving from the heart. His commitment to help the elderly during challenging transitions in their golden years, right down to fulfilling their important final wishes, was particularly touching.”
Mark Michelson, Amcham Chairman 1996 “We look for volunteers who have devoted their skills, energy and time to improving education, healthcare or helping the disabled or disadvantaged, youth, elderly or others in the Hong Kong community. Peter Nip represents the legacy of Ira Kaye, the 1986 AmCham chairman and past recipient of the award, who did so much to make lives better for so many people - especially here and in Macau.”
banknotes – to the association, he made Nip promise to burn it at his funeral. “He said he had been poor in this life and wished to be rich in the afterlife. This old man passed away last year, and the association did everything he asked us to,” Nip says. Banyan’s care doesn’t end with someone’s passing. Its “Friends of Sunset” service arranges for volunteers to sweep the gravesites of the elderly without family under the program. Grave sweeping is a deeply symbolic gesture linked to ancestor remembrance and worship, and traditionally takes place during the Ching Ming
AmChamHK 10-11 • 2017
festival in spring and Chung Yeung festival in autumn. At the roots The Hong Kong government certainly has a role to play in delivering targeted support, but Nip says that only by paying greater attention to society’s grassroots can their needs be met. “At the Banyan Elderly Services Association, it was only after thousands of visits and talks with the elderly that we came to understand their needs and how to assist them,” he says.
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A Quick Chat with Peter Levesque, Chairman of the Foundation’s Board of Trustees How does AmCham's Charitable Foundation make a difference in the local community?
Most memorable experience on this project so far?
The Charitable Foundation makes a difference by finding and funding lesser known charities in our community where we can make the biggest impact. We work closely with the American Women's Association (AWA) who do a remarkable job visiting and vetting each charity we consider. The Foundation also takes a special interest in supporting education by providing scholarships to qualified students.
Every year the AWA presents a list of vetted charities to the Board of Trustees so that we can decide who will get funded for that year. The AWA representatives describe in detail the work of each charity they have visited, and the impact that each is having on our community. It's an emotional meeting to say the least. My most memorable experience has been seeing how deeply the AWA vetting committee cares about the charities they visit, and how difficult it is to choose the finalists from so many worthy causes. Through this cooperation with AWA we have been able to provide assistance to those in need, and to make a real difference. That's something we can be proud of.
Personal reflections on the Foundation’s work? Working with the Charitable Foundation has been an eye-opening experience for me personally. I never knew there were so many people in Hong Kong in need of basic support services. The Foundation made me realize that the issues of hunger, homelessness and elderly care are very real in our broader community, and through its work I learned how much of a difference we can make with a relatively small amount of money. Working alongside my fellow Trustees on this Foundation has been a very rewarding experience.
It is Nip’s conviction that the government has failed to allocate enough resources, such as homes and care facilities, to disadvantaged elderly Hongkongers. “At present, an elderly patient may have to queue for more than 30 months before they can get bed space in a government-subsidized home. It is sad to see some of these people pass away while they wait,” he says. Free meals prepared by Banyan are distributed to the underprivileged in Kwun Tong twice a day, 365 days a year.
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This race against time can weigh on even the most dedicated and optimistic volunteer; a dreary reminder of their own mortality. Yet death is not something that Nip fears. Instead it creates a focus for what is important in this life: “ 善待他人，快樂行善 ” To be kind to others and be happy.
AmChamHK 10-11 • 2017
CHAMBER NEWS
Mike Tsang Director of Member Services & Business Development, Mike Tsang, explains how a background in customer services has helped him at AmCham
By Jennifer Khoo What do you do at AmCham? My main responsibilities are membership recruitment, retention and seeking out new business opportunities for the chamber. I work daily with chamber leaders to identify potential members, meeting with non-members and members to understand their needs while informing them of how our services can fulfill their business requirements. At the end of the day, AmCham is a membership organization, and our members enjoy privileges such as speaking opportunities, access to hundreds of member-exclusive programs throughout the year, special discounts on selected events, and the chance to get involved in committee activities and program planning. How did you get into the field? I studied hotel management in the U.S. After graduating,
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I returned here to work at the Grand Hyatt Hong Kong for about five years. Since then, my career has taken me across different industries, including tele-communications, direct marketing and retail, but has remained rooted in customer services. Prior to joining AmCham seven years ago, I worked for City Super – a high-end retail chain store with operations in Hong Kong, Shanghai and Taipei. There, I started a brand-new customer service/store training section within the store operation division, specializing in: handling customer complaints, providing customer service training to frontline staff, developing Standard Operating Procedure (SOP) manuals for staff to follow, and providing staff training to new stores opening in Shanghai and Taipei. After working in the fast-paced retail environment for about five years, I came across the opportunity to bring my people-focused skillset to AmCham. Though
AmChamHK 10-11 • 2017
unfamiliar at first with NGO operations, I believe any organization involving people requires customer service skills to satisfy its customers, so I decided to give it a go. Best and hardest part of the job? The best part is working with people from all walks of life, meeting new faces and learning something new every day. I get to work with senior executives from all backgrounds - from MNCs to SMEs to start-ups - something I wouldn’t have the chance to do if I worked in a single industry. We always describe working at AmCham as a “walking MBA,” where you can learn new things by simply talking to a member or by attending a couple of our almost-daily events. The most challenging part is member retention. In 2018, our team will prioritize member engagement. This means working more closely with our members to boost the value of joining AmCham, be it through more visibility/exposure and networking opportunities, greater advocacy support or expanding the scope of access to members-only programs. We want members to experience the “AmCham difference,” to participate in our activities and to hopefully, spread the word of why it pays to be a part of a chamber. Favorite moment at AmCham so far? Participating in AmCham’s annual Washington Doorknock. Meeting face-to-face with leading think tanks and representatives from the U.S. Administration and Congress was an eye-opening experience.
AmChamHK 10-11 • 2017
“The best part is working with people from all walks of life, meeting new faces and learning something new every day.” - Mike Tsang Director, Member Services & Business Development
What do you like to do when you’re not working? I like playing badminton. Also, traveling to nearby countries and taking trips that don’t require a lot of planning - like a long weekend in Thailand, or maybe a week in Japan exploring nature, and shopping, of course! Final words of wisdom? “I can accept failure… But I can't accept not trying” by Michael Jordan. This motto motivates me to try something new every day.
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Where is home and how long have you been in Hong Kong? My wife Nancy and I arrived in Hong Kong on May 16th, so we’ve been here about six months now. Our primary residence is near Dallas, Texas and we both were born and raised near Utica, New York. Favourite thing to do here? So far, eat and drink. What is something people would be surprised to learn about you? My real name is Happy. My grandfather was a Lebanese immigrant and the name is courtesy of the U.S. Immigrations Department on Ellis Island - they translated his Arabic name. We have handed down the name, I’m the third and my son is the fourth.
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Name: Hap Acee Job title: Vice President / General Manager Asian Operations Company: Standard Motor Products, Inc Industry: Automotive Parts AmCham member since: June 2017
If I wasn’t a business leader, I would be… I consider myself a mechanic. So if I wasn’t solving problems in business I’m sure I would be fixing cars.
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What was your first ever job? Paperboy. I delivered the Utica Observer Dispatch.
CMY
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Share some words of wisdom. Focus and don’t get distracted by the things you can’t control. Outside the office, what can we find you doing? As said above, eating and drinking. In the SoHo, Wan Chai and Tsim Sha Tsui areas mainly. Next destination on your travel checklist? We were in Hanoi earlier this year - great people and wonderful food! Our next destination would be Cambodia or Thailand. What attracted you to AmCham? I’ve been traveling to Asia since I started my career as an engineer with General Motors. My attention has been very much focused on product technology and production processes. AmCham offers me an opportunity to better understand the macro-relationship between East and West.
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AmChamHK 10-11 • 2017
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INFRASTRUCTURE & CONSTRUCTION
Connectivity beyond Imagination In time for China’s Belt & Road initiative and Greater Bay Area plan, AmCham has launched a new industry-based committee dedicated to infrastructure development and construction. Ian Chung, Senior Vice President (China) at AECOM and chair of the new chamber committee, draws a big picture of what it means for Hong Kong
By Kate Whitehead
T
he world’s largest Tunnel Boring Machine, a monster piece of equipment measuring 17.6 meters in diameter, is being used to construct the road tunnels that will make up the Hong Kong-Zhuhai-Macau Bridge. It is backed up by two TBMs 14 meters in diameter. This may sound like some big equipment, but it’s not until you stand at the entrance to the tunnel that the scale and complexity of the project really hits you. That’s what members of AmCham’s new Infrastructure and Construction Committee found out back in July when they visited the Tuen-Mun Chek-Lap-Kok Link, part of the Hong Kong-Zhuhai-Macau Bridge. “We brought them to the site so they can see the actual size of the tunnel before completion. When people see how it’s built, they appreciate how technically challenging it is to create something like this,” says Ian Chung, Senior Vice President (China) at AECOM and chair of AmCham’s new committee. Committee members also visited the Liantang/Heung
20
Yuen Wai Border Control Point where they saw firsthand the innovative solution for the U-turn of the TBM. This crossing into China will vastly improve access into eastern Shenzhen. “We visited these two projects because they will be big projects for the Big Bay area, helping the connectivity between Hong Kong and China,” says Chung. U.S. expertise applied locally As founding chairman of the AmCham committee, which was set up in July, Chung intends to underline the importance of infrastructure for the success of Hong Kong and to identify business opportunities for those both within the chamber and outside.
AmChamHK 10-11 • 2017
Ian Chung (6th from right), Senior Vice President (China) at AECOM and chair of AmCham’s new Infrastructure and Construction committee, leads a visit to the Tuen-Mun Chek-Lap-Kok Link, part of the Hong KongZhuhai-Macau Bridge.
“With AmCham’s connections, its platform, it can help bring a lot of business opportunities to our members and Hong Kong residents,” he says. With more than 25 years of experience providing management and technical expertise to large-scale transportation, civil and infrastructure projects – including the project to build a third runway at Hong Kong International Airport – he’s ideally positioned to serve as the chair of AmCham’s new committee. For 40 years AECOM has played a significant role in Hong
AmChamHK 10-11 • 2017
Kong’s infrastructure success. It was responsible for building 80 percent of the new towns – from Sha Tin and Ma On Shan to Tsuen Wan, from Tuen Mun to Tseung Kwan O. The U.S.-based engineering and construction firm is also part of other major projects, such as the container terminals, MTR lines, Guangzhou-Shenzhen-Hong Kong high speed rail and the Central-Wan Chai bypass. So when Chung says that infrastructure is important for Hong Kong, he knows what he’s talking about. Put simply, if Hong Kong stops investing in infrastructure, it will stop growing.
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“Hong Kong itself will require continual infrastructure and development, and it provides a lot of opportunities in the construction industry and for other related people,” says Chung. The economic equation Infrastructure is a huge part of Hong Kong’s economy – more than 400,000 people are employed in the construction sector, representing 10 percent of Hong Kong’s GDP. The World Economic Forum Global Competitive Index currently ranks Hong Kong No.1 in infrastructure quality. But if Hong Kong is to maintain that position, it needs to look beyond the confines of the city. “Hong Kong is a limited place, at some stage we may have built all the roads Ian Chung (right) and MTR stations we need and may “People connectivity is very important, business to not need a new airport for another 30 years, so we business connectivity is very important. If you live in need to look at opportunities outside the Hong Kong West Kowloon, you can be in Guangzhou in an hour market,” says Chung. and start your business,” says Chung. Many of those opportunities will come from the Belt & He sees Hong Kong as ideally positioned to take Road initiative and the Big Bay Area development plan. advantage of the opportunities offered by the Belt & Chung recently met the Guangzhou’s vice-mayor Cai and Big Bay Area initiatives – it is physically close to Chaolin to discuss the opportunities for Hong Kong of China and operates under the One Country, Two the Big Bay Area. Systems framework. In the meeting, Cai was keen to impress on him that But he cautions that there are others – such as currently the fastest way to reach Guangzhou from Singapore – that are out to seize the same Hong Kong is a two-hour train from Hung Hom, but with opportunities, and Hong Kong mustn’t lose its natural the completion of the new high-speed rail it will take just 48 minutes, bringing the two cities closer together. advantage.
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AmChamHK 10-11 • 2017
Long-term growth What’s more, these are long-term opportunities, with a 30-year road map for Belt & Road. A free trade market with a stable government, Hong Kong offers one of the most attractive financing platforms in the world, Chung says. “If there is an infrastructure development project in a Belt & Road country – say somewhere in the Middle East – then someone can come to Hong Kong to seek a [financing] platform and technical advice here from professionals – lawyers, accountants, architects, engineers – for different kinds of services.” Much is already being done to ensure Hong Kong remains well positioned to make the most of these big
projects. The Hong Kong Trade Development Council hosts business delegations; the government is promoting a positive image of Hong Kong’s business environment; and Chief Executive Carrie Lam herself has recently visited Thailand, Malaysia and Singapore. Now is the chance for the AmCham committee to get involved. “We can have some business matching. For example, we will arrange a visit next year to go to some Belt & Road countries so that our members can meet people there and explore opportunities for themselves,” says Chung. It is not unusual to experience resistance to change. Ahead of the opening of the MTR in 1979, Chung recalls the reluctance of some people to accept the project, complaining that it was a waste of money when buses did the job just fine. Even the opening of the West Rail in 2003 met with complaints that it was underused. “Infrastructure is there to support people’s lives and businesses. Once it’s built, there will be a period when it’s not at full capacity, when businesses are growing into it,” says Chung. Hong Kong is at the cutting edge of infrastructure globally. Chung says there is a Hong Kong AECOM bridge expert who is now being called on to build bridges internationally, in Canada and Turkey. And with a workforce of AECOM Hong Kong comprising 95 percent of local people, there are many opportunities to nurture and develop talent locally.
Committee members visit the Liantang/Heung Yuen Wai Border Control Point.
AmChamHK 10-11 • 2017
23
TRADE & INVESTMENT
Sights Set on Eurasia
As regional powers compete for physical and political inuence over the Eurasian super-continent, the U.S. considers its options from afar. Matthew Goodman of the Center for Strategic and International Studies provides a perspective from Washington
By Jennifer Khoo
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AmChamHK 10-11 • 2017
Road Railroad Dryport Seaport
Map information: CSIS Reconnecting Asia website
AmChamHK 10-11 • 2017
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N
ew roads, railways and ports are mushrooming across the Eurasian landmass as major powers race to build hard infrastructure over it in the coming years. Comprising a third of the world’s land area and more than half of global GDP, it is no wonder that a battle for influence has broken out across the region. Matthew Goodman of the Center for Strategic and International Studies (CSIS) explains the forces behind these projects and where American interests enter the picture. Asia’s competing visions At CSIS, Goodman oversees a project called Reconnecting Asia, which maps around 2,000 infrastructure projects across the combined land masses of Europe and Asia. Of these, China's “Belt & Road” initiative is the most ambitious, with estimates of ultimate spending as high as US$4 trillion. But other powers central to the region’s future, like Japan and India, are also advancing their own visions for connectivity. For decades, Japan has been heavily involved in Asia’s infrastructure efforts, especially in Southeast Asia, where many roads and ports service the needs of Japanese corporate supply chains. According to CSIS’s September newsletter, the Japanese-led Asian Development Bank (ADB) quietly celebrated its 50th anniversary this year.
Though China’s Asian Infrastructure Investment Bank (AIIB) now has more members than the ADB, in financial and operational terms the AIIB is still an infant, according to CSIS analysis, lending roughly a tenth of the ADB’s spending on infrastructure during the same annual period. According to the Reconnecting Asia database, Japan is outspending China on transport projects in six of nine Southeast Asian countries. Meanwhile, India is focused on improving its internal connectivity, but its infrastructure activities are growing in scope and intensity, says CSIS. With its economy expanding 7.1 percent last year, Delhi aims to build 40 kilometers of new road and 15 kilometers of new railway each day. After decades of leaving its border areas with China relatively undeveloped, India has built 27 of what it calls “strategic roads” in these areas since 2006, and it aims to develop 46 more by 2022.
Khorgos Dry Port
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Bridge construction across Indus River along the Karakoram Highway between China and Pakistan.
Photo: Daniel Zaretsky
AmChamHK 10-11 • 2017
the overgrowth of a strong Eurasian influence. A U.S. -owned port in the region for instance would facilitate trade while establishing political influence at the same time. Bringing with them the rule of law and extensive commercial experience, American companies have a lot to offer the area, and are likely to play a powerful role in shaping business standards and practices. The U.S. government is conducively compartmentalized to facilitate these types of projects, says Goodman.
Photo: Thinkstock
Beyond its borders, India’s “Act East” policy aims to strengthen ties with the Association of Southeast Asian Nations (ASEAN), through new projects that will provide India’s landlocked northeast with better access to southern ports and connect India to Thailand via Myanmar. Other projects include the North-South Transport Corridor, which will connect St. Petersburg with Mumbai via Tehran. “Competition is a good thing, it makes everyone better. There will be mutual opportunities to work together and participate in each other’s projects,” says Goodman at a recent AmCham event. American interests In addition to obvious commercial interests, Goodman says the U.S. has good reasons for continuing to invest in this part of the world. From a political standpoint alone, these include national security and preventing
AmChamHK 10-11 • 2017
But no amount of experience grants immunity to the challenges of a vast, unfamiliar terrain, which include rough geography, national and local politics, corruption, unclear land rights and right of way. There is also concern about the social and environmental impacts. Other risks include Matthew Goodman unintended consequences, like social disruption and unrest, as well as debt and unmet expectations. “The Yiwu train to London, for example, went there full but returned only one third full,” he says. At this point the U.S. is still taking a studied approach, with policy makers yet to action any plans, says Goodman. The White House has taken steps towards greater engagement by sending delegations to forums in the region, and participating in economic dialogues with other Asian leaders. By working through multilateral development banks and other international organizations like the G20, Washington can demonstrate its commitment to the area by aligning interests around key issues such as open procurement processes, safe environmental and social practices, and debt management. “This will ultimately pave the way for more profitable projects in the region and investment opportunities for American investors.”
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CHINA BUSINESS
Benchmarking China’s Innovation Drive Should China's glowing innovation performance be taken at face value? Scott Kennedy of the Center for Strategic and International Studies considers the fuller picture in his latest report
By Jennifer Khoo
28
AmChamHK 10-11 • 2017
H
igh-tech in China is booming, or so says the data. Just look at any of the innovation indicators, and you will see that China’s high-tech performance has improved over the last decade in terms of market sophistication, infrastructure and creative outputs, even overtaking countries with similar levels of per capita income. But is the data giving the fullest picture, or are there other factors at play? In his latest report entitled The Fat Tech Dragon: Benchmarking China’s Innovation Drive, Scott Kennedy of the Center for Strategic and International Studies takes a closer look at several indices that place Chinese performance in comparative perspective and urges a mindful interpretation of the results. Facts or figures The indices, developed by a range of organizations around the world, themselves demand scrutiny, says the report. The National Innovation Index (see chart 1) for instance, developed by the Chinese Ministry of Science and Technology, unsurprisingly presents the rosiest assessment of China’s innovation performance. At the other end of the spectrum, the Global Creativity Index, developed by the University of Toronto, which also ranks countries on the value of tolerance, presents a very different assessment of socially conservative China.
Scott Kennedy
One problem with the metrics used to judge Chinese performance is that they don’t include all players, but rather, a selection of large companies in the industry with enough resources and staying power in the market to produce something successful eventually. “We need to have a better sense of whether the success stories are representative of broader trends and part of a larger productive ecosystem or whether they are the exceptions to the rule,” says Kennedy, speaking at a recent AmCham event. And of course, there is still insufficient understanding of how extensive government intervention has helped
Photo: Thinkstock
AmChamHK 10-11 • 2017
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Alongside education and human capital, China is dedicating an unprecedented amount of funding to research and development (R&D). But these investments or “inputs” into innovation far outweigh the “outputs” such as commercial performance and intellectual property, data has shown. For all its efforts, China is still far from being a leader in high-tech. This “low metabolism” of inputs suggests a highly inefficient process that has yielded a disproportionate degree of false starts, failures, and waste, the report says.
or hindered corporate performance and broader trends in innovation. We also need a better sense of where China stands relative to other countries, says the report. China’s enthusiastic filing of patents should not be taken as a reliable indicator of its high-tech progress either. Though the country now files far more international patents than Germany or South Korea and almost as many as Japan and the U.S. (see chart 2), Chinese patents have little commercial value and aren’t taken seriously due to general knowledge that they are driven by the government and not the market. “China may now be a ‘large’ IP country, but it is still a ‘weak’ one,” says Kennedy. Input vs output Despite China’s improving innovation performance in the indices, what we see isn’t a well fleshed-out picture of what Kennedy calls “inputs” and “outputs” into its high-tech industries.
“Because China is so big, whatever it does matters.”
Kennedy is skeptical of whether the money set aside for R&D is really going into high-tech R&D specifically, as opposed to just basic research across all industries. He estimates that only one-twentieth of R&D spending in China goes into basic exploratory scientific research. “The income being generated and recorded is less a result of true innovation and more a result of new applications or business models,” he notes.
- Scott Kennedy, CSIS
Innovation Indices: China’s Score 80 Bloomberg Innovation Index
National Innovation Index
70
Global Competitiveness Index 60 Global Innovation Index
50 40
Global Creativity Index
30 20
2009
2010
2011
2012
2013
2014
2015
2016
Source: The Fat Tech Dragon: Benchmarking China’s Innovation Drive
30
AmChamHK 10-11 • 2017
International Patent Applications (Thousands) 70 60
U.S.
50
Japan
40
China
30 Germany
20 10 0
South Korea
2001
2003
2005
2007
2009
2011
2013
2015
Source: World Intellectual Property Organization. Note: International patent applications filed under the Patent Cooperation Treaty (PCT).
It doesn’t help that most venture capitalists in China are relatively risk-averse, and are only willing to invest in projects that have been done before. Most Chinese tech ventures rely on either commercial competitiveness or political connections to succeed; true innovation success requires a much higher risk. The commercial application of high-tech to China’s huge manufacturing sector – while good news for the market – can hardly be counted as groundbreaking innovation. Unhelpfully, the innovation indices don’t discriminate between the different types of high-tech progress. “Good-enough” innovation In his report, Kennedy says China’s incremental high-tech progress can be characterized as “goodenough innovation.” Indeed, the country appears to be taking a hurried (and slightly impatient) approach to progress, seemingly unafraid of making mistakes along the way but learning quickly from them. China has also been given a head start thanks to its already strong capacity in manufacturing, the accumulation of tacit or “soft” knowledge, and the
AmChamHK 10-11 • 2017
opportunities provided by such a large market, the report suggests. “Although there are more positive ways to interpret the data, our conclusion is that the commercial success of China’s high-tech sector is not always the result of technology innovations, but of other factors,” Kennedy notes. “In addition, progress appears to be quite uneven across sectors and types of companies.” As for business, he believes that Chinese companies will continue to face growing challenges in their interactions with MNCs and in overseas markets, regardless of the level of support they receive from their government. Foreign governments and MNCs likewise need to decide how to strategically respond to China’s approach. They could take a firm opposing stance, try to influence China’s approach, or go along with the strategy as best they can. Either way, they will need to engage. “Because China is so big, whatever it does matters.”
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ASEAN FOCUS
Power Play Underdeveloped Laos believes hydropower is its ticket to economic advancement but taming the Mekong River involves more than engineering
By Jennifer Khoo
32
AmChamHK 10-11 • 2017
T
he mighty Mekong river runs through the heart of Laos. For one of the poorest countries in Southeast Asia, landlocked and encircled by great economic powers, the river is key to its development. Despite an average annual growth rate of about 8 percent, Laos has yet to fully tap the river as a resource that could help shape a vibrant economic future. The river shapes much about this country. It helps form the country’s borders with Myanmar, Thailand and Cambodia. The Mekong is also the sole source of a meager income for many in a country where agriculture accounts for more than 20 percent of gross domestic product and employs around 80 percent of the population. The economy has long been buoyed by exports of natural resources and by foreign direct investment in the mining of copper and gold, in logging and in construction projects. Now, direct access to the largest share of the waters of the Mekong among the countries the river flows through has led the Laotian government to pick hydropower as its preferred driver of economic growth.
Nam Ngum Reservoir in Laos
AmChamHK 10-11 • 2017
Photos: Thinkstock
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Galvanized by the skyrocketing growth of its fellow ASEAN members, Laos has been vocal about its hydropower ambitions, and about becoming the “battery of Southeast Asia.” Over the past decade, private investors and developers of the hydropower industry have flowed into the country to cooperate with the government, which has commissioned the construction of several dams along the Mekong.
A typical Laotian rural village
Dam strategy Hydropower is currently the main source of electricity in Laos. The government hopes selling some of this sustainably generated electricity to neighbors Vietnam and Thailand will improve the economic position of the country. Harnessing the Mekong and other rivers in Laos creates potential for immense electricity generation – up to 18,000 megawatts, reports say. To put that into perspective, the country already operates about 20 hydropower plants with a combined capacity of 3,000 megawatts.
generate US$2 billion in revenue over a 20-year period. The people of Laos have already begun to feel the benefits of revenue from NT2, which has been spent on improving living conditions, healthcare, education and accessibility in poor, remote areas. Revenue has also been spent on the protection and conservation of natural areas of the countryside.
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One of these, Nam Theun 2 (NT2), is a large plant that began operating in 2010. It is widely expected to
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NEW HYDROPOWER CAPACITY ADDED IN 2016
26 20
Key
16 24
1
3
Country rank 99 MW and below
7 2
100 MW to 999 MW 18
1,000 MW to 10,000 MW
Over 10,000 MW
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AmChamHK 10-11 • 2017
NEW INSTALLED CAPACITY BY COUNTRY*
The Laotian government has commissioned 40 to 50 more hydropower plants which are due to begin operating by 2025.
1 2 3 4 5
Economic overflow Revenue is necessary for economic growth and the mushrooming hydropower plants are securing generous inflows for the government. The problem is that the hydropower projects are inadequately regulated and most developers show little commitment to responsible environmental or social practices.
6 7 8 9 10 11 12 13 14
Often, more than one project is undertaken on the same river, or in the vicinity of mines or irrigation schemes that vie for the same water, resulting in pollution and harm to ecosystems. The boom in hydropower has failed to create much employment for Laotians, who often lack job skills and basic education – especially those in the countryside, where about 70 percent of the population lives.
15 16 17 18 19 20
Many people lack access to adequate basics such as
17 19 30
36 35
31
8 25
13
42
15
39
29 27
1 23
9
29 30
11 38
32
4
34 33
40
31
6
37 10
32 28
33 34 35 36
22
12
21 22 23 24 25 26 27 28
41
37 38
5
39 40 41 42 Source: IHA 2017 Hydropower Status Report
AmChamHK 10-11 • 2017
*including pumped storage
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Environment, so putting the management of natural resources under a single authority for the first time. Several development institutions, including the World Bank and the Asian Development Bank, are helping the government improve its ability to manage natural resources sustainably. This will include the expansion and preservation of forest cover, the adoption of safer and better practices in mining, and the mitigation of harm done by the hydropower industry. The bigger picture Exploiting its natural resources is easy for Laos as long as its natural resources are available. But genuinely sustainable progress will be made only when the government takes a more holistic approach to economic growth. Laos has an accumulated fiscal deficit equivalent to 3.5 percent of GDP in the past five years, shrinking foreign currency reserves and growing public-sector debt. Sluggish recovery of the global economy in general – and the Chinese economy in particular – has driven down the prices of minerals Laos exports.
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education, healthcare, clean water and plumbing. Infrastructure in the country is also severely underdeveloped. The road network is basic – though improving – and the landline telecommunication system is limited. These shortcomings are hardly conducive to extensive business operations.
As well as managing its finances and bringing stability to the financial sector, the government needs to invest in the health and education of its people, and create opportunities outside the resources sector for the 900,000 young workers due to join the labor force in the next decade.
The government has taken steps towards improving its management of water resources. In 2011 it established the Ministry of Natural Resources and
Attention in greater detail to the macroeconomy will pave the way toward stronger, more sustainable and more inclusive growth.
AmChamHK 10-11 • 2017
FINANCE & ECONOMICS
A Global Center for Wealth Creation Hong Kong is poised to expand as a global hub of private wealth management, thanks to robust GDP growth, increased levels of personal savings and an upsurge of self-made billionaires across the Asia Pacific region. Managing Director of Hong Kong-based Private Wealth Management Association Peter Stein talks more about the opportunities and challenges
By Kenny Lau
Over US$
800
billion
of assets under management in Hong Kong with 2,500 relationship managers (RMs)
T
hanks to strong GDP growth, higher levels of personal savings and many more self-made billionaires across Asia, there are now more wealthy families and individuals in the region than in North America or any other emerging countries in the world. And Hong Kong can capture much of their need for private wealth management – a sector of financial services poised to undergo tremendous growth.
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According to a recent report by PwC and Hong Kong-based Private Wealth Management Association (PWMA), 10 of the 30 global cities with the most billionaires are in Asia, and Hong Kong is only second to New York. The report, citing Asian Private Banker data, notes a 6.1 percent jump in the total assets under management (AUM) among the top 20 wealth managers in Asia to reach US$1.55 trillion in 2016.
AmChamHK 10-11 • 2017
“Ideally, many Hong Kong private wealth management firms want to cover China both onshore and offshore. Foreign firms, however, face challenges gaining access to the onshore market and tend to focus on the offshore opportunity.” - Peter Stein, Managing Director, Private Wealth Management Association Hong Kong continues to experience growing wealth, with 72 billionaires, 4,600 Ultra High Net Worth (UHNW) and 238,000 High Net Worth (HNW) Individuals in 2016. The PwC report, which is based on responses of 33 PWMA member firms in a survey, estimates that current assets under management in the city exceed US$800 billion – a significant increase from a total of US$700 billion indicated in the inaugural survey published last year. “Some of that is no doubt due to rising asset prices over the previous year, but it’s generally consistent with the growth seen over the last five to six years in other data sources,” says Peter Stein, Managing Director of PWMA. “Hong Kong itself is a major source of that growth – it is home to 72 billionaires, more than any other city in the world except for New York, according to Wealth-X (a global research company).” Hong Kong’s role in Greater China The establishment in 2013 of PWMA as an industry association (now comprising 45 major global firms in Hong Kong) is itself a statement of the rapid wealth creation in China and across Asia in recent decades, Stein believes. “It should be no surprise that the industry has grown in line with market demand and become a key component of Hong Kong’s value proposition as a financial services hub.”
AmChamHK 10-11 • 2017
Simply put, China is the main driver of growth in Hong Kong’s private wealth management industry – a unanimous consensus among all member firms (including those with parent companies headquartered in Hong Kong, Europe, North America and Mainland China) in the survey. “There is total agreement on that point,” Stein says. As of 2016, there were 249 billionaires in China – the second largest population of billionaires in the world after the United States – with assets under management amounting to US$670 billion. Mainland China is home to four (Beijing, Shenzhen, Hangzhou and Shanghai) of the world’s top 30 “billionaire” cities, but remains a market to which foreign PWM firms have limited access due to various restrictions and licensing issues. “For now, the onshore Chinese PWM market is behind Hong Kong in terms of the range of offerings and services it can provide, in part due to restrictions on
PWM Client Base in Hong Kong
1HK residents in 31
(HNWI) Net Worth: US$1 million – US$30 million
1HK residents in 1607 (UHNWI) Net Worth > US$30 million
1HK residents in 102,460 (Billionaire) Net Worth > US$1 billion
Source: PWMA/PwC Hong Kong Private Wealth Management Report 2017
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Top “Billionaire” Cities in Mainland China & Hong Kong Global Ranking: 6 38 billionaires
Beijing
Global Ranking: 19 20 billionaires
Global Ranking: 18 21 billionaires
Shanghai Hangzhou
Global Ranking: 15 23 billionaires
Global Ranking: 2 72 billionaires
Shenzhen Hong Kong Source: PWMA/PwC Hong Kong Private Wealth Management Report 2017
investment in offshore products,” Stein says. “Ideally, though, many Hong Kong private wealth management firms want to cover China both onshore and offshore. Foreign firms, however, face challenges gaining access to the onshore market and tend to focus on the offshore opportunity. “For all the growth it has provided so far, there’s a sense among our members that there is much more that could be tapped if the controls on capital flows in Mainland China can continue to be loosened, albeit in a controlled manner,” he points out. Challenges facing private wealth managers Regulatory compliance is named a major challenge in
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the PWM industry – concurred by 82 percent of firms in the survey – and regarded to be a complex, time-consuming process estimated to cost the world’s largest banks some US$4 billion a year. Operational complexity has made onboarding clients an increasingly lengthy process because of too many manual processes and complex forms in compliance. The regulatory challenge, Stein explains, is a combination of local and global in nature when operating in multiple jurisdictions around the world. “They take great effort to be compliant with the regulations in all these jurisdictions, but achieving compliance becomes costly and difficult when local regulations are not aligned with those in other major financial centers, which is often the case. “This is not to say that regulations in one location are necessarily better or worse, but it is always helpful for the large players with a multinational footprint – and
AmChamHK 10-11 • 2017
61%
Challenges in Regulatory Compliance
Ambiguous regulations
52% for the customers they are committed to serving – to have alignment and coordination where possible,” he adds. There is also a shortage of talent in the industry. Talent acquisition is difficult because “there aren’t enough professionals to go around, leading to rampant poaching between rival firms,” Stein points out. To mitigate, PWMA in collaboration with the Hong Kong Monetary Authority has launched a “Pilot Apprenticeship Programme for Private Wealth Management” earlier this year.
Lack of implementation flexibility
42% Difficulties in prioritizing multiple regulatory obligations
42% Lack of regulatory expertise
33% Limited budget and resources
The initiative is aimed at recruiting qualified local university students into a 16-week training program spanning two summers at a participating PWM firms. “Our goal is to expand the talent pool to support sustainable growth for the industry as a whole,” he says. “By next summer, we expect to have close to 80 students participating in either their first or second year of the program.” Digitization & client expectation Like many other sectors, clients increasingly expect a technology-enabled experience when dealing with their financial affairs in receiving advice, accessing research and executing transactions directly on mobile platforms rather than by phoning up a relationship manager or investment advisor. And private wealth managers are keen to expand their digital offerings, Stein says. “There are plans to offer services such as proactive alerts to market events or the ability to trade fixed income, structured products and alternative investments via
AmChamHK 10-11 • 2017
21% Inconsistent regulations across jurisdictions
Source: PWMA/PwC Hong Kong Private Wealth Management Report 2017
online or mobile platforms over the next two years,” he notes. “Many agree that partnering with fintech startups, and achieving regulatory approval, will be key to achieving such goals.”
With the advent of fintech and artificial intelligence, many question whether computers will one day replace the role of human advisors. The answer is no, Stein believes. “I don’t see it quite panning out that way, and many in the industry share this view.” Instead, “a firm’s robo-advisory services will become a selling point every bit as much as the breadth of its investment offerings or its understanding of a geographic market. “Clients will still turn to human client advisors and investment consultants to help them navigate the full range of a firm’s offerings, including those outside the parameters of a particular program. Even as technology provides clients with more sophisticated options, private wealth management is by nature a high-touch business and is likely to remain so.”
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CORPORATE SOCIAL RESPONSIBILITY
Social Media for
Social Good Over the past decade, Facebook has made the world a more open and connected place in a way previously unimaginable. Today, it is set to build a better global community by empowering volunteers, donors and social activists in the digital era. Jayne Leung, Facebook’s Vice President & Head of Greater China, explains the company’s ambition of bringing the world closer together
By Kenny Lau
What motivated Facebook to do more about “social good?” People are using Facebook to raise awareness and support for causes they care about; this motivates others to do the same. Through our site, people raise money for disaster relief, search for missing children, and bring attention to the issues that matter to them. People are often willing to lend a hand to the needy around the world, just they may not be able to find a right way to do so. We are inspired by how much good comes from connecting on Facebook. As such, we’ve
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been building products to make those connections even easier, allowing more people to do good in the world. How can Facebook be used to help others? Since the launch of Facebook’s various products for social good, we’ve seen wide usage from the public. There are more than 150 million people globally that are connected to a cause-related page on Facebook; hundreds of thousands of dollars for nonprofits have been raised since November 2015 when fundraising functions were first tested on Facebook.
AmChamHK 10-11 • 2017
Former HKSAR financial secretary, John Tsang (5th from right), visits the Hong Kong Facebook offices.
Moreover, nearly one billion people have received a “Safety Check” notification from a friend or family member since 2014. We believe the usage rate will keep on rising as Facebook makes invisible victims visible. Images and stories shared on Facebook inspire the public to act faster while more tools are created to bring better solutions within reach. What does Facebook do to promote social good worldwide? Facebook holds an annual “Global Causes Day” to give employees around the world a chance to engage in
AmChamHK 10-11 • 2017
Jayne Leung (left) interviews John Tsang (right) at an event.
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different activities. In Hong Kong this year, we held a “Good Causes Day” to educate local non-profit organizations on how Facebook tools can be used to promote charitable events and raise public awareness of social causes. The event brought together dozens of local NGO representatives and advocates of corporate social responsibility on a platform where they could share their experiences of using social media for public welfare. Meanwhile, our employees showed them how they could utilize Facebook in an effective way, in particular, how to leverage our tools to gain greater recognition and support from the public. Does Facebook partner with local NGOs on specific social campaigns? We’ve given our support to many social campaigns. Recently, these have included the “My Real Career Line” campaign led by The Women’s Foundation to
Screenshot examples of how two local NGOs used Facebook's media sharing tools to promote their social campaigns.
“We serve and empower a very large community of volunteers, donors and activists by building products that connect people and create positive social impact.” - Jayne Leung
promote gender equality, in the workplace and the “Concert in the Dark” campaign led by Dialogue in the Dark (DiD) to promote social inclusion. We were humbled to learn that the “Concert in the Dark” campaign reached an audience of over 500,000 in Hong Kong – a result CEO of DiD Chong Chan-yau said he never expected. As a social media partner, we became part of a highly successful fundraising campaign supporting DiD’s work for the local disabled community, and are now working with Mr. Chong and his team for another fundraiser online. We are glad to see more and more local non-profit organizations making the best use of social media to promote their social causes. This is in line with our mission of bringing the world closer together, and we believe these NGOs have a critical role to play in bringing the local community closer as well.
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AmChamHK 10-11 • 2017
What benefits have people experienced using Facebook for social good? Seeing what gets peoples’ attention helps NGOs better understand their target audiences and create relevant content more likely to be shared. You can also strengthen real-life relationships through regular online engagement with your supporters. Simply put, authentic connections lie at the heart of a strong community. Facebook has created a “Donate” feature that will allow people to donate to charities in times of great need via Facebook, without geographical limitations. On an individual level, people can let others know they’re safe in a major disaster or crisis via the popular “Safety Check” tool. What does the future have in store for Facebook? At Facebook, we are constantly enhancing the functions and layouts of our site so that non-profit
Facebook users can mark themselves as "Safe" in times of crisis to alert friends and loved ones of their status using the site's "Safety Check" tool.
Facebook's "Donate" feature facilitates community fundraising efforts to help those in need.
organizations can use it to raise greater awareness of their social causes, conduct more accurate analyses of their audiences and support their business strategies. As stories, images and information circulate faster and broader around the globe through Facebook, our world is more connected now than ever before. We serve and empower a very large community of volunteers, donors and activists by building products that connect people and create positive social impact.
How the "Safety Check" tool appears on a handheld mobile device.
AmChamHK 10-11 • 2017
In the future, we will continue to support the development of local and international non-profit organizations through different means. We are keen on joining hands with different non-profit organizations, businesses and even individuals to bring the world closer and do more good in the world.
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CHARITABLE FOUNDATION
Jazzing for a Great Cause AmCham has raised more than HK$200,000 (a record amount since 2012) at the Charitable Foundation Dinner, an annual occasion to raise funds for the underprivileged. The amount raised from the dinner, pledges and a wine auction throughout the evening will go directly to the Foundation supporting local smaller and lesser-known charities. This year, following remarks by Foundation Chairman Peter Levesque, AmCham’s Government Relations & Public Affairs (GRPA) Director Agnes Tsang and Manager Queenie Tsui appeared as a duo for their debut saxophone and piano performance of American jazz, giving a delightful surprise to those in attendance. AmCham wishes to express tremendous gratitude for the support of James E. Thompson and Crown Wine Cellars’ sponsorship of a four-course dinner with wine pairing for six consecutive years. Special acknowledgements go to The Peninsula Boutique, The Peninsula Beijing, Ritz Carlton and United Airlines for the lucky draw, with big thanks to Tom Gorman, Steve DeKrey, Patrick Wu and all supporters for making this evening successful.
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AmChamHK 10-11 • 2017
Jim Thompson, center, Chairman of Crown Worldwide Group and an AmCham Charitable Foundation trustee, gives a warm welcome at the 2017 Foundation Dinner, where Queenie Tsui, above, Gov’t Relations & Public Affairs (GRPA) Manager of the Chamber, and Agnes Tsang, below, GRPA Director, perform as a Jazz duo.
AmChamHK 10-11 • 2017
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A night dedicated to the local community of Hong Kong…
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AmChamHK 10-11 • 2017
AmChamHK 10-11 • 2017
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Guide to
Executive Search / HR Professionals
GUIDE TO EXECUTIVE SEARCH / HR PROFESSIONALS
AGS Group (AGS)
www.agsgroup.com.hk
10/F, Central Building, 1 Pedder Street, Central, Hong Kong Email: info@agsgroup.com.hk Tel: (852) 3478 7280 Fax: (852) 3011 6352 Contact person: Miss Ada Cheung, Managing Partner
Company Profile AGS Group (AGS) is a privately owned executive search firm and we have the pleasure of working with a number of Fortune 500 companies in Asia Pacific and United States in helping them identify and recruit key talent in Hong Kong and around the region. While we are majorly specialized in recruitment for property and construction, banking & finance, hospitality and retail sectors, our talent search also covers a wide range of functions: • • • • • • • •
Real Estate & Facilities Management Public Relation & Communications Finance & Accounting Professional & Corporate Support IT & New Technology Human Resources Board & Strategic Advisory Legal Support
We focuses to build "depth" with clients, working with them in more locations and more levels in their organizations, anchored on a give-and-take approach and unrelenting commitment to put clients' interest ahead of ours. We have proved to be efficient since we know the market better: Our number of days to complete assignments, is much shorter than that of other international search firms.
Miss Ada Cheung, Managing Partner
Ada started her career as a Management Trainee in Banking and advanced as Senior Advisor before she joined the Dun & Bradstreet – an US listed Credit Rating Company. Her last position was the Principle Consultant there. She started her recruitment career since 2007 and finally settled in with AGS as one of the founding member. With more than 20 years’ working experience in commercial, Ada has a strong proven track record in technical hiring and executive search. She has built trust and strong partnership with the property developers, luxury hospitality operators, global retail groups and semi-government organizations in Asia Pacific, by helping them identify and recruit key talent in local and regional level.
CAREER OPPORTUNITIES AS LIMITLESS AS THE LIVES YOU’LL TOUCH
We committed to developing the best local resources with world-class standards. Our consultants are all composed of local talent with strong local networks and intensive knowledge of the local market. We are empowered by a well-integrated Asia-wide network that enables us to pool resources with greater speed and responsiveness, reduce cost of hire for clients, provide value-added services and work as a team seamlessly across borders – over 20% of our searches are Pan-Asia searches.
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AmChamHK 10-11 • 2017
Asianet Consultants (HK) Ltd
www.asianetconsultants.com
702-705 Wilson House, 19-27 Wyndham Street, Central, Hong Kong Tel: (852) 2530 0130 Email: info@asianetconsultants.com
Who We Are
Why We're Different
"The future of your business is in the hands of the people that you hire today." (Akio Morita, Sony)
Recruiting in the Asia Pacific region can be a challenge because of the culture and the language. Operating in counties like China and across SE Asia has highlighted the critical need for candidates with increased levels of technical and managerial capability requiring competencies in multi-tasking, multi-cultural management and interfacing with local governments for both Asian and Expatriate executives.
Asianet Consultants is a specialist executive search company which has been in business since 1988. The expertise of our consultants together with our considerable database and our in-depth assessment methods means that we are able to attract the best people quickly and cost effectively. Few companies have the resources and expertise to do this in-house. Asianet has the experience to act in partnership to assist organisations to develop and implement recruitment solutions regionally and globally. Over 78% of our searches represent repeat business which evidences the trust and respect that Asianet has earned from its clients.
Asianet offers clients a different approach to other firms in the talent acquisition industry whereby we are able to provide our clients a combination of executive search, talent mapping and competitor market intelligence.
We have offices in Hong Kong, China and Thailand. We also have partner offices in India, Malaysia, Pakistan, Singapore, Indonesia, Taiwan, Japan, Korea and Australia as well as in Europe and USA.
Our Services Executive Search • Senior Positions • Specialists with specific technical skills Talent Mapping • Building Talent Pools for Projects • Mission Critical Specialist Positions Competitor Market Intelligence • Organization Structures • Business Intelligence
Mark Geary Chief Executive
How We Operate We systematically search for the people you need. We do not advertise. We have a long track record of success in recruiting high quality senior executives and have accumulated a database of over 10,000 high quality candidates. We know where to find the good people, especially those that are not actively seeking a new job, but are open to considering an interesting new opportunity. Our research is carried out in-house by a research team of 10 staff who speak English, Mandarin, Cantonese and Korean.
AmChamHK 10-11 • 2017
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GUIDE TO EXECUTIVE SEARCH / HR PROFESSIONALS
Association of Executive Search & Leadership Consultants (AESC) 425 Fifth Avenue, 4th Floor, New York, NY 10016 Email: prooney@aesc.org Tel: +1 212 398 9556
www.aesc.org
Contact Person: Patrick Rooney, AESC Managing Director, APAC
Company Profile AESC is the voice of excellence for the executive search and leadership consulting profession worldwide. Our rigorous Code of Professional Practice and Standards of Excellence guide our members in 1,263 offices in 72 countries and beyond to serve as strategic advisors on behalf of their clients. In turn, AESC members are best positioned to provide companies with a competitive advantage—the ability to find, attract and develop the best talent in the world and ensure that executives are successfully integrated. AESC recognizes that diversity is a business imperative. As trusted advisors to those companies that drive economies, lead innovation, and compete across vital sectors and geographies, we know first-hand the power of diverse corporate leadership. By virtue of selecting an AESC member, clients can be secure in their choice of consulting firm, and can reap the benefits that only a trusted advisor can deliver. To learn more about AESC and to view a list of AESC members, visit www.aesc.org. To learn more about AESC’s career service for executive-level candidates, visit www.bluesteps.com.
Executives’ Global Network (HK) Limited
www.hk.egn.com
Level 17, China Building, 29 Queen's Road Central, Central, Hong Kong Email: jwo@egn.com Tel: (852) 3978 2636 Contact Person: John Wong
EGN Hong Kong creates relationships and share knowledge We are an independent, professional network of business executives. EGN Hong Kong is part of the international network, Executives’ Global Network (EGN) with members in 13 countries. EGN is thus the only network to offer knowledge sharing across disciplines, industries, management levels and national borders.
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“We build business relationships and share knowledge”
AmChamHK 10-11 • 2017
Barson Executive Search
www.barsones.com
15th Floor, Island Centre, 1 Great George Street, Causeway Bay, Hong Kong Tel: (852) 9027 0477 Office: (852) 3575 0820 Email: brad.miller@barsones.com
About Barson Executive Search Barson Executive Search has over 20 years of experience in executive recruitment for Banking, Wealth Planning and Trust and Professional and Corporate Services in Asia through Hong Kong, Shenzhen, Shanghai, Beijing Guangzhou, Taipei and Singapore. The founder was the regional leader of one of the first international search firms to be granted a license to conduct executive search services in China in 2003 and subsequently grew offices through Shanghai, Beijing and Guangzhou. Barson Executive Search offers a strong team of experienced consultants specialists in their field and capable of working with clients anywhere in Greater China from Hong Kong. As part of its long-term commitment to the Asia market, Barson Executive Search assists clients with all of their executive search needs and is committed to the growth and success of the client's corporate strategy through the identification and attraction of the most suitable executive leadership team. We have expertise in working with multinational as well as small to medium sized and in particular new start up companies for their growth and development in Hong Kong and Asia. In addition to providing tailored executive recruitment services, Barson Executive Search offers consulting advice on recruiting the ideal talent for a client’s business in Hong Kong, China and Singapore and how this differs in its cultural methodology to other international markets.
Search Methodology Barson Executive Search has over 20 years of experience in research based, targeted, senior search recruitment. Through the process of identification of the experienced candidate market, we approach and discuss the specific client position with each experienced candidate in the market and deliver a shortlist of the most suitable and interested candidates within a 4 - 5 week timeframe. This detailed and targeted approach ensures that we are “tapping on the shoulder” each potential, experienced and successful candidate for the role and is the most accurate and successful recruitment methodology to identify those experienced, successful and culturally aligned candidates for any strategic or technical role.
AmChamHK 10-11 • 2017
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GUIDE TO EXECUTIVE SEARCH / HR PROFESSIONALS
Cornerstone International Group
www.cornerstone-group.com
Room 1001, 10/F, Global Gateway Tower, 63 Wing Hong Street, Lai Chi Kok, Kowloon Tel: (852) 2153 3836
Company Profile Cornerstone International Group is ranked by Forbes as one of the Top Ten Best Management Consulting Firms in Executive Search. CORNERSTONE - Your First Choice In Finding GAME CHANGERS & HARD TO FIND EXECUTIVES For Your Business: • Our 20+ years’ experience in China • Our Executive Search Process • Our Reach of 7 offices in China & 19 in Asia • Executive Coaching background
Executive Search is our core business. About 1/3 of our clients also ask Cornerstone to provide coaching support to the Leadership Team as well career advisory support for managers that are facing career transitions.
OUR AREAS OF EXPERTISE:
Chief of Finance & Human Resource Officers Chief Financial Officers, Chief Human Resources Officers, Career Development and Succession Planning, Compensation and Benefits. Subject Matter Experts, Risk Management & Talent Management
WHAT SETS CORNERSTONE APART?
Consumer: Brand Management, Category Management, Creative, Durables, Food and Beverage, Licensing, Packaged Goods, Sales and Marketing & Supply Chain.
We have demonstrated success in recruiting exceptional individuals at levels of CEOs, C Level functional executives, group and unit General Managers, vice-presidents and directors across all functions - serving a broad client base of small to medium sized, and Fortune 500 U.S. and international companies.
Environmental Services: Environmental Engineering, Green Technologies, Hazardous Waste, Laboratory Services, Solar & Renewable Energy.
Our role as a Premier Retained Executive Search Firm is to recruit people who can create a decided competitive advantage for our clients. We call these executives the GAME CHANGERS.
OUR MISSION
Our mission is to win trusted relationships with our clients for life built on their satisfaction and loyalty. We aim to help our clients to strategically invest in and develop their executive human capital, improve their organizations and achieve superior performance. We work as the CEO’s strategic thinker, able to help solve complex organization and business issues. Nearly all of our Senior Consultants are certified Executive or Career Advisory coaches, together with long years of business background, we understand the pain points of our clients. The success of Cornerstone is built on our insights into the people dynamics of corporations and their leadership requirements.
Healthcare and Life Sciences: Pharma, Biotech and Clinical Services; Medical Technology, Commercial and Research leaders, Hospital & Health Systems, Physician Groups, Regulatory Affairs, Software and Systems. Industrial and Supply Chain: Aerospace & Defense, Automotive, Consumer Packaged Goods, Distribution, Energy, Engineered Products, Manufacturing, Materials Management & Process / Automation Management. Technology: Emerging Micro Processing Technologies, Gaming and Interactive Media, IT services, Software, Telecommunications, Web and Artificial Intelligence More about our award winning executive search & executive coaching service at www.cornerstone-group.com
Contact persons
Nancy Chu Managing Partner nancy-chu@cornerstone-group.com (852) 2153 3287
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Sonia Vaswani Managing Director sonia-vaswani@cornerstone-group.com (852) 2153 3286
Dominic Yim Managing Partner, Global Specialty Practice Leader dominic-yim@cornerstone-group.com (852) 2153 8816
AmChamHK 10-11 • 2017
Fiducia China
www.fiducia-china.com
15/F Overseas Trust Bank Building, 160 Gloucester Road, Wanchai, Hong Kong SAR Tel: (852) 2523 2171 Fax: (852) 2810 4494
Company Profile For foreign investors, establishing and growing a business in Greater China is challenging and rewarding. Not only are regulations, market characteristics, and talent pools different – they are also in constant flux. As a stable, independent, family-managed business, Fiducia Management Consultants has supported mid-market firms to navigate changes and seize opportunities in China for over 35 years. We are proud to have worked with many of our successful and satisfied clients for decades. With four teams located in Beijing, Shanghai, Shenzhen, and Hong Kong, Fiducia combines international expertise and local know-how to provide Accounting and Tax Advisory, Trade, Corporate Services, Market Consulting, and Executive Search. Also get in touch with us in...
Executive Search
Our dedicated Executive Search practice helps you find exceptional people who are in tune with your corporate culture and business needs in China, by offering the following advantages: - Industry Specialisation: we have deep expertise in the chemical, med-tech, automotive, machinery, and other sectors - Powerful Network: we leverage our extensive database of potential candidates and solid industry network - Deep China Knowledge: we understand China’s HR landscape and provide the local insights you need - Close Engagement: our strong working relations with clients are built on trust and flawless communication - Strict Confidentiality: our strict guidelines ensure that every project is handled with integrity and full confidentiality - Multinational Team: our Chinese and Western consultants seamlessly manage the cross-border needs of MNCs
Related HR Services
- Beijing: 1511 Zhongyu Plaza, A6 Gongti North Road, Chaoyang District, Beijing, 100027 | +86 10 8523 6308 - Shanghai: 227 Huangpi North Road, Unit 604-605, Central Plaza, Huangpu District, Shanghai, 200003 | +86 21 6389 8288 - Shenzhen: Unit 8, 13/F Shun Hing Square, Di Wang Commercial Centre, 5002 Shen Nan Dong Road, Shenzhen, 518008 | +86 755 8329 2303
Contact persons
Our spectrum of HR solutions goes beyond just helping you find the right talent, enabling us to meet the diverse HR needs of your China business. We also offer the following related services:
Stefan Kracht Managing Director contact@fiducia-china.com (852) 2523 2171
- Assessment Centre: through a customisable methodology, we help you identify leadership potential within your existing senior management team, as well as accurately evaluate the capabilities of candidates - Outsourced HR: we take over your HR functions in an ongoing or project basis when your in-house capabilities don’t match your needs, covering recruitment, contracts, team management, terminations, and other tasks - Talent Mapping: we map candidates and organisational structures of key competitors to obtain insights that enhance your search strategy - Payroll & Expat IIT Service: we help you handle your company’s monthly payroll, as well as individual tax filings for expats to ensure compliant, timely, and accurate results
Flora Chen Project Manager florachen@fiducia-china.com (86) 21 63898620
AmChamHK 10-11 • 2017
Thaddaeus Mueller Director tmueller@fiducia-china.com (852) 2258 6612
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GUIDE TO EXECUTIVE SEARCH / HR PROFESSIONALS
FocusCore Recruitment & Executive Search
www.focuscoregroup.com
FocusCore Recruit 9/f, Somptueux Central, 52 Wellington Street, Central, Hong Kong Tel: (852) 3752 0560 Whatsapp: +852 9500 1682 Email: hongkong@focuscoregroup.com
About FocusCore FocusCore Recruit in Hong Kong helps clients focus on their core business by providing significantly accelerated recruitment solutions. Their specialist recruiters have experience within Europe and the United States and as Hong Kong and across Asia and have English, Cantonese and Mandarin Chinese An innovative recruitment methodology identifies professionals within Accounting & Finance, Commercial, eCommerce, Human Resources, Real Estate and Marketing functions. Clients include Fintech, FMCG, Hospitality, Legal, Media, NGO, Property, Retail, Technology and Trading organisations in Hong Kong.
"FocusCore identified a General Manager for our Hong Kong office and I was able to have an offer accepted within just three weeks from my first conversation with their Managing director, Damian Rhodes." "Their accelerated executive search process cut through the usual delays and I was able to hire in record time." - Luke Duffy, CEO, ContainerChain
Their research backed retained executive search function is used for senior executive roles and have enabled clients to hire C suite level individuals in record time. FocusCore Recruit has over seventy recruiters and recruits within mainland China, Hong Kong, Japan, Korea, Myanmar and Singapore. FocusCore considers it to be an integral part of their service to take in depth references to ensure that only the strongest, most talented individuals are introduced.
Focus Core’s unique Candidate Excellence methodology ensures they represent the best talent in the market.
"We hired a CEO using FocusCore’s executive search methodology. I would recommend FocusCore for their responsiveness, close communication and ability to identify strong candidates in a short period of time.” – Dale Weathington, Chairman, ICC
Focus Core’s TalentAccelerator: Significantly reducing time to hire. Typical approach: 3 months
FocusCore Methodology: 3 weeks
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AmChamHK 10-11 • 2017
Heads International
www.headsinternational.com
Heads International - Unit A, 11/F, On Hing Building, 1 On Hing Terrace, Central, Hong Kong Tel: (852) 3708 9539
Company Profile Heads International is a Tier-1 executive search firm with 12 offices across Asia Pacific, Europe and USA. We focus on finding and securing Board, C-Level and Senior Executive talent for Public, Private and Investor-backed clients. Since our foundation in 1998, Heads has built an extensive ecosystem of global talent spanning the Real Estate, Digital & Technology, Retail & Consumer, High Tech Manufacturing, FinTech and Professional Services sectors. Having clients of various business sizes allows us to have a constant inflow of diverse talent from around the world, and so the ability to accurately qualify them for various roles and geographies. Heads helps our clients find both core industry professionals as well as the globally spread-out, scarcely available talent who can help businesses with their digital transformation. We also understand the challenges and opportunities in Real Estate, having worked with multi-billion dollar Private Equity market leaders as well as regional players and investors. Each of our six practices operate globally and seamlessly across geographies and stays attuned to each local market.
Real Estate Digital & Technology Industrial & Automotive Financial Services Professional Services Consumer & Retail Results Our focus on the key sectors combined with our global reach, allows us to provide high quality of process underpinned by a creative and tailored approach to each client’s needs. Our one global P&L model allows us to always establish the best delivery teams across the globe. • 80% of our projects are follow-on assignments • 50% of executives we place are promoted within the first three years • 60% of executives we place stay for five years or more
Elspeth Renshaw Partner erenshaw@headsinternational.com (852) 6053 0353
AmChamHK 10-11 • 2017
Heather Grayson Partner hgrayson@headsinternational.com (852) 9384 5128
Mike Goldstone Managing Partner mgoldstone@headsinternational.com (852) 9463 3864
Paul Chau Partner pchau@headsinternational.com (852) 9433 6756
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GUIDE TO EXECUTIVE SEARCH / HR PROFESSIONALS
Lim-Loges & Masters
www.LimLogesMasters.com
RHQ: 1 Raffles Place #24-00 Tower 1, Singapore 048616 Tel: (65) 6408 0656 Fax: (65) 6408 0601 Email: PAT@LLMRecruit.com / Contact@LLMRecruit.com
TRANSFORMING COMPANIES, TRANSFORMING CAREERS.
At Lim-Loges & Masters, we work exclusively with multinational companies seeking to transform their organisations through its people. As professionals specialising in Asia Pacific, we partner companies for the long haul to tackle challenges, minimise risks and manage talent, supported by our extensive resource network and a deep understanding of Asia Pacific’s businesses.
THREE SERVICES. ONE VISION At Lim-Loges & Masters, we own a strong moral obligation to champion companies and individuals in the marketplace and build their sustainability and livelihoods. Our processes are streamlined to secure tomorrow’s leaders and spur transformational change across every client organisation.
EXECUTIVE SEARCH
We are an extension of your company’s resource department. Our diverse network of top management candidates is gleaned from extensive search experience that began in the late 1990s. We handpick the finest talents across Asia to give you the edge in securing transformational leaders.
CRISIS MANAGEMENT
YOUR BENEFIT
The Lim-Loges & Masters’ Advantage Exclusive Focus Our exclusive focus on senior executive positions ensures clients receive our undivided attention in their drive for business transformation. Asian Experts, Local Knowledge Lim-Loges & Masters specialise in Asia Pacific. Through our familiarity with the region and diverse network, we gain access to the region’s top talents and give companies the local advantage. We work with the best.
Armed with in-depth operational know-how and integrity, we support you with immediate and transitionary skills through our interim experts in Finance and Human Resources to propel your business forward.
Long-term Partnerships Effective change takes time. We are long-term partners in our clients’ business transformation. We are here to stay in Asia.
TRANSITION MANAGEMENT
Professionalism, Integrity, Quality We emphasise high confidentiality and client satisfaction in every search, supported by rigorous Reference Checks, Academic Verifications and On-boarding Coaching which forms an integral part of our service. Over 98% of the searches undertaken are completed with placement, and placements are guaranteed in the first 12 months.
We help you manage change driven by mergers, acquisitions and organisational restructuring. From designing talent competencies and coaching people to advising on corporate assets including employer branding and diversity in the work culture, we ensure a quality conversation for a smooth transition each time, every time. We offer pro bono work in coaching on a case-by-case basis to non-profit organisations.
Asian Currency We bill against local compensation to provide flexibility in Asia.
Contact persons
Ian Homer Head - Transition Management Practice (Coaching, Training & Development) Singapore
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Lelia Lim Head - Executive Search Practice Hong Kong/Asia Pacific
Tay Lay Luan Head - Transition Management Practice (Organisational Design) Malaysia/ASEAN
Anupam Batthacharya Head of Crisis Management Practice Singapore/India
AmChamHK 10-11 • 2017
Spring Asia
www.springasia.com
Spring Professional - 24 A, @Convoy, 169 Electric Road, North Point, Hong Kong Tel: (852) 2802 8062
Company Profile Spring Professional is an international firm specialising in corporate functions, engineering, finance & accounting, financial services, IT, life sciences, property & construction, sales & marketing and supply chain & logistics. We have 12 offices in 8 countries across the Asia Pacific region. We bring great people to great organisations, with our focus being exclusively on the recruitment of middle to senior level management and specialists. We develop trusted relationships with our partners, sharing market intelligence and recruitment advice to help you understand and respond to Asia’s ever-changing and fast paced labour markets. As the most digitally advanced recruitment consultancy firm globally, we help fulfil your recruitment needs with our digital recruitment solutions, and we’re constantly evolving so we can be at the top of our digital game. Whether you’re a company looking for full-time or contract team members or an individual looking to make the next career move, the team at Spring will work with you to provide a seamless and high value service ensuring that your expectations are fully managed at all stages of the process.
Our Resources
Differentiate your organisation with our Digital Advertising Package - an innovative approach to boosting your employer branding and promote your latest career opportunities to a diverse and far-reaching audience. Tapping into our knowledge of local and regional markets, our digital advertising solutions are tailored to target specific pools of talent based on your organisation's recruitment requirements. We also incorporate your organisation's brand into our digital advertisements through our co-branding option. With an organic audience of more than 150,000 individuals across the world, our digital platforms have a regional presence with a diverse audience reach spanning across multiple demographics and industries, ensuring extensive reach for your job advertisements.
Find us on social media
Designations of consultants
Jennifer Eustace Country Director, Spring Professional Hong Kong jennifer.eustace@springasia.com (852) 2802 8062
AmChamHK 10-11 • 2017
Tim Rodrigo Regional Practice Leader, Property & Construction, Asia (ex-Japan) tim.rodrigo@springasia.com (852) 3651 6518
Ashley Alcock Manager, Finance & Accounting ashley.alcock@springasia.com (852) 3651 6516
Luna Wang Manager, Supply Chain & Logistics luna.wang@springasia.com (852) 3651 6519
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GUIDE TO EXECUTIVE SEARCH / HR PROFESSIONALS
Tricor Group / Tricor Executive Resources Limited
www.tricorglobal.com
Level 54, Hopewell Centre, 183 Queen’s Road East, Hong Kong Tel: (852) 2980 1166 Fax: (852) 2869 4410 Email: exec-search@hk.tricorglobal.com
Company Profile Tricor at a glance
Tricor is a global provider of integrated Business, Corporate and Investor Services. As a business enabler, Tricor provides outsourced expertise that allows you to concentrate on what you do best – Building Business.
Tricor Executive Resources Limited
• Specialists in Executive Search & Human Resource Solutions • Recruiting best talent and advising on HR best practices • Trusted by clients from large, medium and small organizations • Recognized for our professionalism, integrity, creativity and perseverance • Outstanding track record for over 28 years
Executive Search
Tricor Executive Resources has built an unrivalled reputation for integrity and professionalism in the executive search business. Our team of specialist consultants and researchers provide a range of practical and innovative solutions to help you search for the right talent to meet your business needs. We utilize in-depth research, intense sourcing and a highly focused approach in the identification of qualified candidates in the appropriate industry sector. Our clients consists of multinationals, publicly-listed and private companies as well as family-owned and start-up companies.
Human Resource Solutions
We also provide advice on Human Resource (HR) best practices to enhance your human capital. Our range of customized HR Solutions can help drive your business performance through the effective use of talent. • Soft Skills & Management Development Training • Talent Assessment • Human Resource Strategy and Outsourcing • Transition Talent Management / Career Coaching
Our Industry Focus:
• Consumer Products (FMCG) • Retail and Distribution • Property Development, Investment and Management • Manufacturing and Trading • Hospitality and F&B • Banking, Financial Services and Insurance • Telecommunications and E-commerce • Communications and Public Relations • Healthcare and Pharmaceutical • Professional Services and NGOs
Contact
Fiona Yung Executive Director Tricor Executive Resources Limited fiona.yung@hk.tricorglobal.com
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AmChamHK 10-11 • 2017
Managing Partner - Nancy Chu : nancy-chu@cornerstone-group.com Managing Director - Sonia Vaswani : sonia-vaswani@cornerstone-group.com Chief Executive - Simon Wan : simon-wan@cornerstone-group.com Office Number : (852)2153 3836 Global Website : www.cornerstone-group.com
MARK YOUR CALENDAR
Strategy that Turns Nov 20 aIt's Company's Energy Use from a Cost into an Asset Every business uses energy. Some treat that energy use as an expense. But others have grasped the strategic implications and have set about leveraging their energy use to gain advantage in winning customers, talent, and investors. Attendees at this panel discussion will hear how two high-profile Hong Kong entities have found ways to turn their use of energy from a cost into an asset, and learn key steps others could take to follow suit. Calvin Kwan has worked for Link REIT since 2012 as General Manger, Sustainability. He is tasked with anticipating and identifying the business impact and opportunities of emerging local and global sustainability policies. Mike Kilburn is the Acting General Manager, Sustainability, for Airport Authority Hong Kong (AAHK). He is responsible for developing and implementing the company’s sustainability and environmental strategies, including its pledge to become the world’s greenest airport. Robert Allender founded Energy Use Strategy Advisors specifically to give companies the unique energy use strategy that will take them where their competitors can never follow. His responsibilities include preparing companies for investor scrutiny and conducting due diligence work for investors wanting to gauge a company’s energy use maturity and the resulting opportunity gap. Venue: The American Chamber of Commerce in HK 1904 Bank of America Tower 12 Harcourt Road, Central, HK
Time: 12:00pm - 01:45pm
Fees: Member: HK$390 Non-member: HK$550
Nov 21 Handling Tax Audits in the Current BEPS Environment To promote tax transparency and combat tax evasion, Hong Kong is implementing certain measures proposed by the Organization for Economic Co-operation and Development (“OECD”) to counter base erosion and profit shifting (“BEPS”) by enterprises. At the same time, Hong Kong continues to combat tax evasion and avoidance by conducting field audits and investigations. This seminar will provide insights on the approach adopted by the Hong Kong Inland Revenue Department (“IRD”) in tax audit cases and tips on handling tax audit cases conducted by the IRD. We will also provide an update on BEPS and discuss how transfer pricing could be leveraged in a tax audit settlement. Wilson Cheng is the Tax Controversy Leader in Hong Kong, with around 18 years of Hong Kong corporate tax advisory experience. He provides a wide spectrum of tax controversy services to conglomerates, listed companies as well as U.S. and European-based multinational corporations. Martin Richter is the Partner in charge of EY’s transfer pricing practice in Hong Kong, advising clients in both Hong Kong and Mainland China. Martin is based in Hong Kong and has 17 years of transfer pricing experience, gained from Big 4 practices in London, Washington DC, and Hong Kong.
For information, see website: www.amcham.org.hk Tel: (852) 2530 6919 Email: nyu@amcham.org.hk
Venue: The American Chamber of Commerce in HK 1904 Bank of America Tower 12 Harcourt Road, Central, HK
Time: 12:00pm - 01:45pm
Fees: Member: HK$290 Non-member: HK$410
Obituary Thomas Michael Masterson (1946-2017) Thomas Michael Masterson, an AmCham Board member in the early 2000s, passed away in his home in Hawaii on September 18, 2017. As an American expat living abroad, Tom’s dynamic career took him across a range of industries from corporate banking, alternative energy and steel manufacturing, to corporate identity and branding, executive search and business consulting. He was passionate about improving the environment and actively involved in sustainable electricity projects in the U.S. and Europe. He also founded the Living Islands Movement, a local group dedicated to the environmental sustainability of Hong Kong’s outlying islands – with a focus on Lantau.
No SC ve HO mb O er L T 23 OU ,2 R 9& 30
Thinking for Tomorrow
Assessment Priority Grade 2 – Grade 8 Until December 31st
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