OCT 2016
Lifestyle Asia 10 years BUSINESS
PEOPLE
COMMUNITY
EDUCATION
Lifestyle Asia 10 years
Eva Karlberg, GM of Swedcham Hong Kong
Crayfish parties in Hong Kong
Karolinska opens Hong Hong research center
OCT 20 16
Coming Events
10th Business Person of the Year Gala Ball Where: Grand Kempinski Hotel, Shanghai When: Saturday 22 October Lifesty le Asia
BUSIN ESS
Lifestyle 10 year Asia s
PEOPLE
Eva Karlb erg, GM of Swe dcham Hong Kong
10 yea rs
COMM UN
ITY Crayfish in Hong parties Kong
EDUCAT ION
Karolinsk a opens Hong Hon research g center
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With Peter Falktoft and Esben Bjerre Hansen from Monte Carlo radio and TV show. In 2007, the Danish Chamber of Commerce in China instituted the “Business Person of the Year” award to highlight individuals who demonstrated outstanding performances in the development of Danish businesses in China.This year, we celebrate the 10 years anniversary of this proud tradition. Befitting the anniversary, DCCC has planned the biggest party ever in its history! Come and celebrate the winners, meet old and new friends and business partners, taste the delicious 4-course dinner, enjoy some of the best entertainers from Denmark, win exclusive Lucky Draw prices and dance to live music until next morning during the biggest Danish business event in China! Dress Code: Black Tie Ticket price: DCCC Members: 750 RMB, NonMembers: 1,200 RMB, Full Table (10 Seats): Members 7,000 RMB - Non-Members 11,000 RMB For more information contact Laura Li at eventmanager@dccc-shanghai.com.
FinnCham Hong Kong: Pub Night at the Globe Where: The Globe, Garley Building 45-53 Graham Street, Central, Hong Kong When: Friday 28 October, 06:30 PM - 00:00 PM Join us over casual drinks! For 30 years, FinnCham has gathered every last Friday of the month for informal drinks and networking. Pub Night is held at The Globe. Come to meet the new ED, Anna Räisänen there. We have happy hour specials from 6:30pm till 8:00pm and the bar has agreed to make us some special Finnish- themed drinks. The sofaarea is reserved for us.
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Swedcham Hong Kong Casino Royale Gala Dinner Where: Studio City, Estrada do Istmo, Macau When: Saturday 19 November The Swedish Chamber of Commerce in Hong Kong is inviting to its 30 Years celebration, to be held in Macau The all-nighter black tie event, ’With a License to Party’, starts at 6.30 with pre-dinner drinks, served by a Swedish Mixologist. This will be followed by a 5-course-dinner, presented by 2 Michelin star chef Björn Frantzén, and with live entertainment by Måns Zelmerlöw and his band. The evening culminates with an after party at Pacha Nightclub! For registration, find all details on their website swedcham.com.hk
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re you aware of our steadfast business section in ScandAsia? You may have noticed our strengthened focus - in print and online - on innovations, business solutions, joint ventures, star t-ups, trade etc. This is now further enhanced as Business pages in the magazines and with the dedicated ‘Business in Asia’ channel, along with adding business categories, online! The digital economy, business disruption and start-ups etc. are having significant impact on all business sectors and trade, boosting the economies of the future. SEA’s countries are in parallel taking significant steps forward and increasingly getting the deserved attention as their respective populations’ middle-to-high income earners are growing and their respective economies are forecasted to continue having strong growth in the decades to come. Investors and entrepreneurs from the Nordics are tapping into this by setting up business in SEA/Asia and targeting the region as a growth market for their products and services. While each Nordic country has its particular strong sectors, business is now spanning across the board, much thanks to the digital economy and the Nordics’ strong capability within innovation and star t-ups. Simultaneously, several Nordic countries are moving their focus from development to business support, ready to assist market entrance in for instance Vietnam. The developments and trends that define and shape the business climate are covered by ScandAsia. We award coverage to all stakeholders; introducing new start-ups and business concepts and portraying how larger corporations are adapting their businesses and preparing for the future, and also how the innovations, solutions and know-how from the Nordic countries can find markets and gain market shares in Asia. With this brief introduction we want to put the spotlight on the increasing importance of B2B and B2C for ScandAsia! Build awareness around your brand and product (s) through storytelling and engagement!
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October 2016
ScandAsia Community
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6 Stockholm China Cultural Center 17 Swedcham Crayfish Party 18 FinnCham Crayfish Party
Innovation House China Denmark
The business incubator has opened in Copenhagen
6 12 Lifestyle Asia 10 years
10
ScandAsia Business
Mrs. Eva Karlberg
6 Fresh Norwegian mountain air on export
Managing Director on SwedCham celebrating 30 years
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Pulpit Air AS will sell fresh Norwegian mountain air to China
7 Royal Swedish Academy of Engineering
IVA studies the R&D ecosystem in Hong Kong and Shenzhen
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8 Ming Wai Lau Centre for Reparative Medicine
The first hub for Karolinska Institutet (KI) outside Sweden has opened in Hong Kong
12 Mr. Richard Nilsson
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4 ScandAsia.China • October 2016
Business
Innovation House China-Denmark opens
A
sia House in Copenhagen has new neighbours at East Asiatic House in the form of the business incubator Innovation House China-Denmark (IHCD). Officially opened on 7 September 2016 IHCC is a Danish-Chinese cross-cultural innovation environment offering office space for enterprises from both Denmark and China. IHCD is a joint investment from both Danish and Chinese investors, public as well as private. Among the Danish investors are Copenhagen Capacity, Vaeksthus Zealand, Asia House and among the Chinese investors are Hansong Technology and JITRI. It is the first business facility of its kind designed to target the Chinese market. It will offer companies from both countries practical solutions combined with in-depth local knowledge, according to Mads Kragh, CEO of Vaeksthus Sjaelland and Vaekstfabrikkerne, one of the shareholders of Innovation House. Kragh said it might be difficult when a company enters a foreign market, as it will face many unexpected problems at the beginning stage. “So it is important to create a safe harbour for Chinese companies coming to Denmark as well as Danish companies seeking opportunities in China,” he said. “The opening of the Innovation House will establish an excellent platform for enterprises in both countries,” said Liu Biwei, Chinese Ambassador to Denmar k, at the opening ceremony. “It will deepen the Denmar k-China cooperation in various aspects such as technology research and development, industrial and capital
docking, and stake purchase and acquisition,” he added. Claus Loenborg, CEO of Copenhagen Capacity that is behind the idea of setting up the incubator, said even though Denmark have attracted some investors from China, many of them had hard time of growing business and successfully gaining foothold in the local market. “Thus we saw the need to establish a facility like this several years ago,” Loenborg said. IHCD is located a stone’s throw from the world famous statue ‘The Little Mermaid’, in a historic building that has been newly renovated to facilitate modern businesses with everything from high-speed internet to espresso machines. The incubator offers a unique mix of practical solutions combined with in-depth local knowledge. Companies and investors will have a team of advisors who can help navigate the culture, rules and regulations of the other country. That way they can be sure to start off with a soft landing, so they can focus on building their business from day one. The idea, writes Vækstfabrikkerne, is that by making it easier for enterprises to do business in each other’s country growth can accelerate in both China and Denmark, and the effort behind IHCD is truly bilateral, with Danish partners from both the public and private sectors, as well as Chinese investors. The incubator will have space for 36 companies, and different experts will be helping the businesses star ting up in the incubation environment. The General Manager of the Innovation House China-Denmark will be Karin Vith Ankerstjerne. Danish-Chinese Business-Forum will reside
on the 2nd floor in the old headquarter of East Asiatic Company, and the Innovation House China-Denmark will reside on the 1st and ground floor. “The fact that Danish-Chinese Business Forum now is located on the same address as the business incubator means that the new companies can get easy access to the DanishChinese Business Forum network. Furthermore, the clustering of different China-focused companies will also ensure new and better network opportunities for the existing members of Danish-Chinese Business Forum,” writes Hans Henrik Pontoppidan, Secretary General at Danish-Chinese Business Forum. “We welcome Innovation House ChinaDenmark and look forward to improve the conditions in trading for Chinese and Danish companies.” China and Denmark have in recent years witnessed a robust development in trade and investment despite the difficulties in global economic growth and international trade. “The two countries have great potential of cooperation in areas such as technical innovation, industrial upgrading and ser vice trade,” the Chinese ambassador added. Sources: Vaekstfabrikkerne, Xinhua, DanishChinese Business Forum
October 2016 • ScandAsia.China 5
Business
Stockholm China Cultural Center opens
Swe streamed TV provider enters Asia via China
T T
he Stockholm China Cultural Center unveiled its nameplate to the public in Stockholm’s city centre on 1 September, creating a new chapter for China-Sweden cultural exchanges. The Chinese ambassador to Sweden Chen Yuming attended the opening ceremony, and stressed the China Cultural Center would bring Chinese culture, language and art to Sweden, boosting the exchanges and strengthening bilateral ties.The centre will provide opportunities for Swedish people to better understand China and will become the witness to the fur ther development of China-Sweden relations. A performance of the traditional Chinese musical instrument called Gu Zheng ( a 21-or 25-stringed plucked instrument in some ways similar to the zither) was given at the opening. As a gift for Swedish people the musicians performed Swedish pop group ABBA’s well-known song ‘I
Have a Dream’. Meanwhile, an oil painting exhibition featuring Chinese imagery and a photo exhibition, ‘The Photo Exhibition Celebrating the 66th anniversary of China-Sweden Diplomatic Relations’, were on display at the centre to mark the 66th anniversary of China-Sweden diplomatic ties. ‘Beyond Image: the Oil Paintings from China’ includes 28 pieces of works from eight contemporary Chinese painters in different ages. The photo exhibition features images showing the development of ties between the two nations in the field of politics, economy and culture. The centre is be open to the public six days a week and a variety of cultural events, such as lectures, forums, exhibitions and performances, will be on offer. Photos: Chinaculture.org
Fresh Norwegian mountain air on export to China
T
hree men from Stavanger and Sandnes will sell fresh Norwegian mountain air to China, according to the daily newspaper Aftenposten. Three engineers collect air in large containers along the 42 kilometers long Lysefjord, compress the air in smaller bottles and put it up for sale on the internet. Talking to to Stavanger Aftenblad, the chairman of the company, Benjamin Knupper explains their ambitious plan. “No one else has tried to sell Norwegian mountain air. Therefore, we make an effort,” says Benjamin Knupper of Pulpit Air AS. He adds that many people think at first that this is a joke, but it is not. Norway has clean water, great scenery, salmon and the cleanest air, he continues. 7.7 liters of fresh and pure Norwegian mountain air has up to 160 user doses, according to the website pulpitair.com where the product is advertised as “Premium Norwegian Mountain Air”. Source: www.tnp.no
6 ScandAsia.China • October 2016
he Swedish streaming platform Magine (www.magine.com/global) announced on 4 august 2016 that it has entered into an agreement with a Chinese television provider and systems integrator based in Beijing to build, launch and operate an Internet-based TV service for the Chinese market. Alongside this Magine establishes a subsidiary in Hong Kong; Magine Asia Limited. The agreement includes the implementation and operation of an Internet platform to provide streaming video-on-demand and linear TV channels to over 100 million households. The Beijing-based company operates TV ser vices in several provinces in China, and has close relationships with several of China’s largest TV companies. “We are very pleased with establishing Magine as our partner in this important step; to develop our Internet-based video streaming platform and future service offerings,” commented the company’s CTO M. Liu. “Global reach and close strategic partnerships are the key ingredients in Magine’s growth plans. With this Chinese cooperation, we become one of the leading players in China’s fast-growing market for streamed TV,“said the company’s CEO Dr. Ambuj Goyal, CEO. “Magines global platform, TV Super Highway, with its combination of speed and reliability, is now beginning to change the way professional TV content can be distributed all over the world.” The Swedish growth company magine AB is a pioneer in the international market for streamed TV. Magine is building the foundation for a ‘TV Super Highway’, a global television platform and ecosystem for content providers and TV operators globally. Magine has offices in Stockholm, Berlin, London and now also Hong Kong.
Business
Royal Swedish Academy of Engineering Sciences in Hong Kong
T
he Royal Swedish Academy of Engineering Sciences (IVA) is in Hong Kong to study the R&D ecosystem there and in Shenzhen by visiting companies, universities and research organisations. They are from IVA’s Leadership Development Programme (IFG). Consul General Helena Storm at the Consulate General of Sweden to Hong Kong and Macau had the pleasure of holding a briefing. Among the visits, the 15 exclusively selected individuals from IFG visited ASTRI (Hong Kong Applied Science and Technology Research Institute) on 20 September 2016. According to Dr. Maria Dollhopf, the coordinator of the IFG leadership development programme, the purpose of this study trip is to provide the participants in Sweden with deep insights into the entire ecosystem of R&D innovation in Hong Kong and Shenzhen as well as the R&D processes in different sectors and institutions. They understand that Astri is designated as
the Hong Kong R&D Centre for Information and Communications Technologies with special goals to market leading-edge R&D for technology transfer to industry and to act as a focal point bringing together industry and university R&D assets to increase Hong Kong’s technological competitiveness. So, they are very interested in knowing more about how this research institute differentiates from the universities in Hong Kong and how it promotes industry and university partnerships in R&D initiatives. Its Dr. Frank Tong, Chief Executive Officer, Dr. Meikei Ieong, Chief Technology Officer and Mr. Dennis Lee, Technical Marketing Director extended a ver y warm welcome to the delegates and offered a talk about Astri’s latest technologies including Blockchain technologies, Facial Recognition, Cyber Security and Naked Eye 3D Display etc. The delegates also had an opportunity to meet with a fellow member of Astri Innovation Runway (AIR) Entrepreneurship
Fellow Programme and briefly chatted with the young technology entrepreneur his innovative idea and how he overcame the obstacles in the start-up process. Some of the delegates shared their experience after the visit. “It’s an impressive and interesting experience both to learn the unique role of Astri and some of your innovative initiatives that can facilitate the business to market state-of-the-art products and applications to the general public.” Dr. Michael Jacob, Associate Professor and Senior Advisor of Ministry of Enterprise and Innovation. “What is important to a global company is to understand the different innovation system around the globe. So, this trip gives us an insight into the HK innovation system, get us to think a little bit of what we can do and what we can benefit from here.” Monica Ringvik, Director, Research & Innovation Policy, Sustainability & Public Affairs, Volvo Group. “The most impressive area of Astri, I think, is your role in the society to collaborate with universities and companies, and also to support new companies and new technologies for society, that’s the most important thing I think.” Dr. Peter Holmstedt, Adjunct Professor, KTH Royal Institute of Technology School of Industrial Management and Engineering. Sources: astri.org, Consulate General of Sweden to Hong Kong and Macau
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October 2016 • ScandAsia.China 17/03/16 12.127
Business
Karolinska Insitutet inau research center in Hong
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n 7 October the Ming Wai Lau Centre for Reparative Medicine was inaugurated in Hong Kong as the first hub for Karolinska Institutet (KI) outside Sweden. Researchers from around the world will be able to conduct research within regenerative medicine at the new facility with the future goal of being able to replace damaged or lost tissue. By establishing this node in Hong Kong, KI, is strengthening its research within regenerative medicine. The centre represents a solid reinforcement of KI’s research in the field and is expected to open doors for collaborations in Hong Kong and other parts of Asia – but the way there is paved with challenges. ”This is a natural step for KI, given our ambition of continuing to be a leading international university in medical research. Hong Kong is a global hub for research and innovation and provides unique opportunities for collaboration and knowledge exchange. By establishing this new centre, we hope to take a significant step forward in an area that can have impor tant future implications for human health,” says Karin 8 ScandAsia.China • October 2016
Dahlman-Wright, Karolinska Institutet’s Acting Vice-Chancellor. The Ming Wai Lau Centre for Reparative Medicine will consist of two nodes, one in Stockholm and one in Hong Kong. Under KI’s leadership, the centre will conduct basic research using technologies that are relevant for regenerative medicine. One of the primary goals is to develop new knowledge and tools to repair damaged or lost tissue. “We believe that people who are skilled in this area will be attracted by the new centre. Research today is all about partnerships, especially for newly established groups. Much of the best stem cell research today is being done in Asia, and KI wants to be a part of it,” says Ola Hermanson, scientific director of the new centre and researcher at KI’s Department of Neuroscience. Hermanson is to lead six team leaders at the Stockholm node to work on topics relevant to the centre mission. The centre has been fully funded through a donation from the Hong Kong-based businessman Ming Wai Lau. The Ming Wai Lau Centre for Reparative Medicine will consist of two nodes, one in Stockholm and one in Hong Kong. Under
KI’s leadership, the centre will conduct basic research using technologies that are relevant for regenerative medicine. One of the primary goals is to develop new knowledge and tools to repair damaged or lost tissue. The centre has been fully funded through a donation from the Hong Kong-based businessman Ming Wai Lau. Ear ly in 2015, the Hong Kong-based businessman Ming Wai Lau donated USD 50 million – equivalent to just over SEK 400 million – to KI for the establishment of a research centre in regenerative medicine. The research projects in Lau Centre range from biomedical engineering, gene-editing, RNA technology, to the next-generation singlecell analysis/bioinformatics for the advanced development and translation of the specialty areas of stem cell-based regeneration of the heart, liver and nervous systems. Looking into the future, the research can be relevant to the treatment of diseases such as severe heart failure, liver failure, spinal cord damage and Parkinson’s disease. Ronald Li, whose expertise is in cell-based hear t regeneration, ser ves as the executive
ugurates Kong director based at the centre located in the Hong Kong Science Park. International recruitment of four team leaders, along with 50 staff, is close to completion or in progress. Hermanson and Li have been working closely together, and will ensure that the two nodes synergistically interact. “I have deep belief in the impact that stem cell research will bring to the medical field and the human race as a whole. Hong Kong is equipped with all the favourable conditions to become a regional hub in this highly specialised area and I take great pride in supporting this meaningful initiative,” says Lau Ming Wai, donor of the new centre. “The establishment of this centre in Science Park will provide the intended practitioners in Hong Kong a springboard to take their research projects to the world stage in reparative medicine.” KI is one of the world’s leading medical universities. Its vision is to significantly contribute to the improvement of human health. It accounts for over 40 per cent of the medical academic research conducted in Sweden and offers the country´s broadest range of education in medicine and health sciences. Its Nobel Assembly
aselects the Nobel laureates in Physiology or Medicine. “We’re creating a research embassy in Hong Kong. It’s so exciting! Area-wise it’s like a little Biomedicum section with room for up to 50 researchers,” says Ola Hermanson, scientific director of the new centre and researcher at the Department of Neuroscience. The Lau Centre will focus on basic research concerning technologies of relevance to regenerative medicine, such as RNA technology, singe-cell analysis or genetic engineering. The donation is to cover activities for five years, with an evaluation after year three. “By that time I want to see the groups in Hong Kong maintaining a high degree of quality in their research and interacting well with their Stockholm colleagues. I hope that one day this will be a permanent, autonomous centre not unlike a department at KI,” says Dr Hermanson. The centre represents a solid reinforcement of university’s research in regenerative medicine, according to Agneta Wallin Levinovitz, the centre’s scientific coordinator. But it also creates valuable opportunities for cooperation between not only KI researchers with Lau Grants and researchers
at the Hong Kong node, but also KI researchers and colleagues at other institutions inside and outside Hong Kong.The University of Hong Kong has also received a donation of some SEK 115 million for collaborations with KI in the same field. “The Lau Centre will be the hub of a global research network,” she says and adds: “This is the first time a Swedish state-run university has established a branch in another country. Much time is being spent on making sure that we’re going about things properly, and there’s often nothing to guide us.” But as Marie Tell, administrative manager at the centre and deputy university director at KI, points out, one major challenge will be making sure from across the other side of the globe that internal control works as it should: “It’s a matter of recruiting the right local people and giving them a good introduction to KI’s rules and regulations concerning both administration and research. I believe that it’s important to create a feeling of belonging to KI. We, the Swedish KI, must have a presence there.” KI has recently also launched, in 2016, a programme in regenerative medicine to recruit leading junior researchers with par ticularly outstanding scientific merits and future potential to the Ming Wai Lau Centre for Reparative Medicine to be located in Hong Kong Science Park, Hong Kong. The Ming Wai Lau Centre for Reparative Medicine has recruited assistant professors to join its Hong Kong node. The centre was particularly interested in candidates within leveraging strengths in technologies such as genome editing, single cell analysis, RNA technologies, and biomedical engineering. Each position came with a generous package for three years with a possible extension of two years. The successful candidates will join a vibrant research environment and develop their independent research activities at the centre in Hong Kong. An important aim is to provide collaborate leadership within the centre and also with KI in Sweden and Chinese scientific communities. Source: KTH October 2016 • ScandAsia.China 9
Business
Swedish Chamber
of Commerce Hong Kong celebrates 30 and looks ahead By Joakim Persson
A
s the Swedish Chamber of Commerce in Hong Kong is celebrating its 30 years anniversary its General Manger Mrs. Eva Karlberg tells more about celebrations, reflects on the story so far, portrays the Hong Kong business scene as well as looks ahead and outlines the Chamber’s member strategy for the future.
On SweCham Hong Kong celebrating 30: The Swedish Chamber of Commerce in Hong Kong was incorporated on 27 November 1986 by 44 founding member companies.We have now grown to include almost 180 member companies, 40 individual members and around 100 Young Professional members. We will celebrate in style on 19 November with “Casino Royale”, a black-tie Grand Gala Dinner, with a James Bond theme. We hope that many members and their guests will attend the gala, which will be held at Studio City in Macau. The 2 Michelin-star chef Björn Frantzen 10 ScandAsia.China • October 2016
from Sweden will serve an exclusive 5 course dinner, and Oskar Johansson, Mixologist also from Sweden will mix the drinks during the evening. Måns Zelmerlöw and his band will perform during the evening, and all guests are invited to continue to par ty at the Pacha Nightclub afterwards.
On looking back: We will and have already looked back as part of highlighting our anniversary. We have a specially designed 30-year anniversary logo, produced by one of our member companies, and a very special anniversary Membership Directory in blue and gold. In that book we have highlighted moments with photos from the 30 years. In Dragon News during the year we highlight some of the founding members. In issue 3, which has just arrived from the printer, we highlight Arne Dimblad, the first general Manager of SwedCham HK and also Michael Rasborn from Swedish Trading, one of the founding member companies. 14 of the 44 founding members are still active in the Chamber and in Hong Kong. During the
gala evening we will ask founding members who are present, to share some memorable Chamber moments with the participants.
SwedCham Annual Award and winner Sverigeshoppen: The SwedCham HK Annual Award recognizes an outstanding company or person for their unique contributions to business between Hong Kong and Sweden. The SwedCham HK Annual Award in 2016 went to SverigeShoppen for putting Sweden on the map by bringing Swedish products, culture and traditions to Hong Kong. There’s only one rule when nominating: The person or company need to exemplify the objectives of the Chamber: “To promote, study, extend, advance and protect business relations, investments and interests of Swedish and other organization in Hong Kong.” SverigeShoppen means a lot when it comes to promoting Sweden and Swedish food culture in Hong Kong. They help introducing new food and beverage brands from Sweden to Hong
Kong, has a retail and an online shop as well as wholesale to restaurants, hotels and department store chains. On SweCham Hong kong looking for a new General Manager: Well, instead of the planned move back to Sweden at the end of this year, my husband and I decided to stay on in Hong Kong.The SwedCham Board kindly asked me to remain as GM of the chamber, which I of course happily accepted. This is the best position I can ever wish for: to meet new companies and people and learn a lot about all the exciting entrepreneurs and start-ups coming in to Hong Kong right now.
various business sectors. We try to cater for them through Creative Swedes, a platform within the chamber. But we can do much more, and plans are on its way to attract and reach out to the companies within sectors like e-commerce for instance, by being more active not only within Hong Kong but also in Shenzhen. At the same time we very much appreciate to have all the large traditional Swedish companies in our chamber, and it is very important that we maintain as an attractive chamber for them. We want to be a dynamic, professional, active and modern chamber always ready to adapt to changes – but not forget to deliver high quality.
How SwedCham Hong Kong is adapting to the changing global landscape for corporations and the potential to get start-ups etc. as new members:
On collaboration with the Swedish Chamber of Commerce in China:
As a chamber it is very important to adapt to the changes in companies setting up in Hong Kong right now. We have to mirror the membership and its needs. As mentioned there are many entrepreneurs and star t-ups coming out in
We have a very close and regular collaboration with our sister chamber in China, and we produce the quarterly magazine Dragon News together. It can be read online at Issuu or as a printed version. Please contact us if you like to be added to the distribution list!
On Hong Kong foreign investment incentives and selling points: Hong Kong serves as a gateway TO China as well as FROM China. More and more companies are setting up here, have their production in China and at the same time also want to sell their products in China and the region. From our last Business Confidence Survey we know that around 65% of our member companies have regional responsibility. The Asia region can easily be covered due to the geographic location of HK and with one of the best airports in the world. There are many additional selling points such as the legal framework, infrastructure and communications, public security and safety etc.
On the Swedish and Scandinavian design in Hong Kong: Yes, this sector is growing, not least after the Business of Design Week here in Hong Kong with Sweden as a partner country in December 2014. It was a very successful event, which has created circles, and Creative Swedes were founded during that period. October 2016 • ScandAsia.China 11
Business
Richard Nilsson
The Lifestyle Asia journey: ten years and still evolving Text and photos (except portraits): Joakim Persson
W
hen learning all about how Lifestyle Asia came into being and grew into the recognised online platform for luxurious lifestyle it is today one can only nod in approval to how true their tagline ‘Pioneering the online luxury space’ is. Hearing their story, told by co-founder and Singapore-based Richard Nilsson, also gives perspective on the incredible internet and digital media development since then, when luxur y brands, as in one example, still stuck to the position that they “would never go online”, when the three Swedes started out. This business case also describes the sort of challenges, oppor tunities and many pitfalls when building a business in Asia; in this case the establishing of company with regional operations within media B2C consumer marketing. This September LifestyleAsia.com, after months of work on a makeover, launched its redesigned, much sleeker and very stylish website. This also coincides with celebrating ten years in business for the Swedish trio who have steadfastly navigated takeover offers, constant cash flow
12 ScandAsia.China • October 2016
difficulties, growing without major investors, bad advice, and the consequences of believing in themselves – and in others. Richard today describes their concept as Asia’s premier online luxury and lifestyle magazine with a focus on curating original content in both old and new luxury. It’s for mobile savvy individuals whom seek out the latest trends an information with a par ticular interest in luxury - watches, jewellery, cars, fashion, wine & dine, travel, beauty and events across Asia’s lifestyle destinations.
Stureplan, Stockholm as template But we have to go back in time to October 2005, eleven years ago, and Stockholm, Sweden, where this media firm within upscale lifestyle has its origins.There, the trio of young inner city Swedes, Christopher Lindvall and Sebastian Svensson in addition to Richard had already grown tired of the duck pond (satirical comparison of an all-toosmall country and its elite to a pond of quacking ducks), the inner circle of faces that are always the same and conversations that are quite superficial. But Stockholm also gave some inspiration for the adventure to come, in the form of the website
and magazine stureplan.se (among others) and the trio’s common interest in lifestyle and luxury in general. “We used to patronize the clubs and were interested in fashion and all that and followed those web sites.” “We used to sit on the weekends and follow up on the previous night’s events but also talk about how tired we were about life around Stureplan and about what we could do; perhaps start something somewhere else, and felt it would be fun to explore the world.” Coincidentally, Christopher had a friend over in Hong Kong who had enticed him with what a fantastic market there was over in the Far East and that as Asia’s New York Hong Kong lacked a good platform for English readers about what one can do, shopping, where to travel in the region, clubs etc.
Settling down in Hong Kong After contemplating this idea the trio decided to visit Hong Kong for the first time on a discovery trip. “We walked around there in t-shir ts in
December, feeling free, in what seemed like a really cool city and thought it was fantastic, with palm trees and all. There was a buzz, very hectic and people everywhere.You had ten Louis Vuitton boutiques, and so many nightclubs and restaurants. And you could walk into 7 Eleven at 3 am and buy a bottle of vodka,” recalls Richard. “We met Christopher’s friend and people within nightlife and fashion, hotels etc. and presented our idea of a digital lifestyle magazine. And the response from those we met – partly from within the sector and people in the bar who seemed to be in the know (wearing the right type of clothes, was knowledgeable) was so good that in February 2006 we moved to Hong Kong!” They came there with no business plan and a few screen dumps a friend working at one of the Stockholm-based websites had provided them with as a favour. And so, without a website, they set out building the boat and trying to sell their concept. After being fooled on paying way too expensive rent for a really shabby apar tment they got assistance to find a better, however unfurnished one, that they equipped with three
We had managed to convince one of the coolest nightclubs to give us their Friday for free for our important launch. A Filipino working at Disney who took us under his wings, had made sure to put us in contact with and invited what was supposedly the coolest people in Hong Kong.
October 2016 • ScandAsia.China 13
Business
None of the customers complained that there was no website; few understood anyway, as it was so new then. And to get an online connection in the nightclub was a challenge. So the development has been incredible. And looking back at the fact we were sending faxes to request meetings… if you say that to people today…!
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mattresses, minimal work desks, a phone line each – and a fax machine. They had to send media kits to potential customers via fax. Nobody answered anyway and email was out of the question back then. Also, still being very early days in Hong Kong, it turned out to be very difficult to get customers to spend advertising on online banners. “Only those that could sell something via clicks did it, but it was very difficult with the luxury brands – where we had planned to make money.”
Bite the bullet Then it was the small matter of building the website, where the Swedes’ naivety was put test. Their Hong Kong friend had recommended a company in India as the right guys for the job: this company was the “most professional he had ever met through his other daily job”. “We said O.K. We had gathered some money but had very small resources and kept our spending very low.That website effort cost us SEK 200 000 which we paid in instalments. It was expensive back then, and very few could build sites. Today when we build a state-of-the-art site we might pay SEK 300 000 and then get a fantastic website. The problem was what we never got a final product that we could launch. We felt that this might not work.” Even though their Hong Kong contact persisted that it would all materialise at the end it didn’t. With the launch planned for July 2006 only three weeks away the Indians confessed – and demanded more money to continue. The Swedes then had to bite the bullet and find another solution – which was to replicate a site from Sweden for their own brand Lifestyle, at a cost of another SEK 100 000. They had no choice than to hold the launch event without a website, for which they had managed to get Svedka Vodka, Sony Ericsson, Lufthansa and the Swedish clothing company J. Lindeberg (who dressed them up to look proper). “We had managed to convince one of the
coolest nightclubs to give us their Friday for free for our important launch. A Filipino working at Disney who took us under his wings, had made sure to put us in contact with and invited what was supposedly the coolest people in Hong Kong.” “None of the customers complained that there was no website; few understood anyway, as it was so new then. And to get an online connection in the nightclub was a challenge. So the development has been incredible. And looking back at the fact we were sending faxes to request meetings… if you say that to people today…!”
State of the art website In contrast, Richard describes the new 2016 website as state-of-the ar t, were things have come a long way: “we made an entirely new site and added completely new banner formats to turn our advertisers really excited.” “We are first in Asia with many new things. And every time we have launched a new site it’s been like that. Even newspapers here are far behind on user friendliness and how one should present articles. Step one is to continue making a much more smartphone friendly website, as most consumers will primarily be using larger smart phones. We have about 50 per cent today on desktops/laptops, so still quite high, but mobile will gradually increase to up to 80 per cent and desktop users will turn very low,” he comments and concludes that it is incredibly important that the website works seamlessly on all different devices and browsers. They are also advancing in terms of marketing and e-commerce: “We have a completely new fashion spread, a ‘look book’ they call it, where we believe that a lot of the shopping will happen onwards. We will par tner with e-commerce companies where we function as a shop window and a drop-shipping model for e-commerce where they manage the delivery of product and we only take commission. We will do the same with restaurant bookings etc. So the plan is really
that Lifestyle will be a one-stop shop with the vision that everything you can read about on Lifestyle Asia should be able to be purchased via a click.”
First investor But rewind to 2006, where the adventure started for real when they bumped into a Swedish “investment underdog”, Anders Lönnqvist. They strived on, had a variety of customers, such as energy drinks, produced a Hong Kong version of a Swedish print magazine, and meanwhile Mr Lönnqvist needed some concierge sort of assistance from the Lifestyle Swedes. He also got curious about their business, asked for a business plan (which did not exist but they now came up with one), and it paid off. In 2007 their first 1 million Hong Kong dollars was landed, and with Servisen Investment Management as their first investor they could set up a real office, employ a writer etc. Meanwhile, they realised they needed to focus and drop the many side projects that were coming in for good. Also, they had many website issues, but luckily managed to get an old friend within IT from Sweden to come over, who also fell in love with Hong Kong, and started building a much better website. As V.I.Ps on the dining and nightclub scene the Swedes could for that reason be mistaken for being spoiled brats who had arrived from Sweden enjoying the good life with daddy’s money, which was exactly what people within the Swedish Chamber of Commerce in Hong Kong, that they had joined, believed. “Fooling around and going to clubs, yes we did that too and we probably gave such an impression, but the J. Lindeberg suites etc. we had been given for free to wear, and all the tables at the clubs were all barter deals, while in reality we took out about SEK 3000 a month in salary and lived sparsely together. But what was good with that was that we learned the value of money.”
They were also running out of money again and went to their investors. Meanwhile, the owners of prominent print media group contacted them, being interested in buying up Lifestyle and having the Swedes facilitating their new online concept. “They had released a new magazine, and somehow found our images online from their event and said that this was what they must do to within digital.” What then followed was that the Swedes started negotiations without the knowledge of their existing main investors. “We were young and naïve and thought we knew everything, though we clearly didn’t.” The deal was ruined when they brought along their surprise last-minute adviser, a banker, asking for HK 36 million, when they had already negotiated for the take-over sum to be HK 20 million. “This was recognition that we were on the right path, that this might eventually take off in Asia, even though we felt that Asia and Hong Kong that are in the forefront when it comes to Asia embracing trends from the west, might never work anyway. It has always been at the back of our minds that we might never be able to convince the luxury brands, as it has been so incredibly challenging to convince them.” Their main investor scolded them for their secret negotiations – after all this was his expertise, buying and growing and selling companies!
Hong Kong remains a problem Lifestyle then got another HK four million dollars from their investors and decided to expand out of their problems. “We had not really landed Hong Kong financially, and aimed to expand in Singapore, believing that everything that works in Hong Kong must also work in Singapore, and there was a big brother syndrome. This is before the casinos and what you are seeing in Singapore today.” Richard moved to Singapore to take up the
helm and before long they had opened up also in Thailand – with the trio now in three different cities. “The problem was that the three musketeers were now spread out and we had not really established Hong Kong. And the saying is: you can never expand yourself out of existing problems or a market that does not work. But we believed in economy of scale and other things.” Sure as fate the global recession then struck towards the end of 2008. “We were lucky then we had collected the new investment, and we have always been very careful, almost stupidly careful. So instead of staking fully, we have used the funds sparsely in order to survive a little longer. And that is just pushing the problems ahead of you. But we couldn’t really go for it either as there were no advertisers back then,” Richard evaluates. Meanwhile, they had also taken some more bad advice. Their new investor in Singapore, who had bought shares from their existing investors, and who facilitated setting up Lifestyle there, advised them a supposedly “perfect partner” also for Thailand. “Young and stupid we travelled up to meet this person who turned out to be a real con man who had bluffed around in Asia. But there was not much online assisting any due diligence back then. He became a co-owner with 45 per cent in the Thai company.” In the end the Swedes, when confronting their new co-owner and receiving threats from him, decided that the only solution was to buy him out. The overall situation made them decide to all move back to Hong Kong, get rid of staff and drive the markets remotely as much as possible. But having found the love of his life in Singapore, Richard was soon back there, though with a ban on spending money. “I manged to build up Singapore from 2009 to where we are today, and things got better and better and we turned a profit in 2010 and October 2016 • ScandAsia.China 15
Business
also increased revenue with 200 per cent so we grew exponentially and the market started to come back, with the fashion company Burberry as customer.” Some Nor thern European brands, such as Burberry being from the U.K. where there were more IT culture, understood the value of the online world better and had started early with e-commerce. (Today 60 per cent of their customers are the luxury fashion brands.) Since then it has been something of a rollercoaster ride for Lifestyle, with 2011 down, up again in 2012, but still with liquidity problem: “It’s a very difficult business to be in here. There are no ways to get customers to pay, no collection companies enforcing payment. We’ve had a lot of hassle, going to the pawnshop with watches at occasions in order to be able to pay our staff salaries. We have done all sorts of things.” In the past four years they have earned money and Richard anticipates that for 2016 there will be some dividend for their shareholders.
More luxury and style Only in the last three years the market has really turned ripe for Lifestyle and since then they 16 ScandAsia.China • October 2016
began rebranding themselves to be more luxury and less lifestyle in 2013, going for Swatch group (owner of Omega, Blancpain, Breguet, Calvin Klein), Chanel and Louis Vitton and those type of customers. “And when you want to aim for those and seeing how much they spend on print magazines, and reaching very few readers, sooner or later they will wake up and move advertising from glossy print to online and that is where we have to capitalise on our first mover advantage.” Since then a lot more effort has gone into own content, and especially ‘style’, produced by own style editors that were recruited in 2015 to take things further in this direction by producing own fashion spreads etc. “We’ve had to produce much more content within this segment so brands feel that Lifestyle is a product they must be in as they cover our segment but also that they have the right readers; those who are luxury customers.”
Anticipating new owners “We expanded to Kuala Lumpur in 2011 and ran it from Singapore. And that went quite well there as we had no costs.We had some freelance writer
and I went up by bus doing sales and did business development.” However Richard regrets setting up local companies in Malaysia in Thailand, due to high operational costs and lots of red tape there. “All those having luxury print magazines have approached, wanting to buy us, but it has been on the wrong terms. But maybe we will not be independent forever. It took ten years to build a good company – that’s what it takes, they say.” And Richard feels that they have not landed yet; still there are many things that can be done to extend the journey. “There is incredible potential. When I meet the customers many know us within the industry. But there is a lot more we could do.” He still frequently meets people who have never heard of Lifestyle Asia. “Then I feel disappointment. It’s a failure when someone who has been here relatively long and who seems to like what we write about are not familiar with us. But when we tell people within our business sector that we have spent 10 years and USD 1 million only and taken it to where it is today they say: ‘Wow, fantastic!’”
Community
Swedcham’s Annual Crayfish Party 2016
S
wedish Chamber of Commerce in Hong Kong held its tradition alive, one of Swedcham’s most appreciated social gatherings – The Annual Crayfish Party, on Friday 9 September, including the popular Crayfish Hat design competition. The three persons who were deemed to have created the most fun, mindblowing, cool and innovative hats were awarded with great prizes. Held at Royal Hong Kong Yacht Club a large number of guests enjoyed some delicious crayfish, a lovely dinner buffet, and the open bar.The event also had entertainment tunes from a DJ. Swedcham Hong Kong extends the biggest thanks to this year’s main sponsor SAS for helping out in throwing a great crayfish party! Source: Swedish Chamber of Commerce in Hong Kong
October 2016 • ScandAsia.China 17
Community
Finncham’s Annual Crayfish Party 2016
F
inncham Hong Kong held its Annual Crayfish Party on Friday 23 September, held at the source for delicious Finnish food in Hong Kong: FINDS Restaurant. The crayfish party was for the first time hosted there, where Finnish Celebrity Chef Jaakko Sorsa is at the helm of the kitchen. Source: Finnish Chamber of Commerce in Hong Kong
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October 2016 • ScandAsia.China 19
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