Dragon News - No. 3, 2011

M e m b e r M a g a z i n e f o r S w e d i sh C ham b e r s o f C o mm e r c e i n H o n g K o n g a n d C h i n a

No.03

2011

Hong Kong: A business hub in China Hong Kong has to ride on the mainland’s growth in other ways than it has done in the past, for example as a trade hub for RMB-denominated products.

20

Executive talk Hong Kong the obvious choice

22

Feature Her motto: Just do it!

28

Feature Meet six Swedish pioneers in Hong Kong

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Publisher Swedish Chambers of Commerce in Hong Kong and China For advertising inquiries, please contact respective chamber’s office The opinions expressed in articles in Dragon News are those of the authors and do not necessarily

CONTENTS 6 Opinion: Lars Danielsson 8 Snippets 10 Cover story:

Hong Kong: A business hub in China

INQUIRIES Swedish Chamber of Commerce in China Room 313, Radisson Blu Hotel 6A, East Beisanhuan Road, Chaoyang District Beijing 100028, People’s Republic of China Tel: +86 10 5922 3388, ext 313 Fax: +86 10 6462 7454 E-mail: beijing@swedishchamber.com.cn Web: www.swedishchamber.com.cn General Manager: Yvonne Chen Member Service & Sales Manager Beijing: Karin Roos Webmaster & Finance Assistant: Jaycee Yang Administration Assistant: Vika Jiao Shanghai Contact Member Service & Sales Manager Shanghai: Johanna Pollnow Tel: +86 21 6217 1271 Fax: +86 21 6217 0562 Mobile: +86 1368 179 7675 E-mail: shanghai@swedishchamber.com.cn

10

20 Executive talk:

Thommy Järlefelt, ICA

Cover photo: iStockphoto INQUIRIES Swedish Chamber of Commerce in Hong Kong Room 2503, 25/F, BEA Harbour View Centre 56, Gloucester Road, Wanchai, Hong Kong Tel: +852 2525 0349 E-mail: chamber@swedcham.com.hk Web: www.swedcham.com.hk General Manager: Eva Karlberg Marketing Manager: Märta Lang Administration Manager: Maria Tornving

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4 Editorial

reflect the views of the publisher.

Editorial management, design and printing Bamboo Business Communications Ltd Tel: +852 2838 4553 Fax: +852 2873 3329 www.bambooinasia.com bamboo@bambooinasia.com Art director: Johnny Chan Designer: Victor Dai English editor: Chris Taylor

No.032011

22 Feature:

Elby Kwok Drewsen, Lotus Travel

24 Chamber news

20

28 Feature: Six pioneers in Hong Kong 32 Young Professional interview: Linus Holmsäter

34 Chamber activities in Hong Kong 36 Chamber activities in Beijing

32

37 Chamber activities in Shanghai 38 New members 48 After hours 50 The chamber and I: Danyang Fang Swedish Chamber of Commerce in Hong Kong

Swedish Chamber of Commerce in China

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The Swedish Chambers of Commerce in Hong Kong and China

DRAGONNEWS • NO.03/2011 3

EDITORIAL

A year of celebrations – and many more to come Dear Reader, This issue of Dragon News is dedicated to Hong Kong and the 25th anniversary of the Swedish Chamber of Commerce here.

The chamber has come a long way since it was set up by 44 founding company members.

Today, the Swedish Chamber of Commerce in Hong Kong is some 180 corporate members strong, with the addition of 40 individual members and about 100 young professionals.

A good reason to celebrate, indeed.

The anniversary’s main events will take place 2-4 November and include an ambitious full-day seminar on corporate social responsibility (CSR), another day of factory visits in South China and, on Friday night, a Grand Ball with talented and entertaining stars.

This programme well reflects the overall activities of the chambers in Hong Kong and China: solid business-developing events and then a good party afterwards!

All of this is obviously interesting and well worth participating in. But, perhaps most interesting is that, of the factories to be visited, some are proud of being quite knowledgeable about CSR standards while others admit openly they have much to learn.

This willingness to admit to weaknesses is quite a recent development in traditional Chinese face culture. We also see it in the 12th five-year plan, with its tidal-wave shift 4 DRAGONNEWS • NO.03/2011

from a focus on cheap production to an emphasis on the environment, high-tech, services and domestic consumption – and the admission of weaknesses in these areas.

In short what we see is a striving to learn and climb the value ladder.

This should be good news for Swedish companies.

Talking about the future of the Swedish Chamber of Commerce in Hong Kong, Thomas Lagerqvist, a veteran of 16 years as Chairman of the chamber and now Chairman of the Sweden-China Trade Council in Sweden, says in this issue of Dragon News: “Hong Kong has developed from being the bridge to China and the gateway from China to becoming a business hub in China.”

This is very true, indeed. During the past decade a number of directives have been introduced that are aimed at simplifying Hong Kong-China business in both directions. Note that these arrangements are open to all Hong Kong companies regardless of ultimate ownership, a foresight that mirrors an increasing open-mindedness towards international companies.

Lars Danielsson, the former Swedish Consul-General in Hong Kong, broadens the perspective, adding Taiwan to the party. We’d like to take the opportunity to thank you, Lars, for your involvement in the chambers and your energetic initiatives in pushing for

Mats Harborn Chairman Swedish Chamber of Commerce in China

Stefan Rönnquist Chairman Swedish Chamber of Commerce in Hong Kong

Swedish business interests in Hong Kong and South China. During your all too short time here, you have enhanced understanding of Sweden in many camps. Thank you, and the best of luck in Seoul!

Moreover, adding to both Lagerqvist’s and Danielsson’s observations, it is possible to go even further and say that Hong Kong’s role, status and location will likely put Swedish companies in an even more favourable position looking ahead.

In addition to the privileges that arise from being a business hub for Greater China, Hong Kong is becoming a Swedish business hub in Asia. Following China’s lead, the entire region is seeing the rapid rise of modern societies that are eager to shoulder production opportunities and have growing middle-classes with huge consumption potential.

This arms Swedish companies with a double-edged sword – one edge positioned to slice its way into China’s booming markets and the other into all neighbouring countries from an internationally minded vantage point.

In other words, if the past 25 years have been exciting and rewarding for China, Hong Kong, Swedish companies and the Swedish Chamber of Commerce in Hong Kong, it’s still nothing compared to the years to come.

Welcome to an exciting future!

Jon Hicks/Corbis/Scanpix

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Hong Kong’s most important asset is its people

“The combination of an internationally minded population and a deep knowledge of the world’s fastest growing large economy, China, creates a pool of human resources that is impressive,” says Lars Danielsson when he summarises his three years in Hong Kong as Swedish Consul-General.

Text: Lars Danielsson, lars.danielsson@foreign.ministry.se

I

have always liked quotes.

The ability that some fortunate individuals have to summarise an interesting or witty thought into one sentence is something that symbolises intelligence, humour and culture. This is why one of my “saddest” moments in recent years came when it was disclosed that Deng Xiaoping never actually said “It is glorious to get rich”. Evidently, the widespread misunderstanding that he actually pronounced these, at the time, sensational words, was the result of bad interpretation and maybe some wishful thinking on the part of the Americans he talked to.

But there is a “real” quote that often has come to my mind during my three years in Hong Kong. Mark Twain said – or rather wrote in a letter – “the reports about my death are exaggerated”. Hong Kong has been declared “dead” many times, since it became clear in 1984 that the British colony would be returned to China. The handover itself, the Asian financial crisis, SARS – at all these occasions and at other times, self-appointed experts have declared that Hong Kong’s hey days are over.

Why has Hong Kong managed to survive? In my mind, the main reason is that Hong Kong is an open economy with a stable currency. With a trade volume worth more than four times

6 DRAGONNEWS • NO.03/2011

its GDP, Hong Kong is very vulnerable to changes in the global economy. The fact that Hong Kong, through good and bad times, has stuck to the ideal of an open and free economy has gained it an impressive status in Asia.

Another important reason is that Hong Kong has maintained a robust and independent judicial system and a free society with respect for individual freedoms and democratic principles. Add to this a society virtually free of corruption and most people will realise that these features are not to be found everywhere in Asia – or in the rest of the world.

The fact that Hong Kong has very stable public finances is also very important in the present volatile global situation. I have often wished that the Hong Kong government would be willing to spend some more money on certain things, but also I have to admit that the motto of a famous former Swedish Prime Minister whom I happen to know quite well – “He who is in debt is not free” –is also applicable to Hong Kong.

Photo: Pawel Flato

The impressive infrastructure that Hong Kong already hosts – plus the important additions of a high speed rail link to China, the bridge to Macau, a greatly expanded subway system and possibly a third runway at the airport – will ensure that a very densely populated place can function in an efficient manner.

But Hong Kong’s most important asset may be its people. The combination of an internationally minded population and a deep knowledge of the world’s fastest grow-

Asia will play a much bigger role than before, both politically and in the global economy.” ing large economy, China, creates a pool of human resources that is impressive. It is interesting to note that surveys show that the Hong Kong identity is becoming stronger and stronger.

Of course, everything in Hong Kong is not rosy. Air pollution, sky-rocketing rents and property prices, shortage of international schools are just some of the problems Hong Kong faces.

But my clear impression after three intensive years in Hong Kong is that the advantages of having this place as a base for business operations in Asia in general and China in particular by far outweigh the negative aspects.

I am also very satisfied that the Swedish official presence in Hong Kong now seems to be greater than ever. Our new office in Wanchai, where the Consulate General sits together with the Swedish Trade Council and the Swedish Chamber of Commerce, gives us ideal possibilities to coordinate our actions and be of the best possible service to Swedish businesses and citizens.

And we need to have strong footholds in this part of the world. Even though I am

Lars Danielsson is, starting September 2011, Sweden’s Ambassador to South Korea after having served for three years as Swedish Consul-General to Hong Kong and Macau.

After entering the Swedish Foreign Service in 1980, Danielsson served at the Swedish Embassy in Beijing, at the Swedish Representation to the International Organisations in Geneva and at the Swedish Mission to the United Nations in New York.

From 1994, he served as Ambassador and Senior Foreign Policy Advisor to the Swedish Prime Minister. Between 1997 and 2000, Danielsson was chairman of the Swedish Defence Committee, where key consultations between government and parliament on defence issues take place. In 1999, he was promoted to State Secretary for International and EU Policy at the Prime Minister’s Office and in 2002 he became the Prime Minister’s State Secretary, a post he held until 2006.

convinced that the present economic difficulties in Europe eventually will subside, we have to accept that in the world of tomorrow, Asia will play a much bigger role than before, both politically and in the global economy.

China will continue to grow. How fast will, in my mind, depends on the ability of the Middle Kingdom to reform its society to make it better equipped to host a more developed market economy. This means that China, in many respects, must be what Hong Kong is today. But we must also learn to understand the varying developments in different parts of China. It is not enough to be in Beijing or Shanghai if you really want to make China one of your key markets. You have to be able to appreciate that what is true in Guangzhou or Wuhan may not be applicable in Chengdu or Shenyang.

Add to this the exciting developments in cross strait relations. In an otherwise rather gloomy world, the rapprochement between Taiwan and the mainland is one of the most positive factors in the quest for a more stable Asia. The problems between the two are by no means solved, but the fact that around 700,000 Taiwanese now live and work on the mainland is a testimony to the fact that business sometimes is much more farsighted than politics.

Together with the Swedish Trade Council, I have tried to push for a triangular strategy for Swedish companies that want to do business with China. With one leg in Sweden, one on the mainland and one in either Hong Kong or Taiwan you can create a stable threelegged chair, utilising the particular benefits of each place.

The strong growth of Swedish business presence in both Hong Kong and Taiwan proves that this works.

I will now set my sails and move on to South Korea to try to further enhance the already lively relations Sweden has with the world’s 13th largest economy. I am fortunate and happy to be able to continue to work in the most dynamic part of the world – a part of the world where Sweden and its companies have a very strong name and reputation.

See you all in Seoul, I hope. b DRAGONNEWS • NO.03/2011 7

H on g Kon g S n i p p ets Fortune 1995: “The death of Hong Kong” n On 26 June 1995 Fortune magazine published an article titled “The death of Hong Kong”.

Less than 750 days remained before “Britain’s handover of Hong Kong, the world’s most aggressively pro-business economy, to China, the world’s largest still officially communist dictatorship” and the writer concluded, “The naked truth about Hong Kong’s future can be summed up in two words: It’s over.”

The article predicted that Hong Kong would become “a captive colony of Beijing” and was “destined to become a global backwater”.

Fortune 2007: “Oops! Hong Kong is hardly dead” n In June 2007, 12 years after the notorious Fortune article “The death of Hong Kong” and 10 years after the handover, the magazine had to admit that they were wrong and that Hong Kong was thriving more than ever.

In an article named “Oops! Hong Kong is hardly dead”, the magazine concluded: “Hong Kong is far from over and hardly dead. What’s clear is that economic concerns have won, and that - at least economically – China has left Hong Kong

QUOTE

“You can leave Hong Kong, but it will never leave you.”

Nury Vittachi, a Sri Lanka-born journalist and author based in Hong Kong. The quote is from his book Hong Kong: The City of Dreams.

Did you know … n … that there were 44 founding members of the Swedish Chamber of Commerce in Hong Kong 25 years ago? Here they are: Advokatfirman Vinge, Alfa Laval, ASEA-Hägglund, ASEA, ASG, ASSAB Steels, Atlas Copco, Axel Johnson Corp, Cimbria Motors, Dobber International, Ekpac, Electrolux, Elof Hansson, Ericsson, ESAB, Gadelius, Götabanken, H&M, IKEA Trading, IMAC, Kamewa, Kanthal Electroheat, Kemklen Industrial Supplies, Kinsan Collections, Kooperativa Förbundet, Lawe William, Marinteknik International, PK International, SARA Hotel Management, Scandinavian Airlines System, Scandinavian Far East, Scan Dutch, Skandia, Skanska, SKF, Stabilator, Sukab, Svecia, Svenska Handelsbanken, Swedish Motors, Swedish Pulp & Paper Association, Swedish Trading, Tang’s Sportwear, Tetra Pak. 8 DRAGONNEWS • NO.03/2011

The article continued: “What will change after midnight on June 30, 1997? Everything. Within months of the transition to Chinese rule, the now dominant use of English, the universal language of business, will give way to far more extensive reliance on Cantonese and Mandarin.” It quoted an investment banker who said: “There won’t be as many foreigners around, and there certainly won’t be as much of a level playing field for businesses started by foreigners.”

The magazine predicted that “troops of the People’s Liberation Army, which has already formed links with the powerful local criminal gangs known as ‘triads,’ will stroll the streets.”

alone to thrive under its ‘one country, two systems’ pledge.”

Regarding political developments, it said in the article that “Beijing’s role in handpicking the government hasn’t translated, as many had feared, into interference in the judicial system or the press, which remain largely independent.

Longer term, China’s leaders seem to want Shanghai to take a more dominant position as the country’s financial capital.

“But for now,” the article concluded, “to paraphrase American writer Mark Twain, reports of Hong Kong’s death have been greatly exaggerated.”

Image problem for developers n There was a time when the rich property developers in Hong Kong were seen as role models that inspired people to realise their dreams. However, with housing prices skyrocketing and the wealth gap getting bigger, the so-called tycoons now have an image problem.

Two out of three people interviewed in a poll conducted by the Chinese University’s Hong Kong Institute of Asia-Pacific studies thought developers cared only about making money and nothing about social responsibility.

The survey also found that 85 per cent of the respondents were familiar with the concept of “property hegemony”, which refers to the alleged dominance of developers over local politics and the economy.

Project officer Shum Kwok-cheung said to the South China Morning Post that it was up to developers to study why they were perceived in such a negative light despite the huge investment they had made in building Hong Kong society.

University of Hong Kong best in Asia n Asian universities still have some way to go before they reach the status levels of the top universities in the UK and the US. But, in the meantime, the University of Hong Kong (HKU) is ranked as Asia’s top university by the research firm QS World University Rankings, which lists 300 top universities around the world.

HKU ranks at 22nd place with Chinese University of Hong Kong at 37th and the Hong Kong University of Science and Technology at 40th place. China’s highest ranked institutions were Peking University and Tsinghua University at 46th and 47th place. The top three universities on the list were University of Cambridge, Harvard University and Massachusetts Institute of Technology.

Head of Greater China and

Dan Lindwall General Manager Hong Kong branch Dan Lindwall Head of Greater China and Head of Greater China and General Manager Hong Kong branch General Manager Hong Kong branch

Stephen Chan

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Hong Kong:

Hong Kong has to ride on the mainland’s growth in other ways than it has done in the past. But Hong Kong also has to put its own house in order.

TEXt: Jan Hökerberg, Bamboo, jan.hokerberg@bambooinasia.com

10 DRAGONNEWS • NO.03/2011

A business hub in China T

wenty-five years may not seem long in a historical sense, but if we go back two-and-half decades in the archives it actually feels like a very long time ago.

The year 1986 was when the Swedish Prime Minister Olof Palme was assassinated, the year in which the Chernobyl nuclear power plant in the then Soviet Union melted down and ultimately killed more than 4,000 people, and also the year in which the American space shuttle Challenger disintegrated 73 seconds after launch, killing the crew of seven astronauts.

It was also the year in which the Swedish Chamber of Commerce in Hong Kong was founded.

At that time, the city of Hong Kong belonged to Britain and would do so for 11 more years. The city’s skyline was sprouting new skyscrapers – for example, Exchange Square, the Hong Kong Club Building and the HSBC headquarters – but much of Hong Kong was still unexploited.

The manufacturing industry’s competitiveness gradually declined in Hong Kong due to the development of manufacturing in southern China from the early 1980s.

Exchange main board has become the top But Hong Kong has always been good at choice for mainland companies listing in formanaging change, from its early role as an eign markets. The number of mainland comopium trading hub to becoming a trading panies doing initial public offerings (IPOs) and shipping port and then, some 50 years in Hong Kong jumped to 82 in 2010, which ago, a manufacturing centre. When the was almost four times the number in 2008, manufacturers moved their operations across according to a report from the investment the border in the 1980s and 1990s, Hong consulting firm ChinaVenture.

Kong transformed itself into a financial and services hub and managed to place itself in an exclusive role as a bridge between China “Hong Kong has developed from being the bridge to China and and the world. the gateway from China to The exclusiveness of the becoming a business hub in role was somewhat diminChina. Hong Kong is today ished with China’s accession very dependent on China to the World Trade OrThe number of mainland and this development has ganisation (WTO) in 2001, companies’ initial public ofgone faster than most people which made it easier for ferings (IPOs) in Hong Kong had expected,” says Thomas international companies to in 2010, which was four Lagerqvist, who has more establish themselves directly times more than in 2008. than 20 years experience in on the mainland.

China-related matters and is However, over the past chairman of the Sweden-China Trade Coundecade, Hong Kong has also served as an cil and special counsel at the Mannheimer important platform for Chinese comSwartling law firm.. panies going global. Mainland Chinese “Hong Kong’s attitude towards China companies looking to go international are has also changed. Hong Kong was tradiincreasingly expanding to Hong Kong, tionally not mentioned in China’s fiveusing it as a testing ground before entering year plans as under the framework of ‘one the global market. country, two systems’, the central governFurthermore, the Hong Kong Stock ment did not and should not incorporate Hong Kong in any national administrative planning,” says Lagerqvist.

However, China’s 11th Five-Year Plan from 2006 to 2010 officially endorsed, although very briefly, for the first time, the functions and status of the two special

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DRAGONNEWS • NO.03/2011 11

SEB returns to Hong Kong For 11 years Handelsbanken has been the only Nordic bank in Hong Kong, but it will now be joined by SEB. Both Swedish banks in Hong Kong, Handelsbanken and SEB, established themselves there in the 1980s with representative offices and branch offices. But while SEB, along with many other banks, left Hong Kong in the aftermath of the Asian financial crisis at the end of the 1990s, Handelsbanken stayed and has, since 2000, been the only Nordic bank in Hong Kong.

However, SEB has now returned and its branch office will be inaugurated later this year, on 11 November.

“Handelsbanken has a long-term view in everything we do and that was a reason why we stayed in Hong Kong.

We follow our customers and as long as they stay in Hong Kong, we stay,” says Michael Zell, who retired after three years as Handelsbanken’s general manager for Greater China on 1 September and was succeeded by Dan Lindwall.

Handelsbanken was also the first Swedish bank to set up a branch in China, when its Shanghai branch was inaugurated in 2005. The bank has also a branch in Singapore and representative offices in Beijing and Taipei.

Carl Christensson (right) with staff at the new SEB office in Hong Kong.

In total, the bank employs some 35 people and provides a full range of services, such as payments, cash management, financing, trade finance and treasury operations for corporate customers and financial institutions, with particular attention given to Nordic- and UK-related businesses.

The wealth accumulation that is taking place Asia and the opportunities it will

Hong Kong has become more important as an international financial centre.”

Carl Christensson, SEB

administrative regions (SARs) of Hong Kong and Macau and mapped out Hong Kong’s continued functions as an international centre for financial services, trading and shipping and for the development of logistics, tourism and information services.

12 DRAGONNEWS • NO.03/2011

In the 12th Five-Year Plan, which was promulgated in March 2011, there was a whole section (Chapter 57) dedicated to Hong Kong and Macau, elaborating on the significant functions and positioning of Hong Kong in terms of development

bring is an important reason for SEB to return to Hong Kong.

“Hong Kong has become more important as an international financial centre.

Many financial institutions that we work with, such as hedge funds and asset management companies, have moved to or strengthened their positions in Hong Kong and we want to support them by being here,” says Carl Christensson, head of SEB’s Hong Kong branch.

Christensson, who previously held the same position at SEB’s Shanghai branch when it was established in 2005, will employ some 30 people in the first stage, and the bank will offer its institutional and corporate clients, mainly in the Nordic countries and Germany, a wide range of services, including cash management, trade finance, foreign exchange, fixed income, corporate finance as well as futures and securities finance.

In total, SEB has 170 employees in Asia in its branch offices in Shanghai, Hong Kong and Singapore and its representative offices in Beijing and Delhi. The Asian operations will be coordinated from Hong Kong with Hanse Ringström as head.

strategy for China (see separate article).

“This was something that Hong Kong’s business elite, together with the government, had lobbied hard for over a long period of time. There is a keen awareness among businessmen in Hong Kong that the

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city needs to be part of the development in the world’s second largest economy and be able to grow along with it and reap its own rewards,” says Lagerqvist.

Besides mentioning the pillar industries of Hong Kong, the five-year plan also gives support for Hong Kong’s development into an offshore yuan business centre (see separate article) and an international asset management centre, as well as nurturing emerging industries and deepening the economic co-operation between the mainland and Hong Kong.

“It may seem a bit odd that Hong Kong, as a capitalism capital of the world, voluntarily and actively prefers to be part of a government-planned economy in a communist country. But Hong Kong’s challenge is now how to be a professional facilitator that makes business easier in all directions. Hong Kong has to ride on the mainland’s growth in other ways than it has in the past and the best place to be is in the five-year plan,” says Lagerqvist.

As a business hub in China, Hong Kong can contribute by giving China access to modern technology, innovation and creativity, areas where China is facing difficulties making progress entirely on its own, largely due to its political system.

Hong Kong can help China to deliver the imperatives set up in the five-year plan.

Hong Kong has developed from being the bridge to China and the gateway from China to becoming a business hub in China.”

Thomas Lagerqvist, chairman, Sweden-China Trade Council

Growing appetite for dim sum bonds The greater availability of yuan-denominated products boosts Hong Kong’s role as a yuan trade hub.

In February, Handelsbanken became the first European bank outside the UK to issue a so-called dim sum bond in China, named after the bite-sized dumplings loved by the city’s residents. A total of 170 million yuan (or renminbi, RMB) was issued, with a maturity of two years.

“It was sold out in two hours and oversubscribed six times. Our customers shall feel that we know this market and it benefits them when we can get access to local capital,” says Michael Zell, the bank’s former general manager for Greater China.

A dim sum bond is denominated in Chinese yuan and issued in Hong Kong.

14 DRAGONNEWS • NO.03/2011

Dim sum bonds are attractive to foreign rate risks,” says Dan Lindwall, new general investors who desire exposure to yuanmanager for Handelsbanken Greater China denominated assets, but are restricted and former head of Corporate Capital Marby China’s capital controls from investing kets at headquarters in Sweden. in domestic Chinese debt.

The dim sum bond market is still in its It is estimated that 80 per cent of all infancy but is expected to commercial trading in RMB grow rapidly. The bonds is done through Hong Kong have been safe investand in the first half of 2011 ments and therefore not there were 553.6 billion that exciting for investors. yuan deposited in banks in But a recent liberalisaHong Kong, compared to The amount of yuan tion allows non-financial 315 billion in 2010 and 63 deposited in Hong Kong companies to raise yuan billion in 2009. banks first half of 2011. in Hong Kong and plough Dim sum bonds are just

553.6 billion

proceeds back into the mainland, radically changing the market.

“This is a train that has started rolling and it will be important for our customers to get aboard. It opens a new large funding market when they can finance investments in China in RMB without taking exchange

one of several instruments in the offshore RMB market for which Hong Kong has become a centre. China’s VicePremier Li Keqiang announced in August, during a visit to Hong Kong, more than 30 new measures to boost Hong Kong’s economy by encouraging two-way invest-

>

Marketing is like

planting bamboo Marketing is necessary if you want your business to grow. But marketing is like planting bamboo. In the first six years, the seedlings only grow about 12 inches high. Then suddenly in the seventh year the bamboo sprouts to six feet tall.

In marketing, it also takes time for results to appear. Prospects need to see your name many times before they remember you and recognise your value.* Our company, Bamboo, can help you with that. It is our business is to help our clients build longterm relationships with their customers, staff and other stakeholders. * The similarity between marketing and planting bamboo was originally conceptualised by George Torok, a marketing expert and co-author of the book Secrets of Power Marketing.

Bamboo Business Communications Ltd (Hong Kong) +852 2838 4553 Bamboo Business Consulting (Shanghai) Co, Ltd +86 21 6472 9173 Jan Hรถkerberg managing director jan.hokerberg@bambooinasia.com Johan Olausson sales and marketing manager johan.olausson@bambooinasia.com www.bambooinasia.com

ment and trade between Hong Kong and the mainland and strengthening the city’s role in the internationalisation of the yuan.

“The offshore RMB market is very interesting for us,” says Carl Christensson, head of SEB’s Hong Kong branch. “Many of our customers in China suffer from not being able to find long-term financing. By being active on this market we can help them to bring capital into China.”

A new currency code, CNH, has also been introduced. CNY is the bank code for the yuan that is traded onshore in China. The new CNH code represents the exchange rate of the yuan that trades offshore in Hong Kong.

Already in 2009, SEB was one of the first banks – and the only Nordic bank – to launch cross-border trade settlement in CNH, and that has gradually been expanded to now include a range of services within cash management, trade finance and foreign exchange. In March 2011, SEB was one of the first international banks to offer electronic foreign exchange trading for CNH on the so-called Trading Station platform.

Hong Kong started to operate RMB businesses seven years ago and the market has now begun to take shape. In 2004, Hong Kong’s financial institutions were authorised to conduct deposit-taking, remittance, currency conversion and bank card businesses. Hong Kong has also become a designated offshore RMB clearing centre. In 2007, the issuance of RMB bonds in Hong Kong by mainland financial institutions marked the extension of the business scope to include investment.

In 2009, Hong Kong further became the sole proving ground for cross-border RMB trade settlement and started to operate RMB trade settlement and finance.

“The development over the past three years has gone very fast. Since China led the world out of the global financial crisis we have seen a new world currency being

However, Hong Kong’s government needs to puts its own house in order. There is widespread criticism that collusion between powerful developers and the government ignores the widening wealth gap and does not take sustainability and environmental issues seriously.

Even China’s Premier Wen Jiabao has, in discussions with the SAR government,

16 DRAGONNEWS • NO.03/2011

born and a whole new capital market is taking shape at the moment. For a banker, it can’t be much better,” says Zell of Handelsbanken.

The exchange rate of the RMB has, since 2005, been allowed to float in a narrow margin around a fixed base rate determined with reference to a basket of world currencies. The Chinese government has announced that it will gradually increase the flexibility of the exchange rate.

Whether the yuan will become fully convertible is, however, a “64-milliondollar question”. Some observers think it is unavoidable while others point out the risks that a deregulation would open it up

for international currency speculators.

China’s State Council announced in 2009 its plan to develop Shanghai into an international financial centre by 2020.

The central government will encourage Shanghai to liberalise the financial market, which will include developing several financial derivatives and commodities futures as well as allowing foreign companies to list on the stock exchange.

However, unless the yuan is fully convertible, it will difficult for Shanghai to fulfil Beijing’s aspirations.

“As long as there is no free flow of capital, people and information, and the currency is not fully convertible, it will be difficult to

>

A whole new capital market is taking shape at the moment.

For a banker, it can’t be much better.”

Michael Zell, Handelsbanken

brought up “Hong Kong’s deep-rooted problems”, noting that the leaders should not ignore Hong Kong’s need for development and more economic diversity.

“While Hong Kong has a good capacity to develop technology in university laboratories, Hong Kong does not have a meaningful critical mass that would allow

it to become a technology hub. Hong Kong has made some progress in technology but seems to have fallen behind in terms of commercialisation capacity. This means that the universities use government money to invent and develop, but then end up selling the results ‘cheap’ to mainland and international companies,” says Lagerqvist.

regard Shanghai as an international financial centre. Shanghai will, however, play an important role as a domestic financial centre, especially if there is a gradual deregulation of the banking system in China,” says Christensson of SEB. “Although Chinese officials apparently have publicly stated that the RMB will be fully convertible by 2015, there are many issues related to such a move as it can threaten the stability of the Chinese economy. Up until 2020, China’s annual GDP growth is expected to stay at a high level, between 6 and 9 per cent.

With such strong growth, China will be able to handle non-performing loans in the banking system. Does China then dare to open up its capital system? The risk is that capital will disappear from China, that financing will be more expensive, companies will face difficulties to survive and there will be more bad loans in the system,” says Christensson.

Both Zell and Lindwall of Handelsbanken are, however, convinced that the RMB will be fully convertible before 2020.

“China is handling the proceedings in an orderly way, and has so far been successful. The country wants to build a deep and broad market so that it can protect itself from speculators when they go live. China will then be able to realise the positive aspects of a convertible currency,” says Lindwall.

Hong Kong also faces problems with increased air pollution and a shortage of places in international schools, both of which negatively affect the city’s competitiveness and its ability to attract the best talent from outside Hong Kong.

There are around 350,000 expatriates in the city, but only about 35,000 places at international schools. Many of those places are taken up by local families keen to get their children an international education.

The South China Morning Post recently reported that the lack of international school places could undermine Hong Kong’s long-term development as a regional business centre. The article cites surveys carried out on behalf of the British and Canadian Chambers of Commerce that indicate that this issue is having a detrimental impact on both the international business community’s perception of Hong Kong and its willingness to locate their operations there. b

18 DRAGONNEWS • NO.03/2011

This is a train that has started rolling and it will be important for our customers to get aboard.”

Dan Lindwall, Handelsbanken

Hong Kong in China’s five-year plan Below is China’s outline of the 12th five-year plan dedicated to Hong Kong and Macau.

The Dedicated Chapter has iconic significance for the future development of Hong Kong, as embodied in the following three major areas: - The Dedicated Chapter emphasises the Central Authorities’ support for Hong Kong in consolidating and enhancing Hong Kong’s competitive advantages, including consolidating and enhancing Hong Kong’s position as an international financial, trade and shipping centre, and support for Hong Kong’s development into an offshore renminbi (RMB) business

centre and an international asset management centre.

- The Dedicated Chapter emphasises the Central Authorities’ support for Hong Kong in nurturing emerging industries and developing the six industries where Hong Kong enjoys clear advantages.

- The Dedicated Chapter emphasises the Central Authorities’ support for deepening the economic co-operation between the mainland and Hong Kong; continuing the implementation of the Closer Economic Partnership Arrangement (CEPA).

Hong Kong the obvious choice In 2007, the Swedish-Dutch retailer giant ICA set up an Asian sourcing head office in Hong Kong. Managing director Thommy Järlefelt says that for ICA, Hong Kong has many more advantages than other cities in the region.

Text: Jan Hökerberg, Bamboo, jan.hokerberg@bambooinasia.com

G

o to any ICA store in Sweden or Norway and you can be sure of that many of the goods originate from China or other Asian countries. From its head office in Hong Kong, ICA Global Sourcing Ltd is handling some 5,000 different articles – everything from crayfish to clothes – for ICA and retail brands in the Baltics, the Netherlands, the Czech Republic and Slovakia.

“We do sourcing, purchasing, manufacturing and quality control and work with some 450 factories in Asia. Most of our items are non-food products, but the last couple of years we have seen a rapidly growing demand for more food,” says Thommy Järlefelt, managing director.

He has led ICA Global Sourcing since it was established in 2007. Today, the company has 74 employees in Hong Kong, Shanghai and Ho Chi Minh City in Vietnam, but that number could grow before the year-end since the company is evaluating an establishment in Bangladesh, India or Pakistan.

recruited by KF’s leading competitor, ICA. Järlefelt is, however, not a newcomer to “Leaving KF and going to ICA was like Asia. He has been based there for 10 years. going from Manchester City to Manchester Born in 1963 in Stockholm, after graduUnited in football …” he says. ation with an MBA from Stockholm University in 1989 he was employed by the cooperative union, Kooperativa Förbundet (KF) ICA and its Dutch shareholder Royal Ahold NV had decided to set up a joint as product manager for electrical appliances. sourcing company in Hong Kong and wanted In 1995 he relocated to Hong Kong to Järlefelt to be in charge. Previously, ICA had work for Intercoop, a buying office and service worked with distributors organisation for the Scandiand agents in Asia. navian, Italian and Spanish “It was an offer that cooperatives. He spent six fit our family situation years in Hong Kong with very well. Lotta and I had his wife Lotta. Their first The number of articles that ICA always liked Hong Kong son, Joachim, now 11 years Global Sourcing is handling. and our boys were older old, was born in Hong and ready to move abroad,” Kong and their second son, says Järlefelt.

Jesper, nine, was born right after the couple The family moved in 2007 and settled had moved back to Sweden in 2001. in Repulse Bay on Hong Kong Island. Lotta Back in Sweden, Järlefelt held various is today a project manager at Ericsson Ltd managerial positions within Coop Norden, and the children attend the English-language a joint purchasing company, owned by KF Bradbury School. and cooperative retailers in Norway and Hong Kong was the obvious choice for Denmark. Four years later, in 2006, he was the new company’s head office.

“We looked at Shanghai as well, but there were many more advantages with Hong Kong. The city has a good infrastructure and much of our production is right across the border. In Hong Kong you can get competent and knowledgeable employees and there is also continuity among the staff. In our Shanghai office we have had problems with retaining talent,” says Järlefelt.

5,000

Leaving KF and going to ICA was like going from Manchester City to Manchester United in football …”

20 DRAGONNEWS • NO.03/2011

About a decade ago, ICA was mainly a grocery store chain and the food was largely produced locally. However, with the expansion of the Maxi ICA hypermarkets, ICA’s offerings today are increasingly non-food products.

Maxi was established in the mid-1990s and today there are 72 stores around Sweden.

ICA is a unique concept in Sweden insofar as the store managers own the stores and can become shareholders. Many are very successful and in the Swedish countryside in particular the ICA store is often the focus of social activity.

“ICA has managed to listen very carefully to the customers’ needs and has a market share in Sweden of almost 50 per cent,” says Järlefelt.

ICA’s office is in the China Hong Kong City building in Tsimshatsui, which also hosts a cross-border ferry terminal.

“The location is perfect for us since we make frequent trips to China,” says Järlefelt, who estimates that 65-70 per cent of the products his company handles come from China.

“Even if costs have increased sharply in China over the past years and labour shortages are a big problem for many factories, China is still very competitive in many areas. However, in certain areas where the production is more labour-intensive it makes sense to source from other markets in Asia,” says Järlefelt.

ICA Global Sourcing is responsible for the quality of the products and for the working con-

We have seen huge improvements in the factories in China.” ditions in the factories the company deals with.

“We have seen huge improvements in the factories in China. Some factories we work with in Guangdong, Zhejiang and Fujian provinces are very good, even if the old-style sweatshops still exist,” says Järlefelt.

Corporate social responsibility issues have been high on the agenda over the past five years and the Chinese factories do what they can to fulfil the demands of foreignowned companies.

“Most foreign-owned companies have very ambitious CSR programmes, but the problem is that they differ from each other and that there is not yet a global programme in force, although discussions aimed at launching a global initiative are ongoing.

Many factories experience an ‘audit fatigue’ with social auditors visiting all the time.

Harmonisation in this area would make it a lot easier for the factories,” says Järlefelt. b

More than 3,000 stores ICA Global Sourcing Ltd is a wholly owned subsidiary of the ICA AB Group. ICA AB Group is owned by Hakon Invest (40 per cent) and Royal Ahold N.V. of the Netherlands (60 per cent).

ICA Global Sourcing Ltd manages sourcing, order follow-up, quality assurance and CSR functions for ICA AB in Sweden, Norway and the Baltic States, the Dutch retailer Albert Heijn and the retail brands Albert and Hypernova in the Czech Republic and Slovakia.

ICA AB operates 2,300 stores in five store concepts: hypermarkets, superstores, supermarkets, convenience stores and discount stores. Besides, Albert Heijn operates 850 stores and Albert/Hypernova 325 stores.

DRAGONNEWS • NO.03/2011 21

The entrepreneur

Elby Kwok Drewsen has been honoured with two prestigious awards in Sweden.

Her motto: Just do it

Elby Kwok Drewsen has made an incredible journey, from a child of a poor family in Hong Kong to a successful business woman in Sweden.

Text: Pao-Ling Röjdmark, pao_ling@hotmail.com

22 DRAGONNEWS • NO.03/2011

E

lby Kwok Drewsen was born in Hong Kong to a poor family and she had four younger brothers.

She started to work at the age of 14 to support her family. However, she wanted to make up for missing school so she took evening courses while working full time at a factory.

A few years later she got a job as a clerk at a big American insurance company. She found it fascinating, with all the positions in the organisation that could possibly pave her career path. All she needed to do was to work hard, she thought.

Kwok Drewsen did work hard and became an executive secretary at a Swedish company in Hong Kong. In 1987, she met and fell in love with a Dane who lived in Sweden. The couple got married and moved to Sweden, where she assisted her husband in his freight forwarding business.

When she came across an opportunity to go into the travel business for the company’s customers, Kwok Drewsen quickly found herself more interested in working with people than with cargo. That’s how the concept of Lotus Travel was born. The couple decided to move to China with their two children to set up offices in Beijing.

But the marriage didn’t work out and in 1997, after five years in Beijing, Kwok Drewsen moved back to Sweden with her children and became CEO of Lotus Travel.

The company grew into a market leader for tours to China and Kwok Drewsen has also founded Scandinavian Perspectives, a destination management company.

In Sweden, Kwok Drewsen has been honoured with the Business Woman of the Year Award 2006 by Veuve Clicquot and the Woman of the Travel Industry Award 2007.

Has your background helped you in your career?

“Coming from Hong Kong, I have inherited the ‘can do’ attitude; everything is possible and everyone is hard working. You just do it.

I easily adapt to a new environment and have the ability to understand people and things around me. Sweden is not my native country.

To sell in Sweden we have to understand how Swedes think and how they perceive our message and image, and therefore I listen a lot to my team. We have created a friendly and open atmosphere in our offices.

“Both in China and Sweden, my colleagues have been amazed at my persistence in not giving up and trying new things. Setting good examples is an important quality as a leader. I like to think ‘if I could do it you could too’. Persistence, maintaining high qual-

ity and customer focus are ingredients of our success; over 30 per cent of our customers are recommended by former travellers.

“First of all you have to be optimistic and believe that you can do what you envision.

You don’t want to let go of opportunities. Do business with a good conscience towards your colleagues, customers and suppliers.”

Coming from Hong Kong, I have inherited the ‘can do’ attitude; everything is possible and everyone is hard working.”

What is your advice to other entrepreneurs? approaches to acquire my company. I declined “Entrepreneurs like and dare to take opportuthe offers with pride, because I wished to nities and we work hard. Do a feasibility study develop an organisation that was less dependfor what you want to do. Make decisions ent on my involvement. I was preparing for based on your prerequisites. Be persistent expansion and invested heavily in upgrading and give yourself time not to give up easily of IT systems, recruitment of staff and talk to the people who have and training. In 2008, the global experience. Do the things that you financial crisis struck. The business are good at and don’t be afraid of was hit and faced with sharp deyour own weaknesses – you need cline in sales. 2008 and 2009 were others to complement you with two very tough years. But instead their strengths.”

The age when Elby of giving up, I chose to strengthen Kwok Drewsen the company by inviting corporate How is your business started to work. experts and established an advisory developing? board led by Meg Tiveus [a suc“It has been both sweet and bittercessful Swedish female business leader]. ness over the past five years. My business and “The outbreak of SARS in China in 2003 personal achievements were at all-time-high was also a big challenge. It could have turned during 2006 and 2007. We had at least 30 out to be fatal to our business. Sales simply per cent growth for many years and I received stopped overnight. No one wanted to go to two prestigious awards. There were several

14

China and we didn’t know how long it would last. But we managed to turn the risks into opportunities and were one of the first companies in the world to resume travel-group tours to China. In the very same year, Lotus Travel became the biggest China-specialist tour operator in Sweden.”

If you could start from the beginning what should you have done differently?

“I am quite happy with what I have: my colleagues and my family. In the company, we are working hard on recovering from the economic depression. In retrospect, I should have looked for more advice regarding investment for expansion. If I had the experience and knowledge that I have today, I would have done things differently. The good thing is that I am wiser now.” b

DRAGONNEWS • NO.03/2011 23

Beijing/Hong Kong/Shanghai Johanna Pollnow

Vika Jiao

Erik Hellstam

Thank you and welcome! n It is a time of changes at the Swedish Chamber of Commerce in China.

We would like to say thank you to Carina Järold-Mattsson, who after five years will be leaving the chamber in Shanghai for new challenges. At the same time we take the opportunity to welcome her successor, Johanna Pollnow. Johanna has wide experience in sales and marketing and has lived in Shanghai with her husband and daughter since March 2011.

In late spring, the Beijing chamber office was reinforced by a new colleague, Vika Jiao. She will hold the position of Administration Assistant and at the same time, twice a week; continue her studies at the Peking University toward a Bachelor degree in English in July 2012. We are happy to have you with us.

Goodbye also to Philip Hafstad and welcome to Erik Hellstam. Philip, our Anders Wall Scholarship recipient, has been working in the Shanghai chamber office for nine months. In mid-June he left the chamber for new adventures as Country Manager for GIA (Shanghai) Trade Co, Ltd. Erik Hellstam is our new Anders Wall Scholarship holder. Erik comes from Ängelholm in the Swedish province of Skåne and holds a Master of Science in Business and Economics from Lund University. Erik has been studying and working in China and Asia and speaks Chinese as if he has already been in China for many years. He started his position on 1 September.

Big celebrations ahead n On 2-4 November, SwedCham Hong Kong celebrates its 25th anniversary with a corporate social responsibility (CSR) event and a Gala Dinner. Here is the programme: Wednesday 2 November 2011, at the HKTDC SME Centre, Hong Kong Convention and Exhibition Centre: Corporate responsibility in Asia – a practical approach with experience sharing Full-day seminar and breakout sessions Moderator: Christine Loh, CEO of Civic Exchange, a thinktank in Hong Kong. Loh is a leading voice in public policy in Hong Kong, particularly in promoting democracy and environmental protection.

Keynote Speakers are Liang Xiaohui, Chief Researcher, Office for Social Responsibility, China National Textile and Apparel Council, Beijing, and Dr Lisa Emelia Svensson, Sweden’s Ambassador for Corporate Social Responsibility.

For the full programme, please visit: www.swedcham.com.hk Thursday 3 November 2011: Full-day factory visit tour in the Pearl River Delta region.

Christine Loh will be moderator at the CSR seminar.

Friday 4 November 2011: Fantastic Gala Dinner at the Aberdeen Marina Club – an evening filled with celebrations and surprises!

New office in Hong Kong n The Swedish Chamber of Commerce in Hong Kong has recently moved and is happy to share offices with the Consulate General of Sweden and the Swedish Trade Council. Feel welcome to visit us at Room 2503, BEA Harbour View Centre, 56 Gloucester Road in Wanchai.

Thank you to AJ Produkter for generously providing the office furniture and to Geodis Wilson for the shipment from Sweden to Hong Kong!

At home with the chamber.

24 DRAGONNEWS • NO.03/2011

Swedish banking in China We feel at home in the Chinese market and want you to feel the same. It’s a large and fast-growing market. As a result, more and more Scandinavian companies need banking solutions, such as cash management, financing in local and foreign currencies, trade finance and treasury solutions in China. We’ll help you – bringing our 20 years of experience of business in China. If you have the opportunity, please visit us in Shanghai where we’ve been located since 2001.

Swedbank Shanghai Citigroup Tower 601, 33 Huayuanshiqiao Rd. Shanghai, China + 86 21 386 126 00

Swedish daily business newspaper Dagens Industri, 30 July 2011.

Nordic touch with a Chinese edge what’s new?

We are pleased to announce that five lawyers have recently joined our team in China. The addition of these practitioners – with their diverse experience and backgrounds – ensures our team in China is even better positioned to handle the significant increase in matters and projects.

Our Banking & Finance practice has extended its geographic coverage and now is present on the Chinese market with a dedicated team in the Shanghai and Hong Kong offices. Mikael Lindgren, a Swedish banking lawyer, has relocated from the firm’s office in Stockholm to join the group. In the coming months, they will also receive support from André Andersson, head of the firm’s Banking & Finance practice, who will be increasing his presence in the region.

Mikko Harju will join the firm in September. He moved to Beijing in 1997 to assume the role of Director Legal, Greater China Area for Nokia. He also has been the chief

representative of HS International’s Beijing and Shanghai offices and the Head of the China Desk for a Finnish law firm. Most recently, he has headed the Legal, M&A and Risk Management department of Finnish industrial corporation Kone in Greater China.

Linda Lundin has joined our Hong Kong office as a Senior Legal Assistant. Linda is seconded from the firm’s Öresund team, with offices in Malmö and Helsingborg. She is a member of the firm’s dispute resolution group and is active in arbitration and litigation cases.

Wen Dai joined our Hong Kong office in September as a visiting lawyer. Wen has worked as a case manager at China Economic and Trade Arbitration (CIETAC) in Beijing since 2007. She has interned with the Arbitration Institute of the Stockholm Chamber of Commerce. Wen has unique practical experience of CIETAC arbitration and other arbitration proceedings in China.

Fang Fang joined our Shanghai office in August. She has worked as a Legal Supervisor at the Shanghai World Expo Coordination Bureau and Legal Assistant in a foreign law firm.

Rachel Dong is currently seconded to the Banking and Finance group in Stockholm and Chris Yuis seconded to our Hong Kong office until February 2012.

Our team in China currently comprises 5 partners/special counsel and 22 associates/assistants. mannheimer swartling to release book on doing business in china Thomas Lagerqvist and Ulf Ohrling are the authors of Mannheimer Swartling’s Little Red Book: Quotations from a China Practice. The book seeks to convey a basic understanding about China and some of its more fundamental characteristics, as well as provide some practical advice on how to deal with the basic business environment in China from a cultural and strategic point of view. In the book, they outline how the art of doing business in China begins with understanding its culture and being able to relate to its effects in a relevant and effective way.

The book is scheduled to be released in October and has been written in English.

what’s up

sunningdale acquires atec of sweden Sunningdale Tech Ltd is a leading manufacturer of precision plastic components and is listed on the Main Board of the Singapore Exchange. Sunningdale Tech has more than 7,000 employees and operates across five countries. Sunningdale has through its subsidiary Sunningdale Tech (Europe) Holding Pte. Ltd. acquired ATEC of Sweden AB and Latvian AS ATEC from Plasticscommerce Pte Ltd. ATEC of Sweden AB is a major provider of plastic injection moulding solutions for production of plastic articles for the retail industry in Scandinavia.

an even more attractive place for international arbitration.

Nils Eliasson has – together with other arbitration practitioners in Hong Kong – co-authored the first commentary on the new Arbitration Ordinance, The Hong Kong Arbitration Ordinance: Commentary and Annotations, which was published by Sweet & Maxwell in June. forced capital increases The legal community is awaiting an amendment of the “Circular Hui Zi Han (2011) No. 7 Notice on the Implementation Guideline for Issues Relating to the Capital Verification for the Reinvestment by the Chinese Holding Company”, commonly referred to as Circular No.7, that has been issued by China’s foreign exchange authority SAFE in March 2011. This rule has burdened foreign invested holding companies to perform a capital increase if they intend to reinvest RMB earnings within China. This requirement has been widely criticized because it would trigger withholding tax on the amount of the increased capital and add another time consuming procedure before an investment can be concluded. It is said that discussions between SAFE and other authorities, especially MOFCOM, will soon lead to an alteration, if not complete abolishment of this capital increase requirement.

33 / f, jardine house 1 connaught place central, hong kong, china telephone: +852 2526 4868 telefax: +852 2526 6568 25/ f, platinum no. 233 taicang road, luwan district, shanghai 200020, china telephone: +86 21 6141 0980 telefax: +86 21 6141 0983

Sunningdale was advised by Mannheimer Swartling as local counsel in the transaction. The firm’s team was led by Ulf Ohrling, China, and Fredrik Andretzky, Stockholm. nils eliasson co-authors the first commentary on the new hong kong arbitration ordinance Arbitration in Hong Kong, administrated by the Hong Kong International Arbitration Centre (HKIAC) or the International Chamber of Commerce (ICC), is the dispute resolution mechanism of choice for many companies worldwide with respect to cross-border business transactions in the Asia-Pacific region. With a new Arbitration Ordinance as of June 2011, Hong Kong further improves and modernizes the framework for arbitration proceedings in Hong Kong. The new Ordinance is also more user-friendly for parties that are not familiar with Hong Kong law, something which is likely to make Hong Kong www.mannheimerswartling.se

The pioneers

In 1986, the Swedish Chamber of Commerce in Hong Kong was formed with 44 founding members. At that time, a couple of hundred Swedes lived in Hong Kong and some of them are still there. Here are their stories …

Text: Jan Hökerberg, Bamboo, jan.hokerberg@bambooinasia.com

28 DRAGONNEWS • NO.03/2011

Caroline Ergetie, 2005

and mortgages amounted to some 25 to 30 per cent of the household income, while today it is some 40 per cent.

I remember the handover in 1997. It rained heavily. We gathered at the Hong Kong Club and it felt sad – and also a bit scary when we saw the People’s Liberation Army troops arrive from Guangdong in green trucks, with the soldiers standing to attention on the lorry platforms.

I haven’t noticed any big changes after the handover, other than the mainland Chinese tourists dominating the lines outside the luxury brand stores. But in general, many Hongkongers oppose the mainland Chinese influence, as we have seen clearly in demonstrations on National Day. I still feel in my heart that I am Swedish.

That feeling will not disappear, and I go there frequently. When our children have finished

secondary school we might step down a bit and think of other places to live, without definitely leaving Hong Kong.

The air pollution is getting worse. Unfortunately, Chinese have a short-term view on environmental issues and a strongly individualistic mentality.

However, Hong Kong is a good place to do business and a city of opportunities. There is an efficiency that many other big cities lack, there are many wonderful beaches and hiking trails and a great mix of people.

Karl Engdahl: Has had no reason to move I have spent my whole working life in the textile industry, first in Sweden, then in the US, and from 1982 in Hong Kong. At that time, I took the opportunity to go and work for a textile distributor, since I knew the industry and thought Photo: Gerhard Jörén

Caroline Ergetie: Still Swedish in her heart I was only 21 years when I arrived in Hong Kong in 1983 together with my then fiancé.

I went into real estate soon after, having met a Brit who ran a property group,. I worked in leasing and sales, both residential and industrial property. In 1988, I thought I had gained enough experience and bought a company called House Hunters together with a partner.

Six years later, my partner left when she had a child, and I took over as sole owner, which I still am. I am married to Camille, a British-Lebanese lawyer, and we have three children: Alexander, 12, Céline, 11, and Nicholas, seven years old. They were all baptised in the church of Hedvig Eleonora at Östermalmstorg in Stockholm, where we got married.

When I came here, I immediately liked the mix of modern and old in Hong Kong, all the scents, sampan boats, rice lamps and the restaurants. There was a sense of mysticism that you don’t have today. Everything was much smaller and you even saw rickshaws in Central.

Now, unfortunately, much of the local flavour has disappeared. When I told my parents that I was moving to the Far East it was really the “Very Far East” in every sense of the word, today it could be any modern Asian city.

I studied Chinese philosophy, Chinese medicine, Cantonese, etc. I made many Chinese friends, but most of them were in some way connected with Europe. We did things like going scuba diving on the weekends.

Costs of housing were expensive then, but a fraction of today’s level. In the 1980s, rents

Photo: Gerhard Jörén

Meet six Swedish pioneers in Hong

Karl Engdahl, 2005

h Kong Hong Kong was an exciting new market.

Originally, I had planned to stay three years, but I got stuck here since I could never find another place that would be more fun to live in than Hong Kong. Another reason is, of course, that I met Wendy, a local Chinese, in 1985, and she became my wife. I have a stepson, who is 31 years today and works as a doctor.

In 1988, I became the main owner of the company, Kinsan Collections, and I still am.

Hong Kong was, of course, very different in the 1980s and 1990s compared to now, but when you live here you don’t really notice the big changes happening. Many of the small shopping lanes are gone today, which is a pity.

I never considered leaving Hong Kong before the handover, even if many other people felt insecure about what would happen. After 1997, I haven’t seen many real changes. Of course, we know that the “Big Brother” is in Beijing and we can see that the local government has limited power.

Even though my company was a founding member of the Swedish Chamber of Commerce, I have not been a very active member in the Swedish community, since people come and go all the time. My friends here are mainly the ones that I have known for a long time.

I go to Sweden two times a year – one short trip in January and another, a little longer, in the summer. It is nice to go there, but I don’t have any plans to move back. I will probably try to combine Asia with Europe after I retire, but after all these years one foot will always be in Hong Kong.

Hong Kong is a very dynamic, exciting

Anders Nelsson: He feels integrated in Hong Kong I was born in the US, but have lived in Hong Kong since I was four years old. My parents were Lutheran missionaries in China and they were posted to Hong Kong in November 1950 to work with refugees from the mainland.

I lived in the hills above Shatin and went to school in Kowloon. You might be surprised to hear that there was a lot less greenery back then. Many hills were bare with little vegetation. Millions of trees have been planted since. It was also very much less crowded. The population in 1950 was about 600,000. Now it is more than 10 times that …

I have been in the music and entertainment industries ever since producing school dances at the age of about 15. I have also written about entertainment in various magazines and newspapers. Apart from running my own companies, I was also artists and repertoire (A&R)

Anders Nelsson, 2008

manager for the record company EMI from 1976 to 1979 and managing director at BMG, another record company, from 1989 to 1992.

The longest time I was away from Hong Kong was in 1965 when I served in the Swedish military. It only lasted about three months, but I also worked in a dance band as a standin bass player during that summer. The band was called Cool Candys and it was complete culture shock after living and playing rock and roll and pop here!

My spouse, Loretta, is local Chinese and works for Cathay Pacific. We have no children, but 12 nephews and nieces who love to visit “exotic” Hong Kong. I speak Cantonese fluently and Mandarin semi-fluently and, like most people in Hong Kong, I am very integrated into the very multicultural population and don’t mix with any particular group, such as Swedes.

But I go to Sweden on average once every second year and if I miss Sweden I stroll to IKEA to have meatballs.

I like the energy here and I intend to stay in Hong Kong.

Staffan Löfgren: Likes the positive attitude to business I first came to Hong Kong in 1984 to do trainee work at Ekpac in Aberdeen. I went Photo: Gerhard Jörén

and multi-cultural place and a city that never sleeps, even if I get more tired nowadays …

Staffan Löfgren, 2005

back to Gothenburg to finish my Master of Science at Chalmers, and then moved permanently to Hong Kong in 1986.

The first years I worked with European property sales and China trading until I was hired by Kamewa Propulsion in 1989, where I spent eight years and was area manager for Asia. In 1997, I founded the ScanAsia Group, which does financial management consulting.

In 1989, I met Angelica, who was to become my wife. We have one daughter, born in 1991.

In my view, the city has not changed much since the mid-1980s, apart from a few new buildings and some reclaimed land. I think the significant changes occurred in the 1960s and the 1970s. The cost of living in the mid-1980s was probably not much different from today, if you look at it in terms of proportion of income.

I never considered leaving Hong Kong before the handover in 1997. Why would I have done that? After 1997, I haven’t noticed any major changes, but I know that friends who are in journalism find it a bit more difficult to be critical of Hong Kong and Beijing’s political systems.

I have been active in the Swedish Chamber of Commerce and I still am. I have been a director and the chairman of the Events Committee for many years and I still have a few old Swedish friends in Hong Kong.

We are in Sweden every summer during July and August, so I don’t miss it.

I like Hong Kong because of the positive attitude to business and problem-solving, but DRAGONNEWS • NO.03/2011 29

The pioneers

the air pollution is getting worse. I will keep my base in Hong Kong until I retire. After that, who knows …

Photo: Gerhard Jörén

Peter Fransson: He pursues his dream in Hong Kong I came to Hong Kong in 1983 on a business trip and moved here in 1985. My Australian employer needed someone to develop the business in Hong Kong. I was cheap and single with no kids!

I have stayed in Hong Kong since then, except for a couple of years in the mid-1990s when I went back to Australia.

From 1985 to 1988, I was doing meat trading around the world, but mainly imports to Hong Kong.

In 1988, I started my own business, but quickly realised that I needed financing, and brought in a majority partner, a Swedish investment group. In the early 1990s, I sold my remaining share to that group and the business was soon after sold to a Taiwan-based company called Tait.

I left for Australia at the end of 1994, but before that I had taken over some of Tait’s food business in a new start-up, known today as Saison Food Service Ltd. I returned to Hong Kong in early 1997 and have since then built the business into one of the leading high-end meat import and distribution companies in Hong Kong.

The first six months mostly consisted of work, trying to get to know the place, the market and customers and also to prove for the bosses that they had done the right thing by sending me here. But I also soon got into

Peter Fransson, 2005

30 DRAGONNEWS • NO.03/2011

Peter Fransson, 1986

fear of public scrutiny and criticism.

I haven’t interacted that much with the Swedish business community, since our business is very local, although we have had tremendous support from Handelsbanken.

I try to go to Sweden once a year. I love the summer there, but I don’t miss anything specific. The best thing in Hong Kong is the opportunities the city offers and the ease with which one can pursue one’s dream. I plan to stay for the foreseeable future, as I have a business to run.

Bengt Sjöberg: A perfect place to start a business In 1977, I accepted a job offer from the logistics company ASG to be stationed in Hong Kong and it has been my home ever since.

Hong Kong was not my first stationing abroad. I had spent a couple of years in Prague and in Jeddah (in Saudi Arabia), so I had something to compare it with. And Hong Kong came out on top, which is why I have never seen any reason to move on.

I continued to work for ASG and by the end of the 1990’s its Far Eastern activities changed name to APC (for Asia Pacific Cargo), an operation I now own. Since the new millennium, I have also been a founding partner in a few start-ups, such as hotels in Phuket, a hedge fund in Sweden, a leasing company in the Far East and Scandinavia, a stationary store chain in Norway and a couple of property companies in Hong Kong and Sweden. I guess I have itchy fingers when it comes to new ventures.

I met Toei, a Cathay Pacific air hostess from Thailand, in 1979. We got married seven years later. We have a daughter, Michelle, and a son, Joachim. Michelle is working in the US and Joachim is studying there.

When I came to Hong Kong, the city felt much smaller and easier to grasp compared with today. There were only a few watering holes where the expats met, such as Dickens Bar, Disco Disco in Lan Kwai Fong and Hollywood in Tsimshatsui. The Swedish community was very small – only 150 people in all. But that also created more of a family atmosphere, and you got to know most of them. It was cosy, you might say.

Besides the cost of housing (and that of fresh milk!), I always found other prices to be on par with where I came from.

Hong Kong has developed a lot since the handover in 1997, but not due to the change in sovereignty. The Beijing leadership deserves credit for the fact that the handover went so smoothly that you hardly would have noticed it, unless you were an expat administrator.

What has improved is that China is now much more accessible from Hong Kong, and what has deteriorated is the air quality.

Compared to today, I interacted much more with the Swedish community when I first came here. I was then a bachelor, lookPhoto: Gerhard Jörén

Staffan Löfgren, 1985

the social life and had a lot of fun!

The rents were of course outrageous, even though I got a bargain at HK$7,500 per month for a 1,200-square-foot apartment in an old building. Then, as today, one could spend a fortune in one of the top-class hotel restaurants or eat well for next to nothing at a local dai pai dong (cooked-food stall).

Ease of business has stayed the same, but too much has become politicised. Too much of what is happening in the bureaucracy today is about people protecting their own backs for

Bengt Sjöberg, 2007

ing to widen my social as well as business network. Another bachelor and I started a monthly dinner gathering for Swedes, and it was their first regular get-together besides the yearly invitation to the consul-general’s residence. Usually, we ended up with 25 to 40 guests each time. Not bad, considering how small the community was then.

The best thing about Hong Kong is that you get to keep most of the money you earn.

That makes it a perfect place to start a business. Besides, you will never feel bored here and you eat well!

The worst thing is that you will probably always remain an expat, even after many years.

It has not bothered me that much, but it is a bit strange – after 34 years. I guess it is because our cultures are simply too different. b

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The Swede in the pink shorts Linus Holmsäter has introduced the Friskis&Svettis, or Heyrobics, concept in China and has the sports brand company Li Ning as a sponsor.

Text: Eskil Hallström, Eskil.hallstrom@gmail.com

32 DRAGONNEWS • NO.03/2011

W

hen Linus Holmsäter arrived in Beijing about two years ago with a degree in international economics, he had a job waiting for him at the Swedish company BrainHeart Industries. But he also had ambitions to introduce the Swedish Friskis&Svettis, or Heyrobics, concept to China.

Heyrobics is not your usual aerobics, but a serious, sweaty workout loaded with a surprising amount of socialising and fun.

After one year in China, Holmsäter officially started organising and leading Heyrobics sessions in Chaoyang Park in Beijing. The word spread quickly and, as the crowds grew, he decided it was time to give Heyrobics 100 per cent. He has been working full time with Heyrobics for several months now and the organisation is growing fast.

Holmsäter is now known in Beijing as “the Swede in the pink shorts”.

He is the son of Johan Holmsäter, the founder of the sports association Friskis&Svettis, one of the

Linus Holmsäter is responsible for spreading the highly contagious Heyrobics “epidemic” in China.

most well-known fitness organisations in Sweden, and he is also a semi-professional athlete.

What makes Heyrobics so special?

“Firstly, it is a very effective form of workout.

It really exhausts every single muscle in your body. Secondly, it is an incredibly social experience. People often come early and stay long after the session is over just to socialise.

“The social mix that the sessions attract in Beijing are something quite rare. While, at first, participants were mostly Westerners, now more and more Chinese are joining in.

“Another difference between Heyrobics and aerobics is that Heyrobics is easy to adapt to an intimate group as well as to a huge crowd. In the sessions we held outside the Nordic pavilions during the World Expo in Shanghai we had over 2,000 people.”

“The biggest session planned so far for China is when Heyrobics holds the official warm-up session for the Beijing Marathon in mid-October with 30,000 participants.

What has been the greatest challenge in China?

“In general, I feel everything has been going quite smoothly so far. The most difficult part is the Chinese bureaucracy – getting access to the venues we want to use can be somewhat problematic. But we have never had a problem with the police; on the contrary, we have had police officers joining the workout. They were all very happy and seemed to enjoy it very much. It is quite obvious that we are not a threatening political movement, and now we also have official sponsors in [the sports brand company] Li Ning and the Beijing Marathon, showing that we are officially accepted.”

and what it should be. In China, that is not the case, and everyone is very curious and open to try new things. For the Chinese, there are no strict ideas of what a workout has to be and, even if people come and work out in a suit and leather shoes, no one cares. Similarly, the foreign crowd in Beijing is usually much more open to new things than they might be at home.”

Is there anything that has been easier in making Heyrobics accepted in China than in other places?

“I think the social aspect of Heyrobics is what attracts most people. As an expat in Beijing, life

At international networking events it may sometimes be difficult for people from different nationalities to mix and bond. Is this case with Heyrobics?

“Not at all. It’s easy for everyone to mix and

So it is a form of networking; should I bring my business cards?

“Ha ha. It’s definitely a great form of networking! But you will be interacting so much, I’m not sure you’ll even need your business cards.”

We never had a problem with the police; on the contrary, we have had police officers joining the workout.”

Heyrobics is a group workout and also a social experience.

can be a bit lonely sometimes and to come and work out with other people without any social barriers can be very comforting and a great way to unwind. At the same time, the quality of other group workout sessions in China is usually not very high. Heyrobics is a high quality workout that offers some social fun.”

Compared to Swedes and other Westerners, how receptive are the Chinese to Heyrobics?

“In many ways, I would say that the Chinese are more receptive than many Swedish people.

In Sweden, it would probably be difficult to start up something like Heyrobics because most Swedes have firmly set views on working out

bond. It happens naturally. Firstly, the price for one session is quite affordable – just 20 yuan – so anyone can join. Secondly, it’s very easy to follow, even if you are a beginner, resulting in a very easy and unrestrained atmosphere. Everyone is there in their workout clothes (except for the occasional Chinese in suit and tie), no matter whether they are Chinese or Western, the CEO of big company or a student.”

Are you doing teambuilding for companies?

“We do, although we only work with a few companies right now. This is something we’ve just started and it’s growing rapidly. Because Heyrobics breaks down social barriers and allows everyone to interact in such a free and unconstrained way, it is ideal for teambuilding in companies with an international staff. For Swedish companies, it is especially interesting because Heyrobics originated in Sweden and the concept is familiar to Swedes.”

With all these almost free sessions, how do you make ends meet?

“The phase we are in now is mainly about branding and attracting people to come and try out Heyrobics. We have started work-

At the sessions Heyrobics held outside the Nordic pavilions during the World Expo in Shanghai more than 2,000 people participated. (Photo: Lily Huang for the Swedish Committee for Expo 2010)

ing with a few companies and a number of sponsors. At the same time, we are organising some commercial events, such as the Swedish Running Camp and the official warm-up for the Beijing Marathon. Personally, I’ve been awarded a scholarship by the Swedish entrepreneur Anders Wall, and that will keep me afloat financially this year.”

What are the plans for the future?

“Short-term, to continue working on branding and building our participant base, not only among Westerners but increasingly among the local Chinese. To manage growing demand, we are in the process of recruiting two interns to our organisation.

“Mid-term, we aim to build a more complete sponsor structure with a few Heyrobics products. The long-term plan is to build our own gyms around China. Beijing will still be the focus in the years to come, but China is big and we aim to spread to other cities within a couple of years. Thanks to Li Ning’s sponsorship, people are already doing Heyrobics in conjunction with running clubs in nine different cities in China.”

When do we meet in Chaoyang Park?

“Every Sunday at 5pm! But we have Heyrobics sessions almost every day on different rooftops and indoor venues around Beijing.

We are also premiering sessions in Shunyi district. You can find all the details at www. heyrobics.com!” b Linus Holmsäter in brief Name: Linus Holmsäter Age: 27 Hometown: Stockholm Time in China: Two years Plan to stay in China: Indefinitely Work: Heyrobics Passion: The joy of movement

DRAGONNEWS • NO.03/2011 33

Hong Kong Banking in a new financial landscape n The President and CEO of SEB Group, Annika Falkengren, visited Hong Kong in late May, in conjunction with the opening of the new SEB office.

She gave a thought-provoking speech at a luncheon organised by the Swedish Chamber of Commerce at Club Lusitano.

Falkengren is one of the most influential leaders in the Swedish financial sector, but also plays a prominent role in shaping the new regulatory framework for banking in the European Union. In her talk, “Business and Banking in a New Financial Landscape – a New World Order or Business as Usual?”, she outlined the changes that have come in the aftermath of the 2008 financial crisis, and SEB’s strategy going forward.

With the re-regulation of the financial markets, the costs for banks are increasing. Banks have to hold larger amounts of capital as a buffer in accordance with the global regulatory standard, Basel III. New rules have also meant that banks have hired more staff in the areas of compliance, risk control and auditing. Falkengren pointed out that Swedish banks were robust enough to withstand the 2008 crisis without support from the government, unlike banks in other countries.

For most of the bank’s customers it has been business as usual, partly because the emerging consumer markets have been helping to drive global GDP growth. We are now seeing the return of the relationship bank again and SEB aims to be a trusted partner in business, with a focus on long-term relationships, according to Falkengren.

She started as an SEB trainee in 1987 and worked in Trading & Capital Markets from 1988 to 2000. She was appointed Head of Merchant Banking in 2000. In 2001, she became Head of the Corporate & Institutions Division and Executive Vice President of SEB. Since 2005 she has been the Eline_RecruitmentAd_Horizontal_2-9-11.pdf President & CEO of SEB Group.

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SEB’s CEO, Annika Falkengren, says that banks have had to adjust to the changes that have come in the aftermath of the global financial crisis.

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Beijing In the Swedish classroom n The summer is usually a very quiet and relaxing time for the chamber and its members, but this summer has been a little bit different since the chamber’s office was turned into a Swedish classroom for local chamber members, learning Swedish.

It started already in April with the first course for Swedish language students, one lesson every Saturday morning for eight weeks. At the same time, a tailor-made Swedish language course for SAS’ crew ran twice a week for eight weeks.

Finally, from 20-21 June and for four weeks onward our two summer courses took place. These two summer courses were rather more intense, with two lessons per week.

The chamber has learned that there is big interest among our local members for learning more about Sweden and the Swedish language, so this is something you will see and hear more about in future.

From left, Jessica Tian (SEB), Mari Håkansson (Swedish teacher), Zhao Yang (Infotiv), Yu Xiaoqun (SAS), Aileen Hou (Ericsson) and Jaycee Yang (Swedish Chamber of Commerce).

Lv Rong (Ericsson), Gao Lan (Euro-Center), Lynn Li (Visit Sweden), Mari Håkansson (teacher), Zhang Qi and Vika Jiao (Swedish Chamber of Commerce).

Amanda Eriksson (Tiandi Rong Tong), Peter Franklin (speaker), Kristin Oppelstrup, (student) and Birgitta Söderström (Thomas International).

What it takes to manage effectively across cultures n “The Mindful International Manager” was the title of a talk given by researcher, consultant and trainer, Professor Peter Franklin, on 24 August at the Radisson Blu Hotel in Beijing. This was the first breakfast meeting after the summer break and kicked off a new fresh season at the Swedish chamber in Beijing.

Professor Franklin described how the mindful manager working across cultures consciously focuses more than he would at home on the context and process of communication and management and somewhat less on the outcomes.

This is especially necessary in the international field, where work-related behaviour and communication styles may be very different and thus difficult to handle. Away from home, the implicit “cultural compass” people rely on in their own environment works much less well.

With the help of an amusing training film and insights from relevant research and the presenter’s consultancy experience, the talk illustrated the competencies and qualities mindful international managers ideally require to handle – and leverage – the complexity of the crosscultural situation. Franklin presented the push-and-pull competencies important for leading an international team, underlining those which are particularly important for expat managers.

36 DRAGONNEWS • NO.03/2011

Shanghai Successful table tennis tournament n In early January when the board of the Shanghai Chapter was planning the year’s activities, vice chairman Mats Johansson had a brilliant idea: “Why not organise a table tennis tournament?” Table tennis was a great choice as both Sweden and China have a long history in this sport.

The board was immediately excited and the date was set to 6 June, Sweden’s National Day. Swedish companies were invited to send players. The Swedish Consulate General in Shanghai were engaged as the project leader and managed to get the former world champion Jörgen Persson as a main attraction.

Persson and Jan-Ove Waldner are both regarded as table tennis legends in China. They are seen as the two foreigners who have offered Chinese table tennis the toughest competition over a long period of time. Since his first Olympic appearance in 1988, Persson has faced seven generations of Chinese players.

The Shanghai Table Tennis Association became involved and the Luwan Stadium was booked. A great crowd-puller was the Chinese player Feng Zhe, who is one of few Chinese players who has actually won against Persson. He is now the trainer for the Shanghai team.

Some 200 players participated in the tournament. Most Swedish players were eliminated in the first round, although superstar Persson made up for it by defeating all Chinese players facing him.

The event proved to be a full day of activities, including games, showcases and knock-out ping-pong for Chinese children facing Persson, who did press interviews in between his games.

Finally, there were two winners, Chen Jinbang from Ericsson in

Sweden’s consul-general Bengt Johansson (second from left) helps former top player Xu Jingsheng, Jörgen Persson, Chen Yiping, vice director at the Sport Commission in Shanghai, and Feng Zhe, former top player, to open the box with the VIP cake.

the male competition and Li Songping from Alfa Laval in the female competition. Congratulations to both of you!

Thank you to our gold sponsors, the Swedish Trade Council, Gunnebo and Getinge and our silver sponsors, Handelsbanken, Volvo Car och Husqvarna. Last but not least thank you to our bronze sponsor, Exir.

DRAGONNEWS • NO.03/2011 37

HONG KONG ORDINARY MEMBERS >>>

jmk-one Limited C1, 31/F, Winfield Building 5 Ventris Road Happy Valley Hong Kong Tel: +852 6711 4112 Email: michael@jmk-one.com www.jmk-one.com

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Activities jmk-one is a Hong Kong based consultancy specialised in advising retail and wholesale businesses. It provides consulting services covering the whole value-chain, reaching from product development, sourcing and purchase to its clients´ encounters with the markets, creating the right shopping experience. It is well connected in German, South African and Swedish retail.

Chamber representative Michael Knappstein, CEO

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East Capital Asia Limited 13F Wyndham Place 40-44 Wyndham Street Central Hong Kong Tel: +852 3655 0550

Activities East Capital is a leading independent asset manager specialising in the emerging markets of Eastern Europe and China.

Basing its investment strategy on thorough knowledge of the markets, fundamental analysis and frequent company visits by its investment teams, East Capital actively manages EUR5.9 bn in the East Capital Universe.

East Capital’s clients are some 450,000 direct and indirect private investors throughout the world, as well as many leading institutions. The company is headquartered in Stockholm with offices in Hong Kong, Kyiv, Moscow, Oslo, Paris, Shanghai and Tallinn.

Chamber representatives Michael Hanson-Lawson, CEO Nikodemus Dahlgren, Senior Account Manager

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SEB Hong Kong 17/F Jardine House 1 Connaught Place Central Hong Kong Tel: +852 3159 2888 Email: hongkong@seb.se Web: www.seb.se

Activities SEB provides a wide range of financial services for Nordic and German corporate clients and international financial institutions throughout Asia. In Hong Kong, the product range includes Cash Management, Trade Finance, Lending, Fixed Income, Foreign Exchange, Equities and Corporate Advisory services. In addition SEB executes Shipping and Project Asset and Export Finance transactions across Asia.

Private individuals are catered for through SEB’s Private Banking services.

Chamber representatives Carl Christensson, Chief Executive Håkan Aldrin, Senior Vice President/Head of CRM

38 DRAGONNEWS • NO.03/2011

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Feedbackonline Ltd The Workstation Suite 1001 43 Lyndhurst Terrace Central Hong Kong Tel: +852 8125 4060 Email: peter.lysell@feedbackonline.com Web: www.feedbackonline.com Activities Feedbackonline provides fully web-based appraisal tools measuring your employees’ performance on a variety of parameters. The Feedbackonline tools are generally acclaimed by our customers as one of the easiest fully webbased performance tools in the market. The Feedbackonline technology platform is highly automated, it is currently available in 10 languages and works for every organisation with 10 employees or more.

Chamber representative Peter Lysell, Managing Director

SWEDEN’S LEADING BOARDING SCHOOL High school and Middle school programmes in Swedish or English. The IB Diploma has been established at SSHL for over 30 years with a proven record of success. Numerous free time activities and close contacts with universities and industry. Our school is located in idyllic Sigtuna on the shores of Lake Mälar, close to Stockholm cultural life and Arlanda airport.

Come and visit SSHL, an international version of Sweden. We are happy to show you the school and our activities at any time. We also offer a trial period, giving you the opportunity to experience school and boarding life.

During the summer we offer summer courses in Swedish and Mathematics and a confirmation camp.

SIGTUNASKOLAN HUMANISTISKA LÄROVERKET Telephone: +46 8 592 571 00 www.sshl.se

HONG KONG OVERSEAS MEMBERS >>>

Le Pelle WG Plein 59A 1054 RB Amsterdam, Netherlands Tel, Netherlands: +31 6 3205 7070 Tel, Taiwan: +886 9 8881 6508 Email: info@lepelle.com Web: www.lepelle.com

Uppsala University Box 256 751 05 Uppsala Sweden Tel: +46 18 471 0000 Email: registrator@uu.se Web: www.uu.se Activities Uppsala University is a comprehensive international research university dedicated to advancing science, scholarship, and higher education. For more than 500 years, Uppsala University has been a distinguished seat of learning with rich opportunities for students and researchers at all levels. Uppsala students are in touch with the very latest research findings in modern settings. Researchers at Uppsala University participate in research projects with colleagues at more than 1,000 universities around the globe, mainly in Europe, the US, and Asia.

Activities Le Pelle is helping small and medium-sized businesses to build websites, with or without Internet shops (ecommerce), in one or many languages. The company also serves some major international companies with localisation, i.e. together with its network of translation companies and translators the company prepares software packages for all the markets the clients need.

Chamber representative Per Jansson, Director

Chamber representative Thomas Fredengren, External Relations Advisor

Alfa Laval Taiwan Ltd 9F-1, No.16, Lane 35 Jihu Road Taipei 11492, Taiwan Tel: +886 2 6600 1166 Email: taiwan.info@alfalaval.com Web: www.alfalaval.com.tw

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SAS Scandinavian Airlines System General Sales Agent: Jensen Express Co, Ltd 5F-11 & 12 No 207, Dun Hwa N Rd Taipei 105 Taiwan Tel: +886 2 2545 5665 Email: anna.sas@jensenexpress.com.tw

Activities In Taiwan, Scandinavian Airlines (SAS) has an authorised sales agent, Jensen Express Company Ltd, for both SAS passenger and cargo sales. SAS has no flights to Taipei directly but has a sales office for tickets from Taipei via Bangkok, Beijing, Shanghai (soon will be opened) to Copenhagen and beyond cities with the connection flights by other airlines.

Chamber representatives Anna Chuan, Manager Ginna Chiang, General Sales Manager

40 DRAGONNEWS • NO.03/2011

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Activities Since it started its operations in the dairy field in 1883, Alfa Laval has continuously extended its business to cover many different industries. Our products and solutions are used to heat, cool, separate and transport products in industries that produce foods and beverages, chemicals and petrochemicals, pharmaceuticals, starch, sugar and biofuels.

Chamber representative Tan Chor Hion, Managing Director

HONG KONG INDIVIDUAL MEMBERS >>> Miro Malmelin Tel: +852 6827 2766 Email: miro.malmelin@right.com

Helena Hagelberg Tel: +852 6101 6560 Email: helena@hagelberg.com

Russell Beardmore Tel: +852 6101 6560 Email: russell.beardmore@sc.com

Michael Zell Tel: +852 6900 7712 Email: mize01@handelsbanken.hk

SOUTH CHINA ORDINARY MEMBERS >>>

LC-Tec International (Shenzhen) Co, Ltd Block D, Heng Qiang Industry Park Jian An Road of High Technology Area Fu Yong Street, Bao An District Shenzhen, Guangdong Province 518104 Tel: +86 755 8149 9991 Fax: +86 755 8149 9995 Web: www.lc-tec.com Activities LC-Tec International (Shenzhen) Co, Ltd is a China-based company. Today, the company has a modern and fully functional TFT-LCD production. The factory is located in Shenzhen in southern China. The business mission is to be a contract manufacturer in the TFT-LCD module manufacturing business. Our current target customers will be frontend panels manufacturers, or their agents, who need backend manufacturing capacity.

Chamber representative Peter Grufman, General Manager E-mail: peter.grufman@lc-tec.com.cn Mobile: +46-243 79 40 70

Jan Kirstein Tel: +852 6117 9001 Email: kirsteinjan@hotmail.com

Marita Bildt Tel: +852 6431 1706 Email: marita.bildt@teleoopti.com

Thomas Davidsson Tel: +852 9350 9937 Email: thomas.davidsson@intagleo.se

SOUTH CHINA ASSOCIATE MEMBERS >>> Johannes Lundgren Baochen Road, Zhuhai FTZ Zhuhai, Guangdong Province 519030 Mobile: +86 138 2309 1257 E-mail: dkjnl@coloplast.com

JOHNNY’S PHOTO & VIDEO SUPPLY LTD • Photographic Equipment • Video/Audio Hi-Fi Equipment • Home Appliances • Colour Film Processing/Enlargement • Audio/Video Dubbing Services • Communication Equipment • Electronic Equipment • Repairing Services • Mail Order Acceptable Shop No.65, 1/F, Admiralty Centre, 18 Harcourt Road, Hong Kong Tel: 852-2877-2227 Fax: 852-2877-2120 Mobile: 9051-9499 E-mail: johnnysphoto@hotmail.com Opening Hour: Mon – Sat 9:00am – 7:00pm Sunday 2:00pm – 6:00pm

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CHINA ORDINARY MEMBERS >>>

Arkivator Equipment (Kunshan) Co, Ltd Building 3, No 78 Changyang Road Yushan Town Kunshan Jiangsu Province 215300 Tel: +86 512 5017 8500 Fax: +86 512 5017 8501 Web: www.arkivator.com Activities Arkivator Equipment (Kunshan) Co, Ltd is exclusively invested by Arkivator Holding AB and was established in July 2010. The main business is making packaging machines, high precision parts, telecom parts as well as the relevant parts, and providing after sales service, technology and consulting service for above mentioned products.

Activities Marketing of insulation material for the railway vehicle manufacturing business. Railway industry market research and maintenance of Chinese customers as well as technical support/after-sales services etc.

Chamber representative Mikael Helgevall, General Manager E-mail: mikael.helgevall@arkivator.se Mobile: +86 139 1681 4240

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Isoflex AB Sweden Beijing Representative Office Room 601, 3rd Building, No 21, Xing Sheng Street Beijing Economic and Technology Development Zone Beijing 1000176 Tel: +86 10-6787 8979 Fax: +86 10-6787 8979 Web: www.isoflex.se

Chamber representative Vito Bai, Chief Representative Mobile: +86 135 0203 1010, +86 136 9313 0008

Asia Perspective Suite D, 2nd floor No 1326, Middle Huaihai Road Xuhui District Shanghai 200031 Tel: +86 21 3425 0695 Fax: +86 31 3425 0701 Web: www.asiaperspective.net

Locon Sweden AB Suite 418, Building B No 700, Huangpi South Road Shanghai 200025 Tel: +86 21-5111 5905 Fax: +86 21-5111 5907 Web: www.locon.se

Activities Asia Perspective is an independent management consulting firm with global presence and local knowledge. We assist our clients with business advisory regarding analysis, strategy and implementation. Our mission is to turn our clients’ Asia business vision into reality and add significant value to their business. We offer specialist services covering purchasing, market entry and commodity strategy. We cover all major industries including automotive, clean-tech, consumer goods and medical products.

Activities Locon Sweden AB is a neutral consultant authority in the logistic field focus mainly on transport purchasing, negotiation, analysis, consulting and support. The company has been active since 1994. Our aim is to provide our customer with all necessary information regarding quality and economy based of no prior influence from company culture, many references and experiences, analytic programme, time savings, increased knowledge and freedom of choice.

Chamber representatives Daniel Karlsson, Managing Director E-mail: daniel.karlsson@asiaperspective.net Mobile: +86 137 6108 9974 Johan Leijonhielm, Consultant E-mail: johan.leijonhielm@asiaperspective.net Mobile: +86 136 5161 9211

Chamber representative Kaj Bergström, Managing Director E-mail: kaj.bergstrom@locon.se Mobile: +86 139 1736 5379

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2011-02-24 15:23:37

To see how we can help you please visit our website www.pcs.com.hk or write to John Barclay at johnbarclay@primasia.com

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Retention Group Room C, 18 floor, V Capital Mansion No 333, Xianxia Road Shanghai 200336 Tel: +86 189 1627 5051 Fax: +86 21 3372 9713 Web: www.retentiongroup.com

Activities Retention is a Scandinavian management consulting company specialising in recruitment. Our mission is to assist our customers to find and allocate the right people and competence aligned with the right strategy in order to achieve their defined goals. With local offices in Malmö, Copenhagen, Brussels and Shanghai we can support your operations in Europe and Asia.

Chamber representatives Christian Bjärntoft, Country Manager China E-mail: christian.bjarntoft@retentiongroup.com Mobile: +86 138 1640 8610 Mats Lind, CEO E-mail: mats.lind@retentiongroup.com Mobile: +46 734-353 560

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Hörle Automatic (Ningbo) Co, Ltd Nordic Industrial Park No 3 Jinxi Road, Zhenhai Ningbo, Zhejiang Province 315221 Tel: +86 574 8630 6761 Fax: +86 574 8630 6762 Web: www.horleautomatic.se

Activities Hörle Automatic (Ningbo) works with parts in steel and metal.

Chamber representatives Anders Magnusson, President E-mail: anders.magnusson@horleautomatic.se Mobile: +46 70 5420 150 Gabriel Yu, Vice General Manager E-mail: gabriel.yu@horleautomatic.se Mobile: +86 135 8688 8569

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Midsummer AB Elektronikhöjden 6 SE-175 43 Järfälla Sweden Tel: +46 8 5250 9610 Fax: +46 8 5250 9611 Web: www.midsummer.se

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Lind Andersson Consulting AB Room 1401B, Xincheng Mansion No 167, Jiangning Road Shanghai 200041 Tel: +86 1348 2010 431 E-mail: stephen.yip@lindandersson.se Web: www.lindandersson.se

Activities Lind Andersson is a professional management consulting firm offering governance, risk and compliance solutions such as enterprise risk management, internal audit, internal control, fraud prevention and fraud detection services for Swedish-based companies operating in the Chinese market.

Chamber representatives Mikael Andersson, Representative E-mail: mikael.andersson@lindandersson.se Mobile: +46 72 234 5698 Stephen Yip, Managing Director China E-mail: stephen.yip@lindandersson.se Mobile: +86 1348 2010 431

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Activities Midsummer manufactures equipment for CIGS thin film solar cell production, using our own proprietary process. It is a cost-effective and energy-efficient way to manufacture solar cells with a low initial investment. The cells can be used in conventional module manufacturing. We have a customer base in China which we aim to expand.

Chamber representative Sven Lindström, President E-mail: sven.lindstrom@midsummer.se Mobile: +46 70 776 4748

CHINA ASSOCIATE MEMBERS >>> Karl Karlsson Apartment 1402, Unit 1, 21 Northern Tower No 23, San Li Tun North Chaoyang District Beijing E-mail: kgkarlsson@gmail.com Mobile: +86 139 5808 5150

41/F China Online Centre 333 Lockhart Road Wanchai Hong Kong Phone: +852 21174 800 Fax: +852 28389 330 E-mail: hongkong@scangl.com www.scangl.com

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EXECUTIVE HOMES HONG KONG Boutiquemäklaren med fokus på personlig och professionell service

Vi hjälper svenskar med att hitta sitt drömboende i Hongkong Our international team of residential agents is here to assist corporations seeking advice and assistance with the relocation process of their executives. We are also happy to welcome individual new-comers, and assist with the search for a home here.

Welcome to contact our Swedish consultant Anna-Karin Ernstson Lampou Office: +852 2537 1177 Direct: +852 2537 0554 E-mail: anna@executivehomeshk.com

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2011-04-28 06.01

A f ter hours n Fashion

n Books

Towards Sino-Swedish sustainable fashion This autumn, the Swedish Institute’s exhibition “Eco Chic – Towards Sustainable Swedish Fashion” will open in Shanghai.

To warm up for the exhibition, and in order to involve the local scene, the Consulate General of Sweden, the Swedish Institute and the local partner Shangtex arranged a workshop on sustainable fashion for Chinese designers on 25 August with Swedish fashion designer, Professor Matilda Tham.

The exhibition will showcase Swedish fashion designers who take an environmentally-friendly and ethical approach to their work, without sacrificing style. The exhibition illuminates high-fashion alternatives to much of today’s environmentally harmful clothing. The exhibition has toured the world, and has showed in cities such as Berlin, New York and San Francisco.

Before it opens in Shanghai on 21 October, the scope of the exhibition will be extended to include Chinese design.

Nine prominent local designers and two Chinese students from Raffles Design Institute have been invited to create 18 eco-friendly outfits, exclusively for the exhibition. Designers include names like May J and Helen Lee. The exhibition will be open from 21 October to 2 November at Bridge 8, Phase 2, 550 Jumen Road, Luwan District, Shanghai. To keep updated, please visit www.swedenabroad.com.

An open-air terrace offers a great view of Shanghai.

Pioneering book about Swedes abroad

Almost 550,000 Swedes are currently living outside Sweden. The association Svenskar i Världen (Swedes Ewa Hedlund är skribent och the harAround bott i Bryssel i 24 år där honWorld) wanted to know more about their arbetat som Europa-korrespondent för bland annat SvD, DN, thoughts, experiences and opinions and took the iniAffärsvärlden och Veckans Affärer. Hon har varit taleskvinna förtiative s-politikern Margot ofWallproducing a book about Swedish emigrants. ström då hon var kommissionär i EU-kommissionen. Hon är The book, Utvandrare.nu – Från emigrant till global också författare till flera böcker om Europeiska unionen. svensk (“The Emigrant Today – From an Emigrant to a Global Swede”), was published in August this year.

Ewa Hedlund, a former journalist and spokesperson for European commissioner Margot Wallström, Sigrid Bøe är skribent och har arbetat Nyheter, the book together with Sigrid Bøe, who is haspå Dagens written bland annat som undersökande reporter och biträalso a journalist.

Both authors have their own experidande nyhetschef.

Mellan 2001 och 2005 var hon DN:s korrespondent i Bryssel. Hon ences of living abroad. Besides giving the historical är numera fri skribent i egen verksamhet. background to the Swedish emigration, they also interviewed around 50 Swedes that are living or have lived abroad and compiled some interesting statistics.

“There is not much knowledge in Sweden about the emigrants. A common attitude is that a migrated Swede is a lost Swede. Most people do not realise that there are more than half a million potential Swedish ‘ambassadors’ around he world that can contribute to Ewa Hedlund Sigrid Bøe increase the knowledge and interest about Sweden, Swedish business and society,” concludes Hedlund, who has lived in Brussels for 24 years. n Bars According to the statistics in the book, which were compiled based on reports from embassies around the Bar with a view world, the US is the most popular country to emigrate Flair is Shanghai’s latest bar with a view. It is on the to. Around 100,000 Swedes live there. China is number 58th floor in the new Ritz-Carlton hotel in the Shang18 on the list and has attracted 3,000 Swedes. hai IFC building in Pudong. A split-level outdoor terThe book is in Swedish and can be ordered from race offers views directly across to the big ball of the Svenskar i Världen, sviv@sviv.se.

Pearl Tower, then beyond to the Bund, the Hongkou shoreline and downtown Puxi. Like the building itself, prices scrape the sky: RMB350 is the door charge.

Phone: +86 21 2020 1717 Opening hours: Daily 5:30pm-2am Address: Ritz-Carlton Shanghai Pudong, 8 Century Avenue, Lujiazui, Pudong

n Dining Danish food and design house Royal Smushi House is a Danish food and design house in Sanlitun, Beijing, offering dining, design and shopping.

During the day, sample the fresh, so-called smushi, which is a combination of the Danish smørrebrød and sushi. At the bakery you can enjoy afternoon tea with Danish pastry and cakes. The mixture of funky, baroque, cosmopolitan and chic styles creates a bright and brilliant space that makes you want to stay.

While you are here, you can drop into the design shop, with exclusive Georg Jensen products and the trendsetting Monocle Shop. For dinner, the menu offers a selection of contemporary Danish dishes. You can end your evening at the bar for cocktails, good company and a casual vibe.

The house is designed by Rud Christiansen and Lo Østergaard – the Danes behind The Royal Cafe in Copenhagen and Japan. More information at info@royalsmushihouse.cn.com.

Phone: +86 10 6416 9664 Address: No. 12 Dongzhimenwai Ave, East Building, Chaoyang District, Beijing 48 DRAGONNEWS • NO.03/2011

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N D R A RE . N T VA U

från emigrant till global svensk

m

T

ank pe

Martin Carey, Private Banker

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T he chamber and I Danyang Fang, chief representative of Stena in Beijing, enjoys the Swedish chamber’s activities and she values the networking opportunities that come with the membership.

At home with the chamber

D

anyang Fang is the chief representative of Stena Rederi AB at their Beijing representative office.

Among her duties are developing and liaising with the shipping business for Stena, a multinational corporation headquartered in Gothenburg, Sweden. She has worked for Stena for the last eight years.

When did your company become a member?

“Stena became a member in 2004.”

Why did you join the chamber?

“As a Swedish company in China, we felt at home when we became members. Membership of the chamber enables a channel of communications among Swedish and Scandinavian companies in China, which fosters collective understanding of Chinese business environment and benefits our investor. Activities organised by the Swedish chamber provide access to both Swedish and Chinese government resources, which is difficult to secure otherwise.”

Do you attend the chamber events?

“Yes, I attend the Chamber events frequently.”

What kind of activities do you enjoy the most?

“I enjoy breakfast meetings and seminars, especially breakfast meetings on economic development, new rules and regulations, taxes, etc. The crayfish party is also very exciting.”

What kind of activities would you like the chamber to arrange in the future?

“I would appreciate it if the chamber would arrange more breakfast meetings and seminars on economy, taxes and laws. More cooking lessons would also be welcomed.”

Do you have any other comments about the Swedish chamber?

“The Swedish chamber is quite a success.

We hope it will continue to be our home in China.” b

What has the membership meant to your company?

“The membership has meant that we are in a group of Swedish companies. We enjoy the chamber’s activities and value the network opportunities. Through a broader network we have chances to explore more business opportunities, get more knowledge and make even more friends.”

Danyang Fang of Stena enjoys the fact that her company is a member of the Swedish Chamber of Commerce in China.

Through a broader network we have chances to explore more business opportunities.”

Swedish Chamber of Commerce in Hong Kong

Swedish Chamber of Commerce in China

DIRECTORS OF THE BOARD Stefan Rönnquist, Chairman [The Tomorrow Group] Hans Jarne, Vice Chairman [Ericsson] Gunnar Mansfeld, Treasurer [Troy Group] Eva Henriksson [Henriksson Consulting] Staffan Löfgren [ScanAsia Consulting] Niclas Möttus Olsson [Getinge Infection Control East Asia] Kristian Odebjer [Advokatfirman Odebjer Fohlin] Ulf Ohrling [Mannheimer Swartling] Per Ågren [APC Asia Pacific Cargo]

DIRECTORS OF THE BOARD Mats Harborn, Chairman [Scania] Katarina Nilsson, Vice Chairman [Advokatfirman Vinge] Fredrik Ektander, Vice Chairman [SEB] Erik Ek, Treasurer [Swedbank] Yvonne Chen [GM, Swedish Chamber of Commerce in China] Pao-Ling Röjdmark [associate member] Birgitta Ed [Springtime] Johan Menckel [ Sapa Group] Tom Nygren [Ericsson] Lars-Åke Severin [PSU] Thomas Sörensson [B&B Tools] Sara Wramner [VisitSweden]

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