Canada Hong Kong Exchange: Your Chamber, Your Community by CanChamHK

CANADA HONG KONG

EXCHANGE Vol.12 January - April 2014

YOUR CHAMBER YOUR COMMUNITY

A Publication of The Canadian Chamber of Commerce in Hong Kong

Vol.12 January - April 2014

CONTENTS 02 03 Platinum Sponsors

Chairman’s Message Greeting from the Head of the Governors’ Council Committee Reports 04 The China Series 2014 05 What Canadian Mining Companies Need to Know When Coming to Asia 07 Mentorship Programme: When Experience Brings the Best Out of the Young Professionals!

Advocacy 08 InvestHK is Here to Facilitate International School Placement for Overseas Families Coming to Live and Work in Hong Kong 10 A More Open Economy? The Decision’s Impact on China’s ODI and FDI Activities 13 The New Hong Kong-Canada Tax Treaty: Key Benefits

Adventures of Working Abroad: Hong Kong 16 17 18 19

Brian Lau Don Roberts Kendal Hembroff Lawrence Nutting

Sharing Experience and Success: Leadership Column

Gold Sponsors

20 David Armitage 22 John Cheh

Focus on Members 24 Walton Builds Wealth for Clients Through Land-Based Real Estate Investments 28 Natural Resources Forum Review 30 Impact of the China Company Law Changes on Foreign Invested Companies 32 CanadaFood.hk Connects You to Canadian Food at the Touch of Your Smartphone 34 Your Next Target Area – The Northwest Territories

Community Networking 36 The Hong Kong–Canada Business Association (“HKCBA”): 30 Years of Connection 38 Canadian University Alumni Associations in Hong Kong 41 Paddles up!

Ruby Sponsors

44 46

Event Highlights Welcome New Members

Chairman’s Message

successful community is founded on people – individuals who know and trust each other and who work together on this basis. While each pursues their own interests, each in the community benefits. A successful community is generally an open community. Canada’s success has been built on its ability to attract and welcome individuals to harness its opportunities. Integration of newcomers to Canada has been a win-win for both existing Canadians and newcomers alike.

together opportunities in the Canadian natural resource sector with Chinese demand and capital naturally leverages on our Chamber’s strong network. The China Series 2014 (sponsored by KPMG) kicked off on February 17 with a panel discussion on the Third Plenum. Five further sessions are scheduled – each structured to provide practical, near-term insights and assessments for business development in China.

The more an individual engages in the community, the stronger the community becomes. In turn, a strong, vibrant community attracts others looking to benefit from the community while adding further still to the vibrancy of the community itself.

As effective as these events are in building the connectedness of our community, equally important is for us to assist in the creation of the next generation of our business leaders. Initiated by the Chamber’s Young Professionals Committee and now successfully running in its second year, is CanCham’s Mentorship Programme.

The Canadian Chamber of Commerce in Hong Kong is such a community. Our mission is to build commerce among our members as they build business and businesses with Hong Kong as an important base – an entrepôt between Canada, mainland China and the rest of Asia. The Chamber is a forum and a meeting place for members.

Behind each committee, each Chamber initiative and each business in the Chamber community are individuals. This edition of EXCHANGE features some of our members, both relatively new members of our community and business leaders that have been integral to our community over many years.

Vibrancy is created by individuals and the more individuals, in our case, members, the more vibrancy for us all. As Chairman, an early, necessary priority has been ‘Outreach’ to other organizations with similar goals and objectives. With this in mind, we have been reaching out to other like-minded communities in order to make the Chamber larger and stronger. In mid-March, the Chamber coordinated a joint meeting with the Heads of the various Canadian University Alumni Associations based in Hong Kong. By looking for opportunities to work together, the intention is to build both the Chamber and these Alumni Associations – All for One; One for All! The next step will be to build strong connections with the Canadian alumni and professional organizations in Hong Kong. These organizations have many members for which the Chamber would be a natural community as they build their businesses and/or professional lives.

As Chairman, my commitment for 2013/14 has been to rejuvenate the Chamber, to focus on Chamber basics – to ensure the foundation of the Chamber is solid and if not, to rebuild it.

Similarly, discussions with Canadian organizations outside of Hong Kong continue, including The Hong Kong-Canada Business Association (HKCBA) with its eight major Chapters. Preparations are well underway for a day event led by our Chamber’s Entrepreneur and Small Business Committee to coincide with The 15th Hong Kong Forum in early December 2014. This issue of EXCHANGE, provides some snapshots of our community and its work. The work of three of our important eight Chamber Committees is featured. Our annual Natural Resources Investment Forum (sponsored by Blakes, McMillan and the British Columbia International Trade and Investment Office in Hong Kong) took place this year on March 24 with some 100 people attending. Bringing

EXCHANGE

Membership levels are again climbing with the 1,000 mark reached. Events have been both well-conceived and well-executed. Planning for the Annual Ball has been both comprehensive and creative, led by the Ball Committee co-Chaired by Kathy Nutting, a Vice Principal at Canadian International School and Lawrence Nutting, a Senior Executive at Manulife, one of the Chamber’s longstanding sponsors. The Chamber’s website is now fully functional and future plans for its use are more ambitious. But there is much work that is left to be done before we can claim to be not only one of the largest Canadian business organizations outside of Canada but one of the most effective as well. Please join our efforts to build this community into a vibrant, networkenhancing, business opportunity creating, advocacy oriented organization of which we can all be proud. Enjoy EXCHANGE – send us your thoughts.

John R Witt Chairman The Canadian Chamber of Commerce in Hong Kong

The Chamber The Chamber is particularly pleased to announce that Ms. Daisy Ho has accepted the nomination as Head of the Governors’ Council. Ms. Daisy Ho has been the Chief Financial Officer and Deputy Managing Director at Shun Tak Holdings Ltd. since 1999. Ms. Ho joined Shun Tak Holdings Ltd. in January 1994. Besides participating in Shun Tak Holdings’ strategic planning and development, she is also responsible for its overall financial activities, as well as property sales and investments. She has been an Executive Director at Shun Tak Holdings Ltd. since October 1994. She serves as a Director of Shun Tak Shipping Company Limited and of Macau International Airport Co., Ltd. Ms. Ho is also an executive committee member of The Real Estate Developers’ Association of Hong Kong, a member of the Hong Kong Institute of Real Estate Administration, Advisory Council of the Canadian International School of Hong Kong and Hong Kong Advisor to The Dean’s Advisory Board of University of Toronto. Ms. Ho is the Chairman of Hong Kong Ballet, Chief Commissioner of The Hong Kong Girl Guides Association and a Director of Po Leung Kuk. Ms. Ho holds a Master of Business Administration in Finance from the University of Toronto.

Greeting from the Head of the Governors’ Council I am delighted to have the opportunity to serve as the Head of the Governors’ Council. Many thanks to the Chairman, Mr. John Witt and many thanks to all my fellow Governors for their support and confidence. The Canadian Chamber is one of the most important international Chambers in Hong Kong. I look forward to heading the Governors as we support the vision and initiatives of the Chairman and the Executive Committee. I am also aware that there are many other roles to fill, both formal and informal. I also look forward to the contributions that all of you will provide in the coming year. Last but not least, let me thank all of you for your contributions so far to the Chamber. Your advice, your commitments of time and energy and your passion for the Chamber are the best indicators of our future success as the Canadian Chamber of Commerce in Hong Kong.

Daisy Ho Head of the Governors’ Council The Canadian Chamber of Commerce in Hong Kong

Vol. 12 January to April 2014

Published by Editorial Board Madeleine Behan Philip Leung Carol Chan Adviser Wendy-Tong Barnes Advertising Contact Carol Chan Charles Zimmerman Project Management Meipo Yeung Design and Layout Winnie Li Steve Mok Lilian Yu Advertising carol.chan@cancham.org charles@speedflex.com.hk

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Claims, statements and assertions made by advertisers are the responsibility of the advertisers. The Canadian Chamber of Commerce in Hong Kong and Speedflex disclaim all responsibility and liability in connection with the content of any advertisement appearing in this publication. Canada Hong Kong Exchange is published in every four months. The opinions expressed in this publication are not necessarily the opinions of the publishers. All published material is copyright protected. No parts of Canadian Hong Kong Exchange may be reprinted or reproduced without the written permission of the publishers. Canada Hong Kong Exchange welcomes letters to the editor sent via email to canada@cancham.org. Submissions must include the author’s full name, address and daytime contact numbers. The Canada Hong Kong Exchange reserves the right to edit letters for length and clarity. Vol.12 January - April 2014

Committee Reports

The China Business Committee & KPMG Present: The China Series 2014 By Sarah Cheng The Canadian Chamber of Commerce in Hong Kong China’s Third PlenumDevelopments to Watch, February 17, 2014 The Chamber together with KPMG kick-started a six-part series of China Series 2014. Peter Fung, Global Chair of KPMG’s Global China Practice, George Yuen, Director of Visteon Corporation and David Zweig, Chair Professor with HKUST, shared their thoughts on China’s efforts on economic reform, near-term prospects for trade and investment, and new business opportunities for Hong Kong-based companies in China.

E-commerce is taking over China - How to make it work for you, April 9, 2014 Consumers around the world are moving to e-commerce. Driven by smart phones, social media, home-grown platforms and rising confidence in online channels, China’s e-commerce market has already surpassed the US to become the largest in the world. Alibaba, China’s leading e-commerce company, has sales greater than eBay and Amazon combined. The imminent Alibaba IPO is likely to remain a hot topic in the business news. In addition, relatively weaker consumer attachment in China to physical stores means unsurpassed opportunities for online retailers. Frank Lavin, Chairman and CEO of Export Now, Ken Yeung, Chief Executive Officer and Executive Director of TOM Group and Egidio Zarrella, Head of Innovations Group, KPMG Consulting, discussed the challenges and opportunities of China e-commerce, the key drivers for continued growth, strategies businesses can develop to reach target customers, opportunities and challenges for international brands in taking sales online in China and how entrants can make this opportunity work. EXCHANGE

Committee Reports

The Natural Resources Committee What Canadian Mining Companies Need to Know When Coming to Asia

continues to develop, its demand for natural resources is simultaneously going to increase. However, this simultaneous growth does not mean Asia is a source of cheap capital. For companies seeking funding, it is hard to find investors in Asia. The reasons range from investor preferences, cultural differences and knowledge of the industry. Our recent survey showed that 69% of our respondents thought that the capital markets would improve in 6 months to 3 years which is not necessarily the short time frame many capital seeking companies are looking for. The bright side, as said by Mr. Tim Sun, Chairman at Hong Kong International Mining Association, is that a greater number of investors, especially Chinese, are developing interest and starting to see the benefits of this market, despite the relative youth of the natural resources market in Asia.

Local Exposure

With the kind help from: • Mr. Martin Brecknock, Consultant, Sunwah International • Mr. Alastair McIntyre, Senior Managing Director, Behre Dolbear • Garry Stein, Chairman, the Canadian Institute of Mining, Metallurgy and Petroleum in Hong Kong • Mr.Tim Sun, Chairman, Hong Kong International Mining Association By Ines Jurikova, Mati Pouliot, Chris Roberge The Facts One of the greatest misconceptions is that despite the 2008 Financial Crisis, Asia has an exceptionally fast growing economy with easy access to capital. While the first may be true, the latter certainly is not. As many natural resources companies come to Asia in hopes of acquiring financial funding, they face challenges and obstacles, many of which have been reinforced by the 2008 Financial Crisis. In spite of these challenges, people in Asia are still optimistic about the mining sector with greater than 80% of our poll respondents confirming thisi. Mr. Garry Stein, Chairman of the Canadian Institute of Mining, Metallurgy and Petroleum in Hong Kong, explains to us that the economic growth in Asia is much higher compared to that of North America. Development continues to create a lot of opportunities and demand. As the middle class in the region grows, more people buy cars, upgrade their living conditions and travel. This economic development requires even more resources, including energy and metal. As long as Asia

Mr. Sun believes that Canadian companies are still not deeply connected enough to the region. They need more local exposure. This can be done by interacting with local mining organizations, and by attending conferences and regular meetings with local investors and stakeholders to brief them on new developments. Coming often and regularly to Asia is a key recommendation by Mr. Stein as well - at least four times a year. This will help Canadian companies establish their presence and credentials in this part of the world. Given the relationship-driven nature of the region, it is often third parties that will do the preliminary vetting of the quality of the projects for investors. Both Mr. Sun and Mr. Alastair McIntyre, Senior Managing Director at Behre Dolbear, underline the importance of seeking the help of particular organizations and connections to gain access to the right kind of investors.

Junior vs Senior Natural Resources Investments Asian investors are in general hesitant when it comes to investing in junior natural resources companies, and the long-term horizon of their project. Mr. Sun and Mr. Stein suggest this challenge can be overcome by creating the right strategy and approaching the right organizations. Juniors should ask themselves who would benefit most from their projects, such as minded mining groups or end users keen to invest upstream. Their goal is to persuade them that funding their projects will benefit them and provide them with new opportunities. According to Mr. Martin Brecknock, Consultant at Sunwah International, the best place to locate these ‘strategic’ investors is at conferences such as Mines and Money. i

The Natural Resource Committee at the Chamber conducted a survey in the fall of 2013.

Vol.12 January - April 2014

Committee Reports As for companies that already produce, the pool of investors is wider. They fit the interest of common Asian investors for cash flow generating companies who provide faster capital return. The market is particularly keen on established production coming to Asia with the goal of expanding by increasing their equity pool. It fits both the growth and the cash flow stories so common in Asia.

Spending Time Educating the Market There are a lot of cultural differences between the two markets that Western companies need to be aware of and overcome. Here are three key ones to keep in mind. First, Mr. Sun highlights that overcoming the language barrier is important as not everyone speaks English. Having communication in the languages of key markets is a step forward, like with a Chinese version of website. It increases understanding and helps reach out to local investors to learn more about international companies.

For gold, Mr. Brecknock and Mr. Sun shed a light on why Asian investors are interested in gold currently. This is partly due to their lack of trust in the banking system, given what happened during the 2008 Financial Crisis.

Geographical Considerations Geography is less of a consideration as returns are more geared towards specific commodities, specific supply and demand situations. It is worth noting though the experience of Chinese State-owned Enterprises focuses heavily on Africa, thanks to the availability of resources and low cost of labor. Mr. Stein concedes that they are having a lot of issues in that continent. In the future, he predicts Chinese companies will focus much more interest towards North America, notwithstanding its higher cost structure. Mr. Brecknock approves by saying Canada, US, Australia provide more certainty, security and efficiency, albeit more expensive.

Secondly, in general, promoters of energy and mining projects need to realize that the Asian market for natural resources is very young and therefore not as sophisticated as the ones in Toronto or London. It is worth taking a step back in presentations to Asian investors and educating them on developments in the industry, how a particular project fits in, the path to profitability, and the ability for investors to make money. 83% of our survey respondents indicated that educating the market place, in a particular Asian centric fashion, is the most important factor to succeed in raising capital in Asia. Thirdly, “Promoters need to highlight in their presentation why they are worth an investment” Mr. Stein says. “Don’t assume that everybody wants to buy into your great story” says Mr. McIntyre. The typical promoter gives a presentation about all the work they have done. Unfortunately, that means nothing in this region. Once the investor is interested, both Mr. Sun and Mr. McIntyre warn promoters of projects that Asian investors practice more of a ‘hands on’ approach. They are keen to buy outright the entire project. If promoters want to keep an incentive, they need to demonstrate their value-add and their expertise in the industry.

Strength of Particular Commodities for the Region The jury is still out for which commodity is preferred in the region. It is possibly because Asia is a large continent that different investors have different interests. Mr. Stein also points out to commodities and the business cycle we are in. Oil and Gas are currently the popular ones, along with the LNG (liquefied natural gas) infrastructure. This may change though. Promoters should be in synch with those. EXCHANGE

In Summary, what are the top 5 successful habits? 1. Come to Asia often and regularly – i.e. 4 times a year 2. Leverage third parties, associations and conferences 3. Translate marketing material in local languages 4. Demonstrate why a project is worth investing 5. Be ready to demonstrate value-add from local management Who and When? Reach out to the following organizations to assist you. • Natural Resources Committee of the Chamber (“NRC”) • The Hong Kong chapter of the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) • Hong Kong International Mining Association (“HKIMA”) Asian Natural Resources Conferences: – China Mining (November 2014) – Natural Resources Investment Forum, organized by the NRC, March 16, 2015 – Mines & Money – March 16-20, 2015

Committee Reports

The Young Professionals Committee Mentorship Programme: When Experience Brings the Best Out of the Young Professionals! In early 2011, the three new Co-Chairs of the Chamber’s Young Professionals Committee, Jean-Baptiste Roy, Nathan Ho and I, decided to revitalize and re-launch the Committee. Considering the increasing number of young professionals expatriating themselves to Hong Kong every year or simply being based in the city, there was a need for young and dynamic people to connect with more experienced professionals in order to navigate the city’s hectic business world with more ease.Therefore, there was the idea to create a mentorship programme which would benefit the Chamber’s Young Professionals and as importantly, one which would be enjoyed by the mentors. stablishing a mentorship programme is certainly not a new idea. It is in fact an increasingly popular concept; however it was of utmost importance for us to create a programme of quality where the mentor-protégé relationship could flourish organically based on the participants’ personality, career accomplishments, and objectives. It was therefore decided to focus on quality over quantity in terms of the pairs formed. Following by a year-long preparation, structuring and collaboration with the Chamber staff, we were finally ready to launch the first season of the Chamber Young Professionals Mentorship Programme. The programme would run for six months and ten participants would be carefully and personally selected to form the protégé-mentor pairs. During the course of the programme, the participants commit to meet as a group for a launch meeting, a mid-term debrief, and a final celebration. In addition, each pair is expected to meet once a month and can refer to the Mentorship Programme Guidelines for guidance and ideas on how to manage their mentor-protégé relationship to make the most out of their experience. Season I of the programme ran from March to September 2013 and based on the feedback received from the participants, we are proud to say that the first season of the programme was a real success.

Based on the tremendous success of Season I, the Young Professionals Committee decided to launch a second season which started at the

beginning of November 2013. The same structure for Season I was applied and five pairs were selected to participate in the programme. So far, we are pleased with this second season and hope the participants are truly enjoying the experience. Over time, the mentorship programme has become one of the pillars of the Young Professionals Committee and we hope to further improve the programme. A few of the initiatives we wish to implement include expanding the scale of the programme by finding more quality mentors and protégés in order to create additional pairs. We also wish to reach out to corporate sponsors who would benefit by involving their employees either at the mentor or protégé level, in addition to gaining greater CSR exposure. And finally, over time this initiative will become a signature programme for the Chamber as a whole and will be part of the several advantages already being offered to the Chamber’s members. Running the programme has been a pleasure and we hope that the Chamber’s members will take advantage of this great opportunity. Thank you to the great mentors and protégés who have participated to either Season I or II of the Young Professionals Mentorship Programme! We would strongly encourage you to contact us directly if you wish to get involved either as a

By Alex Lanoie

protégé or as a mentor. In addition, you can find further information concerning the Young Professionals Mentorship Programme and pictures of past events at: http://canchamypc.com.

Quotes from participants “I think it was a pretty good match. My Mentor working in the private equity industry and having had angel investment experience allowed him to provide some very interesting perspective on some of my projects as well as for giving me career advice.” – Protégé, Season I “The programme is a great platform for seasoned Canadians in Hong Kong to engage with the new generation of Canadians in the city to ensure they thrive in the region, in China and in Asia. The organization of the programme is really impressive in that it works hard to select interested protégés and to identify the right match.” – Mentor, Season I “After 6 meetings, we have already developed a close connection, not only on mentor-protégé basis, but more like friends. Someone you know you can definitely reach out to without hesitation and give you advice on your life and career.” – Protégé, Season I

Vol.12 January - April 2014

Advocacy he Hong Kong Government is committed to developing a vibrant international school sector which underpins the city’s aspirations as a leading education hub in the region and Asia’s world city. Hong Kong’s business friendly environment, high degree of internationalisation and diversification as well as a strong pool of talent and professionals continue to attract companies and investors from the globe to set up their business operations in Hong Kong.

T InvestHK is Here to Facilitate International School Placement for Overseas Families Coming to Live and Work in Hong Kong By InvestHK

Editor’s Note: This is the first of a series of articles about International School Placement in Hong Kong.

As the number of overseas and Mainland companies coming to Hong Kong continues to grow, there is a strong demand for international school places for the incoming expatriate families, particularly at lower primary levels. Securing suitable international school places to suit the schooling needs of the accompanying children has become one of the most significant factors which affects the relocation plans of these companies and their expatriate staff. To assist InvestHK’s clients to meet their children’s schooling needs so that they can enjoy a smooth transition to Hong Kong, the department provides customised schooling facilitation services and advice on international school placement to those clients seeking to establish their business operations in Hong Kong. From the cases we have facilitated to date, most of the expatriate children are seeking an international style education through entry into kindergartens or primary schools where demand and competition is particularly keen. There are at present about 50 international schools in Hong Kong offering a wide range of more than 10 different non-local curriculums, and enrolling students who do not sit for local examination. Each school has its own entry requirements and priorities, teaching approach and focus, support services and range of facilities offered. Choosing a suitable international school for the children out of all the different options and going through the admissions process to align with a relocation plan is a challenge faced by many expatriate families. Dedicated teams at InvestHK work seamlessly to support our clients to go through the process. To help clients identify the most suitable schooling options, InvestHK provides relevant information on various international schools in Hong Kong and suggests possible options taking into consideration of the individual circumstances of the families and the specific needs of the children. These include the age of the children, parents’ preferred curriculum and language stream, preference of school location or place of

EXCHANGE

Advocacy

residence in Hong Kong, childrenâ&#x20AC;&#x2122;s language capability, religious background as well as other needs and support required. To follow up on the schooling cases, InvestHK maintains close contact with the admission offices of individual international schools on the status of school places available, right class or grade for entry, as well as the progress of the admission applications submitted. To ensure that the expatriate families will have a better understanding of the operation and environment of the schools, InvestHK will also coordinate with individual schools to line up school visits for its clients. With the commencement of Nord Anglia International School Hong Kong at Lam Tin and the new campus of the International Montessori School at Stanley within the next few months, as well as the operation of the new campus of Christian Alliance PC Lau Memorial International School at Lai Chi Kok in 2016/17, more international school places will be made available to meet the increasing demand from the business community. As InvestHK partners with clients on a long-term basis, we stand ready to help companies at any stage of their business development in Hong Kong. As an investment promotion agency, InvestHK also attaches great importance to facilitating and maintaining a close relationship with the

international school community. We conduct regular visits to reach out to various international schools and offer our assistance in their expansion and development plans. According to a study commissioned by the Education Bureau, it is projected that the total demand for international school places will continue to rise, in particular at primary level. To address this, the Government plans to allocate additional vacant school premises and greenfield sites for international school development in 2014. It therefore remains an important task for InvestHK to continue to provide facilitation and support to the international schools in their expansion and development plans so that more quality international school places will be provided to meet the increasing demand from expatriate families.

Vol.12 January - April 2014

Advocacy

A More Open Economy? The Decision’s Impact on China’s ODI and FDI Activities By Peter Fung, KPMG Global China Practice Yali Peng, KPMG Global China Practice

According to the ‘The Decisions by the Central Committee of the Communist Party of China on Some Major Issues Related to Comprehensively Deepening Reform’ (hereafter refered to as ’the Decision’) passed in the Third Plenum of the 18th Central Committee, outbound direct investment (ODI) and foreign direct investment (FDI) both received relatively less coverage than other, more profound issues. However, the policy tone toward continued support of ODI and FDI is firm and positive, and speeches given by high officials after the release of the Decision indicate that siginificant policy measures would be adopted.These signals and measures, if adequately implemented, would have a positive effect on ODI and FDI. Encouraging ODI activities amongst Chinese enterprises A more liberal ODI policy First, The Decision stresses that China should let enterprises (instead of government agencies) and private individual investors (instead of State-owned enterprises “SOEs”) play a more significant role in ODI activities. This means that the Chinese government (“the government”) will give more authority to enterprises interested in expanding internationally. In doing so, the government will overhaul the complex application requirements and simplify the approval processes. In the future, enterprises may only need to file their overseas projects with relevant authorities, rather than seeking approval from them. Meanwhile, The Decision states that the government will provide better service and guidance to enterprises that decide to enter the global market. “Overseas investment by companies and individual investors will be increased. Companies and individual investors will be allowed to play a principal role in overseas investment.They will be encouraged to engage in overseas investment and cooperate by leveraging their own competitive advantages.” —The Decision Secondly, The Decision also specifies many fields in which the government openly encourages overseas investment. This includes granting companies the freedom to engage in infrastructure projects and sign labor supply contracts at their EXCHANGE

own risk, and allowing investors to use innovative ways to engage in green-field, M&A, security and joint investment, etc. The policy will widen the scope of China’s overseas investment and create more opportunities for institutions and individuals. “Going out” as a means of transformation Chinese companies’ continuous progress toward innovation and competitiveness will be substantial during this transformation period. But to make progress, China’s enterprises must make the most efficient use of global resources in overseas markets. The Decision has sent a straightforward message that China is determined to clear the way for its enterprises to “go out”, so that they could be in a better position to compete on a global stage. ODI has become an important driver for China’s economic development in recent years. China is in the midst of a structural shift, from a country that has historically been a recipient of inbound investment, to a country that is now investing significant funds around the world. With the new reform plan, it can be expected that a greater number of Chinese companies will invest in diversified markets, and operate globally. In addition, the market capitalization of Chinese companies continues to increase. This will undoubtedly influence the willingness and ability of large Chinese companies to invest globally. As seen below, in 2013, 85 companies headquartered in mainland China made the Fortune Global 500 list, up from only 2 in 1996. This trend is likely to continue in the next few years.

Advocacy Encouraging FDI activities into China Figure 1 Chinese Global Fortune 500 Companies 90

80 69

70 57

60 50

30 20 10

11 11 11

14 15

0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Source: Fortune Chinese website. http://www.fortunechina.com/ fortune500/c/2013-07/08/2013G500.htm

Opportunities for both SOEs and POEs SOEs seem to be a major beneficiary of measures specified in The Decision, as they are still the primary contributors of global investments. They have enjoyed competitive advantages in terms of access to capital, government protection and de facto monopoly position in many industries. With simplified application formalities and less administrative restrictions, SOEs can take full advantage of their position and speed-up the pace of their global investment. However, less government scrutiny might lead to poorer investment decisions, which could have serious ramifications pertaining to China’s financial stability. Thus, we can expect the government to still impose some executive control on SOEs. The reduction in government interference is also good news for privately-owned enterprises (POEs), which are playing an increasingly important role in Chinese outbound investment. POEs enjoy certain advantages when it comes to investing overseas; their ownership structures are usually clear and effective, and fast and flexible decision-making processes help them quickly adapt to the volatile global market. Nevertheless, POEs only account for a small portion of China’s total ODI. Most of them have little government support and are often held back by long approval procedures. The Decision aims to bridge the gap between SOEs and POEs by building a favorable and fair regulatory environment. This will lead to more overseas investment by private companies, especially those of small- and medium-size. Currently, SOEs are the primary entities involved in China’s global exploration of resources. The new measures will enable POEs to receive an equal treatment. This will encourage POEs to be more aggressive with global opportunities. SOEs are still in an advantageous position, with better access to government support and state foreign exchange reserves.

Lowering entry barriers The Decision suggests further reforms are aimed at building a new market access and administrative system – a system that will be more efficient, transparent, and equitable. This is an effort to open more significant channels to the outside world and generate more FDI. Foreign investors will be given pre-established national treatment, and will be subject to, and evaluated with a ‘negative list’ approach, when applying for inbound investment in China. The government will deal with foreign and domestic investors equally in the admission and establishment stages of their investment projects. The process of project application, assessment and approval will be streamlined, with relevant regulations and laws amended accordingly. The Decision shows that China, the largest receiver of FDI among developing countries in the world, still considers FDI a major engine for economic growth, and strives to improve the regulatory environment for foreign firms investing in China. The newly proposed methods of administration aim to address some of key concerns of foreign investors, and boost their confidence in the Chinese market. Industry opportunities In addition to the administrative model change, The Decision specifies that China will open up more domestic industries to foreign investment, which include: finance, education, culture, health care, architectural design, nursery care and care services for the elderly, accounting and auditing, commerce and trade, logistics, and e-commerce. The country will also allow wider market access to the general manufacturing sector, including steel, chemical, and automotive industries. These measures for opening up are in line with China’s 12th Five-Year Plan, which calls for the reform of the financial sector, industrial restructuring, and the development of service industries. Tremendous potential still exists for foreign companies to participate and compete in China. Figure 2 displays the market share of foreign companies versus Chinese companies in selected industries in China. The data shows that multinational corporations span a wide range of industries. In some industries (e.g. communication & electronic equipment and automotive), foreign companies have gained dominant positions, in some they compete with domestic companies fairly well, and in others (e.g. commercial banking and life insurance) their presence is minimal. For companies that have deeply penetrated the market and established a competitive footing, the mission is to continue to expand their operations, gain a firmer position in the market, and create synergies between international and Chinese businesses. For companies that have not made satisfactory progress, there is still a very broad market to be tapped. Future success is contingent on working through the complicated business landscape and, to some extent, the further opening up of some industries to foreign competition. Vol.12 January - April 2014

Advocacy Figure 2 Market Share of Selected Industries: Foreign vs. Chinese 2012 Share of foreign funded enterprises Share of domestic funded enterprises 0% 20% 40% 60% Communication & Electronic Equipment

75.69%

Automobile

68.20%

Personal Care Product

44.50%

Television

43.35%

Dietary Supplement

40.00%

Apparel

35.44%

Food

33.28%

Beverage Electrical Machinery and Equipment Paper & Paper Product

Life Insurance

55.50% 56.65% 60.00% 64.56% 66.72%

29.97%

70.03%

24.52%

Refrigerator

31.80%

69.60%

25.97%

Pharmaceuticals

100% 24.31%

30.40% 28.34%

Raw Chemical Material & Chemical Product

80%

20.60%

71.66% 74.03% 75.48% 79.40%

3.81%

96.19%

Commercial Banking 1.93%

98.07%

Sources: National Bureau of Statistics of China: http://www.stats.gov.cn/tjsj/ndsj/2012/ indexch.htm; China Association of Automobile Manufacturers: http://www. caam.org.cn/; Nielsen: http://cn.nielsen.com/site/index.shtml.

In the manufacturing sector, The Decision states that the government will lower market entry requirements for foreign investors, in terms of registered capital, ownership structure and business scope. Moreover, it encourages them moving their China operations to the higher-end of the value chain. The Decision advocates that China’s economy should depend more on consumption than on investment. The opening up of the service sector to foreign investment will help realize this objective. Service companies from developed countries, which have relatively more advanced service features, will likely initiate first-mover positions in such industries that are open to competition. This will create new development opportunities for the business, additional jobs for local residents, and contribute to the improved living standards amongst Chinese people. “Investment entry barriers will be relaxed, and domestic and foreign investment laws and regulations will be unified. Policies on foreign investment should be stable, transparent and predictable.” —The Decision Free trade zones The Decision stresses the importance of the recently established Shanghai Free Trade Zone, and its importance toward further reform and opening up measures. It also says that more free trade parks or ports will be established following the Shanghai pilot project. In addition, China will open more border areas to

EXCHANGE

foreign investors as it tries to improve infrastructure and transportations for these areas, which might offer good opportunities for development. A few free trade zones for border regions have been established, such as the Silk Road Economic Zone and the China-ASEAN Free Trade Area, which will enable the border areas with Southeast Asia, Northeast Asia and Central Asia to become new growth points for foreign investment in China.

Looking to the future The Decision also indicates that China will expedite negotiations on investment treaties with relevant countries and regions, and promote the establishment of free trade zones. Such arrangements will remove investment barriers and offer greater protection for enterprises of contracting parties, with the overall goal of fostering investment amongst these countries. China has already signed these types of agreements with a number of countries. Currently, China is negotiating with the European Union to enact a landmark bilateral investment treaty. The success of such a treaty is widely expected to help China upgrade its economic infrastructure and better integrate with the global economy. By reading the stated policy directions and measures of The Decision, it can be reasonably concluded that the foundations of China’s economic policy of the past over 30 years of reform and opening-up have remained unchanged and been reinforced by the Third Plenum. Some of the declared measures, for example, the “orderly” further opening up of the financial services, education, cultural activities, healthcare, and the elimination of entry barriers to nursery, elderly care, architect design, auditing, logistics and e-commerce, will generate real benefits upon implementation. Thus, implementation is the key to further organic growth within China, and how it is structured in the near-term is worth closer attention. Based on the principles we have seen from The Decision, we have reasons to believe that ODI and FDI will experience favorable development as a result of this initiative.

Advocacy

The New Hong KongCanada Tax Treaty: Key Benefits A Cautionary Note The foregoing provides only an overview and does not constitute legal advice. Readers are cautioned against making any decisions based on this material alone. Rather, specific legal advice should be obtained. Background The income tax treaty between Hong Kong and Canada (the “HK-Canada Tax Treaty”) first signed on November 11, 2012 was recently ratified and is in force as of October 29, 2013.

residents of Hong Kong, benefits of the HK-Canada Tax Treaty include: •

As noted in the table, a treaty-reduced withholding tax rate of only 5% for cross-border dividends paid by a Canadianresident corporation, if the Hong Kong dividend recipient is a company that controls at least 10% of the votes of the dividend payer (otherwise the dividend will normally be subject to a 15% treaty rate of withholding)

•

Treaty-reduced withholding tax rates for interest payments (a treaty withholding rate of 10% will generally apply in circumstances where the payment does not otherwise qualify for Canada’s 0% withholding rate on interest paid to arm’s length parties), and for royalty payments (10%)

The HK-Canada Tax Treaty applies (i) for most Canadian purposes, for amounts paid or taxation years beginning on or after January 1, 2014, and (ii) for Hong Kong purposes, for any year of assessment beginning on or after April 1, 2014. Broadly speaking, the treaty will encourage cross-border business and investment, allow businesses and investors to better determine their cross-border tax profile, and provide protection against tax discrimination and potential double taxation.

By Peter Botz McMillan LLP

Chinese/Hong Kong Investment into Canada

The Hong Kong Advantage A simple comparison of tax treaty and domestic withholding tax rates will illustrate the fact that Hong Kong is positioned quite favourably: Dividends Interest Canadian Domestic Withholding Rate

25%

25 / 0%

Hong Kong Domestic Withholding Rate

Hong Kong-Canada Treaty Rate

5%1

10%

China-Canada Treaty Rate

10%

Singapore-Canada Treaty Rate

15%

1. Where the recipient is a company that controls directly or indirectly at least 10% of the voting power in the company paying the dividends. 2. Where the beneficial owner is a company that owns at least 10% of the voting stock of the company paying the dividends.

It will be seen that the HK-Canada Tax Treaty withholding tax rates compare favourably to those of other tax treaties. For

The Hong Kong advantage extends significantly beyond direct Hong Kong investment into Canada – in the right circumstances, the HK-Canada Tax Treaty can also be quite beneficial for Chinese investment (and other South East Asia investment) in Canada through a Hong Kong company. Take the case of a Chinese company investing in a Canadian company directly. Such a direct investment would subject dividends paid by the Canadian company to its Chinese parent company to 10% Canadian withholding tax, under the China-Canada Tax Treaty (provided the Chinese parent company owns at least 10% of the voting stock of the Canadian company). Where the Chinese parent instead makes the investment in Canada through a Hong Kong company, the possibility exists that the Canadian withholding tax can be cut in half (the HK-Canada Tax Treaty would subject the dividend from the Canadian company to the Hong Kong company to only 5% Canadian withholding tax, and Hong Kong itself would not impose a withholding tax on payments up to the Chinese parent company). Vol.12 January - April 2014

Advocacy

A similar strategy can also work in reverse, where a Canadian company invests into China through a Hong Kong company (in this case, the advantage is understood to be potentially available under the HK-China Tax Treaty, where the Chinese withholding tax on dividends may be reduced to 5%, compared to 10% in the case of a direct investment in a Chinese company by a Canadian company). All such strategies are subject to anti “treaty-shopping” issues discussed below.

Challenge and Opportunity Tax practice and proper structuring is more complicated than simply setting up special-purpose companies in jurisdictions that happen to have favourable tax treaties, and in this respect Hong Kong is no exception. The HK-Canada Tax Treaty, for example, contains anti-“treaty-shopping” provisions (not as broad as in certain other treaties) that would deny access to the low treaty withholding tax rates on dividends (as well as payments of interest or royalties) where one of the main purposes of the creation of the Hong Kong entity is to obtain access to the benefits of the treaty. In addition, the Canadian tax authorities are quite concerned with perceived abuses of Canada’s tax treaties, and have announced (as recently as in Canada’s federal budget of February 11, 2014) an intent to counter such strategies. It is expected that the Canadian government will develop a domestic Canadian anti-treaty shopping rule in the near future1. This increased focus on anti-treaty shopping will be challenging to tax planners in the context of many international structures,

but here again, the special advantages of Hong Kong could prove useful. Unlike jurisdictions that offer a pure “tax haven”, Hong Kong is a bona fide commercial and financial powerhouse, and therefore serves as a natural gateway for structuring international business opportunities. In general, the more commercial substance exists within the entity (for example, a Hong Kong company with real business operations in Hong Kong), the easier it will be to substantiate the right to treaty benefits. The Canadian government, for example, has signaled that its anti-treaty-shopping rule will, in many cases, permit the benefit of favourable treaty rates where the entity receiving dividends (for example) carries on a substantial active business in its own jurisdiction. In the right circumstances, that test will be easier to meet in a thriving commercial jurisdiction such as Hong Kong.

Residence Tie-Breaker Rules Another potentially significant advantage of the ratification of the HK-Canada Tax Treaty is the introduction of “tie-breaker” rules that will make it easier to determine the residence, for tax purposes, of individuals who have residential ties both in Hong Kong and Canada. Residence is an important concept for Canadian tax purposes, as Canada taxes Canadian residents on their world-wide income. This can be problematic in factual situations where Canadian tax residence is difficult to determine, for example in the case of a Hong Kong individual whose spouse and children may be living in Canada while the individual lives most of the time or part of the time in Hong Kong for purposes of operating a Hong Kong-based business. Given the potential tax problems

1. See also our earlier summary of the Canadian proposals here (http://www.mcmillan.ca/Files/170438_Treaty%20Shopping.pdf)

EXCHANGE

Advocacy that can arise later where an initial determination of residence has turned out to be incorrect (or is challenged by the tax authorities), this is generally not an area where creative ambiguity favors the taxpayer. From this perspective, the introduction of standard residency â&#x20AC;&#x153;tie-breakerâ&#x20AC;? rules in the HK-Canada Tax Treaty is welcomed. In general terms, the â&#x20AC;&#x153;tie-breakerâ&#x20AC;? rules determine an individualâ&#x20AC;&#x2122;s residence based on factors such as the availability of a permanent home in the relevant jurisdiction, centre of vital interests, and other factors (including whether the person has the â&#x20AC;&#x153;right of abodeâ&#x20AC;? in Hong Kong and/or is a national of Canada). While these factors will often still be subject to interpretation, the HK-Canada Tax Treaty lays out a useful structure for making the relevant determination. For more information on this topic, please contact: Vancouver 604.893.2319 Vancouver 604.691.6845 Toronto 416.865.7914 Toronto 416.865.7058 Hong Kong 852.3101.0390

Peter Botz peter.botz@mcmillan.ca Christine Man christine.man@mcmillan.ca Michael Friedman michael.friedman@mcmillan.ca Todd Miller todd.miller@mcmillan.ca Stephen D. Wortley stephen.wortley@mcmillan.ca

About McMillan LLP With its Hong Kong office, McMillan LLP is wellpositioned as a gateway for Hong Kong and Chinese companies looking to access the North American markets, and for Canadian companies looking to access Hong Kong and China. Our tax team has the depth and experience to help you achieve your goals. McMillan is a leading Canadian business law firm committed to client service and professional excellence for over 100 years. With recognized expertise and acknowledged leadership in major business sectors, McMillan provides definitive Canadian legal advice to businesses, financial institutions, governments and private individuals in Canada, the United States and internationally. The firm has offices in Vancouver, Calgary, Toronto, Ottawa, MontrĂŠal and Hong Kong. McMillan stands as a truly modern and ambitious law firm with a broad range of expertise offering effective, innovative solutions to Canadian and international clients.

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äż&#x2030;â&#x2018;&#x; Vol.12 V Vol Vo ol.12 12 JJa January anua uary - Apri A April prriil 2 pri 2014 014 1

Leadership Column

Adventures of

Working Abroad in Hong Kong Interview with Brian Lau

Brian Lau Partner Prometheus Group

Brian Lau has served in the Executive Committee of the Chamber since 2012 and was elected as the Vice Chairman of Internal Affairs in February 2014. He is so philanthropic about the community that currently he is the Co-Chair of the Annual Fund at the Canadian International School of Hong Kong and an Annual Fund leader for the Chinese International School of Hong Kong. Prior to moving to Hong Kong, he worked in Celestica, a global electronics supply chain services and manufacturing company for 15 years, and was appointed as the Head of Asia, Sales and Marketing to build a frontend team across the region. He is now a partner of Prometheus Group.

How long have you lived in Hong Kong? When did you arrive in Hong Kong? Which country (countries) were you working in prior to moving here? I lived in Hong Kong for roughly around 7 years now. I was born and raised in Canada. After I graduated, I worked for the Ontario Ministry of Economic Development and Trade and gained experience in policy development and implementation. After working for the public sector for 3 years, I worked at Texas Instruments for 4 years and I ran the factory operations in their Canadian plant and held the senior financial position. I worked in Canada for over 15 years.

Did you ever dream of working in Hong Kong previously when you were in Canada? I had never dreamed of working in Hong Kong, but I always had a vision – a vision to travel around the world for business purposes. I guess I had this thought because I watched way too much Hollywood movies back then. I had always wanted the global working or traveling experience and I was very lucky that my job allowed me to do so from time to time.

What are the advantages and disadvantages working in Hong Kong? Advantages of Hong Kong would be Hong Kong surely is a hilly place, hence there are plenty hiking trials with spectacular views. It is great to build a network and maintain relationships; EXCHANGE

Interview Conducted byVivianWan The Canadian Chamber of Commerce in Hong Kong in fact it is almost impossible not to network or not be able to build a network in Hong Kong. The expatriate community is small and meeting someone can easily introduce you to the right people. Moreover, Hong Kong is so similar to Toronto with its multicultural, strong fusion/ tolerant culture. The low and simple taxes are also very advantageous to live in. I would say the disadvantages are areas densely populated with buildings and commercial offices, and thus air pollution is terrible. In addition, the traffic is horrible if you love to drive!

What would you like to see Hong Kong do more as your “home”/”ideal city”? Hong Kong would need to maintain its competitiveness and be more strategic in all areas of planning in order to maintain its vibrant economy and keep its title of being the international financial hub and the bridge to China. For businesses, it means strengthening the competitive benefits and creating new areas of strategic advantages. For citizens, it is the infrastructures, facilities, programs, plannings and policies that maximize the living experience of the Hong Kongese in a manner consistent with the unique culture of our home.

When you retire, would you rather spend your retirement life in Hong Kong or Canada and why? I would say a balance of both because I call both countries my “HOME”.

Adventures of

Leadership Column

Working Abroad in Hong Kong Interview with Donald Roberts

Donald Roberts Director Rankhigh Investments Limited

Don Roberts is currently an Executive Committee member of the Chamber and previously served as a Governor for 15 years. He has served on the Board of Governors of the Canadian International School of Hong Kong for 12 years. He graduated from the University of Calgary and became a Chartered Accountant after completing his professional training with PricewaterhouseCoopers and worked in their Calgary, Vancouver and Italy offices before transferring to Hong Kong. Subsequently he joined the global head office of HutchisonWhampoa Limited in Hong Kong, a listed Fortune 500 conglomerate with operations in over 40 countries. He worked for 23 years as Hutchison’s Group Deputy Chief Financial Officer and recently retired to spend time with his family. Interview Conducted byVivianWan The Canadian Chamber of Commerce in Hong Kong

How long have you lived in Hong Kong? When did you arrive in Hong Kong? I arrived in Hong Kong from Calgary in 1984, which was just after Margaret Thatcher, then Prime Minister of United Kingdom, announced that Britain would hand Hong Kong over to the People’s Republic of China in 1997. There was a great deal of apprehension about this: property prices crashed and Hong Kong people were re-evaluating its future. It was an interesting time to arrive! But there was still vibrancy to Hong Kong and this “Can Do” spirit continues to this day. Hong Kong continues to be a dynamic and exciting place to live and work.

Did you ever dream of working in Hong Kong previously when you were in Canada? Which country (countries) were you working in prior to moving here? When I initially thought of moving overseas to work and see the world, (maybe not in that order!), I thought of Europe and not Hong Kong. I was fortunate to work for a Big Four accounting firm early in my career and the firm has a great legacy of transferring staff members around the world to gain experience. I first went to Torino in Italy for two years and it was only after returning to Calgary that I then thought about a second transfer to another part of the world I had not seen. Both Singapore and Hong Kong were offered and I am so glad I chose Hong Kong.

What are the advantages and disadvantages working in Hong Kong? I found one of the great advantages of Hong Kong is the ability to progress with business opportunities and/or your career while

at the same time enjoying all that Hong Kong has to offer as an international port city. Hong Kong companies have always looked to expand their businesses overseas and particularly in the Mainland which generally provides more career opportunities. In my experience people are given more responsibilities earlier in their career and have more opportunities in the growing businesses. Another advantage is the people you work with in Hong Kong. The people I worked with and the people who mentored me, are some of the best and brightest business leaders, which makes work much more satisfying; I have benefited from their wisdom in and out of the work environment. One disadvantage is of course the worsening water and air pollution in Hong Kong over the years. I used to enjoy sailing in clean waters around Hong Kong but that is rare now, and we are all aware of the serious air pollution problems.

When you retire, would you rather spend your retirement life in Hong Kong or Canada, and why? Well, that is a timely question for me, because I have recently retired. My family and I have chosen to stay in Hong Kong. After 30 years living in Hong Kong, it is definitely our home. Hong Kong continues to be an exciting and entertaining city for us. Our children are going to a great school, the Canadian International School of Hong Kong and we enjoy the many sport facilities offered by various clubs in Hong Kong. Another benefit of Hong Kong is escaping the Canadian winters! Vol.12 January - April 2014

Leadership Column

Adventures of

Working Abroad in Hong Kong Interview with Kendal Hembroff

Kendal Hembroff Consul and Senior Trade Commissioner The Consulate General of Canada in Hong Kong & Macao

Kendal Hembroff is the Consul and Senior Trade Commissioner to the Consulate General of Canada in Hong Kong & Macao and an ex-offcio member of the Executive Committee of the Chamber. Prior to her current role, she held a number of positions within the Trade Policy and Negotiations Branch at the Department of Foreign Affairs and International Trade in Ottawa. Her most significant contribution as the Director of the Services Trade Policy Division was Canada’s Lead Negotiator for theWTO General Agreement on Trade in Services. She has led a number of Canada’s bilateral and regional trade negotiations as well including those toward Canada’s Free Trade Agreements with Korea, Singapore, Panama and Costa Rica.

How long have you lived in Hong Kong? Where did you grow up, and where were you living prior to moving to Hong Kong? I have lived in Hong Kong for almost three years, having arrived with my husband and two young children in the summer of 2011. We came here for a three-year diplomatic posting with the Consulate General of Canada where I am managing our trade program, responsible for a team working with Canadian companies to assist them in pursuing commercial opportunities in Hong Kong. So we’re nearing the end of our three-year assignment here, and will be returning to Ottawa at the end of June, where we were living prior to Hong Kong. I was originally born in Winnipeg, but moved to Ottawa as a young adult where I got my Master’s degree in International Affairs at the Norman Paterson School of International Affairs at Carleton University.

Did you ever dream of working in Hong Kong previously when you were in Canada? I’ve worked for Canada’s Department of Foreign Affairs, Trade and Development for nearly 15 years, so my career has been internationally focused. For personal and professional reasons though, this is the first overseas posting that our family has done so far. When we finally decided to go out on posting, we looked carefully at different assignment options but determined quickly that Hong Kong was somewhere that we wanted to live.

What were some of the challenges you faced when you first arrived? When we first arrived in Hong Kong, our daughter was only ten months old and our son had just turned three, so we had some basic mobility challenges in just getting around the city – imagine having a one-year old strapped to you in a baby carrier in the hot, sticky summer months! In Canada, we generally got around by car or used a stroller for the kids. EXCHANGE

Interview Conducted byVivianWan The Canadian Chamber of Commerce in Hong Kong Thankfully, we were really lucky in finding housing and schooling as the Consulate General assists families on this front.

What are the advantages and disadvantages to working in Hong Kong? Hong Kong is an amazing place to be doing the job that I do – working with Canadian companies in an incredibly dynamic and interesting market. So much of what we do is about building networks, and Hong Kong is a very dense and tightly-knit community, so its been great getting to know the Canadian and local business community here. There will be a lot of people to say goodbye to when we leave this summer! More personally, my family has really enjoyed the opportunity to learn about such an interesting culture, and our kids are learning Chinese which is fantastic. The travel opportunities within Asia are also incredible, not to mention the food that’s available locally, and I love to eat! Disadvantages would be the long working hours because I would love to spend more time with my family, and the air quality issues – our youngest has asthma and my husband runs ultra-trail races so he spends a lot of time outside.

What would you like to see Hong Kong do more as your “home”/”ideal city”? Tackling air pollution will be a big priority for the Hong Kong government and I hope that they’re able to make some inroads on this front. Also, Hong Kong has some major challenges associated with use of land. Given the small size of Hong Kong, its not surprising that the public is hotly debating the appropriate balance between affordable housing and recreational space which is so important to allowing residents to enjoy the place where they live. That said, it will be hard to leave Hong Kong this summer – we will certainly miss the city!

Adventures of

Leadership Column

Working Abroad in Hong Kong Interview with Lawrence Nutting

Lawrence Nutting Vice President and Chief Distribution Officer Manulife (International) Limited

Lawrence Nutting is an active Executive Committee member of the Chamber. He enthusiastically volunteered to sit as the Co-Chair of the Ball Committee. He graduated from the University of Saskatchewan with a Bachelor of Education and gained his MBA from Rutgers, The State University of New Jersey. Prior to his return to Hong Kong, Lawrence was on the Canada China Business Council in Shanghai and was on the board of the Canadian Chamber of Commerce in Shanghai. He is an active participant within the community that he lives. He has served on a variety of charities including the UnitedWay, Canadian Cancer Society, the Sunshine Foundation and Stepping Stones. Lawrence returned to Hong Kong in May 2013 as the Vice President and Chief Distribution Officer in Manulife Financial Hong Kong.

How long have you lived in Hong Kong? Which country (countries) were you working in before coming to Hong Kong? I am from Saskatchewan, born and raised. I lived in Vancouver, London Ontario for 3 years and Edmonton Alberta for 12 years. My first visit to Hong Kong was back in January 2003 and I stayed until August 2004; then I moved to Shanghai for 8.5 years and now I am back in Hong Kong again for roughly about a year now. Prior to my return to Hong Kong, I worked in Manulife’s China joint venture (Manulife-Sinochem) and ran the Shanghai Branch.

Did you ever dream of working in Hong Kong previously, when you were in Canada? No, not initially, Hong Kong was never on my radar. I used to work for an insurance company for 21 years, and it offered me great career prospects; however a prior colleague approached me about an opportunity with Manulife in Hong Kong. It was a very interesting and attractive opportunity. The discussion and decision making of taking the offer to come to Hong Kong lasted at least 14 to 16 months. My family, and I were eager to come, however we were also worried about the changes; but working in Hong Kong seemed very interesting.

What are the benefits of living and working in Hong Kong, what aspects of Hong Kong do you enjoy the most? I enjoy playing sports and fortunately I was able to join an Ice Hockey and Field Hockey team in Hong Kong. We play ice hockey at Mega-Box most Thursday nights and field hockey is played generally on Sundays. I am fortunate to have a fitness centre in the building I work in, Manulife Financial Centre, so most mornings I spend an hour and a half in the gym prior to work. Not to mention, I love the hiking trails in Hong Kong. The views are often breathtaking. Chinese food is also my favorite and I attend a lot of business dinners hence exercise is important to keep the pounds off.

Interview Conducted byVivianWan The Canadian Chamber of Commerce in Hong Kong Hong Kong is great for businesses. The vibrant environment in Hong Kong truly defines the city as an international financial hub and multicultural city. People in Hong Kong speak at least 2 different languages and it is so easy to get around. I also love the weather in Hong Kong because waking up at 6 in the morning to shovel snow on a cold and windy winter is not fun; but in Hong Kong there are no snow days thankfully.

Have you picked up other languages beside English? With my 8.5 years spent working in Shanghai, I learned Han Yu pin yin and so I would say I am 55% Mandarin fluent. Unfortunately, I did not pick up any Cantonese yet, but when I have a chance, I will give it a try.

When you retire, would you rather spend your retirement life in Hong Kong or Canada and why? I have no thoughts on retirement, however would love to spend 4 to 5 months in Canada and the rest of the time would be anywhere in Asia. Hong Kong would definitely be on my radar now because I consider it my “HOME” too.

What would you like to see Hong Kong do more of/ differently as your “home”/”ideal city”? I would like to see the Hong Kong government support and encourage more people to drive hybrids and electric powered vehicles in order to reduce air pollution. Secondly, traffic congestion in Hong Kong is also a huge problem. And lastly, there is a shortage of international school spaces. I noticed that many families are having trouble to send their kids to school in Hong Kong, and when these talented people leave, Hong Kong will become less competitive.

Vol.12 January - April 2014

Leadership Column

Sharing Experience and Success The Refinement of a Leader David Armitage

David Armitage President & CEO Velocity Solutions Ltd

Entrepreneurs can have backgrounds even more dynamic than the ventures they chose to start and a look into their background can give you a lot more insight into the vision of their business than any statement could. David Armitage is a Canadian entrepreneur that found success in Hong Kong through no shortage of persistence, skill, and luck. From his matchbox printing business when he was 14, to fighting forest fires in the mountains outside of Vancouver, to being a successful entrepreneur in Hong Kong’s Information Technology (IT) space, we wanted to know his story. Interview Conducted by VivianWan and Robert Beamish The Canadian Chamber of Commerce in Hong Kong

eing a professional in a city such as Hong Kong can be difficult with long working hours and a stressful schedule. After work, a social drink can sometimes seem the best option, but why not make sure that social drink has some benefits for you down the road? David provided us with some insights for professionals to develop in Hong Kong’s international business culture. Living in Hong Kong brings opportunities that are unlike any other cities in the world with networking opportunities, proximity to China, and cultural knowledge growth. These are some tips David has learned from over the years from his matchbox printing business in British Columbia to being an entrepreneur in Hong Kong.

To Learn Chinese IT is a space where the hard skills are more important than the language skills. IT works the same basically, across all industries. You still have the potential to have a great career knowing just English but the progress of your career will be greatly stifled by those who have the determination and patience to learn Chinese. For anyone that doesn’t know it EXCHANGE

already, it should become their two-year plan effective immediately.

To Network When You Go Networking Businesses grow, markets are entered, and ideas flourish within the proper network, but finding that network and sustaining a relationship is harder than you think. To network means to work a room to find people who can help you professionally or who you are interested in personally, and to act on those connections. Simply going to networking events and just talking to friends or waiting for people to approach you is not going to advance your career. When approaching someone you know you’re not approaching them for their good looks (unless that’s how you like to network), so be genuine, sincere, and direct. Know what you want and don’t be afraid to ask for their help. Although there are a lot of blunders that can be made at networking events, the worst among them is to waste someone’s time. It’s not rude to be direct, but it’s rude to waste someone’s time. Being direct shows confidence, and with that you are more likely to get what you want.

Leadership Column To Get Noticed “In order to get yourself noticed, it isn’t necessary that you need to be the loudest or the most outgoing person in the room but it does mean you have to be different,” David suggests. If you want to be different from the rest and get yourself on the top pile of the CVs, then you need to recognize your strengths and highlight them. Coming out of university with double majors or a specialist degree won’t get you a job, but leveraging your connections and knowing how to differentiate yourself will.

To Persist “Nothing can take the place of persistence; it is by far the most important skill.” David says. No matter your walk of life and business, persistence is the trait of those attuned to success and who have the will to achieve it no matter how many times they hear ‘no’. Get over the feeling of disappointment after a ‘no’ and keep pushing forward. Mastering this skill will show not only a mastery of yourself and your emotions, but persistence can still be respected by those who say ‘no’. Be sure to be able to define the line between persistence and harassment, one will enrich your life and business, the other may incarcerate you.

To Leverage From The Chamber The Chamber is a self-serving organization that provides services to its members. “Ask not what you can do for the Chamber; ask what the Chamber can do for you.” David recommends. He recalls that he did not know anyone when he came to Hong Kong. No one knew he had been managing hundreds of people for Shell Canada, but he used the Chamber as a platform to get noticed. It is important to know what you want from the Chamber, and then ask for it.

FIRST CLASS BOARDING THIS WAY Canada’ss oldest day and boarding scchool for girls bss.oon.cca

Vol.12 January - April 2014

Leadership Column

Sharing Experience and Success The Journey to Textiles and Apparel John Cheh The first 30 years of Dr. John Cheh’s career were spent in both the Canadian public and private sectors. From the Canadian Cabinet Office to telecom mergers and acquisitions in Asia Pacific, he then “played with planes and trains” and is now weaving a new life in textiles. John has surely lived a vibrant life as a successful leader within the Canadian community. John Cheh Vice Chairman and CEO Esquel Group

Interview Conducted byVivianWan and Robert Beamish The Canadian Chamber of Commerce in Hong Kong

ohn’s Canadian connections began when he first moved to Canada and did his undergraduate degree at McGill University. In his own words, his studies in economics and political science at McGill were a great learning experience and have contributed to building his career ever since. His achievements were recognized when he was conferred the Honorary LL.D. degree by the University of Western Ontario in 2012. After completing his graduate studies in economics at M.I.T., John spent the next 20 years in the Canadian Government, both in Ottawa and abroad. He remembers vividly the first time he met the late Prime Minister Pierre Trudeau at the Privy Council Office. “Trudeau was such a charismatic and dynamic leader whom I admired greatly, and it was a privilege to have worked for him”, he told us. John’s eventual

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transition into the private sector was helped by having spent two years, on secondment from the Canadian Government, as the Executive Director of the Canada China Business Council. With Andre Desmarais of Power Corporation of Canada as the Chairman of the CCBC, John learned a lot about business strategies and principles. In 1994, John returned to Hong Kong as the head of Bell Canada International Asia aiming to make strategic investments in mobile phone companies. Echoing the philosophical saying of “the right time（天時）, the right place（地利）and the right people（人和）”, John explained that this was indeed the most opportune moment to make his transition into the private sector because of telecom deregulation which created operating licenses for new entrants. Five years earlier: such opportunities simply did not

Leadership Column exist; five years later, the window for new deals would have been closed. John talked fondly of the three investment deals that Bell Canada International made and eventually divested between 1994 and 2001, in China, Taiwan and Korea. “It was the golden era of telecom M&A’s in Asia”, he said. John then took on the role of President of Bombardier China, and promoted the sale and industrial cooperation in the areas of business and regional aircraft as well as trains and subway cars in China. The next turning point for John was in 2003 when he left Bombardier to join the Esquel Group, a textile and apparel manufacturing company owned by Marjorie Yang. John has known Marjorie since his M.I.T. days, but the timing of his move to Esquel was again very fortuitous. The system of global export quotas on textile and apparel products that had prevailed for several decades were finally coming to an end in 2005, and John was able to apply his trade policy experience gained from his Government days to develop and implement strategies and investments that contributed significantly to Esquel’s growth. “Things sort of all came together” was the way that John put it. Moving from the “high-tech” sectors of mobile communications and planes and trains to the “traditional” industry of textile and clothing may seem odd, but in John’s own words, “I have been having the time of my life since joining Esquel!” Inspired by Margie’s vision of transforming Esquel through ethical behavior, technology, innovations and sustainable

practices, Esquel has achieved rapid growth with revenue reaching over U.S.$1.3 billion in 2013; recognition as a leader in reducing its carbon and water footprint; and improvements in the earnings and livelihood of its staff and workers across all its sites. “Together, we are helping to make a difference”.

What are some of the keys that John would like to share about his career and endeavours? “Pursue continuous learning; be bold to innovate; try new things and have fun.” “Leadership is about inspiring and motivating people.We all look for meaning in what we do. Put in your best and demand the same from others. Give recognition to those who deserve it.” “Whatever you do, do it with your heart.” “Life is about opportunities and possessing the judgment to seize them. I have been fortunate to get so many good opportunities at the right time, at the right place and with the right people.”

Dr. John Cheh Vice Chairman and CEO, Esquel Group John received his Bachelor’s Degree in Economics and Political Science from McGill University and his Ph.D. in Economics from M.I.T. He joined the Canadian Government in 1974 and worked for the Treasury Board and Privy Council Office. From 1981 to 1993, he was with Canada’s Department of External Affairs and International Trade, and served in senior diplomatic positions in Beijing, Seoul and Tokyo. He also worked for two years as the Executive Director of the Canada China Business Council. In 1994, Dr. Cheh moved to Hong Kong as the President, Asia, of Bell Canada International, in charge of its strategic telecommunications investments. In 2001, he became the President of Bombardier China, until he joined Esquel in October 2003. In May 2012, the University of Western Ontario conferred an Honourary Doctor of Laws degree on Dr. Cheh in recognition of his expertise in trade and economic issues. The Esquel Group manufactures over 100 million cotton shirts annually through its 59,000 employees in China, Malaysia, Mauritius, Sri Lanka and Vietnam. Its vertically-integrated operation includes cotton ginning, spinning, weaving, knitting, garment manufacturing and retailing.

Vol.12 January - April 2014

Focus on Members

Walton Builds Wealth for Clients Through Land-Based Real Estate Investments Thanks to Hong Kong’s red-hot local property market, locals looking to invest in much coveted land assets ironically search across oceans instead. When it comes to real estate, the North American and Canadian subcontinents are the time-tested favourites of Asians, where ‘greener pastures’ are abundant and currently up for grabs. Gary Tom, President (North Asia) of Walton International Group limited, reveals why land can be a valuable investment.

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Focus on Members

ary Tom, President (North Asia), is responsible for managing the Hong Kong operations and oversees all sales and compliance matters for Walton Hong Kong. The Hong Kong office has been established for more than 20 years.

People have a profound attachment to the land. Work it, and youâ&#x20AC;&#x2122;ll know what it means to provide. Own some, and youâ&#x20AC;&#x2122;ll always have a home. Multinational real estate investment and development group, the Walton Group of Companies, set up its Hong Kong branch in 1991. Currently the Walton International Group begins over 30 years of property investment experience to Asian investors. Our industry-leading expertise and unparalleled commitment to research have made us one of the leading land-based real estate investment and development groups. With more than 83,000 managed acres and over 88,000 clients worldwide, Walton currently manages over $4.1 billion CAD partially through the syndication of strategically located land-based assets, providing potential returns to investors. Walton has acquired land in Alberta, Ontario, Arizona, Texas, Georgia, Washington D.C., the Carolinas, California and Florida, laying the foundation for communities where people can live, work and play and building wealth for clients around the globe.

Walton International Group celebrated their 20th Anniversary in Hong Kong, having firmly kept intact their core pillars through times of growth and evolution. Vol.12 January - April 2014

Focus on Members Our four-stage approach to the research, acquisition, planning and development of real estate assets across North America enables us to design and develop communities from the ground up. Walton provides investors with medium- and long-term real estate opportunities, while working with local organizations to ensure new developments respect the cultural and environmental integrity of the region to potentially preserve land value.

Laying The Groundwork Walton’s Land Research and Acquisitions team generally researches potential buying regions for a minimum of two to four years before acquiring land assets in those regions. Their research includes conducting thorough physical and financial due diligence. This team uses Geographic Information Systems to digitally map out the research and identify patterns of potential growth and development.

A dazzling time tunnel highlighted the past accomplishments and milestones of the Walton Group of Companies dating back to 1979.

This helps to identify land that is potentially suited for profitable and timely development. All land acquisitions are subject to approval by Walton’s Buying Committee, with input from Walton’s legal, development and finance departments. Walton structures these lands for medium-to long-term real estate opportunities for sale to potential investors and with a goal of avoiding future cash calls. Walton has the breadth and depth of experience required to efficiently take land through the conceptual planning, entitlement and development approval.

Plan To Succeed Walton Development and Management (WDM) is the arm that handles the Group’s activities in real estate planning, approvals, and development.

Westphalia,Washington D.C., U.S.

WDM team consists of 91 development specialists with a collective 1,113 years of experience in engineering, land development, land planning, project management, finance, marketing, and municipal affairs. The team, who administers over 83,000 acres of land in North America, collaborates closely with municipalities as well as local experts, governments, approval agencies and potential end users throughout the concept planning process, to do its best to ensure the land is positioned to its highest potential. Our simple yet disciplined investment approach remains true to the core principles that have brought us to where we are today, and for more than 30 years, has served our company, thousands of clients and our partners well. Formerly North Point Estate, Calgary, Alberta, Canada. Exited in 2007, now SkyView Ranch EXCHANGE

Over $1.7 Billion* Distributed to Clients. We’re proud to celebrate making over $1.7 billion* in client distributions, though we’re prouder still for the manner in which we did it. We strive to plan the land to its highest and greatest potential seeking to maintain the natural character of the region. It takes more than one financial quarter to yield a return, but the respect we have for the land, and those who will one day live and work there demands we take our time and get it right. For more information, please contact your Financial Advisor or Walton Client Services at hkcservices@Walton. com or (852) 3185.1808

*Amount distributed is in unaudited Canadian dollars and consists of: •Exit proceeds on sales of pre-development land •Distributions, interest and principal repayment on development projects •Interest and principal repayment on corporate bonds

This advertisement is not an offer to sell or a solicitation of an offer to buy any security or real estate investment, which may only be conducted using offering documentation or agreements prepared in accordance with applicable law. Walton and its representatives are not licensed to deal with any property located in Hong Kong. © Walton International Group Inc. 2014

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Focus on Members

Title Sponsor: Blake, Cassels & Graydon LLP

Natural Resources Investment Forum Review

Provincial Sponsor: British Columbia International Trade and Investment Office Represetting the Government of British Columbia in Hong Kong and Macao

By Queenie Lai The Canadian Chamber of Commerce in Hong Kong Luncheon Sponsor: McMillan LLP

Presenter: Zimtu Capital Corp. EXCHANGE

Presenter: Panoro Minerals Ltd

Focus on Members he Canadian Chamber of Commerce in Hong Kong (“The Chamber”) Natural Resources Investment Forum (“NRIF”) was established back in 2011 with the vision of providing a unique opportunity to unite natural resources (mining, oil & gas) industry players with potential investors from the private equity, venture capital and broader investment community. We were very honoured to have Blake, Cassels & Graydon LLP as our title sponsor, McMillan LLP as our luncheon sponsor and the British Columbia International Trade and Investment Office as our provincial sponsor this year. We would like to thank our supporting organizations Asia Mining Club (Hong Kong), Canadian Institute of Mining, Metallurgy and Petroleum and Hong Kong International Mining Association for supporting our event. As a result, we had a turnout of over 100 attendees.

Presenter:Tomagold Corporation

The Chamber invited a total of 7 companies in the natural resources sector to present on their current projects at The Harbourview on Monday, March 24, 2014. These 7 companies include Daycon Minerals Corporation, Gold Standard Ventures Corporation, Hunter Dickinson Inc., Panoro Minerals Ltd, SolGold PLC, Tomagold Corporation and Zimtu Capital Corp. They were provided with a more direct and intimate crowd of investors to which they can share information on their companies. The forum began with a welcoming speech from our President, Mr. Philip Leung, which was then followed by a speech by the Consulate General of Canada’s Consul and Senior Trade Commissioner, Ms. Kendal Hembroff. Our Natural Resources Committee’s Co-Chairs, Christopher Roberge and Mati Pouliot, acted as the Master of Ceremonies for the event. The Chamber invited Ms. Carrie Chen from CITIC Securities to provide a market overview to the audience. This year, we had one new feature added to enhance the experience for both investors and the presenting companies. Our panelists, Steven McKoen from Blakes, Darren Benson from The Bank of Nova Scotia, Matt O’Kane from Azarga Resources Limited and Alastair McIntyre from Behre Dolbear, discussed and answered questions related to the market conditions.

Presenter: Gold Standard Ventures Corporation

Overall, this year’s NRIF was very successful thanks to our sponsors, supporting organizations and presenting companies. Many of the attendees and presenters have already expressed interest in returning next year. We are looking forward to seeing you again! Presenter: SolGold PLC

Presenter: Daycon Minerals Corpaoration

Presenter: Hunter Dickinson Inc Vol.12 January - April 2014

Focus on Members

Impact of the China Company Law Changes on Foreign Invested Companies By Kristina Koehler-Coluccia Klako Group he Chinese National People’s Congress has amended the current Company Law with the aim of relaxing the requirements necessary to establish a company in China.

On February 7, 2014, the China State Council officially approved the “Plan for the Registration System Reform of Corporate Registered Capital” (“the Plan”). The aim of propelling the reform is to lower thresholds for market entry, optimize the environment of business and commerce, and reform regimes on supervision and regulation so as to ultimately build a market environment for fair competition and to carry out continuous growth in the economy. The Plan attaches great importance to relaxing regulations on market entry for entities and implementing exact supervision and management on those new entities. The Plan outlines four points of measures in order to relax regulations on Foreign Invested Enterprises (“FIEs”) as well as domestic companies in terms of market entry.

Minimum Registered Capital Requirements The minimum amount of registered capital required for a company establishment – RMB¥ 30,000 in the case of a limited liability company – has been removed. The minimum amount of registered capital will be subject to the articles of association of the new entity. The subscribed capital contribution amount, contribution method, period of contribution and any related matters, can be independently stipulated by shareholders or promoters who shall be responsible for the authenticity and legality of the subscribed capital contribution. There may be specific industries which will have government-controlled requirements so it is important to check this with them before applying for the approval process.

Ratio of Capital Contributions, Timeframe for Injection of Capital and Capital Verification Reports There will no longer be mandatory ratios applied to the registered capital and the total investment. No timeframes are EXCHANGE

being imposed by the government authorities which means that investors can inject the capital if and when needed. As a result, capital verification reports will no longer be required for submission to authorize usage of the capital. However it would be recommended to continue this process, regardless of the regulation, to have evidentiary proof that the capital has been injected (bank statements are sometimes not enough).

Registration process As a consequence of the amendments mentioned above, the company registration process has been simplified. The amount of subscribed and paid-up capital, as well as any future variation of this amount, will not be registered on the business license any longer. In addition, the plan stipulates that there will be a simplified registered address application (however, it is still to be seen what this entails). There will also be the possibility to register the company solely online and obtain a digital business license versus continuing to submit the documents in paper format and obtain a paper-version of the business license.

Reporting process The mandatory annual inspection system has been replaced with an annual report regime in some districts and cities within China. Whether you are conducting an annual inspection or an annual report, the reporting deadline is June 30. In both systems, entities have to input all financial data, as well as provide an update on basic information, such as corporate structure, registered office address, number of employees and business scope. Any entity or person would have access to check related information. The points outlined above aim to relax the administration and restriction of investment into China leading to lower threshold requirements. Registration information of a company would be recorded based on its own strength, which is more in line with the rule of development of a market economy. Moreover, pursuant to the implementation of registered capital subscription and recording system, paid in capital shall no longer be an Administration of Industry and Commerce

Focus on Members (“AIC”) registration item, and enterprises are not required to lodge verification reports in the process of establishment, which certainly saves companies costs. The annual report system replacing annual inspection system shall improve the fairness and efficiency of administration management.

•

However, the Plan also demonstrates that twenty-seven industries are not subject to registered capital subscriptions and recording systems currently, such as companies incorporated by share offering to the public, commercial banks, financial asset companies, trust companies, financial leasing companies, securities companies, futures companies, insurance companies, etc. The said industries are the ones stipulated explicitly to carry out paid-in capital registration systems under current laws, administrative regulations and decisions by the State Council. Current regulations shall be effective until an amendment is made on the laws by the State Council.

1. Foreign Invested Companies incorporated prior to March 1, 2014 and have a specified ratio of capital, timeframe of capital injection and amount of capital – For these companies will the new law apply and do they need to re-do their filing?

The Plan indicates that strict supervision and management shall be propelled on market entities, and market order shall be maintained pursuant to the laws. Moreover, the Plan reforms the supervision and management as follows: •

The AIC shall publicize information on companies regarding registration, recording, and supervision. Companies must submit and publicize annual reports and information regarding certificates and/or special licenses.

•

Business abnormality lists will be created and those companies that do not submit and publicize their annual reports within the stipulated period, or cannot be contacted pursuant to the registered address or business location, shall be included in the list and be announced to the public via the market entity credit information publicity system. As a result, it is important to have all updated information recorded in the annual report, particularly if there has been a change of address, change of legal representative, change of shareholder, etc.

Nationwide “Negative List” versus Foreign Investment Industry Catalogue

The reason for these further amendments is the fact that there are still many outstanding questions in relation to:

2. De facto minimum capital requirements in approval practice – Is it sure that every bureau for every industry will comply with the new regulation? 3. Will there be a removal of the financing restrictions related to debt equity ratio? 4. For specific industries, will licensing requirements remain the same or be removed? 5. Capital threshold requirements in various ministerial rules versus company law (for example, USD $1 million for foreign invested freight forwarder or similarly in the education industry)?

Recommendations

One of the goals of the reform is to transform the governmental function, however, the reform of the registration system calls for more severe governmental supervision, rather than weakening its relevant duties. The means of governmental management has turned from “prior approval” action to “management in the process and after the event” action. There is expected to be further legal developments with the company law in the form of: •

Amendments the PRC Company Registration Administration Regulations

•

Amendments to the three Foreign Invested Laws (Wholly Foreign Owned Enterprise Law, Equity Joint Ventures Law and Co-operative Joint Ventures Law) and

Approval processes are still at the discretion of the authorities at the local level (e.g. the Ministry of Commerce (“MOFCOM”) and AIC). Therefore, there is no guarantee that these modifications will apply to FIEs. In practice, it could be feasible that the local government authorities still insist on their previous requirements (e.g. a registered capital of minimum RMB¥ 1 million for a trading entity). It is important to discuss the new regulations with the local MOFCOM and AIC to verify whether the new company law will apply to them. It can be perceived that there will be city and provincial variations. It is also unclear whether the Tax Bureaus will amend their regulations that in order to apply for General VAT Tax Payer status, the FIE must have a registered capital of RMB¥ 1 million. It is advisable for FIEs to check with both government departments before progressing with the approval process. Klako Group is an international accounting and management consulting firm established in 1979. We provide a wide range of market entry consulting, incorporation, tax, accounting, human resource and trade services to organizations interested in entering and expanding throughout China, Hong Kong, Singapore. Klako Group is managed by an international and local team of over 120 certified public accountants, consultants and legal professionals who work in our ten offices in China, Hong Kong and Singapore. Vol.12 January - April 2014

Focus on Members

CanadaFood.hk Connects You to Canadian Food at the Touch of Your Smartphone By HoustonWong and JaniceVogtle The Consulate General of Canada in Hong Kong and Macao magine yourself on a Sunday morning hiking in Tai Po. After working up an appetite, you decide to cook a dinner with family and friends and head to the market to pick up a chicken. Unfortunately, the chicken stalls are closed and the only chicken available is previously frozen and of questionable age and quality. You pull out your iPhone and using the CanadaFood.hk app and find that there is a Wing Tat grocery store nearby selling Canadian chicken and other branded Canadian products such as M&M meats and soups. After a quick stop, you happily return home with everything you need.

In 2013, Canada was Hong Kong’s eighth largest food supplier yet most Hong Kong consumers are unaware that they are surrounded by Canadian food products every day. Most ubiquitous are soy products such as soy sauce, bean curd and soya drinks. Canada is the largest supplier of soybeans to Hong Kong with more than a 90% market share in 20131. Virtually all soy products that are manufactured in Hong Kong are derived from Canadian soybeans. Similarly, Canada is the largest supplier of North American ginseng (Fa Kee Sum) to Hong Kong with an 80% market share last year2. Canadian high-gluten wheat flour is best known for bread making but this product is also used in Hong Kong for making high-quality wonton noodles, providing the firm yet soft texture that a good Guangdong noodle needs. So when Hong Kongers sip a cup of ginseng tea with their dim sum, they are likely savouring fine Canadian products. 1-2 P.49, Hong Kong Merchandise Trade Statistics – Imports, December 2013, Census and Statistics Department, Hong Kong Special Administrative Region Government.

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Beyond many essential ingredients in common products, Canadian foods are also widely served in local restaurants and sold in grocery stores. A Canadian beef platter is a favourite menu item at most hot pot restaurants, alongside Canadian geoduck clam sashimi, or shucked oysters from British Columbia. And the majority of cooked pork hocks found in Hong Kong’s supermarkets or roasted meat shops are from Canada. At grocery stores and local markets a variety of products are on offer ranging from meat and seafood, to beer and wine, to cherries and blueberries- but finding non-branded commodities or the precise location of a your favourite granola remains a challenge in a market where shelf and warehouse space is at a premium and product offerings can vary from week to week at even the largest retail chains.

The Consulate General of Canada is App Your Service In 2012, the Consulate General of Canada in Hong Kong and Macao, in collaboration with several Canadian provinces and industry associations, launched an innovative online platform to make it easier and fun to find Canadian foods in Hong Kong. The CanadaFood.hk tools consist of a website (www.canadafood.hk), a Facebook page (www.facebook.com/ CanadaFood.HK), and a mobile app(CanadaFood.hk) for both iOS and Android phones. Using a computer or smartphone, visitors to CanadaFood.hk can navigate the “Consumer” section of this English/Chinese bilingual platform to find the latest product promotions and to plan where to shop for specific products.

Focus on Members The CanadaFood.hk Facebook page has become a gathering place for close to 10,000 Canadian food lovers. Those who “Like” the page receive regular updates in their Facebook newsfeeds on Canadian food products, as well as both Consulate and user-generated content such as promotional information, recipes and cooking videos. The page often features contests with prizes such as chef-led cooking classes, Canadian food and beverage gifts, or coupons and gift vouchers. The CanadaFood.hk apps is an essential tool for Canadian food lovers on the go and can be downloaded for free from the iTunes App Store and in early April 2014, from the Google Play Store as well. The search function identifies shops offering Canadian products in a user’s vicinity or the location of a favourite product by name or brand. Searches can be refined on a regional basis to plan the most efficient shopping trips. The app also includes videos on how to cook with Canadian ingredients or to prepare a particular Canadian dish. Users receive the same promotional updates as those available on the Facebook page. “Our goal is to further increase exports in this competitive market by offering a free marketing tool to Canadian exporters while helping all our Hong Kong friends and consumers to find their favourite high-quality and trusted Canadian products while on the go,” said Canadian Consul General J. Ian Burchett. “I’m delighted that a community of foodies has developed around the Facebook group and I’m confident that the new Android app will appeal to many Hong Kong smartphone users as well. I use the iPhone app regularly to save time sourcing my favourite Canadian ingredients to serve friends and all our guests at the Official Residence.”

Crowdsourcing welcomed! The Consulate General of Canada welcomes input from users to keep the platform’s data as up to date as possible. Those who come across Canadian products or menu items that are not listed in the app or website are invited to send the information to Canada.hkong@international.gc.ca. The Consulate General’s agri-food trade team will follow up with the seller to confirm product availability details and will update the platform’s database. Users are also welcomed to post information or photos about Canadian food products to the Canadafood.hk Facebook page to share with other Canadian food lovers in Hong Kong. Let’s work together to raise the Canadian food flag in Hong Kong!

Insert: Tools of the Trade In addition to consumer-focused information, the CanadaFood.hk platform includes a section of resources for commercial interests. Included is a list alist of Canadian companies seeking a partner or importer in Hong Kong, as well as a list of Hong Kong importers of Canadian food products with their product profiles. Members of the Canadian Chamber of Commerce in Hong Kong seeking business opportunities or a source of Canadian products can use these lists as a starting point. Conversely, companies importing Canadian food products or representing Canadian food companies are welcomed to use this platform to provide product information or marketing materials. To post product information on CanadaFood.hk or for information on business to business opportunities related to Canadian agricultural and agri-food products and services, please contact Canada.hkong@international.gc.ca.

Quotes from Hong Kong importers about the platform (From CanadaFood.hk): “Green dot dot’s supermarket promotion on CanadaFood.hk was very successful. It was a win-win situation for both the supplier and retailer. Green dot dot looks forward to carrying more healthy and natural products from Canada.” – Phyllis Cheuk, Executive Director and CEO of Kampery Development Ltd. “CanadaFood.hk is such a powerful tool for business matching. It made our business plans come true!” – Billy Ng, Manager of Health Luck Corporation Ltd. “CanadaFood.hk has been a very helpful marketing platform for Chubby Charlie products. It has helped us to expand our network and has widened our exposure to the Canadian market in Hong Kong.“-Claudia Chan and Denise Chan, Co-owners, Chubby Charlie “As an online retail start up, CanadaFood.hk has helped us to reach new consumers and to build our brand in the Hong Kong market. The platform is user friendly for people who look for Canadian products and easy to update for retailers. It’s a very strategic and unique marketing initiative from the Consulate General.” – StephanePrud’homme, Co-Founder and Chief Marketing Officer of Quebec Mall Vol.12 January - April 2014

Focus on Members

Your Opportunities The Northwest Territories By The Government of Northwest Territories

anada’s Northwest Territories (NWT) is a region of unlimited potential. Known as the “Land of the Midnight Sun”, due to its long and bright summer days, it is the third largest jurisdiction in Canada. It sits poised above the provinces of Saskatchewan, Alberta and eastern British Columbia, encompassing roughly the same area as the Inner Mongolia Autonomous Region and Shanxi Province combined; but with only 42,000 residents.

Diamond mining is the cornerstone of the NWT economy. With three producing mines and a fourth set to begin production by 2017, it is already the third largest producer of rough diamonds by value in the world. However, a total of six more key projects – encompassing varying mineral reserves – are on the NWT’s resource horizon – representing opportunities for downstream industries, new jobs for residents and more than $2 billion in new investments.

What it lacks in population, Canada’s North makes up for in untapped resources. And with global markets seeking new sources of energy metals and minerals, the NWT has never had such profile nationally and internationally.

Chief among these new projects is Avalon Rare Metals’ proposed Nechalacho Project. The largest rare earth deposit discovered outside of China, it offers another glimpse into the future that exists for the NWT mining sector.

In January 2014, the NWT’s Minister of Industry Tourism and Investment, David Ramsay, met with the Canadian Chamber of Commerce in Hong Kong to profile the incredible level of investment opportunities that exist in the territory.

The potential for petroleum development also remains at the forefront. The Western Canada Sedimentary Basin – which hosts the prolific oil and gas resources seen in Alberta and Saskatchewan – extends all the way up to NWT’s Beaufort Delta and into the offshore. Its fields are the pinnacle of the NWT’s rich petroleum potential – one of the largest untapped stores of natural gas and oil in the world and all within or immediately accessible from the NWT’s northernmost marine borders.

With a wealth of resource potential largely untapped, and on the eve of inheriting authority over its lands and resources from Canada, the NWT Government is focused on finding the partners and the means to access and deliver its resources to market. Similarly, it is building relationships to expand Chinese interest and participation in its world renowned fur and tourism sectors.

Interwoven in this rich resource-laden territory is the splendour of Canada’s North that continues to attract travellers from around the globe. Rugged wilderness, beautiful vistas, vast landscapes, countless lakes, abundant wildlife and a vibrant culture combined to give Canada’s Northwest Territories a naturally spectacular edge in attracting travellers in this highly competitive industry. Renowned for its clear star-filled skies and endless summer sun – and of course world famous Aurora Borealis, the NWT capital (Yellowknife), sits directly under the Auroral Oval and is quite possibly the best place in the world to view the northern lights between September and April.

The spectacular Carcajou Falls at Mile 128 of the NWT’s famous Canol Trail offer a picturesque backdrop for both pilot and passenger to enjoy a break from their work day. (Photo courtesy of GNWT) EXCHANGE

Focus on Members Vast tracts of pristine wilderness such as the Nahanni National Park Reserve, Canada’s newest Reserve: Naats’ihch’oh, the Mackenzie Mountains and the historic tributaries of the Mackenzie River are enticing an ever-increasing share of retired North Americans, whose empty nests are providing time and funds to travel, and the millions of international travellers that visit Canada every year – in search of opportunities to hike, explore, take pictures and go canoeing.

The potential of infrastructure to promote digital communications and satellite receiving is equally promising. As Canada’s North positions itself as a key economic leader for tomorrow, the NWT stands to be a leading contributor. Its resources and potential paint a picture of some of the most exciting opportunities for investment and economic growth in Canada today.

At a time when the wilderness is diminishing in other parts of the world, the NWT’s diverse, unspoiled landscape and abundant wildlife are key elements in targeting an increasing trend of “eco-tourists” seeking physical challenges and a new frontier to explore. For them, the NWT represents the perfect complement of isolation and adventure. And here again, Canada’s Northwest Territories distinguishes itself from any other destination with a cultural backdrop of diverse, friendly and welcoming, NWT residents- eager to share their unique culture and proud heritage steeped in the traditions of its Aboriginal people. Among them, still, are those who continue to work in the traditional economies of the NWT – hunting, fishing and trapping - fundamental elements of a grass roots economy that has sustained NWT populations for thousands of years. The NWT’s world-renowned, sustainable wild fur industry, for example, continues to break records for fur sales. Harvested and prepared by the NWT’s Aboriginal people under the Genuine Mackenzie Valley Furs™ brand, it is among some of the finest luxury wild fur available in the marketplace and remains one of the most secure sources of Canadian Sable in the world. All Genuine Mackenzie Valley Furs are harvested in a way that maintains healthy wildlife populations, and must pass marketing standards that meets and exceeds established international humane harvesting standards. It is no wonder that the NWT is an attractive business investment worldwide. Global markets are seeking new sources of energy and minerals – and Canada’s NWT can answer the call.

Screen is bolted to a tunnel wall underground at the Diavik Diamond Mine. In September 2012 Diavik completed its transition from an open pit to an all-underground mine. Full production is planned for 2013 and expected to continue to 2023 and potentially beyond. (Photo courtesy of Diavik Diamond Mines Inc.)

Tourist travel “North of 60” is increasing.The NWT’s $100-million/year tourism industry offers the potential to establish and grow viable and sustainable ventures in almost every one of its 33 communities. And with an anticipated surge in visitors seeking non-consumptive out-door adventure activities, the sector is on the brink of tremendous growth. (Photo courtesy of GNWT)

But while it is a territory of tremendous resource potential and investment, Canada’s NWT has infrastructure challenges and is seeking much-needed investment in its infrastructure. This is yet another example of the immense, wide-ranging dividends that will be realized from strategic investments in this area of Canada’s North. Investment in major infrastructure projects is critical to positioning the NWT as one of Canada’s leading economic contributors. And, just as the NWT’s economic potential is not limited to its natural resource base, neither are infrastructure initiatives in the territory confined to traditional bricks and mortar projects.

NWT Minister of Industry,Tourism and Investment David Ramsay meets with the Hong Kong Chamber of Commerce in January 2014. (Photo courtesy of GNWT) Vol.12 January - April 2014

Community Networking

The Hong Kong-Canada Business Association (“HKCBA”): 30 Years of Connection By Carmen Lee HKCBA KCBA marks 30 years of connection, engagement and celebration of business achievement and entrepreneurship with a series of events.

2014 is an important year furthering the Canada-Hong Kong bilateral trade, including the commencement of the implementation of the double taxation avoidance agreement, which would provide further incentives to promote business and investment between the two places. In addition, we have recently learned from the final 2013 data that the Canadian export in merchandise trade grew 99% from 2012, making Hong Kong as Canada’s 6th market, with a total of CAD $4.9 billion. 2014 is also the 30th year since the founding of the HKCBA. The HKCBA was founded in 1984, at the time when Canada began to witness an increase of immigrants from Hong Kong (some of whom maintained business interests in Asia). The changing business landscape paved the way for trade expansion and opportunity to develop closer ties between Hong Kong and Canada. An association would not only provide a forum to discuss trade issues, exchange international business best practices and promote bilateral trade policies, but it would also work together with Hong Kong-based associations such as the Canadian Chamber of Commerce in Hong Kong to get a better understanding of the local market. Thirty years since its founding, the HKCBA has grown to become one of the largest bilateral trade associations in Canada, with over 1,000 members in eight sections located across the country. EXCHANGE

Currently headquartered in Vancouver, HKCBA’s primary objective is to help Canadian companies expand their business to Hong Kong as well as Asia using Hong Kong as the business friendly gateway. In addition, we facilitate a network for professionals and entrepreneurs to connect and develop high-level business relationships at HKCBA events throughout the year. This milestone anniversary provides us the opportunity to reflect on the three pillars which help strengthen the Hong Kong-Canada business community through the years: connection, engagement and celebration of business achievement and entrepreneurship. Below are just some of the national initiatives (which incorporate these pillars) which were implemented in our sections across Canada.

The Hong Kong-Canada Business Achievement Awards Co-presented by the Hong Kong Economic and Trade Office (HKETO) and the HKCBA, the objective of this inaugural award program is to recognize the outstanding achievements (in the areas of business performance) Business innovation of Canada-based companies which have successfully ventured into Hong Kong or have used Hong Kong as a platform for expansion to other parts of Asia. “This award is a representation of not only the long-standing and positive bilateral trade relations between Canada and Hong Kong, but it also showcases the strength of innovation and business leadership of Canadian companies in the international market,” said Wayne Berg, HKCBA National Chair.

Community Networking Award nominations for both Eastern and Western Canadian companies took place at the end of 2013 and all nominations were reviewed by an adjudication panel comprised of Canadian and Hong Kong professionals from private and public sector as well as academia. The award finalists were invited to attend the award presentation ceremonies in Vancouver (for Western Canada finalists) and in Toronto (for Eastern Canada finalists) where the winner for both categories in each region would be announced that evening. The presentation ceremony for Western Canada finalists took place in Vancouver on March 12, 2014 during the Vancouver Section’s Hong Kong Connection annual gala dinner, while the presentation ceremony for Eastern Canada took place on March 29, 2014 in Toronto.

Investment Pitch International Competition (i-Pic) Modeled after the popular Canadian television series, Dragon’s Den, HKCBA’s i-Pic provides students enrolled in postsecondary institutions a unique opportunity to showcase their entrepreneurial, business, analytical and presentation skills to a group of seasoned judges including local Angel investors. Contestants have to present a business concept that will promote the advantages of using Hong Kong as a strategic platform to do business with or to act as a gateway to Mainland China or other places in Asia. Each team had five minutes to make their pitch with another ten minutes allocated for Q&A from the judges. The team with the best idea (based on the quality of the business idea, its innovation or originality, its likelihood for success and how it is presented) will be awarded with a cash prize which would go towards starting their business. The idea for this initiative initially started with the Edmonton Section in 2012 and has expanded to the Calgary and Montreal Sections in 2014 with support from the HKETO and Hong Kong Trade Development Council (HKTDC).

Young Professional Initiative The Young Professional Initiative (also known as the JHKCBA or HKCBA Next initiative) was initially developed to provide

leaders of tomorrow (young professionals and post-secondary school students) the opportunity to get involved with the HKCBA and learn about the experience and opportunities of working in Hong Kong as well as the ability to use Hong Kong as a businessfriendly gateway to launch their Canadian business internationally. Events organized by the JHKCBA sections include: • • •

2014 iPitch Competition in March (JHKCBA Montreal) McKinsey breakfast company tour (JHKCBA Montreal) Annual Entrepreneur State of Mind Event (HKCBA NexToronto)

This initiative was first implemented in HKCBA’s GTA and Montreal Sections, and have collaborated with the Canadian Chamber of Commerce in Hong Kong’s Young Professionals Committee on several occasions. Other sections including Calgary, Edmonton, Vancouver and Atlantic currently have established relationships with local post-secondary institutions which will provide a solid foundation for the young professional initiative. In addition to these national initiatives, there are a number of events organized by each of the eight sections throughout the year, which tailor to the local business community, such as golf tournaments, events featuring local companies/organizations, etc. Furthermore, we will be leading a Canadian delegation to the annual Hong Kong Forum in December 2014 as we have done every year and we will be working with a number of organizations (including the Canadian Chamber of Commerce in Hong Kong) in Hong Kong to implement local activities for our delegation. Within the past three decades, the HKCBA has grown from an idea to an active business community with over 1,000 members in eight major cities across Canada. This cannot be accomplished without the support of our members and the strategic partners of our Hong Kong Family. We are excited to expand the breadth of our national programs in sections across Canada, while continuing to work closer together with partnering organizations such as the Canadian Chamber of Commerce in Hong Kong to deliver greater value for our members. Vol.12 January - April 2014

Community Networking

Canadian University Alumni McGill University

cGill University’s de facto alumni organization in Hong Kong is called The McGill Society of Hong Kong. With an estimated figure of more than 2,000 members, the Society is by far one of McGill’s largest, oldest, best organized and most active alumni chapters in the world.

The Society is run by a committee of alumni volunteers, whose objectives are to generate social and professional platforms to connect alumni members, to offer students and young alumni locally-relevant career advice and opportunities, as well as to consolidate McGill and our alumni’s reputation in this market. The Society works closely with McGill’s official Asia representative office as well as the McGill Hong Kong Parents Association to achieve all of these objectives. Some of the Society’s past keynote events include the James McGill Day Montreal Smoked Meat Luncheon, the McGill Alumni Thought Leaders Speakers Series, the annual Student Send Offs as well as the Young Alumni and Students Career Advice & Networking Workshop. The Society has recently celebrated its 35th anniversary with a special gala dinner this past February. To register for these event or to volunteer for the Society’s 2014-15 new executive committee, please contact Alvin Chung, full-time director of McGill’s Asia Office in Hong Kong, at alvin.chung@mail.mcgill.ca.

EXCHANGE

Simon Fraser University

he Simon Fraser University (“SFU”) Hong Kong Alumni Group currently has 130,000 alumni in over 130 countries around the world. Hong Kong is home to our largest base of SFU alumni outside of British Columbia lower mainland.

SFU Hong Kong alumni group is currently led by three representatives: Macy Lau (BBA ‘97), Jack Ng (BBA ‘00) and Terry Tse (BBA ‘00). Our group’s mandate is to serve and engage our 1,700 alumni in Hong Kong by providing opportunities for them to participate in fun social activities and meaningful charitable events throughout the year. Although we do not have an official office in Hong Kong, our alumni committee is dedicated to organizing these events, helping in welcoming our new alumni returning to Hong Kong, and staying connected to each other and to SFU in Canada. Our most prominent event that we will be organizing this year will be The Hong Kong Terry Fox Run. Terry Fox is a SFU alumni and national hero in Canada. We are proud that a Hong Kong run is now going to be held annually and the funds raised will benefit local cancer research. Last year, Dr. Chan and Dr. Mok, from the Department of Clinical Oncology in the Faculty of Medicine at The Chinese University of Hong Kong, were the recipients of donations raised from the event. If you would like to join our committee or would like more information on our events, please contact us at macy_lau@ alumni.sfu.ca.

Community Networking

Associations in Hong Kong University of British Columbia

he alumni University of British Columbia (“UBC”) Hong Kong group was started in 1980’s by an enthusiastic alumni. It is now headed by Eugene Ho, a B. Comm grad from the ’90’s. Our mandate is to serve over 2,500 alumni in Hong Kong by organizing events to bring people together, as well as working closely with the University and the UBC Asia Pacific Regional Office.

Our committee consists of three groups: Sports and Social, Alumni Development and Community Concerns. Sports and Social committee organizes events such as our dragon boat team, hiking, ice skating, biking and BBQ days. The Alumni Development team is in charge with increasing alumni involvement as well as providing lifelong learning opportunities so it organizes events ranging from happy hours and themed parties to educational seminars and a mentorship program for new alumni to Hong Kong. The Community Concern team deals with events that give back to the community, with our most popular programs being the English Tutorial Program at two elementary schools for underprivileged kids, a mooncake delivery to the elderly and a story telling program for children. We are working hard on another exciting year for our alumni, but we also welcome input on what is relevant to you. Please feel free to write us with your suggestions to alumniubchk@ gmail.com.

University of Toronto

ed by the President, Porcia Leung, the University of Toronto Alumni Association (“UTAA (HK)”) Executive Committee is formed by a group of passionate alumnus volunteering to serve the fellow alumnus in Hong Kong.

The mission of the UTAA (HK) is to maintain and foster the bonds of friendship among graduates and former students of the University of Toronto residing in Hong Kong. UTAA (HK) aims to promote cultural, educational, scientific and social activities among members. Activities of UTAA (HK) are mainly to promote and cater for the welfare and interests of the graduates and past students of the University of Toronto and furthermore, to maintain close contact with all Canadian universities. UTAA (HK) hosts a series of events every year, such as the regular monthly Happy Hour, which is a social platform to unite alumnus in Hong Kong. In terms of Sports activities, UTAA (HK) has established a dragon boat team for more than 15 years, and in recent years co-hosted with UBC Alumni as a joint Canadian university force and achieved tremendous results. UTAA (HK) works closely with the University of Toronoto Foundation and Advancement Office in promoting the Boundless Campaign, which is a global campaign uniting all University of Toronto grads from all over the world. We also support the bi-annual convocation in Hong Kong organized by the University of Toronto Advancement Office, allowing families of students from Asia to witness this important moment of their life.

Vol.12 January - April 2014

Community Networking

University of Waterloo Western University he University of Waterloo Alumni Association (Hong Kong) was founded in 1978 by a small group of alumni keen to organize social events among alumni and later jointly with fellow Canadian alumni associations. From that humble beginning, this alumni chapter expanded to 1,000-plus members.

First elected as the group’s president in 2009, Danny Ying, Bachelor of Mathematics in Computer Science, reaches out to younger alumni. The chapter’s Facebook group has quadrupled to 1,200 members and annual dinner attendance has reached 240, about half of which are alumni who graduated in the past decade. The chapter regularly organizes social events: happy hours, hiking, golf and football. Occasionally, it holds career seminars and speaker events. Its flagship annual dinner each November attracts alumni and university VIPs. In collaboration with the University of Waterloo’s Hong Kong office, the chapter helps with fundraising, student recruitment, seeking employers for co-operative students, new-student orientation, information sessions for their parents and welcome gatherings for new co-operative and exchange students arriving in Hong Kong. The chapter constantly seeks new members and volunteers. Please check its Facebook group (www.facebook.com/groups/ uwaahk/) for upcoming events and activity photos. Feel free to contact via email (info@uwaterloo.hk) or telephone (852-2253-6778). EXCHANGE

ounded in 1878, Western University has celebrated its 136th year in 2014. Western’s Alumni Association advances partnerships with alumni chapters, strengthening connections between Western and more than 260,000 alumni living in close to 150 countries around the world.

Defined according to geographical areas, regional chapters bring together alumni, students, parents and friends in order to inform and involve them in a variety of social, educational, charitable and networking events. There are more than 50 regional, special interest and faculty Alumni chapters globally. In Asia, there are currently Alumni chapters in Hong Kong, Beijing, Shanghai, Shenzhen, Taiwan, Korea, Singapore and Malaysia. With each chapter run by committees of dedicated alumni volunteers and led by the chapter’s President, Alumni Western is able to provide a platform for alumni to share common interests and experience and to recognize common affiliations that develop through their shared Western Experience. For more information please refer to Western Alumni webpage http://www.alumni.westernu.ca/

Community Networking

Paddles up!

What hap pens when th together f or the eve e two largest Uni versity al r fun, and umni asso sometime ciations c s gruellin By Eugene Ho and Andrew Lee ome g, dragon boat races ? Where it all began…and who are we? The University of British Columbia (“UBC”) and University of Toronto (“U of T”) joint alumni dragonboat team is proudly organised by representatives from alumni UBC Hong Kong and the U of T Alumni Association. What originally started off as the U of T alumni dragonboat team in the 90’s has now developed into the team it is today after its partnership with the UBC alumni association in 2000. This collaboration between the two largest Canadian university alumni associations in Hong Kong has certainly brought both schools closer together on a personal level. The team is organized first and foremost by and for alumni of both schools, but it also welcomes others, making a fun and friendly environment. Over the years, along with our fellow Canadians, we have had locals, Brits, Aussies, Singaporeans and Americans joining us. Great friendships have been formed, and occasionally we see a few blossom into romantic relationships as well! There is a great sense of camaraderie and fellowship on our team and it is the motivator that pushes our boat year after year.

Vol.12 January - April 2014

Community Networking The lowdown on the teams While our vision is to provide a fun and social atmosphere to all participants, it is a race after all and therefore we do our best to compete by forming two boats each season. We have a recreational boat for beginners who just want to enjoy the sport on a more relaxed level and a competitive boat for experienced or stronger paddlers who want the intensity of a competition. This allows us to cater to the needs of every member who joins us each season. Our team has had a proud track record, placing as high as 7th out of 140 teams in the mixed division one year, which is quite an accomplishment for a social team that trains only about 3 months a season! Our trophies are proudly displayed at both the UBC and U of T offices in Hong Kong. We were also featured on a TV show called The Best of Both Worlds, hosted by Phil Keoghan (host of The Amazing Race), when they filmed in Hong Kong and Phil even joined us for a morning of paddling.

The great support Since the costs of participating in this sport seemingly increase every year, we could not have operated all these years without the support of various sponsors. One of our more loyal sponsors has been Air Canada, who has been with us from the early years and stuck with us even through the tough times in the airline industry. To them, we give our heartfelt thanks and appreciation! Not to mention, the U of T alumnus who started the team still sponsors us with Kappa gear to this day! We also have the best Canadian party of the year to help with the team’s fundraising efforts as well - our annual Canada D’eh Party will be held this year on June 30, 2014. Every year, we pack about 300 to 400 Canadians into a bar, have maple syrup drinking competitions, and sing the national anthem at midnight as the night turns into Canada Day. It’s definitely the party to be at for patriotic Canadians. If you would like more information about our team, the Canada D’eh party, or sponsorship opportunities, please contact us at alumni.dragonboat@gmail.com.

EXCHANGE

What’s the Value of a CanChamHK Membership? Member Testimonial Joining the Canadian Chamber of Commerce is by far one of the best decisions I made when arriving in Hong Kong a year ago. As an entrepreneur, being a member of the CanCham provides unique and invaluable benefits such as an efficient Business Referral system (through which I have earned clients), and the organization and promotion of Seminars at which you can speak on your areas of expertise. Joining their Entrepreneur & Small Business Committee has also allowed me to meet likeminded people and receive great support and advice. I do not know of any other chamber in Hong Kong with such a dynamic entrepreneurs’ committee! Amelie Dionne-Charest Managing Director AD MediLink

Become a member today. Contact members@cancham.org or 2110-8722.

KPMG Presents: The Chamber

China Series 2014 The Chamber has launched the “China Series 2014” which is structured to provide practical, near-term insights and assessments for business development in China – in an especially interactive setting. A slate of distinguished speakers and panelists will discuss the status of China’s efforts at economic reform, near-term prospects for trade and investment, and new business opportunities for Hong Kong-based companies in China. The “China Series 2014” consists of six (6) Luncheon Event or Seminars, held in bi-monthly intervals. 1. February 17, 2014 : Third Plenum (Speakers: Peter Fung, George Yuen, David Zweig) 2. April 9, 2014: E-commerce is taking over China (Speakers: Frank Lavin, Ken Yeung, Egidio Zarella) 3. June 10, 2014: Chinese Enterprises Going Out (Speakers: Carson Wen, Alastair Campbell, Honson To, Stephen Wortley) National policies are encouraging Chinese firms to “go global” and build internationally known brands. At the same time, resource needs are driving Chinese companies to foray abroad. How are Chinese companies doing thus far? What are the key obstacles they face? How steep are the financial, cultural, management, and governance challenges? What are the opportunities for professional services in Hong Kong? What are the implications for the Canadian business community? 4. August 2014: Property Investment in China and Canada 5. October 2014: Urbanization in China – Profound Impacts 6. Dec 2014: The Emerging Chinese Multinational Corporations

Event Highlights Terry Fox Run Canadians and friends gathered together for the Hong Kong Terry Fox run along the Ma On Shan Promenade to help continue Terry’s dream to raise money for cancer research.

October 11, 2013 Renaissance Collage

Team Canada - Beach Clean Up 2013 The Chamber in conjunction with the Consulate General of Canada in Hong Kong and the Canadian Universities Association joined forces to clean Hong Kong’s beautiful coastlines.

October 26, 2013 Shek O BigWave Bay Beach

Members’ Special Evening The Chamber’s members had the opportunity to meet the new Chairman, Mr. John R. Witt and new President, Mr. Philip Leung. Attendees were also able to mingle with members of the Executive Committee as well as Committee Chairs. Special guest, Mr. J. Ian Burchett, the Consul General of Canada in Hong Kong and Macao, was invited to the evening.

November 28, 2013 The Rotunda, 3/F, Two Exchange Square 2013

Luncheon Discussion with the Honourable Teresa Wat The Honourable Teresa Wat, British Columbia’s Minister of International Trade & Minister Responsible for Asia Pacific Strategy and Multiculturalism, spoke to the Canadian business community in Hong Kong on the establishment of two new British Columbia Ministries, the importance of growing trade relations with Asia Pacific, the opportunities to increase trade relations with Asia and how it can secure its place in the Asian markets.

December 4, 2013 Club Lubsitano EXCHANGE

Event Highlights Hong Kong and the Global Markets Action Plan & Canada’s Foreign Investment Policy with The Deputy Minister of International Trade The Deputy Minister of International Trade, Department of Foreign Affairs, Trade and Development Canada, Mr. Simon Kennedy, shared his views on the Global Markets Actions Plan which set out trade and investment targets and plans for a number of priority markets which included Hong Kong and Mainland China.

January 14, 2014 The Chamber’s Boardroom

Briefing and Q&A with the Honourable Minister Yelich on the Canada-Hong Kong Bilateral Relationship Canada’s Minister of State (Foreign Affairs and Consular), Ms. Lynne Yelich, shared her views on the Canada-Hong Kong bilateral relationship, addressed consular services delivered to Canadians abroad and provided an update on initiatives that the Government of Canada had undertaken to advance its commercial interests in Asia.

February 24, 2014 The Chamber’s Boardroom

Baker Tilly HK & Air Canada Present: “From Seed to Exit Series” for Entrepreneurs, Small and Micro Enterprises The series brings current and aspiring entrepreneurs, micro & small enterprises owners and start-ups, including young professionals who are on the learning path to becoming entrepreneurs together to share experience about the challenges they face in establishing and operating a business in Hong Kong and the Asia Pacific region. Series One to Four have covered topics such as the importance of understanding business lifecycle, guidelines for Angel fund-raising, key founder risks for early stage companies and emerging financial models.

October 2013 to January 2014 (KPMG Boardroom,The Executive Centre,The Chamber’s Boardroom)

CIHL RBC Asia Championship Hockey Game The CIHL hosted the RBC Asia 2013-2014 Cup Championship Game with the Chamber and Quam Financial Services Group. Participants watched the best hockey players Hong Kong had offered, as well as the top talent from the Under 18 Hong Kong National team compete to be the champions of Hong Kong ice hockey.

March 22, 2014 Mega Ice, Mega Box Vol.12 January - April 2014

Welcome New Members CORPORATE MEMBERS

Albert Wong & Co Mr. Albert Wong, Senior Partner aw1688@albertwongcpa.com.hk www.albertwongcpa.com.hk

Avid Dating Life Mr. David Benoliel, Chief Revenue Officer david.benoliel@avidlifemedia.com Ms. Alice Fok, General Manager Ms. Nora Abtan, Manager, International www.avidlifemedia.com

Clifford Chance Ms. Viola Lui, Senior Associate viola.lui@cliffordchance.com Tel: (852) 2825 8888 Fax: (852) 2825 8800 Mr. Neeraj Budhwani, Partner Ms. Lulu Xu, Associate www.cliffordchance.com

Dimtronix Systems Limited Mr. Adam Khemiri, Business Development Manager akhemiri@dimtronix.com Mr. Mark Kefford, MD www.dimtronix.com

B+H Architects Ms. Karen Cvornyek, President, Asia karen.cvornyek@bharchitects.com Ms. Catherine Siu, Managing Director Mr. Jean Sebastien Bourdages, Design Principal www.bharchitrects.com

EMC Corporate Systems (FE) Limited Mr. Vincent Kwok, Director, Global Services, HK vincent.kwok@emc.com Tel: (852) 2839 9600 Fax: (852) 2576 1362 Mr. Sean Lee, Consulting Partner www.EMC.com

Baker Tilly (Macao) Certified Public Accountants Mr. Kuong Chio Wong vincent@bakertillymacao.com.mo Tel: (852) 2870 3338 Mr. Ka Lok Tong www.bakertillymacao.com.mo

Euler Hermes HK Services Limited Mr. Francois Bergeron, World Agency, Regional Director francois.bergeron@eulerhermes.com Tel: (852) 3665 8945 Fax: (852) 2869 8655 Ms. Chloe Lin, Regional Sales & Marketing Manager Mr. Michael Leung, Risk Director www.eulerhermes.com/

BCA Research Mr. Angus Hume, Head of Asia Pacific angus@bcaresearch.hk Tel: (852) 2912 8055 Ms. Jocelyn Sha, Business Development Associate Mr. Nathan Watson, Senior Business Development Associate www.bcaresearch.com

Brandt Chan & Partners Mr. Keith Brandt, Managing Partner keith.brandt@dentons.com Tel: (852) 2523 1819 Mr. Alan Cheung, Associate Ms. Julianne Doe, Partner www.dentons.com

EXCHANGE

Gowlings Lafleur Henderson LLP Mr. Clark Roberts clark.roberts@gowlings.com Tel: (86) 085872286 Ms. Vivian Xie, BD & Marketing www.gowlings.com

Grand Hyatt Hong Kong Mr. Philip Yu philip.yu@hyatt.com Tel: (852) 2588 1234 Fax: (852) 2802 7550 Mr. Rodrigue Menard hongkong.grand.hyatt.com

Hill + Knowlton Strategies Asia Ms. Ka Po Rachel Chan rachel.chan@hkstrategies.com.hk Tel: (852) 2894 6309 Mr. Kin Wai Lam asia.hkstrategies.com

Iyer Practice Limited Mr. Sanjay Varad, Director sanjay@iyerpractice.com Tel: (852) 2529 9952 Fax: (852) 2529 9492 www.iyerpractice.com

JAC International Mr. BJ Blumenthal, Head of Legal Recruitment bj.blumenthal@jac-recruitment.hk Tel: (852) 2522 6767 Fairmont Raffles Hotel International Hotels & Resorts Mr. James Kaplan, Senior Vice President james.kaplan@frhi.com Tel: (65) 6496 1210 Fax: (65) 6332 5639 Ms. Carmen Lam, Vice President Mr. Foued El Mabrouk, Vice President www.frhi.com

Golien Ltd. Mr. Max Burger, Chairman max.burger@golien.hk Tel: (852) 5313 5584 www.golien.hk

Jardine Matheson Mr. John Witt, Executive jwitt@hkland.com Tel: (852) 2842 8228 Fax: (852) 3713 6228 www.jardines.com

Mazars Mr. Gilles-Alexandre Salansy, Head of International Desk gilles.salansy@mazars.hk Tel: (852) 2909 5546 Fax: (852) 2810 0032 Mr. Peter Pang, Senior Manager Ms. Agnes Chan, Corporate Finance Manager www.mazars.cn

Welcome New Members CORPORATE MEMBERS

Mines and Money Mr. Geoffrey Ip, Business Development Director geoffrey.ip@minesandmoney.com Tel: (852) 2531 6100 Fax: (852) 2586 1999 Ms. Lot de Jongh, Conference Director Ms. Irene Tang, Operations Director www.minesandmoney.com

NBC Financial Markets Asia Ltd Mr. Martin Legault, CEO martin.legault@nbc.ca Tel: (852) 3102 3250 Fax: (852) 3102 3291 Ms. Kennis Leung, Director www.nbc.ca

Ontario Ministry of Tourism, Culture and Sport Mr. Guy Labine, CEO Science North labine@sciencenorth.ca Tel: +1 705 522 3701 Fax: +1 705 522 8551 Mr. Lesley Lewis, CEO - Ontario Science Centre www.sciencenorth.ca

Sectoral Asset Management Limited Mr. Jerome Pfund, Co-founder and CEO jerome@sectoral.com Tel: (852) 8100 0872 Mr. Michael Sjostrom, Co-founder and CIO Mr. Gary Chu, Business Development www.sectoral.com

The Chinese University of Hong Kong Mr. Roger Warren Shew, Administrative Director mco@baf.cuhk.edu.hk Tel: (852) 3943.1780 www.cuhk.edu.hk

Thomson Reuters Mr. Michael Tsang, Managing Director, North Asia michael.tsang@thomsonreuters.com Tel: (852) 2843.1668 thomsonreuters.com

ENTREPRENEUR MEMBERS

Tomagold Corporation Mr. David Grondin, President and CEO David.grondin@tomagoldcorp.com Tel: +1 514 583 3490 Mr. Louis-Philippe SĂŠguin, Legal Affairs Tomagold.com

Truphone (Hong Kong) Ltd. Mr. Elvis Yan, Head of Marketing Ms. Joanne Tang, Senior Marketing Manager Mr. Alvin Lau, Marketing Manager elvis.yan@truphone.com Tel: (852) 3796.3308 www.truphone.com.hk

United Overseas Bank Ms. Christine Ip, CEO and Managing Director christine.ip@uobgroup.com Tel: (852) 2820.9199 Mr. David Chao, First Vice President Mr. George Tung, Executive Director www.uobgroup.com

Winterbotham Trust Company (HK) Limited Mr. Devin Ehrig, Vice President dehrig@winterbotham.com Mr. Geoffrey Hooper, President Ms. Amy Zhang, Business Development Manager www.winterbotham.com

Ziegler Logistics (Hong Kong) Ltd Mr. Thomas Lai, General Manager Hong Kong & Shenzhen hkg.tlai@zieglergroup.com Tel: (852) 3188.3167 Fax: (852) 3104.0002 www.zieglerasia.com

12 Bottles Company Ltd. Mr. Joseph Luk, Managing Director joseph@cuvees.com Tel: (852) 2546 7628 Fax: (852) 2553 0770 www.cuvees.com

3 Screens Strategic Advisors Ltd. Mr. Patrick Tam, Principal Advisor patrick.tam@3screens.com.hk Tel: (852) 8191 7356 www.3screens.com.hk

AD MediLink Ms. Amelie Dionne-Charest adionne@admedilink.com www.admedilink.com

Angela Ho & Associates Ms. Angela Ho ah@holawfirm.com Tel: (852) 2810 6830 Fax: (852) 2810 0805 www.holawfirm.com

BizTech Company Ms. Kathleen Phillips, Director kphillips@biztechconnect.hk Tel: (852) 9402 6247 www.biztechconnect.hk

Chubby Charlie Ms. Claudia Chan, Director Ms. Denise Chan, Director info@chubbycharlie.com Tel: (852) 9171 0688 www.chubbycharlie.com Cinecinetique Mr. Rija M nag Director rija@cinecinetique.com Tel: (852) 9476 4294 www.cinecinetique.com

Common Connections Ltd / Knots & Strokes Ms. Sharon Vipond, Founder sharon.ccns@gmail.com Tel: (852) 3124 2743 Fax: (852) 3124 2763 www.ccns.com.hk

Dinchack Mr. Mush Panjawani mush@dinchack.com Tel: (852) 9031 3871 www.Dinchack.com

i9 Capital Consulting Mr. Christopher Yeung, President and Founder chris@i9capital.com Tel: +1 403 837 8341 www.i9capital.com

Vol.12 January - April 2014

Welcome New Members ENTREPRENEUR MEMBERS

INDIVIDUAL MEMBERS Mr. Albert Hui Director of Corporate Strategy, New World Development Ms. Amanda Chu President, International Enterprise Service Limited

InsightLegal Asia Consulting Mr. Gareth Pyburn gmpyburn@insightlegalasia.com Tel: (52) 2251 8823 Fax: (852) 2251 1688 www.insightlegalasia.com MCL Mr. Enzio von Pfeil, Chairman evp@mclpartners.com.hk Tel: (852) 3976 6043

Mr. Albert Kin Hung Lee Director, NL Search Ms. Carolyn Okabe Executive Director, Morgan Stanley Mr. Chad Molleken Executive Director, Canada Day International Ms. Connie Leung Vice President, International Commerce Capital Group Limited Mr. Diego A. Gonzalez Business Developer Executive, Annex Asia Cia Ltd

MWI Mr. Joshua Steimle, CEO josh@mwi.hk Tel: (852) 3796 5753 Fax: (852) 3796 3000 www.mwi.hk

Ms. Gloria Wong Creative Director, GeeDesign Mr. Jaime Chua Director, Asiapac Nutrition Co. Limited Mr. James Liang Consulting Ms. Jan Lee Director

Quebec Mall Limited Mr. Stephane Prudhomme stephane@quebecmall.asia Tel: (852) 8192 7852 www.quebecmall.asia

Dr. Jessica Lee Doctor of Chiropractic, Hong Kong Chiropractic Healthcare Clinic Mr. Joe Lee Manager, Omega One Group Inc. Mr. John Yao Wen Louie VP Sales & Marketing, ThyssenKrupp Elevator AG Asia Pacific Office Mr. Karl Miu CEO, Foron Holdings Ltd

Sport4Kids Limited Mr. David Azar, Managing Director dave@sport4kids.hk Tel: (852) 2773 1650 www.sport4kids.hk

Mrs. Katherine Mae Nutting Vice Principal, Lower School Canadian International School of HK Mr. Kenneth Wong Licenced Property Consultant, Centraline Property Agency Limited Mr. Kevin Bruce Beveridge Director, Segment Supply Chain, Industrial & Green, Celestica Mr. Kevin N. Sun Finance & Accounting

Terrabella Wineries Ltd Mr. Robert Ingram, President and CEO robcat@shaw.ca Tel: +1 778 516 1101 www.perseuswinery.com

Mr. Kevin Sun Zygotica Inc. Mr. Kin Lun Davis Cho Partner, PricewaterhouseCoopers Mr. Larry Yee Mr. Luigi La Tona Director, Business Development, Harbour Times Mrs. Nancy Mar Mrs. Phyllis Leung Director, Phyllas Company Limited Mr. Pierre Veniot Musical director, The Sidewinders Ms. Rachel Tsang PricewaterhouseCoopers Mr. Raymond Chan Director, Gaming Products and Operations, G3 Asia Ltd. Mr. Raymond Chong Group Director, Aurecon

EXCHANGE

Mr. Scott Harrison Managing Director, Aquis Search Ms. Sherri Egbert Regional Counsel Trust Services, State Street Asia Limited Ms. Shirley Xie Partner, PricewaterhouseCoopers Ms. Simone Aleisha Matrundola Senior Manager, Deloitte AP ICE Limited Mr. Steven Chon Vice President, Business Development, Hill & Associates Mr. Tristan Mackay Institutional Equity Trader, Casimir Capital Mr. Victor Hsue Cancer Care Centre Mr. William McGrath CEO, BTG Pactual Asia Ltd

YOUNG PROFESSIONAL MEMBERS Mr. Abraham Chan Chariman, Purapharm International (HK) Limited Ms. Amelia Boultbee Dentons Canada LLP Ms. Annie Wang Dragonfly Group Mr. Anthony Wong Junior Town Planner, Townland Consultants Limited Ms. Caitlin Iten-Scott The Landmark, Mandarin Oriental Mr. Carlton Lai Analyst, CBRE Mr. On Sang Clifford Ching Ms. Coco Alexandra Chan Executive Assistant, Mobexo Limited Ms. Deanna Chuang District Distribution Co. Ltd Ms. Elaine Yik Ling Ho Senior Marketing Associate, Moody’s Analytics Ms. Erica Cheung Blackfish HK Limited Ms. Flora Hui Classroom Assistant, Canadian International School of HK Ms. Jennifer Chan Senior Associate, Kroll Advisory Solutions Ms. Jocelyn Ho Chief Executive Officer, View Best Properties Mr. Jonathan Kuok Accounting and Administration Officer, Seoul Auction Hong Kong Limited Mr. Justin Lam Senior Associate, PricewaterhouseCoopers Mr. Ken Cheung Ms. Laura F. Achoneftos Lawyer Mr. Laurent Timmermans Managing Director, Athenasia Consulting Ltd Mr. Lawrence Lun Co-Founder, Zingly Limited Mr. Liam O’Donovan HKTDC Mr. Marco Maher Laila Vice Chairman, RDN Canada Ms. Melissa Kronenberger

Welcome New Members Ms. Olivia Isabelle Hotel Icon

Mr. Vincent Chan Insurance Broker, AIA International Limited

Mr. Patrick Waller Marketing Manager, Consultant

Mr. Wei Guo Feng

Mr. Sheldon Hunt Intern, Consulate General of Canada Mr. Shuo Zhang Manager, Gerson Lehrman Group Mr. Steve Ng Assistant Analyst, Roma Appraisals Limited Ms. Sue Ann Cheung JP Morgan Ms. Tara Chan Juris Doctor Student, City University of Hong Kong Ms. Victoria Chan LVMH

CORPORATE ADDITIONAL MEMBERS

Mr. Zhiyang Lai Analyst Goldman Sachs (Asia) LLC

Mr. Allan Morrison Assistant Principal – Elementary, Delia School of Canada

Mr. Zhong Wu Wang

Ms. Maegan Robichaud Head Teacher – Secondary, Delia School of Canada

NON-PROFIT MEMBERS Ms. Aloma Gravel Associate Director, Alumni Relations York University, Schulich School of Business Mr. Parker Ray Robinson Head of Corporate Communication, HKTDC Mr. Rupert McCowan Director, Royal Geographical Society – HK

Mr. Mark Gillis Head Teacher – Elementary, Delia School of Canada Mr. Peter Farrell Head Teacher – Secondary, Delia School of Canada Mr. Scott Leblond Business Development Officer, UniGroup Worldwide - Hong Kong Limited

Mr. Vincent Caradec Managing director, Cano Fitness

Executive Committee John R Witt Chairman Brian Lau Vice Chairman – Internal Jennifer Chua Vice Chairman – External Madeleine Behan Secretary Mati Pouliot Treasurer Adam Khemiri Andre LaJeunesse Barrett Bingley Chris Roberge Christopher Dillon Don Roberts Fabien Jeudy Gina Hudel Guy Cloutier Hendrik Rosenthal Henri Arslanian Jean-Baptiste Roy Kendal Hembroff Lawrence Nutting Michael Nardella Richard Brown Todd Handcock Vanessa Ma Victor Yang Wai Ho Wong Wendy Tong- Barnes William Said

Governors’ Counol Daisy Ho Head of Governors’ Council Allan Matheson Allan Zeman Andrew Turczyniak Bernard Pouliot Bruce Hicks David Armitage David Kong David M Nesbitt David McMaster Dr. Eliza C. H. Chan Dr. Hari N. Harilela Dr. Janet De Silva Dr. Patrick Y.B. Fung Dr. William Shue Lam Yip Dr. William W.H. Doo Elizabeth L. Thomson James Ian Burchett Joe Ng John Cheh John W. Crawford Lawrence Ho Lincoln K.K. Leong Michael Y.K. Chan Patrick Lam Ramon Yu Raymond Chow Richard Siemens Robert Cook Stephen Chu Victor Apps

The Secretariat Philip Leung President email : philip_leung@cancham.org phone : 2110 8728 Carol Chan Finance & Operations Manager email : carol_chan@cancham.org phone : 2110 8708 Vivian Wan Administrative Assistant email : vivian_wan@cancham.org phone : 2110 8700 Sarah Cheng Events & Communications Manager email : sarah_cheng@cancham.org phone : 2110 8711 Amanda Ho Deputy Events Manager email : amanda_ho@cancham.org phone : 2110 8738 Barbara Mok Membership Service Manager email : barbara_mok@cancham.org phone : 2110 8722 Olivier Lanoix Membership Manager email : olivier_lanoix@cancham.org phone : 2110 8718

Vol.12 January - April 2014