Britain in Hong Kong October 2013 by The British Chamber of Commerce

Britain

IN HONG KONG October 2013

Vol 28

No 8

www.britcham.com

London Calling

Not For Sale

SME Market Place

China Committee Update

Maldives

Britain in Hong Kong

Contents

The British Chamber of Commerce Welcomes the Launch of the SME Marketplace

Super Cities

Lifestyle: Maldives

5 Chairman’s Message 7 Message from the Mayor of London, Boris Johnson 8 Super Cities 10 Global Cities: London and HK Invest in Each Others’ Business Opportunities 12 The British Chamber of Commerce Welcomes the Launch of the SME Marketplace 15 On Hong Kong’s Booming Start-up Scene 18 Get Close to Customers and Replace Fear with Co-Creation! 20 New Guidance on Beneficial Ownership of Dividends Reaffirms Hong Kong’s Preferential Position for Doing Business with China 22 Is Social Media Really a Good Tool for Recruitment? 25 China Committee Update

26 Sector Dynamics and Region Diversity Impacting Asia’s High Tech Supply Chains 28 Lifestyle: Maldives 30 Sterling Membership with the British Chamber of Commerce 34 The Jones Lang LaSalle and British Chamber YNetwork 5-a-side Corporate Football Tournament 2013 36 British Chamber of Commerce and Standard Chartered Bank Annual Ball 2013 The Flying Circus 38 Member Discounts 40 Member Get Member 2013 42 News 44 New Members 45 Sterling Members 46 Shaken Not Stirred

Britain in Hong Kong Editor Sam Powney Design Winnie Li Lilian Yu Steve Mok Ken Ng Advertising Contact Charles Zimmerman Project Management Vincent Foe

Jointly Published by Speedflex Medianet Ltd and The British Chamber of Commerce in Hong Kong 1/F, Hua Qin International Building 340 Queen’s Road Central, Hong Kong Tel: 2542 2780 Fax: 2542 3733 Email: info@speedflex.com.hk Editorial: sam.powney@speedflex.com.hk Advertising: charles@speedflex.com.hk

British Chamber of Commerce Secretariat Executive Director CJA Hammerbeck CB, CBE General Manager Cynthia Wang Marketing and Communications Manager Emily Ferrary Special Events Manager Stephanie Rose Events Executive Mandy Cheng Business Development Manager Phillippa Cook

Membership Manager Lucy Jenkins Accountant Michelle Cheung Executive Assistant Jessie Yip Secretary Yammie Yuen Office Assistant Sam Chan

Room 1201, Emperor Group Centre, 288 Hennessy Road, Wanchai Tel: 2824 2211 Fax: 2824 1333 Website: www.britcham.com

© All published material is copyright protected. Permission in writing from the Publishers must be obtained for the reproduction of the contents, whole or in part. The opinions expressed in this publication are not necessarily the opinions of the Publishers. The Publishers assume no responsibility for investment or legal advice contained herein.

Britain in Hong Kong

Chairman’s

Message A Tale of Two Cities (no, not that French one…) The visit this month of the Mayor of London, Boris Johnson, will be a landmark event for the Chamber and indeed potentially for Hong Kong. This is not only because of his charisma as a politician, in an age when politics globally is rather short of that quality. There are also compelling “city-state” reasons for excitement. In addition to the obvious historic ties between the two cities, London is a place that faces (or has faced) many of the same challenges that Hong Kong is wrestling with. They are both cities with international as well as national audiences to address if they are to remain successful. They both face logistical challenges given the volume of visitors and the need to keep airport capacity adequate. A large commuting population is common.

Historically, London also faced serious pollution and spent many years working at how to deal with an outdated port location when the trade flows ideally would move elsewhere. London dealt in the ’50s and ’60s with the legacy of poor quality housing for the less well off. The way it did so, with the creation of new towns, was not at all successful at first. It also managed the transition from being a trading and industrial centre to a financial one. It even faced some rather turbulent local politics in the “Red Ken” era! But perhaps the most interesting of the parallels are in the area of how to coordinate the city planning issues with its hinterland. The population of “Inner London” which falls under the Mayor’s area of responsibility is not very different from that of Hong Kong. And, similarly, the economic structure knows no such boundaries. In Hong Kong the border is much more delineated politically but is becoming much less so economically. The question of whether to have one major airport, or depend on a cluster of regional ones, faces both cities. Managing hot residential property prices under pressure from investors from outside is an issue in both cities. Both are attempting to use intervention to deal with this and both will no doubt experience unintended consequences from doing so. Finally, both perhaps feature the political conundrum of our time. “City” issues are predominantly technical. They are “how to make the trains run on time” questions, since the most direct interests of the population are focused on the practicalities of daily life. (Waste disposal comes to mind here.) Even planning issues could be addressed in a more technical and less politicised way. Yet today the ebb and flow of political personalities trumps any technical debate, in the distorting mirror the media holds up to our community. This is as true in London as it is in Hong Kong. Listening to Boris’ views on such matters could be an interesting “master class”!

Nick Sallnow-Smith

Chairs of Specialist Committees Business Angel Programme Neil Orvay Asia Spa & Wellness Limited

Environment Committee Anne Kerr Mott MacDonald Hong Kong Limited

Logistics Committee Mark Millar M Power Associates

Small & Medium Enterprises Committee Viktoria Kish International Study Programmes

Business Policy Unit Tim Peirson-Smith Executive Counsel

Financial Markets Committee Richard Winter Quam Limited

Marketing & Communications Committee Adam O’Conor Ogilvy & Mather Group

Strategic Supply Chain Forum Dominic Jephcott Vendigital Limited

China Committee Tim Summers

HR Advisory Group Brian Renwick Boyden Search Global Executive

Real Estate Committee Jeremy Sheldon Jones Lang LaSalle

Women in Business Committee Sheila Dickinson The Fry Group

ICT IT Committee Craig Armstrong Standard Chartered

Scottish Business Group John Bruce Hill & Associates

YNetwork Committee Rory Gammell Jones Lang LaSalle

Construction Industry Group Derek Smyth Gammon Construction Education Committee Stephen Eno Baker & McKenzie

Voted best European city for business for 22 years, choose London, where the world meets to do business. Tower Bridge and City Hall London

londonandpartners.com/business

Britain in Hong Kong

A message for guests of

the British Chamber Distinguished Speaker Luncheon, Friday 18th October, Island Shangri-La, Hong Kong

I would like to extend a very warm welcome to everyone joining us in Hong Kong today. This is the final day of a visit that represents the coming together of two very different but equally dynamic, vibrant, innovative, cultural and industrial hubs. Two hubs with enormous potential to work together in the future and with significant advantages to be gained by both sides. The ties between London and China have grown strong – this week my team have aimed to make that bond even stronger. I am very pleased to have been able to bring some of Britain’s most influential business people to China with me and they will have supported me in taking every possible opportunity to promote London as the best big world city to invest in. China’s recent economic growth is nothing short of staggering and the opportunities that presents are huge. We have identified 33 key opportunity areas around London and I believe there is enormous scope for Chinese investors to become involved with them. We also have the world leading tech city and are continually improving our transport networks in order to unlock every corner of the city for new investment, jobs and growth. Our fast growing population is projected to reach almost 10 million people by 2030, creating a demand for 400,000 new homes and commercial spaces for the next generation of businesses. All of this means a huge array of potential opportunities for investors looking to sign up for high-profile projects that promise attractive returns. There has already been significant Chinese interest in opportunities in London. In recent months we were delighted to announce Chinese involvement in a £1.5bn deal to redevelop the historic Royal Albert Docks; and ambitious plans to rebuild the world famous Crystal Palace, creating a world class centre for culture in South London. Many new friendships are being forged between London and China, and some truly ground-breaking business ventures are being created. I hope your attendance today will encourage you to explore your own role in these exciting opportunities.

Boris Johnson, Mayor of London

C ove r S t o r y

Super Cities

With Boris Johnson’s visit to these waters this month, London’s star couldn’t be higher in Hong Kong. The effect of last year’s Olympic Games was reinforced with the British Council’s multifaceted ‘Great’ campaign and even seemed to find echoes in the long cinematic sweeps of London in the latest Bond movie. From this part of the world at least, last year’s publicity seems to have paid dividends. According to property consultant Savills, more than half of the prime retail property sales in central London over the first half of this year were made by Hong Kong investors, equating to sales of over £350 million.

London’s recovery from the economic crash has been remarkable – the capital has generated almost half of all the new jobs in England over the last year. As Boris Johnson recounted at the recent Conservative Party Conference, London now contributes almost 25% of UK GDP. Perhaps we should not be surprised by these figures. London is not just the UK’s only truly global city, it is also one of the most global cities in the world, attracting a wide range of international tourism, investment and professional talent (it regularly ranks first or second in the Global Cities Index, the Global Economic Power Index, the Global Power City Index, and The Wealth Report). The post of Mayor of London itself only began in 2000, but it remains one of the more unexpected successes of the larger devolution process within the UK. Since then, the Greater London Authority has reinvigorated the city’s profile internationally, and brought it up to speed with other major cities, including Hong Kong. Indeed, this growth is by no means unique to London. Shanghai’s brand new free trade zone is just the most recent reminder that international trade and investment is essential for urban development in the 21st century. Some Hong Kong businesses may be worried by the competitive implications of Shanghai’s new incarnation, but in fact Hong Kong itself is significantly more internationally integrated than ever before, and indeed more populous. Again, this reflects a wider global trend; a UN report on urbanisation last year predicted that by 2050, 64.1% of the developing world’s population will be urbanised, and in the developed world urban residents will account for 85.9% of the population. To

Britain in Hong Kong

In many cases, today’s ‘global cities’ (loosely defined as being key nodes in the global economy) can take economic decisions much more swiftly than national governments. Hong Kong has a particular mandate to do so, but many other cities are edging closer to similar autonomous processes, especially those with directly democratic mayoral elections. In London for instance, residents are keenly affected by the main electoral issues, and grass roots activism can smoothly snowball into coherent political platforms. This kind of immediacy sometimes contrasts very strongly with the broad party political battles that can engulf national political debate. This rapid growth of the metropolitan nexus is hardly without precedent, there having been several previous eras when major cities were the dominant force in global affairs. In some ways, perhaps they always have been: global trade, organised religions and systems of government, even the invention of writing can be traced back to the first metropolitan areas. The growth of nationalism in the 19th and 20th centuries also involved intellectual migrations towards capital hubs. What does seem to have grown in recent years is the number of highly trained professionals whose lives revolve around numerous global cities concurrently. Moreover, someone visiting several global cities for the first time might be forgiven for confusing them – many of the shops, brand names, modes of transport and architectural styles are identical. Hong Kong’s investors in central London are just another sign that being a resident of a global city often means being a resident of the global city.

take the example of London again, already nearly one in six UK citizens lives in the Greater London Urban Area. Increasingly, major cities have a new level of economic, cultural and even political clout. The unprecedented international buzz surrounding New York’s impending mayoral election signals that it matters – not just to New Yorkers but to the residents of all global cities. Michael Bloomberg, New York’s current mayor, has been highly influential in bringing cities together in the C40 Cities Climate Leadership Group. This is a surprisingly high profile body given that many of the original member cities have not had major industrial capabilities for some decades; what counts for more is their economic leverage.

Business

Global Cities: London and HK Invest in Each Others’ Business Opportunities

London is clearly enjoying a post-Olympics boom. Surprisingly, there appear to be more cranes and large developments going on along the Thames than there are in Hong Kong. British firms play a large role in projects in Hong Kong; less obviously but equally importantly, Hong Kong investors remain vitally important to London. Paul Lynch Director of Trade & Investment British Consulate-General in Hong Kong

The

British Consulate is pleased to have worked alongside London & Partners to support the Mayor’s visit. The London – Hong Kong relationship benefits both global cities; both are international financial and business centers, with complementary skills and aligned business interests. The potential for further collaboration is vast. In Hong Kong, one of the world’s largest cultural centres is emerging along the waterfront of West Kowloon. Phase one of the £1.7bn project will encompass 15 visual and performing arts venues, including the Xiqu Centre – a Chinese opera house –, the M+ museum of modern art, concert halls and a 23-hectare park. The West Kowloon Cultural District (WKCD) offers huge opportunities to British businesses, which have a proven track record in establishing world-class cultural facilities. The UK architects, Foster + partners, won the competition to draw up a master plan for the 40-hectare site. Subsequently, a number of UK companies, including Arup, Buro, Happold, Mott MacDonald, Rider Levett Bucknall and Terry Farrell & Partners have won contracts to take the project forward. Foreign Office Minister Hugo Swire has been charged with strengthening the UK-Hong Kong relationship and profiling the depth and strength of the UK’s design and construction

sector. Hong Kong’s spending on infrastructure is taking a huge leap, rising from an estimated £1.5bn to £5bn per annum. In addition to WKCD, another major urban regeneration project is taking place on the site of the former Kai Tak airport. This is planned to become Hong Kong’s new Central Business District. In all, UK Trade & Investment has identified nine major projects in Hong Kong that represent High Value Opportunities (HVO) for UK companies.

West Kowloon Cultural District, Hong Kong

Britain in Hong Kong

“London delivered the most sustainable Olympic and Paralympic Games ever – on time and to budget. British companies stand ready to help Hong Kong achieve its ambitious infrastructure and regeneration programmes,” says Caroline Wilson, British Consul-General to Hong Kong and Macao. The HVO programme has developed a new approach to trade development. Each project has senior, sometimes Ministerial, lead. Experts from the private sector are seconded to work alongside UKTI teams on specific stages of a project. This allows a strategic and highly focused approach to identifying opportunities through a project’s life cycle and building British consortia to take advantage of those opportunities. The HVO programme is part of a continuing drive to make UK Government support for business more proactive, dynamic and professional. The UK has around 3% of its net overseas direct investment in Hong Kong. Hong Kong is also a strategically important investor in the UK. With around 3% of all UK foreign investment stock, Hong Kong has larger holdings than Canada or Italy. There is good reason for this; Chinese investors’ productivity levels are high and they are able to enjoy a rate of return on their net assets of over 12%. The central importance of Hong Kong as both inbound and outbound facilitator and driver of investment flows cannot be overstated. More than ever before, this involves mainland Chinese companies going international. The

British Consulate works closely with business advisers and multipliers in Hong Kong because of the important role they play in the placement of investment. Working with partners in Hong Kong to help Chinese companies enter the UK and also to engage with UK and European capital markets is becoming an increasingly important part of our approach. Earlier in the year we held a ‘Deal makers’ Summit with The Commercial Secretary of the Treasury, Lord Deighton where over 100 attendees heard from investment experts about how to enter the UK market. While the Mayor is in town, we are working with Deloitte and Freshfields Bruckhaus Deringer to present large London real estate development opportunities to Hong Kong and mainland developers. If you are a British company interested in becoming involved in our HVO programme, or a local company that would like to know more about what the UK has to offer, or if you are a Chamber member supporting investors to enter UK or European markets, please contact UK Trade & Investment at the Consulate. We would like to ensure that you are included in our activities to help investors in the UK gain access to Government support, and to help UK companies access the High Value Opportunities in Hong Kong. For more information about UK Trade & Investment visit: www.ukti.gov.uk Or send us an email to: commercial@bcg.org.hk

Business

The British Chamber of Commerce welcomes the launch of the SME Marketplace The British Chamber of Commerce has an active SME Committee which provides a large support network to SMEs and start-ups in Hong Kong. It represents the needs and interests of the start-up and SME membership of the Chamber. As a Chamber we are dedicated to providing support and inspiration for entrepreneurs in Hong Kong through a number of services such as the “Smart Tips for Small Business” series sponsored by CBRE, our regular networking events and our Business Angel Programme which has been running for over six years now. Continually striving to increase the level of support available for small businesses, the Chamber launched a Start-up membership category in 2011 offering reduced membership fees to Hong Kong registered companies which have been incorporated for less than 3 years. Since the introduction of this membership category, the Chamber now has almost 70

Start-up members and the number continues to grow proving the increasing significance of small businesses in the broader Hong Kong community as well as within the Chamber. With such dynamic growth in this sector of the Chamber’s membership, the SME committee began to consider other initiatives which would support the Chamber’s mission of being the place “where business gets done”. Start-up members represent a broad range of industries, from travel to fashion, coaching to IT consulting, yet the challenges faced by SMEs are common to all – lack of time, lack of money, lack of support, banks don’t like you and the government doesn’t understand you. The hurdles an entrepreneur faces often seem insurmountable. Be it accessing capital to help the company to grow, finding affordable and suitable property to house the business, marketing, hiring, training, bookkeeping, setting up the right IT systems, understanding the legal requirements of running a business, writing contracts, enforcing contracts, getting paid – the challenges are plentiful and affordable support it seems, is scarce. While government organisations such as HKTDC and InvestHK are hugely helpful in terms of introductions and getting started, there is less effective government support when it comes to finding financing – the key challenge common to all start-ups. Bank regulations are strict, SME funding projects are too slow to be of use to a start-up and of course, bigger companies focus their sales on other larger corporations who are likely to provide longterm business and at higher rates. Yet the force and dynamism of the SME sector in Hong Kong cannot be denied – the surge in start-up membership indicates the shift in the HK business environment itself. Throughout the Smart Tips series, we have seen a lot of interest in SME issues. The events are regularly sold-out,

Britain in Hong Kong

indicating the level of interest and thirst for knowledge which characterises this sector. Attending these events, we witness the deep level of interest in furthering knowledge and skills but we also witness the potential and the knowledge already found within the SME sector. Connecting those with knowledge and skills to those that demand the same is a tremendously powerful opportunity and with that thought, the SME Committee with support of the British Chamber is working to launch the SME Marketplace initiative.

services for our members, the number of service sectors marketed online will be limited at first. We have identified a number of areas which we believe is where SMEs are lacking the most support. These include: • • • • • • • • •

Accounting Tax & Basic Financial services Legal Advice IT Advice HR Marketing Management Consultancy/ Coaching & Mentorship Insurance/Healthcare Business Services/Property

Criteria

What is the SME Marketplace? 2014 will see the launch of the SME Marketplace which will be a go-to resource centre for SMEs in need of professional support. It will provide a platform of unique and affordable services and offers for SME and Start-up members of the Chamber. Working through a specially designed online portal (which is currently being created) as well as through a series of special events, the SME Marketplace will connect service providers with the SME community within the Chamber. A central hub, the SME Marketplace will allow service providers (who are members of the Chamber) the opportunity to reach out to the SME membership by offering preferential rates for professional services. Such rates will be structured around a ‘subscription service’, a lower-rated ‘retainer’ or simply a special, unique, discounted fee for a variety of services. The offers will be marketed online as well as through networking events which will allow companies to showcase their products and special offers while meeting and mingling with the SME membership. The key objectives are to allow current members to promote their services for SMEs and increase their visibility – free of charge. With such an attractive offer we also seek to encourage new SME and Start-up members to join the Chamber from within Hong Kong as well as from the UK.

What are we looking for? We are looking for service providers, who are members of the Chamber, to get involved!  In order to provide the best

Service providers must meet certain criteria in order to market their offers through the British Chamber's SME Marketplace. Firstly they must be a member of the British Chamber. Secondly, their offering to the Chamber’s SME community must be unique, not an offer which is available through other channels.

What will you receive? In return for providing a unique offer to our SME and start-up members, we will provide free marketing and visibility to the service providers which includes a networking event which will allow them to showcase their services and offers directly to the SME membership during a fun and informal networking event. They will also receive the following: • Complimentary logo placement and a short paragraph detailing the offer on the British Chamber's website • A dedicated page in the member’s section on the British Chamber’s website the offer with a click-through to a URL of choice • Potential new business through Start-up and SME members of the Chamber For our SME and Start-up members we hope that the SME Marketplace will be the one-stop, go-to resource for them whenever they need access to affordable expertise. We aim to attract more SMEs to the Chamber through this initiative as well as to help forge meaningful connections between all SME members and their larger counterparts. For more information on the SME Marketplace or the SME Committee please contact Viktoria Kish at kish@studyprograms.com or Emily Ferrary at emily@britcham.com

Britain in Hong Kong

Business

On Hong Kong’s Booming Start-up Scene

Mark Clift, Chief Operating Officer, Hong Kong Cyberport Management Company Limited

ICT startups in Hong Kong are on the rise. According to member figures released by startupshk.com, a community of local tech startups and entrepreneurs, its members have soared from just 6 in 2009 to 5,000 by 2012 and counting. A similar phenomenon is observed by Cyberport’s funding and incubation programmes, which have seen a surge in applications, indicating a growing interest in the field. Forbes even identified Hong Kong as one of the hottest startup environments outside of Silicon Valley and Silicon Alley. What are the advantages of starting up in Hong Kong? And what can ICT, or Information and Communication Technology, startups expect from the city? From a macro-perspective, many of Hong Kong’s advantages are readily apparent: a population closely in touch with global ICT trends; favourable government policies and spending that support entrepreneurship and growth in the tech sector; world- and region-leading networked readiness (14th in the world and 4th among Asian countries, as recognised by the World Economic Forum); and a business friendly environment – with a competitive and simple tax rate, free flow of information, and strong rule of law, among others – all these provide the ICT industries a propitious environment to thrive. Not to mention Hong Kong’s privileged access to the Chinese mainland market and established network in international markets. But as with all startups, ICT or otherwise, the process often involves going up an S-curve – between the initial idea/

unique proposition and getting a foothold in the commercial marketplace comes a steep ascent where the startup strives to actualise and capitalise on their offerings, and move up the curve, or risk losing out and falling back to the drawing board. For ICT, with a world of increasingly tech-savvy players entering the scene, and the advance in cloud computing and cloud-based solutions lowering the cost and barrier of entry into the marketplace, this ascent is becoming steeper and lengthier. Also, recent trends show that Hong Kong’s neighbouring cities such as Singapore, Taiwan, and Korea are stepping up their efforts, each vying to become an ICT centre or even the Silicon Valley of the region, constantly announcing new public and private initiatives and offerings targeted at helping develop the startup scene and attracting talents. This makes having the right support in place to help the ICT startups move up the S-curve ever more critical for Hong Kong to cultivate its own startup scene, attract and retain talents, and reap the economic benefits startups bring, no matter if it is in revenue, job creation, socio-economic development, or expanding the footprint in the global and regional ICT domain.

Business

But what do Hong Kong’s ICT startups need? For one thing, seed funding. Hong Kong’s investors have invested and continue to invest mostly in finance and real estate, making securing funding to get creative ideas or nascent ICT projects off the ground not easy. Then there are also the needs for concept and business development support; peer, client, and investor networks; facilities access; promotion guidance; and pathways into markets, etc. And what can Hong Kong offer? After over a decade of development, Hong Kong has already laid a good deal of groundwork in supporting these needs, including different types of incubation programmes (most notably those offered by Cyberport and Hong Kong Science and Technology Parks), government funding schemes, networking communities, and co-working spaces, which are all growing and evolving. Among all the providers, Cyberport, set up by the Hong Kong government with a mandate to establish Hong Kong as an ICT hub, boasts one of the city’s most comprehensive suites of offerings for ICT startups. Over the years, it has fostered an ICT community with like-minded individuals and industry players; established in-roads into other markets and resources in places such as the Chinese mainland, US, and Japan; and developed a range of supporting initiatives targeted at helping ICT startup and development. These include the financial assistance, support, and p ro f e s s i o n a l s e r v i c e s p ro v i d e d b y C y b e r p o r t ’s Entrepreneurship Centre through its Cyberport Creative Micro Fund Scheme (CCMF) and Incubation Programme. The CCMF is a scheme launched in 2011 to provide seed funding of HK$100,000 to each company engaged in ICTrelated products or services concept and prototype development over a six-month period. The fund is open to professionals and university-level startups from Hong Kong and, through the ICT Young Entrepreneur Programmes coorganised with Shenzhen and Guangdong, joint student ventures between the two cities and Hong Kong. Some CCMF grantees then graduate into the more comprehensive and intensive 2-year Incubation Programme, which offers rent-free A-grade office space, advanced ICT facilities and resources, business support, mentoring and training in entrepreneurship and technology, and other services to help participating startups turn creative ideas into business undertakings or commercial products. Both programmes have made remarkable achievements. For the CCMF, since the scheme’s pilot project in 2009, 63 projects were awarded with 33 projects completed as of March 2013, and 22 grantees were admitted to the Cyberport Incubation Programme. For the Incubation Programme, as of March 2013, a total of 189 companies have been admitted into the programme since its inception in 2005, in the process creating almost 1,000 job opportunities, winning 125 industry awards,

generating 111 intellectual properties, and attracting over $60 million in angel investment funding. One of the most shining examples of success of the Incubation Programme comes from an incubatee, who developed a mobile app for basketball coaching. The app, with numerous awards, was also ranked number 1 paid sports app across iOS and Android platforms in the app stores of US and Canada. The app is being used by NBA teams in their training and games. “Other Cyberport offerings include the Investment Readiness Boot Camp, providing intensive training on business development and marketing strategy to incubatees, helping them prepare to pitch to angel investors; and the SmartSpace, offering ready-built workspaces and facilities with a flexible rental period and a comprehensive fixed rental rate to local and overseas SMEs looking to scale their businesses in Hong Kong. The latter is particularly timely as demand for co-working space is soaring in Hong Kong, growing 100 times in just the past 12 months,” said Mr. Mark Clift, COO of Cyberport. Statistics collected by the government’s Census and Statistics Department indicate that the Computer and Information Technology Services generated a value added of $20.5 billion in 2011, accounting for 1.1% of that year’s GDP. Hong Kong’s ICT scene is only beginning to bear fruits and there is still much scope for development. With the explosive growth of startups and the strong and constantly enhancing support by the government and other related agencies for startups, stories, and even shinier stories, like those of the Cyberport incubatees are going to become more prevalent. Their impact on the wider Hong Kong economy should not be missed.

Business

Get Close to Customers and Replace Fear with Co-Creation! Scott Lee, Managing Director, ABN Impact

A range of factors make innovation a challenge: overly cautious company cultures, internal and external regulations, pressure for results under budget and speed constraints â&#x20AC;&#x201C; to name a few. Therefore, many companies are embracing creative workshops to collaborate directly with their customers and transform their corporate culture.

Connecting to the heart of creativity The starting point is to create awareness of the difference between the operational world (the world of today with known solutions) and the innovation world (the world of tomorrow, within unknown solutions). The operational world is the everyday where we are concer ned with rules, procedures, and yes/ no decisions. The innovation world is about dreaming, experimenting with ideas, and developing them into solutions.

Open the mind with a safe climate A good start is to build awareness of positive climate generators. In an adversarial climate people focus on the self, they avoid speaking up, they can be defensive and argumentative. This type of climate is fatal to innovation. In contrast creativity flourishes where team members deploy their energy on the task rather than on the self. Participants are in the moment, open to being experimental and cooperative.

Train people to make new connections In normal, everyday problem solving, we typically use less than 10% of the capacity of our brain. To make a new breakthrough, we need to help people access the full associative and unconscious power of their brain when making new connections.

Britain in Hong Kong

The tools used in workshops are like little mental gymnastics, that the more people practice and use, the more they can access the full power of their brain. Random words, objects, images are all commonly used in creative workshops to create valuable mental excursions.

Co-create your way out of the pit In most creative workshops there is a focus on a problem owner or opportunity seeker, who will celebrate if t h e p ro j e c t i s a success. This person often has the most knowledge of the area in which w e a re w o r k i n g . This can be helpful, but sometimes the more you know the more you “know” what is not possible! Inviting external people to workshops with no knowledge can help clients to “get out of the pit”. Co-creation is the term given to inviting customers or consumers to a workshop to create new ideas directly with client. When asking customers to collaborate in these ways it is important to level with them and create a sense of one team working together. However, don’t make them an expert in your problem; otherwise they fall into the pit with you!

Springboard from nonsense to solutions Many companies trying to be innovative brainstorm directly to finished solutions. More often than not the solutions they come up with are things they have done before or are already in the market. A creative process deliberately spring boards from nonsense to making sense of non-sense! Participants capture all the little thoughts that pop up into their heads, however silly, seemingly irrelevant or even immoral. Usually people selfcensor these, but by asking them to repeatedly write down these brainwaves we capture valuable unconscious connections. These act as springboards for new connections.

It is important to encourage teams to further develop intriguing or exciting ideas, which they have no idea at that stage of how they can make. It’s easier to build feasibility into a new idea than newness into a feasible one. “Itemised response” helps to nurture great ideas: First ask which elements of this idea you like (plus, plus, plus). Then, imagine if you went for this idea, what roadblocks to success do you see? But phrase them as positive “How to ..?” statements that challenge us to make the concept feasible. The principles of creativity are just common sense, but unfortunately common sense is not common management practice. People just need a little help to bring these skills back to life and to bake creativity into the DNA of their company culture.

Scott Lee ABN Impact I 2201 Times Square Tower 2 I 1 Matheson Street , Causeway Bay , Hong Kong Tel: +852-3753-8847 Mobile: +852-6290-7123 scott.lee@abnimpact.com web: www.abnimpact.com

Business

New Guidance on Beneficial Ownership of Dividends Reaffirms Hong Kong’s Preferential Position for Doing Business with China Laurence Van der Loo and Daniel Booth, Vistra Hong Kong

Hong

Kong has always enjoyed the most advantageous business, tax and legal environment for doing business with China: it enjoys highly favorable Double Tax Treaty (“DTA”) rates of withholding taxes on dividends, interests and royalties and the Closer Economic Partnership Agreement (CEPA) provides Hong Kong companies preferential access to the Chinese market. This unique position of Hong Kong has now been enhanced through the recent issuance by the Chinese State Administration of Taxation (“SAT”) of Circular 165, clearly defining the beneficial ownership (“BO”) requirements for Hong Kong companies under the China-Hong Kong DTA. Indeed, being the Beneficial Owner of dividends received from China is a prerequisite for enjoying the preferential dividend withholding tax rates on dividends received from China under any DTA with China. Circular 165

is groundbreaking in that Hong Kong is the only treaty partner for which the SAT has set out such explicit clarifications on what constitutes beneficial owner of dividends paid out of China. Circular 165 is only relevant to Hong Kong applicants and therefore enhances once again Hong Kong’s unique position for doing business with China.

Background Under Chinese tax treaties, a nonresident company is eligible to benefit from the reduced dividend withholding tax rate on dividends (5% under the HK-China DTA) received from China, subject to (amongst other criteria) the Hong Kong company being the Beneficial Owner of the dividends. In 2009, the SAT, issued Circular 601, which listed a set of ‘negative factors’ that could adversely affect an applicant’s status as a beneficial owner. As a response to the many enquiries from the local SAT offices with respect to whether Hong Kong companies can be regarded as the BO of dividends received from China under the ChinaHK DTA, the SAT issued Circular 165 in April 2013, providing more guidance and a relaxed interpretation of Circular 601 and Bulletin 30 (Safe Harbor rules) in the case of Hong Kong applicants.

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Interpretation Negative factors under Circular 601

Further interpretation in Circular 165

Negative factor 1 The applicant is obliged to pay the whole amount or a substantial part of the received dividends to a third party within a specific time period

If the dividend is distributed by the HK applicant to another HK company, than this does not constitute a negative factor.

Negative factor 2 The applicant has no other business activities other than the investment from which the dividends are received

Negative factor 3 The assets and number of employees of the applicant are not commensurate to the scale of the investment from which the dividends are received

Negative factor 4 The applicant has no decision power or control over the dividends received

• Investment is now also being regarded as an approved ‘business activity’ • Single investment holding HK companies have the possibility to prove their substance and BO status • Assets are not equal to the registered capital. Instead, all sources of funding should be taken into consideration • Instead of merely looking at the number employees, their roles, responsibilities and risks undertaken should be taken into consideration The mere fact that the HK company is owned by another company, should not lead to the denial of the BO status. Instead, the HK applicant should prove its decision power and right to control the income (Articles of Association), prove that it has exercised such power in the past and at its own discretion

Negative factor 5 The applicant is based in a jurisdiction applying zero-tax or a low tax rate on dividend income

The territorial tax regime of HK is not in itself a negative factor.

Bulletin No 30 – Safe harbor rule

Further interpretation in Circular 165

If the applicant is a listed company, than it will automatically be granted the BO status. This also applies to applicants that are directly or indirectly owned by a listed company in the same jurisdiction.

• the Safe Harbor rules are relaxed and may also apply in the case where there is a non-HK intermediary company in between the applicant and the ultimate HK listed parent company. • In case the HK applicant fails the Safe Harbor rules, than the applicant is still entitled to apply for the BO status through the normal process.

Also, Circular 165 contains guidelines in order to ensure that the similar applications by the same applicant with different regional tax bureaus would be treated consistently. Also, the Circular confirms the “totality of facts” approach, meaning that the existence of one negative factor should not necessarily lead to the rejection of the BO status, but that all facts and elements should be assessed comprehensively.

Hong Kong companies with investments in China should analyse their current operating model, make sure the appropriate supporting documentation is in place and substantiate the investment and management functions undertaken in order to fully support their BO applications and to be able to benefit from the reduced WHT rate under the China-Hong Kong DTA.

A last key point in Circular 165 is the fact that applicants may apply for a reassessment of their BO status in case of change of their business substance.

Conclusion Circular 165 contains guidelines and principles for assessing the BO status of Hong Kong companies receiving dividends from their Chinese investments under the China-Hong Kong DTA and it will certainly be helpful for Hong Kong companies in clarifying their BO status given the relaxation of the negative factors stipulated under Circular 601.

About Vistra Hong Kong With 65 professionals in Hong Kong offering company incorporation services, secretarial services and outsourcing (payroll, accounting and trade), 4 offices in the PRC (Shanghai, Shenzhen, Beijing and Guangzhou), and a strong presence all over Western Europe, Vistra’s dynamic and experienced team is well placed to support and advice companies and individuals to structure their investments into China. Any questions or comments? Please do let us know on laurence.vanderloo@vistra.com or daniel.booth@vistra.com

Business

Is Social Media Really a Good Tool for Recruitment? Louisa Wong Executive Chairman, Bó Lè Associates

Social media is a popular tool, especially for the

assessing a candidate’s fit with the role as well as with

younger generation, to connect, network and reach out

the company, especially with recruiting senior level

for new career opportunities. In a study we conducted in

positions. LinkedIn recently celebrated its 10th anniversary

2012, most respondents use social media for marketing

with the tagline “Imagine what we can do together”. The

the company’s products and services (23%), then 17%

“we” emphasises the importance of familiarity in today’s

use it for announcing news and events and only 14% of

business; familiarity that extends beyond family members

respondents in the region use social media for recruitment

and into friend groups and social circles alike. Hence, we

purposes. With over 1 billion Facebook users and 200

seem to attribute more credibility to applicants who have

million on LinkedIn, social media is obviously a space with

more connections on social media, as we wrongfully

abundant applicants. However, social media is only

assume that their network proves their trustworthiness.

ranked fourth in terms of the quality of applicants, behind

Since it is increasingly a norm to bring the “who-you-

referrals, internal transfers and direct sourcing, but before

know” factor into business, we need to keep in mind that

a company’s own career site. While social media can

while these social networks are connections that are

reach a large audience coverage and is relatively low in

somewhat characterised by mutuality and reciprocity,

cost, we need to understand that those who rely on social

many connections made through social media do not even

media for recruitment purposes all share the same

guarantee a personal meet up; people hastily make

candidate database so qualified candidates who do not

connections and nothing in the virtual world can be

have a social media presence will fall through the cracks.

guaranteed until it has been verified. Despite the fact that

Overall it seems that social media is not a favorable way

these networks are increasingly considered as professional

to handle recruitment issues. So what other channels arise

networks, candidates can easily tailor their profiles so that

as better options?

their weaknesses are hidden from others while their past responsibilities, achievements and experiences are

While collective familiarity adds a subjective element to

blatantly displayed. On the other hand, experienced

supplement the objective competency-based selection

executive search and recruitment professionals are able

processes, personal judgment from recruitment

to undergo reference checks for candidates; this can

professionals should still be taken into consideration when

solidify the credibility of the candidates’ résumé.

Britain in Hong Kong

We now understand that in order to effectively use social

about what they enjoy at work and why they like working

media, we must first select the appropriate social media

at your company. Essentially, this allows you to

channels and then actively engage the audience.

concurrently attract the right talent and advertise your

Moreover, a heavy reliance on social media has led us to

company’s strengths and advantages. Utilise the human

ignore highly qualified but passive candidates. These

capital within your company and have them be

individuals are very likely to be already happily employed

ambassadors – while social media is cost-efficient, it is

and therefore are not looking into making a move any time

still generally more reliable to depend on experienced

soon. For circumstances like these, the impact of posting

professionals for quality hires.

about job openings on social media might have little to no impact at all. While social media’s inherent interactive nature is excellent for attracting active talent, recruiting passive talent requires the help of professional executive

Bó Lè Associates is the largest executive search firm in

search consultants. Executive search consultants are

Asia with a well-developed network of 26 wholly owned

experienced in identifying the most suitable candidate,

local offices worldwide, over 550 staff including

including passive and reluctant candidates, for any given

500+ experienced consultants and researchers, and 50+

role, so they are able to approach candidates and discuss

support staff including Finance and Accounting, IT, in-

future prospects with them, even if it means recruiting

house Recruitment and Training, and Marketing and

across functions or across industries. Sometimes, it takes

Communication specialists. We have been ranked No. 1

an outsider to point out where one can make the biggest

in China and Indonesia and also in the top three in

impact.

Vietnam, the Philippines, and Malaysia. Our core competencies are in handling senior level positions

Despite the limitations of social media, it still stands as

including CFOs, CEOs, Regional Heads, General

a highly suitable tool for supporting recruitment needs.

Managers, and Functional and Business Heads.

If utilised properly, social media can help your companies build your company brand – social media is a great way

Operating since 1996, we have placed over 12,600

for positioning your company as an excellent place to

successful candidates. Our Top 10 Clients are all Fortune

work which will in turn attract candidates. Ensure that

100 companies and have consistently accounted for over

your recruiting efforts are an extension of your brand and

30% of our total revenues. Out of our more than 1,200

make sure that you portray an accurate image of your

clients, 33% are from the consumer industry, which

company so that candidates who apply for jobs at your

includes FMCG, retail, hospitality, while 30% are from

company will know whether they are the right fit.

the financial services sector and 28% are from the

Attracting the right type of talent can improve the overall

industrial sector. Other major sectors include technology,

quality of your new hires, so a relatively inexpensive and

pharmaceuticals, and property.

interactive way to approach this is by letting your employees create short videos and write blog posts

www.bo-le.com

Business

Britain in Hong Kong

China Committee Update

Tim Summers, Chairman, China Committee

Developments in mainland China are one of the major driving forces of the Hong Kong economy, whether in financial services, retail or logistics. Not all Chamber members operate in China, but for many members China is either a significant part of their business, or a market whose apparent potential provides the current focus or next frontier. Given the sectoral breadth of China’s impact in Hong Kong, many of the Chamber’s committees regularly deal with China-related issues. In addition, the Chamber also has a China Committee. How does this fit in? Our overall aim is to support members in understanding the risks and opportunities of doing business in China. We do this in several ways. Firstly, we arrange relevant breakfast and lunchtime briefings on China, to inform members of developments and to act as a forum for discussion and debate. The focus here is mainly on the macro questions of the economy and politics in China, or looking at developing trends (such as outward investment) which cut across many different business and economic sectors. Examples this year include a provocative talk on the Chinese economy by Simon Cox of The Economist newspaper, and a lunchtime seminar on protecting intellectual property in China. Ideas for topics and speakers from Chamber members are always welcome. Secondly, we want to gain a better understanding of the issues facing Chamber members in doing business in China. We can then feed views into the lobbying efforts of our government and other Chambers with whom we are associated, or raise issues ourselves in interactions with government officials. So please let us know of your concerns and if you think we might be able to help, whether they are about intellectual property protection, market access and regulation, or industrial subsidies.

Finally, we are looking to develop closer links with the British Chambers elsewhere in China, starting with BritCham Guangdong. We feel there is scope for joint activities, for exchanging views and contacts, and that this can help those of our members who venture north of the New Territories. It is also worth noting that BritCham Hong Kong members can enjoy member rates for events in Macau! If you are interested in joining the Committee, or have any comments having read this article, please contact the Chair of the Committee, Tim Summers, or the Secretary, Phillippa Cook at phillippa@britcham.com.

“China” is such a vast and disparate topic that it’s easy to get complacent about the level of current knowledge we have of its business opportunities and challenges just because we travel around it from time to time and live in Hong Kong. I find interacting with a wide range of Chamber members and speakers who have very different experiences of China to me to be very valuable: encouraging the China-angle to be considered as part of all the Chamber’s activities will be increasingly important to many, if not most, of us as Members of the Chamber” Bob Charles, Towers Watson “When I arrived in Hong Kong four years ago to establish the new office of Buro Happold, the organisation had very little experience of working in China. Over the next two years through travel, projects, the good advice of China Committee members, and the talks and briefings they organised, I gained confidence that ultimately led to the decision to open an office in mainland China. Today we have 60 people in Hong Kong and 15 in Beijing, and the business is growing from strength to strength.” Matthew Smith, Buro Happold

Business

Sector Dynamics and Region Diversity Impacting Asia’s High Tech Supply Chains

Mark Millar, Logistics Committee Chairman

The dynamics of the high tech sector invariably represent both challenges and opportunities for supply chain practitioners – across the spectrum of brands, manufacturers and logistics service providers. Technological developments, market shifts and rapidly changing consumer behaviours make the high tech sector a rollercoaster ride.

External factors impacting and influencing high tech supply chains Risk Management, Regulatory Compliance and Security are key aspects that have significant impact on supply chain design and execution within the high tech sector. Within the context of an ever changing world, complex global supply chain ecosystems have become vulnerable to volatility, whereby unpredictable events can cause immediate and massive disruption. A recent report found that 68% of companies surveyed had experienced disruption in their supply chain resulting in over 60 days of delays, with six figure USD losses.

Consequently, supply chain risk is progressively more prevalent amongst the C-suite priorities, even becoming an agenda item at the World Economic Forum in Davos. Building supply chain resilience is rapidly becoming a key source of competitive advantage – where Resilience is ‘the ability to recover quickly from change or misfortune’ and companies need to adopt an approach of ‘Expect the Unexpected!’

Sector-specific supply chain strategies include Product, Packaging and Postponement In the high tech sector, supply chain practitioners need to continually consider the balance between seeking the optimum low cost production location whilst having a market presence closer to the rapidly expanding consumer markets. The rapid development of new features and deployment of the latest technology differentiates their products and shortens the product life cycles, whilst speed-to-market drives competitive advantage. Effective and efficient supply chain ecosystems are therefore critical for high tech companies to thrive in this massively competitive sector. Flexibility, agility and resilience are critical components of success.

Britain in Hong Kong

In addition to companies seeking lower cost alternative modes of transportation, changes to the physical configuration of the product and packaging of high tech products are also impacting the air freight sector – by reducing the size, weight and volume of air cargo shipments. Product: form-factor changes, whereby high tech products become smaller in size and weight even as they become bigger in features and functions, will continue to impact supply chains. Reflect on the ongoing changes to the shape, size and weight of your digital handheld devices – handphones, digital cameras, storage drives, music players, laptop PC’s and tablets. Packaging: environmental impact awareness is increasing consciousness and influence of how decisions on packaging shape size and materials can reduce waste and increase recycling opportunities, again shrinking the size and weight of digital products, again impacting the configuration and execution of high tech supply chains. Postponement: as demand variability exacerbates forecast inaccuracies, and economic volatility increases risk of obsolescence, more high tech companies are adopting postponement strategies. This typically involves bulk shipment of generic versions of the product to in-region distribution centres, pending final configuration, which can then be done in response to actual end-user demand and destination configuration parameters – think country specific power supplies, instruction manuals, software, labeling and packaging. Particularly relevant for the high tech sector, such postponement strategies also enable late-stage customisation options – for example loading the products with the latest release of software and/or firmware as the last step before final delivery, thus ensuring the customer is receiving the latest version of the product. These supply chain strategies empower high tech companies to provide rapid response to customer demand, improve inventory utilisation, and lower their risk of obsolescence.

Regional Diversity across Asia provides both Challenges and Opportunities Overlay these high-tech sector-specific complexities with the huge diversity across the Asia region – comprising the full continuum of emerging, developing and developed markets and encompassing widely varying levels of sophistication and maturity in their supply chain and logistics landscapes, infrastructures and capabilities – results in complex and diverse supply chain challenges and opportunities for high tech companies.

This regional diversity throughout the Asia region is demonstrated in the Enabling Trade Index compiled by the World Economic Forum (WEF). This report assesses multiple factors that enable trade and measures economies across four broad categories: Market Access, Border Administration, Transport & Communications Infrastructure and Business Environment - each with various sub-dimensions that impact trade facilitation and therefore enable or inhibit a nation’s ability to benefit from trade. The resulting Enabling Trade Index ranks 132 economies from around the world. Countries from Asia span the whole range of the index – with Singapore and Hong Kong being ranked globally as number one and number two, but with several Asian economies also being ranked outside and below the top 100. This wide range of rankings just confirms and reflects the massive diversity across our region, thus reinforcing the supply chain challenges for high tech companies in servicing these diverse and complex markets. However, the Emerging Markets within Asia will be the fastest growing of all the world’s emerging markets. Asia will become home to 66% of the world’s middle class by 2030 and the region as a whole will account for 50% of global GDP growth through 2050.

Conclusion So we are firmly in The Asia Era – this is the place to be for growth and prosperity through the foreseeable future. High tech companies therefore need to embrace the complexity and engage the knowledge and networks needed to overcome the supply chain challenges in order to embrace the smorgasbord of potential new business opportunities.

Mark Millar provides value for clients with independent and informed perspectives on their supply chain strategies in Asia. His series of ‘Asia Supply Chain Insights’ presentations, consultations, seminars and corporate briefings help companies to improve their understanding of the complex landscapes, make better informed business decisions and increase the efficiency of their global supply chain ecosystems. Clients have engaged Mark as Speaker, MC, Moderator or Conference Chairman at more than 300 events in 20 countries. The Global Institute of Logistics recognise him as “One of the most Progressive People in World Logistics”. London based business publisher Kogan Page have recently commissioned Mark to write the book entitled “Global Supply Chain Ecosystems”, due for publication in 2015. Mark serves as Chairman of the Logistics Committee at the British Chamber of Commerce in Hong Kong. mark@markmillar.com

Lifestyle

Maldives Love the idea of a holiday in the Maldives? Well it just got a whole lot easier with Cathay Pacific commencing direct flights from Hong Kong to Malé on October 27th. Lightfoot Travel feature a handpicked portfolio of properties around the Maldives including romantic getaways for couples, child-friendly resorts for families, and even a luxury super yacht for savvy divers. Here is a list of our top picks for every type of traveller. Nikki Pang, Regional Marketing Manager, Lightfoot Travel (HK) Ltd

One&Only Reethi Rah This all-villa resort is an exclusive and spacious private escape. Its proximity to Malé makes it extremely convenient for families with babies or younger children, and the resort’s facilities for kids are really second-to-none. The KidsOnly Club has its own pool and restaurant with activities that include tennis and swimming lessons, sushi-making and even special day trips for those hard-to-please teenagers. There are also a range of excursions for the whole family including diving, dolphin spotting tours, big game fishing charters and sunset sails on traditional Maldivian dhonis. The resort is comprised of 130 thatched-roof beach and overwater villas. Spa treatments can be enjoyed in an overwater suite, and there are yoga, tai chi and pilates classes available. Dining options include a specialty Japanese restaurant over the sea, and a boho-chic, sand-between-the-toes restaurant set up on the beach featuring Arabian delights. Best for: Those looking for excursions for the whole family, as well as kid-only activities so parents can indulge in some pampering and relaxation as well.

Maalifushi, by COMO The newest addition to the Maldives, Maalifushi, by COMO is set to open in December of this year. Located in the pristine Thaa Atoll, Maalifushi is situated near impressive surf breaks, a string of uninhabited nearby islands, and an area where whale shark sightings are common. Maalifushi consists of 66 overwater and garden villas and suites, all with equally spectacular views: either of lush expanses where children can play, or directly out to sea which is ideal for couples. For those looking forward to the resort group’s award-winning spa facilities, the COMO Shambhala Retreat at Maalifushi will not disappoint. There are eight overwater, ocean-facing treatment rooms, steam rooms, pool, and an open air yoga pavilion. The resort is now open for bookings. Best for: Those interested in health and wellness, who like being ahead of the curve in terms of discovering new properties.

Britain in Hong Kong

Gili Lankanfushi Gili Lankanfushi is the epitome of barefoot luxury. Located just 20-minutes by speedboat from Malé, this resort was the first to offer overwater villas and is set in one of the largest lagoons in the Maldives. The 45 luxurious villas are seriously oversized, and some are on private islands only accessible by boat – you can’t get any more secluded than that! The resort also features its own PADI diving school and a range of other watersports, activities, tennis courts and a freshwater swimming pool. The spa also has a glass floor so you can watch the fish swim by below as you indulge in your treatments. Gili Lankanfushi follows a ‘no shoes, no news’ philosophy. Essentially, guests are encouraged to kick off their shoes, leave their computers at home, switch off their iPhones, and really embrace the laidback, stress-free nature of island life! Best for: Honeymooners and couples who love rustic luxury and are looking to really switch off and enjoy their time away from the rest of the world.

Four Seasons Explorer For those looking to really explore this island nation in style, why not cruise around aboard a super yacht? The Four Seasons Explorer is a floating resort with 10 spacious state rooms and the ultra-luxurious Explorer Suite, all decked out with contemporary teak furnishings and Indian fabrics with stunning views from their large port windows. And true to name, the Explorer offers the same exquisite levels of service that have come to be known of Four Seasons Resorts. Dive enthusiasts will love the fully-equipped onboard PADI dive centre offering 3 dives per day. The Explorer is the fastest-cruising liveaboard in the Maldives, giving guests access to some of the country’s most secluded dive spots – channel dives with sharks and rays, cleaning stations, wrecks, and coral overhangs. There is also a spa therapist onboard for some post-dive pampering. Best for: Sailors, divers, and restless sea-lovers who can’t bear to be tied down to one location.

To celebrate the launch of direct flights from Hong Kong to the Maldives, Lightfoot Travel is giving away 4 nights for two persons at One&Only Reethi Rah. Sign up to enter at www.lightfoottravel.com/one-and-only-reethi-rah-giveaway. The winner will be announced by lucky draw on October 31st, 2013.

Sterling Membership with the British Chamber of Commerce Since establishing the Sterling Membership category in 2011, the British Chamber now has 17 companies who have become Sterling Members of the Chamber. The Sterling Membership provides an added-value package with high-level privileges available to an exclusive group of member companies. This gives us an opportunity to build even stronger partnerships with our key supporting members and provide benefits which are not otherwise available. If you are interested in learning more about our Sterling Membership please contact Phillippa Cook, Business Development Manager, phillippa@britcham.com. Latest News from our Sterling Members:

Barclays is a global financial institution with over 300 years of history and expertise in banking, with a rich legacy of innovation and expansion. A pioneer in international tradefinance and retail banking, Barclays introduced the world’s first automated teller machine.  International banking has always been part of the way of life at Barclays; the Hong Kong branch opened in 1972, now expanded to provide corporate and investment banking and wealth management services.  Barclays has brought the excitement of the Barclays Premier League to the Hong Kong Stadium three times in the last decade through the Barclays Asia Trophy, most recently in July 2013.  Barclays also invests in the local community, funding skills-based programmes in support of sustainable economic growth.

Baker & McKenzie defined the global law firm of the 20th century and is redefining it to meet the needs of the global economy of the 21st century. As one of the leading and largest international law firms in Hong Kong and China, we provide dedicated legal services to multinational companies and domestic corporations doing business in China as well as to Chinese SOEs and regional corporations doing business in the region and internationally. With our diverse capabilities and experience, we partner with our clients to manage risks and seize opportunities in today’s complex, ever changing global economy through strategic advice, innovative approaches and practical solutions. For further information, please visit www.bakermckenzie.com/china.

BT is one of the world’s leading communications services companies.  Serving 7,000 corporate and public sector organisations in over 170 countries, BT provides network IT services to organisations across all industries including Unilever, Standard Chartered Bank, DHL, HTC and HSBC.  BT has been operating in Asia Pacific for 27 years, with headquarters in Hong Kong and employs over 3000 people across 21 offices.  We are actively involved with the British Chamber in Hong Kong and participate on many of the committees and programmes.  Three years ago, we made an investment to double the size of our business across the Asia Pacific region and having done this are now investing again.

Britain in Hong Kong

CLP Power Hong Kong Limited (“CLP Power”) is the Hong Kong utility subsidiary wholly owned by CLP Holdings Limited, a company listed on the Hong Kong Stock Exchange and one of the largest investor-owned power businesses in Asia. CLP Power operates a vertically integrated electricity supply business in Hong Kong, and provides a highly reliable supply of electricity and excellent customer services to 5.8 million people in its supply area.

Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients in multiple industries. With a globally connected network of member firms in over 150 countries, Deloitte has in the region of 200,000 professionals, all committed to bring world class capabilities and deep local expertise to help clients succeed wherever they operate. Subject to local applicable laws, Deloitte has nearly 13,500 people in Greater China working on a collaborative basis in 21 offices: Beijing, Hong Kong, Shanghai, Taipei, Chongqing, Dalian, Guangzhou, Hangzhou, Harbin, Hsinchu, Jinan, Kaohsiung, Macau, Nanjing, Shenzhen, Suzhou, Taichung, Tainan, Tianjin, Wuhan and Xiamen. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity.

EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organisation, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organisation, please visit www.ey.com.

Grosvenor is a privately-owned international property group with regional investment and development businesses in Britain & Ireland, the Americas and Asia Pacific. We are currently launching a new development partnership focusing on high-end residential development projects across Tokyo, Hong Kong, Shanghai and Beijing. Separately, we are also looking to develop high-quality office and mixed-used assets to be held for a period of 20-30 years. We have recently launched The Westminster Roppongi in Tokyo, an outstanding residence located in the heart of Roppongi Hills. This is the first in a new portfolio of luxury branded residential projects in Asia, of which our most recent acquisition in Hong Kong, Monterey Court in Jardine’s Lookout, will also be a part.

HSBC was founded in 1865 to promote trade between Asia and the west, and although technology has transformed the mechanics and scope of our business, we remain committed to the same fundamental principles, connecting our 55 million customers in more than 80 countries to each other and to new opportunities. In that spirit, we have been at the forefront of helping clients reap the benefits of China’s economic liberalisation, and the internationalisation of the renminbi in particular. HSBC was voted best offshore RMB bank in Asiamoney’s survey again this year, and, as China continues to accelerate its deregulation of the capital markets, we will continue to use our unrivalled knowledge to help our clients access the potential of the world’s most dynamic economy.

Jardine Matheson is a diversified business group focused principally on Asia. The Group’s interests include Jardine Pacific, Jardine Motors, Jardine Lloyd Thompson, Hongkong Land, Dairy Farm, Mandarin Oriental, Jardine Cycle & Carriage and Astra International. These companies are leaders in the fields of engineering and construction, transport services, insurance broking, property investment and development, retailing, restaurants, luxury hotels, motor vehicles and related activities, financial services, heavy equipment, mining and agribusiness.

J.P. Morgan is a global leader in financial services to corporations, governments, for-profit and not-forprofit institutions and wealthy individuals. Through the Private Banking franchise at J.P. Morgan, the firm delivers customised wealth management advice and solutions to wealthy individuals and their families, leveraging its broad capabilities in investing, tax and estate planning, family office management, philanthropy, credit, fiduciary services and special advisory services to help its clients advance toward their own particular goals. J.P. Morgan Private Bank has been named as Best Private Bank in Asia by The Asset magazine from 2011-2013, Best Private Bank in Asia for ultra-high-net worth individuals, Best Private Bank in Hong Kong in 2013, and named as Best Private Bank in Asia in 2013 by Wealth Briefing Asia. J.P. Morgan Private Bank has also been named as Best Private Bank for ultra-high-net-worth individuals in Hong Kong from 2011-2013 by Euromoney.

Jones Lang LaSalle (NYSE: JLL) is a professional services and investment management firm offering specialised real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide.  The firm has over 50 years of experience in Asia Pacific, with over 26, 100 employees operating in 79 offices in 14 countries across the region. The firm was named ‘Best Property Consultancy’ in nine Asia Pacific countries at the International Property Awards Asia Pacific 2012, in association with HSBC, and was named the number one real estate advisory firm in Asia Pacific in the Euromoney Real Estate Awards 2012.

KPMG is a global network of professional firms providing audit, tax and advisory services, with an industry focus. We operate in 156 countries and have 152,000 people working in member firms around the world. We use our expertise and insight to cut through complexity and deliver informed perspectives and clear solutions that our clients and stakeholders value. Today, KPMG China has around 9,000 professionals working in 14 offices; Beijing, Shanghai, Shenyang, Nanjing, Hangzhou, Fuzhou, Xiamen, Qingdao, Guangzhou, Shenzhen, Chengdu, Chongqing, Hong Kong SAR and Macau SAR. With a single management structure across all these offices, KPMG China can deploy experienced professionals efficiently and rapidly, wherever our client is located.

Britain in Hong Kong

Prudential Corporation Asia has launched its new regional brand campaign ‘I am Prudential’, which brings its “listening” brand to life. The campaign spotlights its well trusted team of agents, showcasing their life stories of harnessing the power of thoughtful listening and understanding to help fulfil their customers’ needs and become part of their every day lives. Featuring TVCs, print advertisements and digital elements, the campaign will be progressively rolled out across the region in 2013 and 2014. Prudential also unveiled “Life’s Little Secrets”, a unique social media platform for sharing and connecting. Through the platform www.lifeslittlesecrets.com, people can create and share with one another inspirational life stories and messages on different topics, including health, relationships, career and children.

PwC helps organisations and individuals create the value they’re looking for. And that means staying ahead of the market and providing the right services to our clients at the right time. PwC combined its existing Capital Market Services Group/IPO Centre, Accounting Advisory Services and Accounting Consulting Services into a single unit – Capital Markets and Accounting Advisory Services or CMAAS. By combining our expertise in capital markets, business advisory, technical accounting and financial reporting into one group with clear accountability, PwC is in a better position to mobilise resources, deliver distinctive and relevant service, eliminate duplications and react to market needs more quickly.

John Swire & Sons (H.K.) Ltd. holds 44.46% of publicly quoted Swire Pacific Ltd., which operates under five divisions: property, aviation, beverages, marine service and trading & industrial. Under its Property Division, Swire Properties Inc. has recently paid over US$64 million to acquire a 1.55 acre site in Miami, Florida, which it plans to incorporate into Brickell CityCentre, its US$1 billion mixeduse development in the heart of Miami’s Brickell district. Phase One of the project is currently under construction and will include a luxury shopping centre, two residential towers, a hotel, wellness centre and Grade A offices. It has also reached agreement with Swire Hotels to make EAST the flagship hotel at the development; this will be the EAST brand’s first US hotel. Completion is scheduled for the latter half of 2015.

Standard Chartered Plc, a leading international banking group, has an extensive network in 70 markets. It has operated for over 150 years in some of the world’s most dynamic markets and earns around 90 per cent of its income and profits in Asia and the Middle East. Recently Shenzhen International Holdings Ltd and Standard Chartered Bank (Hong Kong) Ltd jointly announced the signing of a one-year RMB100 million Qianhai cross-border bilateral Renminbi loan agreement, marking the beginning of a new collaboration between both parties. Furthermore, Standard Chartered recently added Taiwan into Standard Chartered Renminbi Globalisation Index, reflecting its growing offshore Renminbi businesses, driven by rising Renminbi-denominated crossborder payments and constantly fast-growing offshore Renminbi deposits. Bolstered by Taiwan’s inclusion coupled with strong market momentum in other offshore centres, the index hit 1,112 in July, up 5.1% from the previous month and 65% year-on-year.

Zurich Insurance Group (Zurich) is a leading multi-line insurance provider with a global network of subsidiaries and offices in Europe, North America, Latin America, Asia-Pacific and the Middle East as well as other markets. It offers a wide range of general insurance and life insurance products and services for individuals, small businesses, mid-sized and large companies as well as multinational corporations. Zurich employs about 60,000 people serving customers in more than 170 countries. The Group, formerly known as Zurich Financial Services Group, is headquartered in Zurich, Switzerland, where it was founded in 1872.

Events

The Jones Lang LaSalle and British Chamber YNetwork

5-a-side Corporate Football Tournament 2013

Wednesday 28th August saw the return of the annual YNetwork Corporate 5-aside football tournament held at the Hong Kong Football Club. The event sold out in 2 days and 16 teams were involved in a nail biting series of matches, with some spectacular ability on show. From the night, congratulations must go to Howse Williams Bowers who managed to fend off Hays to take home the plate, and in the cup competition it was CBRE that claimed the honours after an incredible final with AGS Four Winds. After the football, players and supporters enjoyed a well deserved drink and dinner buffet put on by the Hong Kong Football Club to celebrate their efforts and performance. We would like to extend a huge thank you to all the players and supporters that attended this year. The British Chamber sincerely appreciates your continued support of this event which has now become a favorite in the YNetwork calendar. Also we would not be able to continue this hugely popular event without the support of our sponsors Jones Lang LaSalle. So a huge thanks to them for their fantastic backing of this event over the last 8 years. Thank you again and we look forward to seeing you next year. For more information about YNetwork events, please contact Lucy Jenkins on lucy@britcham.com

Britain in Hong Kong

2013 British Chamber of Commerce & Standard Chartered Bank Annual Ball 2013 Thank you to everyone who joined us at the Grand Hyatt on Friday 13th September for the Standard Chartered Bank and the British Chamber of Commerce Annual Ball 2013. A night of circus magic took place last month at the Grand Hyatt in a Standard Chartered themed big top tent. Guests came dressed to join the troupe with ringmasters, trapeze artists and bearded ladies all part of the mix! Best dressed guests won prizes sponsored by Anya Hindmarch, Alfred Dunhill, Sante Fe Relocations and Crown Worldwide Group. Almost 550,000 HKD was raised through various fundraising activities for local Hong Kong charity Camp Quality Hong Kong. Prizes in the Live Auction were generously donated by Chamber members and included: a Manchester United signed Football Shirt sponsored by Aon, a very patriotic Union Jack 3-seater sofa donated by Timothy Oulton, a 3 night stay at the Six Senses in the Maldives donated by luxury travel company Lightfoot Travel and a luxury staycation at the Four Seasons Hotel. Guests enjoyed a carnival buffet of colourful circus treats such as jalapeno flavoured popcorn, candyfloss and fois gras macarons served by candy girls with trays built into their outfits. Guests then dined on a fantastical feast of chicken bon bons with zucchini flowers and a mojito jelly trifle with a passion fruit ice cream lollipop. Table cocktails were kindly sponsored by Penhaligon’s and Hendricks Gin. Guests enjoyed non-stop entertainment throughout the night with performances from a troupe of dancers and acrobats and an upbeat finale that involved cheeky contortionists and clowns. Three very dapper ‘Strongmen’ (otherwise known as the AcroChaps) who were flown in from the UK by Virgin Atlantic and were seen to be lifting guests throughout the night! Everyone took home a gift bag with fantastic sponsored prizes: gifts from British fashion brand Accessorize, Penhaligon’s perfume sets, body care sets by Aesop, Wine and Royal Baby themed biscuit tins from Marks & Spencer, detox cleanse packages from Genie Concepts and more. A huge thank you to our other prize sponsors; Island Shangri-La Hong Kong, W hotel, Café Deco Group, Toni&Guy, The Peninsula, Paresa Hotel, Chiva-Som Hotel, The Mandarin Oriental Macau, Torq Cycle Hong Kong, Boujis, Venture Photography, Bookazine, PizzaExpress and more! A huge thank you to all those who sponsored the event, which really would not be possible without the support of our members! We look forward to working with you again at next year’s Ball!

Britain in Hong Kong

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ember iscounts

There are many great benefits of being a member of The British Chamber of Commerce. One of those is the Member Discounts programme which is an exclusive package of discounts that range from discounted car rental, reduced hotel accommodation, airfares and even relocation costs.

Every six months we invite members to prepare a tailor-made offer to all the members of the British Chamber. You can find these benefits listed below and for more details please visit our website www.britcham.com

ood & Beverage & Accommodation Accor

Grand Hyatt Hong Kong

Members will receive 10% discount on top of the lowest rates that Accor’s Asian hotels are offering on the day. This applies to over 1600 Sofitel, Pullman, MGallery, Novotel, Mercure, Thalassa & Orbis hotels worldwide. You will also receive 5% discount on top of the best unrestricted rates for hotels including ibis (in specific countries), All Seasons & Hôtel Barrière. For more information please contact Regina Yip on 2868 1171 or email regina.yip@accor.com

15% discount on food and beverage at The Grill and 10% discount on treatments upon spending HK$1,000 at Plateau Spa. To make a reservation please contact The Grill on 2584 7722 or the Plateau Spa on 2584 7688

Alfie’s Members of the British Chamber of Commerce can benefit from a 10% discount at this chic restaurant in Hong Kong. To make a reservation please call 2530 4422 or email booking.alfies@ keeclub.com

Berry Bros. & Rudd Members can benefit from a 10% discount on all retail prices as well as receiving invitations to free tastings and other wine events during promotional period. For more information please call 2907 2112

Courtyard by Marriott Hong Kong Members will receive a 20% discount on food only in MoMo Café. To make a reservation please call 3717 8888

Dot Cod All members of the British Chamber of Commerce of Hong Kong will receive a 15% discount on the bill. For more information please call 2810 6988 or email dotcod@hkcc.org

Hong Kong Skycity Marriott Hotel Members will receive a 10% discount on the total bill at Man Ho Chinese Restaurant, SkyCity Bistro, Velocity Bar & Grill, and The Lounge (Promotion does not apply to alcoholic beverages). To make a reservation please call 3969 1888

Le Méridien Cyberport Members can book a Smart Room at the special rate of HKD1,600 including a daily eye-opening buffet breakfast (subject to availability). You will also receive 20% discount at 5 of the hip restaurants and bars that the hotel has to offer. Furthermore, when you book the 21-day long room package at HKD23,100 you will receive a ‘Round Trip Limousine Service’. For more details please call 2980 7785

Renaissance Harbour View Hotel Members will receive a 10% discount on the total bill at award-winning Dynasty Chinese Restaurant, all day dining at Cafe Renaissance, Scala Italian Restaurant and the Lobby Lounge. To make a reservation please call 2802 8888

W Hong Kong Members will receive 15% off the lunch buffet in Kitchen and dinner in Sing Yin Monday to Friday, and 10% off in all venues at all other times. For more information or to make a reservation please call 3717 2222

Britain in Hong Kong

ifestyle & Travel British Airways

sense of touch

As a member of the British Chamber of Commerce you can enjoy exclusive offers from British Airways. For more information please visit: www.britcham.com/memberdiscount/ british-airways

Britcham members will receive 20% off all treatments on their first visit upon a total spend of $1,000, 10% off facials and massages in all subsequent visit as well as a $1,000 treatment coupon when purchasing a $10,000 cash package. For more information please call 2201 4547

Colourliving As a member of the British Chamber of Commerce, you can enjoy a 10% discount on all normal price merchandise when shopping at Colourliving in Wanchai. Please call 2510 2666 or visit www.colourliving.com

Virgin Atlantic Airways

VisitBritain British Chamber members can get 5% on all purchases from VisitBritainâ&#x20AC;&#x2122;s online shop by entering the code TR7DE67! at the checkout. Please visit www.visitbritaindirect.com/world for further details.

Special offers are available exclusively for members of the British Chamber of Commerce. Please call 2532 6060 for more details or to make a reservation

usiness Services Compass Offices

Regus

Compass Offices are offering all Britcham members a free, no obligation 1 month Virtual Office Address Package to help you get set up in Hong Kong as well as 50% off meeting room rental. Please email hksales@compassoffice.com or call +852 3796 7188 to find out more.

Britcham members will receive a complimentary six-month Businessworld Gold card that gets you access to 1,200 business lounges in prime central city business locations in Asia and around the world. For more information or to accept this offer please visit www.regus.hk/localpartnership and enter the activation code APHKBCC in the Promotional Code box.

The Executive centre Members can enjoy a complimentary Serviced Office for 1 month, 50% off for Virtual Office subscription and up to 20% off meeting room and video conference bookings. Please contact +852 2293 2299 or email hongkong@executivecentre. com for more details.

The Hive The Hive is offering one additional monthâ&#x20AC;&#x2122;s membership at no extra charge for any member who signs up for 6 months. For further details, please visit www.thehive.com.hk

MEMBER GET MEMBER

Make a successful referral to the British Chamber of Commerce and enjoy a fantastic meal for two! If you happen to refer the most new members to the Chamber, you will win a stunning prize: a complimentary brunch for four at Cafe Deco Bar & Grill, courtesy of Cafe Deco Group.

Cellarmaster Wines The British Chamber is delighted to announce the launch of the 2013 ‘Member get Member’ Campaign which will run from April 2013 – March 2014. As part of this new scheme we are pleased to announce that any new member who signs up through this referral programme will receive a complimentary bottle of Champagne Pommer y, cour tesy of Cellarmaster Wines. In addition, if you successfully introduce a company to us that results in them joining the Chamber, you will receive a fantastic dinner for two courtesy of a top restaurant in Hong Kong.

Cafe Deco Bar & Grill Sunday Brunch For the most amazing views of Hong Kong, Cafe Deco Bar & Grill is a great brunch option. Indulge in a wide variety of delicious specials whilst overlooking the Peak’s spectacular view every Sunday and public holiday from 11am to 3pm at Cafe Deco Bar & Grill. Guests can pay $468, which includes free-flowing Clair diamant blanc de blanc N.V., Nugan 3rd Generation semillion & Chardonnay, Chateau Fontaubert Bordeaux and soda. For kids aged between 3 and 11 years old brunch costs $238. This brunch features Canadian sustainable sea urchin specials for customers to feast upon and a kids’ entertainer to keep the little ones occupied.

Britain in Hong Kong

So what are you waiting for?  Spread the word throughout your network to enjoy a complimentary meal for two at one of these fantastic member restaurants: The Bostonian, The Langham, Hong Kong This well-established restaurant has been a Hong Kong favourite for well over a decade.  Located at the lower lobby level of The Langham, Hong Kong, The Bostonian has an excellent reputation for its superb steaks, and more recently its fully sustainable seafood menu. Featured by one of Hong Kong’s influential restaurant bibles, “The Hong Kong Best Restaurant Guide” since 2000 and recommended by The Michelin guide, the Bostonian is a hallmark for impeccable service and exceptional food. Guests can indulge in a tantalising array of fresh seafood from around the world at the “Raw Bar”, including home-made smoked salmon, prawns, crabs and freshly shucked oysters. The enticing menu also includes gourmet favourites such as maine crab cakes, sautéed foie gras, clam chowder, as well as separate menus for the restaurant’s specialties – the Boston lobster galore, seafood sharing platters and Bostonian grill.

cafe TOO, Island Shangri-La, Hong Kong The innovative cafe TOO brings casual dining to a higher level of creativity. Their ten cooking theatres, each featuring a different culinary style, are showcases for the best of international cuisine as well as stages for their chefs’ engaging performances.

Café Renaissance, Renaissance Harbour View Hotel Hong Kong Café Renaissance is the perfect place for all day dining. Located on the Mezzanine floor, the 210-seat all-day dining café serves a wide variety of dishes from all over the world. Café Renaissance serves wholesome breakfasts, chef crafted lunches and dinner buffets plus à la carte menu daily and brunch on weekends, in a warm and welcoming atmosphere. In addition to the great array of fresh seafood delights using the freshest ingredients, guests can also enjoy a tantalising array of international favourites and local specialties from live cooking stations.

To enter: • Consider who among your contacts might be interested in joining the Chamber • Email phillippa@britcham.com with the name and contact details of your suggested company • If appropriate, contact your suggested company and let them know that the Chamber will be in touch • The Chamber will follow up with each suggestion directly • If your referral is successful, the Chamber will contact you with details of how to book your dinner Terms & Conditions • You must be a member of the British Chamber to be eligible for this offer • The dining vouchers will only be provided if your referral results in a new member for the Chamber • This offer is valid for all members whose referral results in a new Corporate, Overseas or Startup member of the Chamber. It does not apply to Additional members or additional YNetwork members • The Chamber will allocate the restaurant vouchers. Members will not be able to choose which restaurant they visit and must adhere to the terms and conditions

News J.P.Morgan becomes Sterling Member of the Chamber The British Chamber are delighted to announce that J.P. Morgan Private Bank has become the newest Sterling Member of the Chamber. J.P. Morgan has recently been active in offering speakers at events, supported by both the China Committee and the CSR Steering Group. The Chamber is thrilled at this opportunity to develop the relationship with J.P. Morgan and is looking forward to employees from the bank becoming further involved in Chamber events and representing the bank on the committees.

New Survey Report Reveals Hong Kong People’s Views and Attitudes Towards Energy Issues Independent policy think tank Civic Exchange recently released the results of a public opinion survey on energy issues. Entitled Energizing Hong Kong: A Comprehensive Study of Hong Kong People’s Attitudes Towards Power Sources and Climate Change, this 250-page survey report captured how Hong Kong people view issues related to energy and climate change, as well as their environmental behaviours and knowledge. Overall, the results show a marked drop in public satisfaction and trust in the approaches of both government and big business towards environmental issues. In terms of public engagement, 3/4 of respondents were waste recycling, changing to energy efficient light bulbs, turning off power switches, and buying energy-efficient appliances. Less than 20% of applicants were aware that non-renewable and nuclear energy account for nearly all of Hong Kong’s power generation. A shorter bilingual summary, A Snapshot of Hong Kong People’s Attitudes Towards Power Sources and Climate Change seeks to capture the essence of the report for those who would prefer not to read 250 pages.

The digital disconnect: Hong Kong faces a shortfall of digital marketing professionals According to recruiting experts Hays in Hong Kong, the evolution of digital marketing is set to continue over the next decade and this will have a huge impact on the skills employers need. The rapid evolution of digital marketing has created a “digital disconnect” in which the jobs market in technology, and more specifically digital marketing technology, is hungry for skilled workers in Hong Kong. According to an Economist Intelligence Unit survey on digital marketing published in July, most marketers lack the skill sets needed to understand and glean insights from this kind of data. 82% of marketers state that career skills have changed, with 37% indicating they don’t have the skills required to analyse and understand the vast amount of data available to them. “As the business landscape shifts, marketers must evolve with the times in order to fully connect with their customers and drive business growth,” says Marc Burrage, Regional Director of Hays in Hong Kong. As marketing becomes more technology-based, harnessing and mastering ‘big data’ will be key to achieving competitive advantage. If companies are to remain market front-runners, they need to integrate their digital and social marketing channels into one customer journey. To do this, they require candidates with integrated offline and online channel experience.”

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Hotel transaction volumes in Asia up 145 percent year-on-year as 2013 forecasts continue to surge Hotel investment volumes in Asia this year remained strong, reaching USD3.9 billion at the end of Q3 2013, up 145 percent on the same period in 2012, according to the latest research from Jones Lang LaSalle’s Hotels & Hospitality Group (H&H). The quarter itself recorded a robust USD1.2 billion of transactions, up 41 percent on Q3 2012, as the market continues to experience its strongest year since the Global Financial Crisis. The strength of the region’s tourism markets is contributing to an overall sense of optimism in hotel investment across Asia, pushing price benchmarks past their 2007 peak with Japan (33 percent) and Singapore driving the solid sales activity. Accounting for 16 percent of the year’s transactions to date, the Singapore investment market continues to experience strong demand from overseas investors given its consistently high occupancy rate and tourist arrivals.

OECD Wins G20 Backing for the Base Erosion and Profit Sharing Project In September the G20 gave its full backing to the Organisation for Economic Co-operation and Development (OECD) for the first internationally co-ordinated attempt to clamp down on tax avoidance. The plan envisages several new methods to more accurately tax major companies, especially multinationals. Particularly noteworthy are new tax measures concentrating on warehouse operations, headcount, “intangible” assets (such as brands and intellectual property rights) and complex financial structures, as well as a more punitive approach towards lenient tax regimes or ‘predatory’ tax competition policies. The plan also envisages requiring multinationals to declare the most aggressive tax planning structures to all local tax authorities under whose jurisdiction they operate. The project’s central aim is the swift introduction of OECD standards around the world.

Remembrance Day – Sunday 10th November 2013 Everyone is invited to join the Remembrance Day ceremony, which will take place on Sunday 10th November 2013. The ceremony will start at 10.45 am at the Cenotaph in Central, so please enter the roped off area before 10.40 am. A two minute silence will be observed at 11 am, and the ceremony will conclude at 11.25. This day commemorates those who gave their lives fighting for their country in all wars, but particularly the men and women who took part in the battle for Hong Kong in 1941. A handful of WWII veterans are still alive in Hong Kong today, and are supported in many ways by the Royal British Legion. The British Legion, now the Royal British Legion, was founded by Earl Haig, formerly Commander-in-Chief in France, in 1921, to give practical help to the ex-Servicemen and women and their dependents. In the same year, the first Poppy Day was held to commemorate the enormous sacrifice of WWI, and was named after the flowers which grew in profusion on the battlefields of western France. Major Howson, a young infantry officer decorated for bravery, recognised that making artificial poppies might offer opportunities for those disabled in the war. You can contribute by buying poppies and by finding out about the work involved in caring for Hong Kong’s veterans, Local Enlisted Personnel (who were made redundant when the British Garrison closed in 1997), and former Gurkhas and British Ex Servicemen. Most of all though, you can give support by coming to the ceremony on November 10th.

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JB_BritainHK mag.indd 1

16/09/2013 12:47

New Members STERLING

ADDITIONAL

JP Morgan Private Mark Evans Managing Director Tel 2800 3142 mark.evans@jpmorgan.com 29/F, Chater House, 8 Connaught Road, Central, Hong Kong Banking

Baker Tilly Hong Kong Limited, Certified Public Accountants Jim Wardell Executive Chairman Tel 2283 0028 jimwardell@bakertillyhkrr.com 2/F, 625 King’s Road, North Point, Hong Kong Accounting

CORPORATE

British Consulate-General Eva Yim Marketing Campaign Manager – Asia Pacific & South Africa Tel 2901 3162 eva.yim@fco.gov.uk 1 Supreme Court Road, Admiralty, Hong Kong Government

BOCI Asia Limited Paul Chau Tel 3988 6000 paul.chau@bocigroup.com 26/F, Bank of China Building, 1 Garden Road, Central, Hong Kong Investment Banking HEAD Architecture and Design Ltd Mike Atkin Director Tel 2869 5725 mike@headarchitecture.com 17/F, Casey Building, 38 Lok Ku Road, Sheung Wan, Hong Kong Architecture/ Interior & Urban Design Prive Group Andrew Li Group Director of Operations Tel 2850 6826 andrew@privegroup.hk Room 1102-3, 11/F, Yu Yuet Lai Building, 43-44 Wyndham Street, Central, Hong Kong Food and Beverage/ Entertainment The Kowloon Motor Bus Co. (1933) Ltd. Mark Savelli Transport Development Director Tel 2786 8780 mark.savelli@kmb.hk 9 Po Lun Street, Lai Chi Kok, Kowloon, Hong Kong Travel Services

OVERSEAS Olswang Asia LLP Rob Bratby Managing Partner Tel +65 9832 2898 rob.bratby@olswang.com Level 40, Ocean Financial Centre, 10 Collyer Quay,049315, Singapore Computer/ Technology/ IT

INDIVIDUAL Ane Alfeiran Tel 6035 8226 rm@residenceghongkong.com 22A, Austin Avenue, TST, Kowloon, Hong Kong

British Consulate-General Christine Conolly Regional Delivery Manager Tel 2901 3447 christine.conolly@fco.gov.uk 1 Supreme Court Road, Admiralty, Hong Kong Government Coutts & Co Ltd Sally Wright Executive Director, Portfolio Manage Tel 9537 7002 sally.wright@coutts.com 26/F, AIA Central, 1 Connaught Road, Central, Hong Kong Banking

Jardine Lloyd Thompson Limited Sara Garland Director Tel 2864 5460 sara_garland@jltasia.com 5/F, Cityplaza Four, 12 Taikoo Wan Road, Taikoo Shing, Island East, Hong Kong Insurance Mayer Brown JSM Rosamund Browne Senior Associate Tel 2843 2517 rosamund.browne@mayerbrownjsm.com 16/F - 19/F, Prince’s Building, 10 Chater Road, Central, Hong Kong Legal Pentland Asia Beck Federici Head of Human Resources Tel 2734 3288 bfederici@pentland.com 13/F, Harbour Crystal Centre, 100 Granville Road, TST East, Kowloon, Hong Kong Retail/ Wholesale/ Sourcing

STARTUP Boujis Antonia Plunkett Marketing & Sales Manager Tel 2324 0200 antonia@boujis.com 37 Pottinger Street, Central, Hong Kong Food and Beverage/ Entertainment

Cordells Helen Worth Partner Tel 2810 7227 helen.worth@cordells.com.hk Room 3102-3103, Alexandra House, 18 Chater Road, Central, Hong Kong Legal

Chill Creative Co Christine Shum Director Tel 9099 6325 cshum@chillcreativeco.com 233 Innocentre, 72 Tat Chee Avenue, Kowloon Tong, Hong Kong Advertising & Design

Taylor Brunswick Group Anthony Robson Mortgage & Property Consultant Tel 2159 9655 anthony.robson@taylorbrunswick.com 20/F, Central Tower, 28 Queens Road, Central, Hong Kong Financial Services

The British Chamber of Commerce is delighted to announce that CBRE is supporting the SME Committee’s SMART TIPS FOR SMALL BUSINESSES series of lunchtime seminars aimed at entrepreneurs and small business owners in Hong Kong for a second year running. The series is co-ordinated by the British Chamber’s SME Committee, a group of successful entrepreneurs, business owners and experts who understand the challenges faced by small businesses every day. The series aims to provide practical know-how as well as market analysis tailored to small business needs. The series is open to members and non-members. With the support of CBRE, the SME Committee is looking forward to hosting a fascinating series of seminars this year.

Take your business to new heights

Exciting Investment Opportunities! The British Chamber of Commerce is hosting its thirteenth Business Angel Event sponsored by Baker Tilly Hong Kong on 27 November 2013. This initiative provides an opportunity for new businesses, or existing small businesses looking to expand, to present their business plan in front of an audience of potential investors. Each candidate is screened before a committee of business professionals before the event and the investment opportunities that are subsequently presented on the day are high quality and often very exciting. Who are we looking for? This programme is designed for Angel Investors or their representatives who are looking for sound investment opportunities from Hong Kong based companies of around USD$100,000 to USD$2million. Angels should either be high net worth individuals looking to invest, investment companies or representatives of investors and the programme is open to both members and nonmembers of the British Chamber of Commerce. There are still spaces available at this event for any potential investor who would like to hear more. Space is limited so please let us know as soon as possible if would like to be part of this unique investment opportunity. Please visit angel.britcham.com to register or email emily@britcham.com for more information.