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08 Jun 2021, 21:01
| FROM CUHK: CUHK Takes Home 1st Runner Up in CGMA Global Business Challenge 2021 |
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CIMA is the world’s largest professional body of management accountants. Every year, participants of the GBC are required to provide recommendations to solve problems faced by an organisation. In this edition, the problems spanned from such business issues as risk management, information technology and financial reporting issues. Participants needed to submit an analysis report of the specific case through integrating theories into practical application. The winning team comprised four Year 2 CUHK students, including Aw Wan-chi (Professional Accountancy [PACC]), Choi Kai-ni (Quantitative Finance), Tan Jiun-wei (Risk Management Science) and Tan Li-huey (PACC). Li-huey shared, “This competition not only sharpened our problem-solving and analytical skills, but also polished our skills on how to structure and present ideas effectively and creatively.” Wan-chi added, “The competition has prepared us to become an accounting and finance professional and provided a platform for us to apply the knowledge learnt into practice. By having team members from different backgrounds, it is easier for us to tackle the tasks from multiple perspectives and add values to each other’s ideas.” Mr. Eric Leung, Associate Director of the PACC Programme and Senior Lecturer of the School of Accountancy, is delighted with the outstanding performance of the diversified team. He commented, “The accounting practice has changed. It is no longer focusing on number crunching. Accounting has become more interdisciplinary in practice and accountants are expected to serve as business partners to create values for organisations. This is why our programme has established four streams for students to specialise in – Global Accounting, Global Tax and Governance, Finance for Accountants and Accounting Analytics – so that they can have a taste of other disciplines in the context of accounting.”  Li-huey concluded her GBC experience: “Even though we were all in different locations with personal commitments, we managed to utilise our time efficiently to propose our ideas and apply business knowledge learnt in this case study. I would like to thank my supportive team members and the helpful advisors for making this GBC 2021 fruitful and rewarding!” The CGMA Global Business Challenge is an international business competition for undergraduates around the world, designed to bring out the best in the young business leaders of tomorrow. The competition adopts the actual case scenario under the CIMA professional qualification. By focusing on the capabilities of solving practical problems with business knowledge, it reflects the combination of theoretical knowledge and practical application. In addition to the CGMA Global Business Challenge, the School’s undergraduate students also took home top awards from two other major case competitions of the key accounting professional bodies. They were awarded the Champion and Best Presenter Awards in the Hong Kong Institute of Certified Public Accountants (HKICPA) Business Case Competition, as well as the Champion, 1st runner up and four other awards in ACCA Business Competition. The post CUHK Takes Home 1st Runner Up in CGMA Global Business Challenge 2021 appeared first on CUHK Business School. |
10 Jun 2021, 03:00
| FROM CUHK: Randy Lai Leads McDonald’s to New Frontiers with Innovation and Change |
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Meeting Customers’ Evolving Needs through Innovation Randy is constantly coming up with something new in food, service and the dining environment. She does not do this simply for the sake of doing it. More importantly, she is reimagining different aspects of the business to meet the latest customer needs: “Customer behaviour is continually shifting. That’s why we introduced 24-hour McDelivery, Engagement Kiosks and the McDonald’s app over the past decade to provide greater convenience and options to customers.” By taking the lead in transforming its business digitally, McDonald’s is demonstrating a new operating model to the broader industry. To Randy, innovation does not need to be completely out of this world. All that it takes is to find inspiration from customers’ daily dining preferences: “Customers love our new products such as the Angus Burger, the exclusive twisty pasta breakfast and the New Luncheon Meat series because they’re in line with our brand positioning and meet the customers’ expectation for fast food.” Indeed, no matter whether it is McDonald’s restaurant at the Peak or in Shatin, customers can always enjoy high-quality and reasonably priced food. “This is because we follow the ‘Golden Triangle’ principle when we conduct R&D for our products. Everything we put out must meet our standards in three aspects: customer needs, brand image and feasibility.” Randy added that it was because they needed to consider McDonald’s brand image that they could not take the internet’s call for a “McBeef Chow Fun”. With rice being a staple of the Chinese diet, customers from time to time indicated that they hoped to see rice in the menu of McDonald’s. Of course, McDonald’s could not just roll out a regular dish of rice. Instead, it launched the “Fan-Tastic” series of rice burgers in 2006. The name of the series also sent a positive vibe into the community. At the time, Randy was in charge of the promotional campaign, and the work earned her the HKMA Marketer of the Year award. Yet after two years, Randy called the series off herself: “Many people are emotionally tied to their ‘masterpieces’, but I called it off as it was not perfect enough.” Concluding from the experience, she thinks that putting system first and ego aside are the keys to success. Adding New Elements to the Classic Big Mac Speaking of her favourite signature work, Randy was most proud of the recent, hugely popular “Keung B Meal”: “The Big Mac has been around for 46 years and I’m happy that the product has maintained popularity and kept up with the times.” She added: “We designed a chant for the Big Mac in 1984 and we’re running it again, 37 years later. Last time, customers had to perform the Big Mac Chant at our restaurants. This time, they’re asked to share their performance on social media. We also invited Keung To, the millennial icon, to promote our latest Big Mac Bacon, and gave the classic Big Mac Chant a new rhythm and some new rules. We received more than 680 short videos including some created by children. The campaign has successfully passed on the Big Mac Chant and extended the love of this product to a new generation.”  McDonald’s launched a new Big Mac Bacon in collaboration with millennial icon, Keung To. The product has been immensely popular and has become Randy’s favourite project. One of the most prominent changes to the F&B business model has been the emergence of online food ordering platforms; they have become an integral part of daily life. McDonald’s has been offering 24-hour McDelivery since 2009 and the service has given the brand a competitive edge during the pandemic. However, Randy does not consider online food ordering platforms to be McDonald’s competitors or mere “suppliers”. Rather, she thinks of them as partners: “We firmly believe that food delivery will become a new dining culture. That’s why we are actively collaborating with online food ordering platforms and launching different promotional activities to expand the food delivery market. Our goal is to create a positive-sum outcome for all, guided by customer needs.” From Workaholic to Work-Life Balance Randy conceded that she was once a hard-core workaholic. She used to think that leaving work after midnight was just normal business practice. That was until 2010 when she was appointed Managing Director of McDonald’s Singapore and came to recognise the importance of work-life balance: “On my first day at the Singapore office, I was shocked to find that they’d switch off the lights at 5:30 pm sharp. I discovered that it was customary for the local staff to go home for dinner and not to check emails at weekends.” Randy also learnt to leave work before nightfall herself and to wait and send out emails only on Monday. Now, unless there is something urgent, Randy will try not to send out emails outside of office hours and will leave work on time: “As a senior executive, I must leave the office on time. Otherwise, my colleagues will have to stay behind until even later.” She has gradually embraced the adage of “trusting those you hire or not hiring those you don’t trust”. She realises she has a capable team working alongside her and they are capable of carrying their own weight. That allows her to lead through empowerment and delegation. Keeping an Ear to the Ground 2021 marks Randy’s 10th anniversary as the MD/CEO of McDonald’s Hong Kong. Looking into the next decade, Randy said: “I grew up with McDonald’s and I hope the brand will continue to be a part of the Hong Kong community for another 10 years and more. Presently, we have nearly 15,000 staff in Hong Kong and nearly 8,000 of them are under the age of 24. This means that McDonald’s has one of the youngest staff profiles of any Hong Kong employer. In fact, for many young people, we’re their first employer.” “Our company has a Hamburger University that teaches young people how to manage a business and helps them live out their potential through our world-class training system. The average age of our store managers is 32, and every one of them manages over a hundred colleagues and a large sales volume. This is both an invaluable opportunity and a challenge to many young people. Meanwhile, we are in the process of setting up a Youth Advisory Board to seek the opinions and insights of our young generation. We also hope to learn the latest knowledge from them through Reverse Mentoring. This will enable us to combine the talents of different generations to give our company a greater competitive edge. Young people these days consider a company’s corporate social responsibility record when they choose a job. For this reason, our ESG policies now place greater emphasis on youth development.” Looking back at her EMBA studies at The Chinese University of Hong Kong (CUHK), Randy said apart from learning all kinds of theory, she cherished the friendships she built with her classmates: “Although we graduated 16 years ago, we’re still very close and we still keep in touch and meet regularly.” Randy joked that their relationship had even risen to a different level. Even when she misses gatherings or comes late and leaves early, her classmates are very understanding. They are just glad she is well.  Randy (first row, sixth from left) established close bonds with her CUHK EMBA classmates. Randy says her favourite motto is something she got from Steve Jobs: “If you are working on something that you really care about, you don’t have to be pushed. The vision pulls you.” She explained: “I really love McDonald’s. Each day, it’s not work that I come back to; I come back to do something I enjoy and make a contribution to the Hong Kong community.” With her entrepreneurial and innovative spirit, Randy will surely lead McDonald’s to even greater heights in the years and decades to come. This article will be published in the iMoney magazine on 12 June 2021. The post Randy Lai Leads McDonald’s to New Frontiers with Innovation and Change appeared first on CUHK Business School. |
14 Jun 2021, 19:00
| FROM CUHK: CUHK MiM Capstone Unleashes Students’ Hidden Potential and Prepares Them for the World of Work |
On 23 April 2021, the MiM Capstone Case Launch officially kicked off the programme’s Capstone Project. This year, the cohort will embark on a virtual capstone experience to work on a real-life consultancy project with PT. ASDP Indonesia Ferry (Persero), Indonesia’s foremost provider of roll-on/roll-off ferry transport services. As the only state-owned enterprise in the sector, it aims to be the leader in connecting people and market by providing integrated ferry, port, and waterfront tourism destinations. The Indonesian company has been the host firm of the programme’s Capstone Project for the second straight year. 65 MiM students are assigned to different groups to help the host firms tackle challenges in 10 areas, including Enhance Ferry Terminal, Hotel and Resort, Rest Area, Marina Village, Amusement Park, Branding as a Whole, Culture Centre, Connectivity, Eco Tourism and Make Whole Area More Vibrant. By working closely with senior executives from the host firm and Case Coaches, students are expected to apply their theories learnt to the host firm’s real business challenges. On the final presentation day to be held on 4 June, each group will present their proposal in front of a judging panel consisting of senior executives from the host firm and faculty members of CUHK Business School. Dr. Ira Puspadewi Dr. Ira Puspadewi, President Director of PT. ASDP Indonesia Ferry (Persero) and PT. Indonesia Ferry Property, along with senior executives from the two companies, joined the MiM Capstone Case Launch. They included Mr. Harry Mac, Development and Plan Director; Mr. Ilham Fauzi, Vice President Marketing; Mr. Hendriawan Nur Kuncoro, VP – Commercials; Ekawati Basir, Manager of Port Development; Stella Lydia, Senior Business Analyst; Rizki Dwianda, Head of Digital Business; and Shelvy Arifin, Corporate Secretary of PT. ASDP Indonesia Ferry (Persero), as well as Adelia Sabrina, Manager – Project Management Office; Fira Karinsha, Project Head of Marina Business; Ajeng Prayudita, Marketing Manager; and Hari Gunanto, VP – Strategic Planning of PT. ASDP Indonesia Ferry. 10 outstanding CUHK Business School alumni also contributed their precious time to support the project as Case Coaches from which the students could solicit advice. Dr. Puspadewi, who has recently received an award from the Markplus Conference 2021 in honour of her distinguished accomplishments in the area of marketing and business, was impressed by the School’s faculty members and students for their hard work and dedication in providing ideas/recommendations for her companies. From working with the School’s faculty members like Dr. John Lai, CUHK MiM Programme Director, and his team on the Capstone Project, she said she could feel their strong commitment and professional competence in delivering top-notch education to the students through a fully integrated teaching and learning approach. She enjoyed watching the students’ presentations that had provided rigorous research, comprehensive competitive analysis and creative ideas. They helped Dr. Puspadewi and her team sharpen their business goals. “Although the students have neither been to Indonesia nor present onsite to study about our projects, the information delivered in their presentations demonstrated their thorough understanding of my company and our projects,” said Dr. Puspadewi in an interview with CUHK Business School.  Dr. John Lai When asked about the ideas/recommendations that impressed her most, Dr. Puspadewi is excited about the proposal presented last year on how to develop a new cultural eco-system in Labuan Bajo in view of transforming it into a popular tourist destination like Bali. Inspired by students’ proposal, the company has engaged with an arts university in Java Island to conduct an in-depth cultural research on Labuan Bajo and has successfully come up with five storyboards. Some of them will be transformed into performing arts soon. Let’s hear some of our MiM alumni’s sharing on what they have learnt from the Capstone Project and how it impacted their current career:  The MiM Capstone was an inspirational project allowing me to engage with alumni and industry experts. It provided me with ample chance to do various analysis with my teammates and to receive constructive feedback from industry experts. I think the most important thing I learnt from the Capstone Project was the skill to act professionalism. Shared by Dr. John Lai, the quote of Helen Keller ‘Life is either a daring adventure or nothing at all’, very much reflected the spirit of CUHK MiM. Therefore, every time when I come across these ‘capstones’, they remind me of MiM spirit and propel me towards my goal – to become an agile, adaptive management professional in the fast-changing work environment. — Helen WU Qianhua (MiM 2020) Senior Executive, Dah Chong Hong Holdings Limited  We got a chance to solve real-life business issues as a consultant in the MiM Capstone Project. Through several discussions and meetings, we learnt how to conduct efficient communication and co-work with teammates to deliver the final proposal with economic viability. It does make an impact to my current career and even my life by equipping me with a strategic thinking mindset, leadership and team collaboration skills. — James Yu (MiM 2020) Country Product Manager (Malaysia), ASUS      The post CUHK MiM Capstone Unleashes Students’ Hidden Potential and Prepares Them for the World of Work appeared first on CUHK Business School. |
20 Jun 2021, 17:00
| FROM CUHK: CUHK Business School Ranks 33rd Worldwide in the Financial Times Masters in Finance 2021 – Pre-experience Programmes Ranking |
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CUHK’s MSc in Finance secures a strong position in the “Alumni Career Progress” category of the ranking, a measure that assesses the professional evolution of alumni three years after graduation. This year, respondents surveyed reported 55 percent increase in their average salaries since graduation. The programme retains its 5th position globally in “Careers Service” for the second consecutive year. This outstanding result also places it as No. 1 in Asia for the first time. The Programme came 15th in the world (2nd in Asia) for “Career Progress”, outperforming its peer institutions in Asia. These results clearly demonstrate that the careers services provided by the Programme – including internship and graduate placement, career counselling, personal development, networking events – were highly effective for our graduates. In the “Aims Achieved” parameter which measures the extent to which alumni have fulfilled their goals or reasons for pursuing a master’s degree, CUHK MSc in Finance is in 6th place worldwide (1st in Asia). Our alumni surveyed also rated the programme an overall satisfaction score* of 9.33 on a 10-point scale, 9th highest globally. Financial Times defines pre-experience programmes as those aimed at students who have very little or no professional experience. The rankings are calculated according to information provided by business schools and alumni who graduated three years ago, i.e. Class of 2018 for this year’s survey. For more details, please click here [an URL. to be embedded next Monday] to read the full Financial Times Masters in Finance 2021 – Pre-experience Programme ranking results. *Notes: Data is for information only and is not used in the rankings’ calculation. The post CUHK Business School Ranks 33rd Worldwide in the Financial Times Masters in Finance 2021 – Pre-experience Programmes Ranking appeared first on CUHK Business School. |
24 Jun 2021, 04:00
| FROM CUHK: The Chinese University of Hong Kong Business School Announces Five Business Sustainability Indices to Promote Responsible Business Practices in Hong Kong and Greater China |
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The unique “Values – Process – Impact” (VPI) model, which was developed and launched in 2015 by CBS, is used in the assessment of all the five Business Sustainability Indices (BSI). Each index company was assessed in three major areas, namely Corporate Social Responsibility (CSR) Values, CSR Process (comprising CSR Management and Practice) and CSR Impact against seven stakeholder groups (Community, Consumer, Employee, Environment, Government, Investor and Supplier), as well as the company’s contributions to economic, social and environmental sustainability. As the Technical Partner of the projects, SGS Hong Kong Limited conducted sample check and verification of the information provided by individual companies. The Sinyi School of NCCU College of Commerce in Taiwan also helped compile the data of Taiwan companies in the GCBSI. The 6th HKBSI HKBSI is aimed at charting the ongoing development and performance of Hang Seng Index constituent companies on business sustainability. Compared to the results of the 5th HKBSI released last August, the overall average score of the 50 Hang Seng Index (HSI) constituent companies as at 31 July 2020 was 58.66 (out of 100 points), up by 1.95 percent. Within the VPI model, the average score of “Values” and “Process-Practice” remained stable compared with that of the 5th HKBSI, while “Process-Management” improved slightly with a 7.33 percent rise but “Impact” dropped by 2.43 percent. In terms of stakeholder analysis, companies showed improvement in Practices such as Employee (5.14 percent rise), Government (up by 2.75 percent), Investor (3.44 percent increase) and Supplier (4.03 percent rise). Currently, more than half (52 percent) of HSI constituent companies are non-Hong Kong based companies, comprising of H-shares, red chips and other mainland Chinese firms listed in Hong Kong. The overall average score of these non-Hong Kong based companies in the 6th HKBSI recorded a 2.89 percent rise to 50.96 (out of 100 points) when compared to a rise of just 1.18 percent to 67 points for Hong Kong based companies, showing that non-Hong Kong based companies exhibited a bigger performance improvement in business sustainability, especially in CSR management, which was up by 9.39 percent.  Prof. Carlos Lo, Director of CBS at CUHK Business School Prof. Carlos Lo, Director of CBS, explained, “A salient trend can be observed in the stakeholder analysis is a significant increase of the CSR practices over three out of the four value chain stakeholder groups, namely, Employee (up 5.14 percent), Supplier (up 4.03 percent) and Investor (up 3.14 percent) in comparing with the results in the last round. Still Customer records a slightly increase of 0.45 percent. This indicates the positive development of continuous integration of CSR into corporate core business.” The 2nd GBABSI CBS extended its sustainability index project to cover Hong Kong listed companies with operations in Guangdong-Hong Kong-Macao Greater Bay Area that are eligible for southbound trading under the Stock Connect scheme last year. A total of 66 constituent companies of the Hang Seng Stock Connect Hong Kong Greater Bay Area Index as at 31 July 2020 were invited to complete an online assessment questionnaire for the 2nd GBABSI with the same scope as HKBSI. Benchmarking against the 6th HKBSI results (58.66 points), the overall average score (52.86 points) of the GBABSI companies was still lower, but the performance gap was narrowing with a significant improvement in all the four aspects (Values, Process-Management, Process-Practice and Impact) from 10.70 percent, 12.80 percent, 15.80 percent to 26.27 percent respectively. GCBSI – the First-of-its-Kind Sustainability Performance Measurement for Listed Companies in Greater China To encourage and motivate companies in the Greater China region to integrate CSR initiatives into everyday business, CBS rolls out the GCBSI to cover 200 listed companies from HSI, FTSE TWSE Taiwan 50 Index, Shenzhen 100 Index and Shanghai Stock Exchange SSE 50 A Share Index. In the inaugural GCBSI, the overall average score is 43.11 with an extremely high standard deviation. Specifically, listed companies from Taiwan outperformed those from Hong Kong and mainland China with an average score of 66.05, which is followed by listed companies in Hong Kong (58.66 points), Shanghai (36.56 points) and Shenzhen (26.73 points). Six out of the Top 10 in the 1st GCBSI were Hong Kong companies, and half of the Top 20 companies were from Taiwan. The Hong Kong and China Gas Company Limited and BOC Hong Kong (Holdings) Limited held the top and the second spots, respectively, in the GCBSI, GBABSI and HKBSI. In terms of stakeholder analysis, Taiwan companies maintained a balanced performance in all the seven stakeholder practices, while Shanghai and Shenzhen companies put a relatively stronger emphasis on government and investor. “These results provide strong evidence to show the comparable standard between companies listed in Hong Kong and Taiwan in performing CSR for achieving sustainability among the Top 20 performers, while those listed in Shanghai and Shenzhen are on the whole in the catching up stage. There is a lot for Mainland-listed companies to learn from their Hong Kong and Taiwan counterparts in sustainability management,” explained Prof. Lo. Hotel BSI – the First Business Sustainability Index for Listed Hotel Companies in Greater China In a collaboration with Centre for Hospitality and Real Estate Research (CHRER) at CUHK Business School’s School of Hotel and Tourism Management, results of the inaugural Hotel BSI were also announced today, showing that leading international hotel chains and companies listed in Greater China are showing increasing concern for CSR and business sustainability. The 1st Hotel BSI shows the annual business sustainability performance for the financial year ended in 2019-20, based on publicly available information of the 36 listed hotel companies in Greater China and six large international hotel chains. It aims at engaging hotel companies in continuous optimisation of CSR hotel practices, and thereby achieve sustainable development and concurrent growth to the benefit of both businesses and society. Half of the hotel companies achieved over 50 points and reached the “Performer” level, which is comparable to internationally recognised standards of excellence in CSR. Currently, 61 percent of the Hotel BSI constituent companies are Hong Kong and Macau based companies or one of six international hotel chains, and 22 percent are Taiwan based and 17 percent are mainland China based. The Top 10 performers were mostly international hotel chains or Hong Kong listed companies, and only one non-Hong Kong based company entered the Top 10. The 6th HKSMEBSI Compiled and announced biannually since 2015, HKSMEBSI aims at inspiring small and medium enterprises (SMEs) in Hong Kong to adopt CSR as a management model to enable them to achieve business sustainability. A total of 27 SMEs with proven track records in CSR performance, namely, winners of major CSR related awards, were invited to complete an assessment questionnaire pertaining to their CSR performance for the preceding two years. For the 6th HKSMEBSI, the assessment was based on the 2020 data provided by the companies. The overall average score of the index companies in the 6th HKSMEBSI is 78.73 (out of 100 points), a slight improvement compared with that of the 5th HKSMEBSI announced in 2019. Among the seven stakeholder practices, in comparison with the results of the 5th HKSMEBSI, community, customer and government saw improvement. Unlike the listed companies evaluated in the 6th HKBSI, the scores in Investor and Supplier practices decreased by 16.94 percent and 15.22 percent respectively. Prof. Lo said, “It is very encouraging to see SMEs sustaining their high level of CSR performance, despite the difficult year of 2020, particularly in the delivery of their CSR initiatives. The stakeholder analysis has indicated that Customer remains the most important stakeholder group in the value chain than Investor and Supplier that received the greatest SMEs’ sustainability management attention. It is understandable that business survival is the top priority for SMEs of. At the same time, it is pleased to see their continuous and active pursuit of community engagement.” The Inaugural Hotel BSI lays a good foundation for the compilation of a Global Hotel BSI. In 2022, CBS will continue to work with CHRER to introduce a BSI covering 80 listed hotel companies worldwide. This can not only encourage companies in the hotel industry to adopt CSR as a progressive business model to achieve business sustainability, but also serve as a robust indicator for ESG investors in selecting companies with socially responsible corporate behaviour. Furthermore, CBS will work closely with the Asia-Pacific Institute of Business, the executive education arm of CUHK Business School, on designing more training programmes and workshops on CSR applications and communication for the business community. Understand that business sustainability is an unended quest that requires companies to build management capacity on a continuous basis, CBS has set its future endeavour on cultivating sustainability talents by developing sustainability management into a knowledge-based profession. This includes the formulation of a qualification framework for the sustainability profession, the support of setting up of a sustainability professional association, and the organisation of sustainability management programme.  Mr. Christopher Hui Ching-yu, JP, Secretary for Financial Services and the Treasury of the Hong Kong Government (middle); Prof. Rocky Tuan, Vice-Chancellor and President of CUHK (7th from the right); and Prof. Lin Zhou, Dean of CUHK Business School (2nd from the right), presented recognition certificates to representatives from the Top 10 companies of the five business sustainability indices. Appendix The 6th HKBSI Overall VPI Scores  Stakeholder Analysis  Overall Scores – HK vs. Non-HK Based Companies  The Top 10 HKBSI Company Ranking 1. Hong Kong and China Gas Co. Ltd. 2. BOC Hong Kong (Holdings) Ltd. 3. HSBC Holdings plc 4. Sun Hung Kai Properties Ltd. 5. Hang Seng Bank Ltd. 6. MTR Corporation Limited 7. New World Development Co. Ltd. 8. CLP Holdings Ltd. 9. Sands China Ltd. 10. Sino Land Co. Ltd. The 2nd GBABSI Overall VPI Scores  The Top 10 GBABSI Company Ranking 1. Hong Kong and China Gas Co, Ltd. 2. BOC Hong Kong (Holdings) Ltd. 3. Sun Hung Kai Properties Ltd. 4. Hang Seng Bank Ltd. 5. MTR Corporation Limited 6. New World Development Co, Ltd. 7. China Resource Power Holdings Co., Ltd. 8. Sands China Ltd. 9. Sino Land Co, Ltd. 10. Kerry Properties Ltd. The 1st GCBSI Overall VPI Scores  Stakeholder Analysis  The Top 10 GCBSI Company Ranking 1. Hong Kong and China Gas Co. Ltd. (Hong Kong) 2. BOC Hong Kong (Holdings) Ltd. (Hong Kong) 3. HSBC Holdings plc (Hong Kong) 4. Ctbc Financial Holding Co., Ltd. (Taiwan) 5. Sun Hung Kai Properties Ltd. (Hong Kong) 6. Hang Seng Bank Ltd. (Hong Kong) 7. Lite-On Technology Corporation (Taiwan) 8. Taiwan Mobile Co., Ltd. (Taiwan) 9. MTR Corporation Limited (Hong Kong) 10. Far Eastern New Century Corporation (Taiwan) The Top 20 GCBSI Companies (in alphabetical order) • Asustek Computer Inc. (Taiwan) • Cathay Financial Holding Co., Ltd. (Taiwan) • Chunghwa Telecom (Taiwan) • CLP Holdings Ltd. (Hong Kong) • Fubon Financial. (Taiwan) • New World Development Co. Ltd. (Hong Kong) • Sands China Ltd. (Hong Kong) • Sino Land Co. Ltd. (Hong Kong) • Taiwan Semiconductor Manufacturing Company Limited (Taiwan) • United Microelectronics Corp. (Taiwan) The 1st Hotel BSI Overall Performance Level  The Top 10 Hotel BSI Performers (in alphabetical order) • Accor SA • FDC International Hotels Corporation • Hilton Worldwide Holdings Inc. • Hong Kong and Shanghai Hotels Limited • InterContinental Hotels Group PLC • Marriott International Inc. • MGM China Holdings Limited • Miramar Hotel & Investment Company Limited • Sands China Limited • Wyndham Hotels & Resorts Inc. The 6th HKSMEBSI Overall VPI Scores  Stakeholder Analysis  The Top 10 HKSMEBSI Company Ranking 1. Meiriki Japan Company Limited 2. Richform Holdings Ltd. 3. Jenston Technology Corporation Limited 4. Ultra Active Technology Limited 5. Diving Adventure Limited 6. City Cut Hair & Beauty Salon 7. Sunta Chemical Limited 8. Dunwell Enviro-Tech (Holdings) Ltd. 9. MYLAMSTUDIO 10. Intimex Business Solutions Company Limited Participating HKSMEBSI Companies (in alphabetical order) • Appetizup Co Ltd. • Arredamenti Company Ltd. • CITYRAY TECHNOLOGY (CHINA) LIMITED • EcoSage Limited • Ensec Solutions Hong Kong Limited • Fast Base Enterprises Ltd. • Future Lighting Collection Limited • Happy Star Travel Service Ltd. • Kennic Ltd. • KL Home Care Limited • Milton Holdings International Limited • OKIA Optical Co. Ltd. • Projexasia Limited • Sailing Boat Catering Group Limited • Silver Printing Company Limited • Sze Wo Chaan Gas Co, Ltd. • Venture Global Limited The post The Chinese University of Hong Kong Business School Announces Five Business Sustainability Indices to Promote Responsible Business Practices in Hong Kong and Greater China appeared first on CUHK Business School. |
25 Jun 2021, 05:00
| FROM CUHK: CUHK EMBA Ranks 4th in Asia Pacific in the QS Global Executive MBA Rankings 2021 |
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This year, a total of 202 EMBA programmes in the world were ranked, 26 of which are joint EMBA programmes, and they were surveyed between December 2020 and February 2021. CUHK EMBA got an overall score of 74.1 and ranks No. 10 (3rd in Asia Pacific) and No. 4 (2nd in Asia Pacific) among the world’s standalone EMBA programmes in Executive Profile and Diversity respectively. The ranking combine input from thought leaders in business and management alongside the perceptions of global employers who recruit from the world’s best EMBA programmes, and is further enhanced by programme-specific indicators. Data is collected from two long-standing QS surveys – the QS Global Employer Survey and the QS Academic Survey. The responses from these surveys span a total of five years, with responses from more recent years having greater weighting. In addition to these surveys, schools were asked to submit data pertaining to their EMBA programmes covering a variety of topics. The QS Employer Survey and Academic Survey account for 30 percent and 25 percent of the ranking weight, respectively. Executive Profile, which includes average years’ work experience, managerial experience, and c-suite experience make up 15 percent of the ranking weight. Career Outcomes make up 20 percent of the ranking weight, which includes salary uplift within a year of graduation, as well as the percentage of students who were promoted within a year of graduation. The remaining 10 percent of the ranking weight is Diversity of class, which includes both the representation levels of women and number of nationalities among the programme’s students. Please click here to find out more about the rankings. The post CUHK EMBA Ranks 4<sup>th</sup> in Asia Pacific in the QS Global Executive MBA Rankings 2021 appeared first on CUHK Business School. |
29 Jun 2021, 20:01
| FROM CUHK: CUHK Professional Accountancy Students Awarded Champion at TIHK Online Tax Competition 2021 |
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Organised by the Taxation Institute of Hong Kong (TIHK), the TIHK Online Tax Competition 2021 had attracted eight representing teams from universities in Hong Kong, Guangdong and Macau to compete in the semi-final. The participants had to conduct thorough research and case analyses before presenting on the corporate tax policies of operating in the Guangdong-Hong Kong-Macao Greater Bay Area (Greater Bay Area). The winning team was formed by four Year 4 BBA in Professional Accountancy students – namely Tse Chun-yu, Wang Tongyi, Wong Ching-kwan and Zhu Chenxi – and coached by Dr. YY Butt, Lecturer of School of Accountancy at CUHK Business School. They were awarded with internships at top accounting firms, cash price of HKD 9,000, fee exemption of Chartered Tax Adviser exanimation and a certificate of appreciation. Their acceptance speeches are as follows: Tse Chun-yu: “The competition enabled us to practise what we have learnt in the classroom. It also showcased how cross-border business operations are common in Hong Kong, and hence international tax considerations such as transfer pricing.” Wang Tongyi: “June was a busy month. We had to allocate our time carefully to make sure everything went smoothly. Multitasking could be the most challenging point for us. And I am proud that we did it.” Wong Ching-kwan: “Through the competition, we experienced how complex cross border transactions could be. Also, referencing research from both the company and the tax authority’s perspective has enriched our insight regarding transfer pricing.” Zhu Chenxi: “The competition polished my understanding of tax compliance risks arising from related-party transactions. I would like to express my heartfelt gratitude to Dr. YY Butt for his time and patience in coaching us. His guidance opened my horizons to the new stages of opportunities and challenges in the realm of tax. And I would also like to express my sincere thanks to Melissa Tian , a Master of Accountancy (MACC) alumna, for sharing with us her practical experience in transfer pricing in the Greater Bay Area.” Dr. YY Butt: “The comprehension of tax rules and the underlying accounting methods to arrive at the tax consequences is important in its own rights. Indeed, tax profoundly affects companies’ profit margins and constitutes a secured guide for possible expansion plans. Our students disentangled the given complicated tax cases, and deployed remarkable tax accounting strategies during the competition, which were highly rated by the panels of judges.” TIHK’s Annual Tax Competition aims to facilitate undergraduate students from different business backgrounds to exchange ideas on how to strengthen the cooperation within the Greater Bay Area, as well as to enhance the understanding of taxation systems in the region. It hopes that through participating in the competition, students can draw awareness to the tax profession and expand their career path options upon graduation. The post CUHK Professional Accountancy Students Awarded Champion at TIHK Online Tax Competition 2021 appeared first on CUHK Business School. |
30 Jun 2021, 18:01
| FROM CUHK: Driving Social Purpose through Innovative Business Education |
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“Lectures could be boring, or even painful when we have to do it online. Using a game-based approach can turn the lectures and maths into something fun and exciting,” noted Dr. Ku. “By letting students apply their learnings into real-world situations, I also hope to give them a sense of social purpose and drive positive change for society.” An Educator on a Mission My teaching philosophy is to cultivate socially responsible leaders in the age of innovation, who not only possess strong business skills but are also passionate about making a difference in societies and communities. — Dr. Fred Ku Dr. Ku is a Senior Lecturer in the Department of Decision Sciences and Managerial Economics of The Chinese University of Hong Kong (CUHK) Business School. He is also the Assistant Dean of Undergraduate Studies, the Director of the Integrated BBA Programme, and the Associate Director of the Programme for Economic Education at the Economic Research Centre of the Hong Kong Institute of Asia-Pacific Studies.  Underlying all these titles, however, is a passionate educator on a mission. “My teaching philosophy is to cultivate socially responsible leaders in the age of innovation, who not only possess strong business skills but are also passionate about making a difference in societies and communities. That’s why my classes always focus on Tech & Innovation and Social Good.” Dr. Ku maintains that businesses do not operate in a vacuum; instead, they are continually affecting people and the community. For this reason, he believes that a successful business should make a profit and simultaneously bring positive impacts to society. “The idea of Creating Shared Value (CSV), proposed by Harvard’s Michael Porter and Mark Kramer in 2011, has been one of the most important business concepts. That’s something our students must learn, especially if we’re to emerge better after the pandemic.” Reimagining Teaching for the New Reality To help students contextualise abstract theory and apply knowledge to real-world situations, Dr. Ku likes to adopt a case-based approach that emphasises “learning by doing”. “Students must use their technical, analytical, problem-solving and creative skills to solve real-world business problems. In the process, they will also develop essential management competencies, skills and abilities that they need upon graduation.” Yet, with classes moving online during the pandemic, continually offering this experience to students necessitated teaching innovation. In this regard, Dr. Ku found that online learning, while constraining at times, has also opened up novel opportunities for teachers and students. “It’s much easier for us to invite guest speakers, and students, to our virtual classroom, not only from Hong Kong but from all over the world.” For example, in the course Responsible Business, Dr. Ku invited professors from Taiwan, Japan, Poland and the UK to lecture on responsible business and social enterprise using cases in their own regions; unsurprisingly, the results exceeded expectations.  Joined by speakers from Taiwan, Japan, Poland and the UK, Dr. Fred Ku and students from CUHK and National Chiayi University had a virtual symposium on responsible business. “The professors wrote the cases specifically for this course, and students were able to learn a lot more about the practices and problems of responsible businesses in different places.” As the class was carried out in collaboration with National Chiayi University, Taiwanese students also joined the classes and interacted with the students in Hong Kong through class discussions and online activities. “Many students found the experience illuminating and broadened their horizons on a global level. We will thus explore the potentials of this approach further.” Putting Textbook Knowledge to Practice Dr. Ku also likes creating refreshing experiences outside of the classroom to maximise learning opportunities for students. He set up a platform called Business Education for Social Good (BESGO) that promotes CSV, CSR, social entrepreneurship and social innovation in business education. In one project, BESGO partnered with Social Venture Hong Kong and organised a “Bootcamp for Talents of Social Innovation”. Students visited local communities and social enterprises in Sham Shui Po and Kwai Tsing to gain deeper insights into the issues and challenges faced by locals. They also took part in workshops to brainstorm ways in which businesses could contribute to social good while maintaining reasonable financial returns.    In another project, students undertook a CSV Consultancy Project with the K11 Art Mall. They designed and implemented the promotional plan for the digital fitness exhibition of Brainrental, a Hong Kong-based creative trio, at the mall. Many students reported that the programmes offered them an eye-opening experience, something they couldn’t have learnt from lectures or textbooks. — Dr. Fred Ku Passing Positive Influence to Students and Society Additionally, Dr. Ku ran a programme called the with Prof. Michael Fung of the Department of Decision Sciences and Managerial Economics. Supported by Project WeCan, the programme enabled students to practice social purpose and promote education equity while they were still in school. Student volunteers were assigned to tutor and mentor underprivileged secondary school students and help them with their economics learning. Anita Ng (Professional Accountancy [PACC] 2018) was one of the students who joined YES during her time at CUHK; the programme created a profound impact on her. Having minored in Linguistics (Hong Kong Sign Language) while she was studying Professional Accountancy, Anita later joined a secondary school to teach deaf and hard-of-hearing (DHH) students economics using sign language. This seemingly simple act opened an entire new world for the students, as they were previously unable to take economic classes because no teachers knew both sign language and economics. Working with Dr. Ku, Anita also launched an “to add sign language to teaching and learning resources and even online videos to provide DHH students with additional visual aids to learn economics.  (From left) Teacher Anita Ng, student Cheung Hoi-Yan and Dr. Fred Ku (Photo courtesy of K. Y. Cheng) Dr. Ku explained this further: “These social exposures showed students how a business can be a force for social good, even if it’s not a full-on social enterprise. In this way, when students graduate and enter the industry, they can ask themselves: What can my company do to advance social welfare and make money? This kind of mindset is something that I’d like to instil in my students.” Eternal Passion for Teaching All of these efforts demand unyielding passion and boundless ingenuity, so how does Dr. Ku keep up his educational verve? Dr. Ku laughed: “Some people say teaching is boring. But to me, it’s a career that’s replete with sparky moments. I like communicating with students and exploring different teaching methods. I feel accomplished when our effort is recognised by the faculty, the university and other professional bodies. I also feel excited when sharing my insights and research findings at conferences. But the sparkiest moment is when students are excited; when I see their passion in class and how much they like and are inspired by the class.”  With such a spirit, it is no wonder that since joining CUHK in 2009, Dr. Ku has nabbed multiple teaching awards – Faculty Teaching Awards, Faculty Teaching Merit Awards, the Vice-Chancellor’s Exemplary Teaching Award, the Teaching Excellence Ambassador Award, and the Exemplary Teaching and Learning Sliver Award at the eLearning Forum Asia (eLFAsia) 2020. New Horizons, New Possibilities Purpose in businesses is becoming increasingly important. — Dr. Fred Ku Dr. Ku is also continually widening his gamut of responsibilities. For instance, he now teaches undergraduate business economics and analytics courses and instructs MAcc, MBA, and EMBA programmes. Since 2017, he also took on the administrator roles of Assistant Dean and Director of the Integrated BBA programme, which enable him to create a lasting impact beyond the classroom.  As he looks forward, Dr. Ku’s zeal for education shows no imminent signs of abating: “I hope to see how we can create better synergy among our undergraduate programmes and improve our alumni engagement. I also want to offer greater support to international students.” He added: “Businesses are changing, which reflects the changes taking place in our society. Purpose in businesses is becoming increasingly important. I can’t wait to see how our students use their knowledge and skills to craft their future, and to create positive impacts on society at the same time.” Thinking of advancing yourself in the new normal? Explore what’s in your future with CUHK Business School’s programmes. Learn more The post Driving Social Purpose through Innovative Business Education appeared first on CUHK Business School. |
11 Jul 2021, 21:00
| FROM CUHK: Global Business Forum 2021 Delves into How Digital Innovation Transforms Today’s Business World |
More than a hundred of GLOBE and IBCE students, alumni and guests from Hong Kong, Denmark and the United States came together physically and virtually to connect and be inspired by industry leaders and budding entrepreneurs. Prof. Lin Zhou, Dean of CUHK Business School, and Prof. Andy Wong, Associate Dean (Undergraduate Studies) and Co-director of GBS and IBCE programmes, welcomed all guests and thanked the speakers for sharing their wisdom and industry insights with the students. Prof. Andy Wong (left) and Connie Lau, Year 1 GBS student In Prof. Wong’s opening remarks, he shared with the students some “bad news” and advised them: “Given that things are changing so rapidly and frequently in the digital era, there’s no such thing called success formula that you can follow to guarantee a satisfactory outcome. And the second bad news is that it would be harder than ever to predict the future. The best strategy is to keep learning and equipping yourselves with different skills so that you are resilient enough to cope with any disruptions in the unforeseeable future.” Themed “Digital Innovation in Business”, the Forum invited Mr. Estyn Chung, General Manager of Uber Hong Kong as one of the keynote speakers. Ms. Chung shared how digital technology has driven the development of Uber through data collection and analytics. Another guest speaker Ms. Selina Chong, Chief Business Officer of WeLab Bank, explained how WeLab Bank introduced innovation through incorporating technology.   To delve deeper into the theme, four business leaders and entrepreneurs were also invited to the Forum for a panel discussion on the topic of “Artificial Intelligence (AI): The Futuristic Way to Run a Business?”. The panellists included Mr. Andy Ann (EMBA 2009), Co-Founder, YAS Digital; Mr. Ben Chan, Head of Talent Development, Sun Hung Kai Properties Limited; Mr. Bryan Chik, Vice President, Global Emerging Markets Equities, Fundamental Equity Group, BlackRock; and Mr. Ken Shih, Head of Sales and Marketing, AQUMON. Panellists agreed that though AI has made many positive impacts to their businesses, such as enhancing their understanding on customer needs and preventing error, AI still has its limitations and cannot complete innovative tasks. However, the speakers are optimistic about AI technology and its applications in the business world, especially on its ability to increase productivity through liberating human resources to focus on complex tasks and decision making that technology is incapable of solving.  The post Global Business Forum 2021 Delves into How Digital Innovation Transforms Today’s Business World appeared first on CUHK Business School. |
14 Jul 2021, 18:00
| FROM CUHK: Zoning From Comfort to Best |
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The interview with Mr. Howard Ling took place on campus on a typical spring morning in March, when azaleas were in full bloom. Although the weather was drizzly and overcast, I soon felt brightened up by the warmth and upbeat personality of the interviewee. A person who is always ready to step out of his comfort zone, Mr. Howard Ling’s vocation is to help people step out of their own comfort zones by setting up social enterprises that provide job opportunities for people with disabilities. He is currently the Chief Consultant of the Social Enterprise Business Centre of The Hong Kong Council of Social Service (HKCSS), and has established and incubated more than 50 social enterprises that run music-oriented youth development services, special educational services, children Cantonese opera workshops, and vegetarian canteens. Mr. Ling majored in food science at the University of Illinois, Urbana-Champaign, and later completed an MBA at CUHK. He is particularly impressed by the CUHK alumni’s strong loyalty to their alma mater and the professors’ commitment to teaching. Among his professors, he is especially grateful to Prof. Andrew Chan Chi-fai, who almost never turns down his students’ requests for introductions and referrals. Professor Chan is always well-prepared and would turn up for his classes an hour earlier than the scheduled time. Professor Chan regularly invites Mr. Ling to give lectures on social enterprises in his EMBA marketing class, and Mr. Ling is more than happy to be able to help.  Prof. Andrew Chan (left), a mentor and a friend Before taking up the post of Chief Consultant of the Social Enterprise Business Centre of HKCSS, Mr. Ling was a seasoned senior executive with a multinational food company and world-leading luxury brand. Although the two companies are very different in terms of the products they sell, they both attach great importance to quality control, driving home to Mr. Ling the important lesson that quality control and branding are inextricably linked. ‘Whether you are selling a three-dollar scoop of ice-cream or a $3,000 handbag, customers look for high-quality products. Quality control is something you can’t measure in terms of money, and it takes strong integrity to protect your brand. As an executive, you have to be stringent about branding.’ In 2001, Mr. Ling was posted to a Switzerland watch company for a one-year-and-a-half stint. When he returned to Hong Kong in 2003, the whole city was gripped by SARS and an economic downturn, which saw property prices plummet to an all-time low. During that period, he frequented a vegetarian restaurant in Sheung Wan whose finances were in the red. Mr. Ling therefore asked the restaurant owner if he would like to transfer to him the ownership of the restaurant. ‘As a food science graduate, I always dreamed of operating my own restaurant. The cost of setting up a business was quite low back then, and I decided it was now or never. I wanted to run my restaurant as a social enterprise because I had been doing voluntary work since my corporate days, and I knew very well what job opportunities meant to those with disabilities. ‘At that time, I hadn’t even heard of the term “social enterprise”. All I knew was that it was difficult for people with disabilities to get jobs, and it would be good if I could lend a hand. The government was then running a scheme for financing half the wages of those with disabilities for six months. I thought that was a great idea.’ Of course, things were not all smooth sailing. When Mr. Ling first broached the idea of setting up his own business, he met with opposition from his girlfriend. But he was determined to push ahead with his scheme because he thought setting up his business was ‘doing the right thing at the right time’, and with the support of his granny his will prevailed. His granny told him while she did not quite understand what he said about starting a business, she did agree with him on the importance of ‘doing the right thing at the right time’. She even used the analogy of playing mahjong to illustrate the significance of ‘doing the right thing at the right time’; to her, playing mahjong today and playing mahjong tomorrow were totally different, because the people she played with at varying times were different. Mr. Ling enjoys meeting challenges, and he is certainly a mover and shaker. After setting up his first vegetarian restaurant, he soon established another social enterprise, Bijas Vegetarian Restaurant, at The University of Hong Kong. It is a buffet restaurant where food is priced according to weight, and it is the first vegetarian restaurant to do so. This mode of operation makes it easy for people with hearing impairment to run the business, since they are not required to take customers’ orders. He also operates the first social enterprise in Hong Kong that produces face masks.  The variety of the social enterprises operated by Mr. Ling goes to show his breadth of knowledge and social networks. He humbly stresses that, to make things happen, he needs to work along with professionals of different specialties and clients. ‘For instance, I don’t know how to create music, so it’s impossible to set up the musical social enterprise project “My Main Stage Online” on my own. I therefore put my trust in the entrepreneurial spirit of Mr. Chiu Tsang-hei, a renowned songwriter and music producer. He selected talented secondary school students and trained them up as songwriters and musicians. I used six months to incubate and fundraise for Mr. Chiu. At that time, we did not give up any opportunity to meet with charity foundations and senior executives of music companies and explain to them our vision and mission. We tried and failed many times, but we never gave up. ‘I then recommended a government funding scheme to Mr. Chiu, but the application deadline was very close, with a window of less than three months. Mr. Chiu, his social enterprise partner Dickson, and I worked relentlessly for two months. We finally got the funding approval from the Home Affairs Department under the social enterprise funding scheme known as Enhancing Self-reliance Through District Partnership Programme,’ Mr. Ling said. ‘Although I am not an expert in music, I know how to communicate, and it is as important to communicate with entrepreneurs or supporters of social businesses as with clients or patrons. We have to convey to clients in simple and concise language what we are selling. That’s what we call marketing for a purpose.’ Overseeing 50 plus social enterprises, Mr. Ling’s rule of thumb is to motivate the enterprises to step out of their comfort zones and identify their ‘best zones’, which can only be achieved through multiple failures and trials. Mr. Ling spares no efforts in taking the first step in a new endeavour. What is more, he leads the social enterprises he oversees to make the first step.  (Photo by Keith Hiro) ‘To be brave enough to make that first step, you have to fight back the fear of failure. Even if you fail and go bankrupt, you have to try again, learn from your mistakes, and find your “best zone”,’ said Mr Ling. ‘My co-workers and I understand clearly what our objectives are, and so we have a shared sense of commitment, which is very important.’ By elizachan@cuhkcontents This article first appeared in No. 575, CUHK Newsletter, reprinted with permission from Information Services Office, The Chinese University of Hong Kong. The post Zoning From Comfort to Best appeared first on CUHK Business School. |
18 Jul 2021, 20:00
| FROM CUHK: Zoning From Comfort to Best |
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The interview with Mr. Howard Ling took place on campus on a typical spring morning in March, when azaleas were in full bloom. Although the weather was drizzly and overcast, I soon felt brightened up by the warmth and upbeat personality of the interviewee. A person who is always ready to step out of his comfort zone, Mr. Howard Ling’s vocation is to help people step out of their own comfort zones by setting up social enterprises that provide job opportunities for people with disabilities. He is currently the Chief Consultant of the Social Enterprise Business Centre of The Hong Kong Council of Social Service (HKCSS), and has established and incubated more than 50 social enterprises that run music-oriented youth development services, special educational services, children Cantonese opera workshops, and vegetarian canteens. Mr. Ling majored in food science at the University of Illinois, Urbana-Champaign, and later completed an MBA at CUHK. He is particularly impressed by the CUHK alumni’s strong loyalty to their alma mater and the professors’ commitment to teaching. Among his professors, he is especially grateful to Prof. Andrew Chan Chi-fai, who almost never turns down his students’ requests for introductions and referrals. Professor Chan is always well-prepared and would turn up for his classes an hour earlier than the scheduled time. Professor Chan regularly invites Mr. Ling to give lectures on social enterprises in his EMBA marketing class, and Mr. Ling is more than happy to be able to help. Prof. Andrew Chan (left), a mentor and a friend Before taking up the post of Chief Consultant of the Social Enterprise Business Centre of HKCSS, Mr. Ling was a seasoned senior executive with a multinational food company and world-leading luxury brand. Although the two companies are very different in terms of the products they sell, they both attach great importance to quality control, driving home to Mr. Ling the important lesson that quality control and branding are inextricably linked. ‘Whether you are selling a three-dollar scoop of ice-cream or a $3,000 handbag, customers look for high-quality products. Quality control is something you can’t measure in terms of money, and it takes strong integrity to protect your brand. As an executive, you have to be stringent about branding.’ In 2001, Mr. Ling was posted to a Switzerland watch company for a one-year-and-a-half stint. When he returned to Hong Kong in 2003, the whole city was gripped by SARS and an economic downturn, which saw property prices plummet to an all-time low. During that period, he frequented a vegetarian restaurant in Sheung Wan whose finances were in the red. Mr. Ling therefore asked the restaurant owner if he would like to transfer to him the ownership of the restaurant. ‘As a food science graduate, I always dreamed of operating my own restaurant. The cost of setting up a business was quite low back then, and I decided it was now or never. I wanted to run my restaurant as a social enterprise because I had been doing voluntary work since my corporate days, and I knew very well what job opportunities meant to those with disabilities. ‘At that time, I hadn’t even heard of the term “social enterprise”. All I knew was that it was difficult for people with disabilities to get jobs, and it would be good if I could lend a hand. The government was then running a scheme for financing half the wages of those with disabilities for six months. I thought that was a great idea.’ Of course, things were not all smooth sailing. When Mr. Ling first broached the idea of setting up his own business, he met with opposition from his girlfriend. But he was determined to push ahead with his scheme because he thought setting up his business was ‘doing the right thing at the right time’, and with the support of his granny his will prevailed. His granny told him while she did not quite understand what he said about starting a business, she did agree with him on the importance of ‘doing the right thing at the right time’. She even used the analogy of playing mahjong to illustrate the significance of ‘doing the right thing at the right time’; to her, playing mahjong today and playing mahjong tomorrow were totally different, because the people she played with at varying times were different. Mr. Ling enjoys meeting challenges, and he is certainly a mover and shaker. After setting up his first vegetarian restaurant, he soon established another social enterprise, Bijas Vegetarian Restaurant, at The University of Hong Kong. It is a buffet restaurant where food is priced according to weight, and it is the first vegetarian restaurant to do so. This mode of operation makes it easy for people with hearing impairment to run the business, since they are not required to take customers’ orders. He also operates the first social enterprise in Hong Kong that produces face masks. The variety of the social enterprises operated by Mr. Ling goes to show his breadth of knowledge and social networks. He humbly stresses that, to make things happen, he needs to work along with professionals of different specialties and clients. ‘For instance, I don’t know how to create music, so it’s impossible to set up the musical social enterprise project “My Main Stage Online” on my own. I therefore put my trust in the entrepreneurial spirit of Mr. Chiu Tsang-hei, a renowned songwriter and music producer. He selected talented secondary school students and trained them up as songwriters and musicians. I used six months to incubate and fundraise for Mr. Chiu. At that time, we did not give up any opportunity to meet with charity foundations and senior executives of music companies and explain to them our vision and mission. We tried and failed many times, but we never gave up. ‘I then recommended a government funding scheme to Mr. Chiu, but the application deadline was very close, with a window of less than three months. Mr. Chiu, his social enterprise partner Dickson, and I worked relentlessly for two months. We finally got the funding approval from the Home Affairs Department under the social enterprise funding scheme known as Enhancing Self-reliance Through District Partnership Programme,’ Mr. Ling said. ‘Although I am not an expert in music, I know how to communicate, and it is as important to communicate with entrepreneurs or supporters of social businesses as with clients or patrons. We have to convey to clients in simple and concise language what we are selling. That’s what we call marketing for a purpose.’ Overseeing 50 plus social enterprises, Mr. Ling’s rule of thumb is to motivate the enterprises to step out of their comfort zones and identify their ‘best zones’, which can only be achieved through multiple failures and trials. Mr. Ling spares no efforts in taking the first step in a new endeavour. What is more, he leads the social enterprises he oversees to make the first step. (Photo by Keith Hiro) ‘To be brave enough to make that first step, you have to fight back the fear of failure. Even if you fail and go bankrupt, you have to try again, learn from your mistakes, and find your “best zone”,’ said Mr Ling. ‘My co-workers and I understand clearly what our objectives are, and so we have a shared sense of commitment, which is very important.’ By elizachan@cuhkcontents This article first appeared in No. 575, CUHK Newsletter, reprinted with permission from Information Services Office, The Chinese University of Hong Kong. The post Zoning From Comfort to Best appeared first on CUHK Business School. |
21 Jul 2021, 04:00
| FROM CUHK: Getting Hong Kong’s I&T into High Gear for a Voyage of Success |
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Sunny believes that commitment is vital to work, public service, or even hobbies: “One must stay true to their commitment no matter what they do. They must devote their full efforts at all times. This is not about proving to others but to oneself.” With this belief, Sunny has continuously challenged himself throughout his life. Since 2006, he has been actively contributing to the society by taking up different roles in public service sector while managing a company with thousands of staff. Later on, he enrolled in the EMBA programme at The Chinese University of Hong Kong (CUHK) Business School. Setting Sail with Determination Timing, position, and direction are all determining factors to consider before setting sail. Apart from keeping an eye on the surroundings, one must have the determination to reach the destination, come rain or shine. Sunny, as a veteran industrialist, has managed businesses in Guangdong, across mainland China and overseas. He has begun assuming different positions of public service since 2006, which includes taking up the chairmanship of HKSTP, a position he has already served for three years.  HKSTP Chairman Dr. Sunny Chai is leading Hong Kong’s I&T development into a brighter future with his passion for innovation and technology and his deft leadership. Although Hong Kong’s potential for I&T development faces scepticism, Sunny is unfazed by such pessimism. “Many people say that Hong Kong is lagging behind other cities. But taking FinTech as an example – the Octopus card was first introduced in Hong Kong and it has reached immense success now. The technology has even been applied worldwide. Although we seem to fall behind mainland China in terms of electronic payments, it is merely due to the variation in policies, not the technological differences,” he said. “Determination and policy support are what Hong Kong needs most to enhance I&T development. We may introduce technology, capital, and talent from elsewhere, but determination and policy support are intrinsic,” Sunny added. He illustrated that it could be uneasy to predict how the voyage unfolds with different timing, position, direction, as well as the unknown choppy water ahead. But ultimately, the success of Hong Kong’s I&T development depends on its own commitment. Start from Simplicity Sunny had a smooth transition from family business to public service by “going with the flow”. “I studied a major related to information technology (IT) in the US, so I steered my company towards this direction naturally.” He transformed his family business from injection moulding to electronics, and recently to IT. He opines that older generations must support their descendants with faith and discretion to make decisions. “When we talk about ‘the first generation’, it doesn’t necessarily imply parents – the first generation can also be the company’s stakeholders. Therefore, it is important to make reformations come in phases and give time for the stakeholders to adapt. For example, I wouldn’t ask for changes every year in HKSTP even I have new ideas, as it might be hard for the colleagues to follow,” he said. HKSTP manages three industrial estates (IE) in Hong Kong, and there are plans to upgrade and transform the IEs since the period of the former Board of Directors. After Sunny took up the baton, he implemented a “start from simplicity” approach to promote re-industrialisation in the IEs. “Securing space for development is among the top priorities in Hong Kong’s I&T industry. After years of hard work, we have put our Data Technology Hub (DT Hub) in Tseung Kwan O into operation. Its adjacent Advanced Manufacturing Centre is slated to be launched in 2022. We are also building the MARS Centre for medical related equipment, materials and accessory products in Tai Po,” Sunny revealed. He has been exploring other sectors with keen local demand, such as food and traditional Chinese medicine, to be the focus in driving re-industrialisation further.  A seasoned industrialist, Sunny is championing the upgrade and transformation of Hong Kong’s industrial estates. He is an active supporter of the government’s “re-industrialisation” initiatives. Collaboration between the Government, Industry, Academia and the Research Sector Sunny places much emphasis on the collaboration with universities. HKSTP has already set up remote incubators in several universities to provide comprehensive support to start-ups. The collaboration hopes to allow professors and students, who aspire to join the vibrant I&T ecosystem in the city, to accelerate commercialisation and get their solutions off the ground. Having experienced several cycles of industrial and I&T development in Hong Kong, Sunny described Hong Kong’s journey to develop I&T to be promising. “There are currently eight unicorns in Hong Kong. Some have already become global industry leaders, and some biotech start-ups flourish internationally. Indeed, many unicorns-to-be are growing rapidly as we speak,” his take on this is confident. He believes that Hong Kong’s I&T development will be prospective if the city rides the wave of the Greater Bay Area’s policies and growth. In the mid-to-long term, the development of a technology corridor can help create a vibrant I&T ecosystem, connecting the Lok Ma Chau Loop, Wang Chau, and Liantang, as well as the three IEs and HKSTP in Pak Shek Kok. Sunny illustrated that HKSTP has made progress continuously in the past 20 years, and that the government has extended unprecedented support and resources into the I&T sector in recent years. He hopes that a vibrant I&T ecosystem can eventually be built in Hong Kong. Even if the government reduces its input, the industry and academia can step up and take up the role to lead the future development.  “I think Hong Kong’s I&T has a promising future. The positive ambience, the enhanced support and the ample opportunities that emerged in recent years are all unprecedented.” Making Time to Learn With a lifelong passion for learning, Sunny wanted to pursue advanced studies after he had graduated with the Bachelor’s degree in the 90s. However, he needed to return to Hong Kong and shoulder his family business, so he had to put his scholarly dream on hold. In 2005, he enrolled in CUHK’s EMBA programme, and even completed a Ph.D. in engineering afterwards. Mentioning his EMBA experience, he reminisced, “There were nearly 50 students in my class and they were all elites in their industries. But everyone learnt to step off their pedestals to become students again. We rolled up our sleeves to work on projects together.” He has kept in touch with the professors and his classmates after all these years. Besides contacting electronically, they would meet every two months before the pandemic. Focusing on Serving Hong Kong Reflecting on his decades-long career and public service, Sunny said he is in a state of contentment. “I totally enjoy the current state. I’m working with a fantastic team and we’re all passionate about creating a better future for Hong Kong.” As the helm of leading HKSTP, Sunny is adamant about staying on course despite all the waves. He is committed to steering Hong Kong’s I&T towards the greatest sailing water. First published in the CUHK Business School Alumni Portal and the iMoney magazine on 15 May 2021, this article was republished with permission from the School’s Alumni and Corporate Affairs Office. The post Getting Hong Kong’s I&T into High Gear for a Voyage of Success appeared first on CUHK Business School. |
21 Jul 2021, 20:01
| FROM CUHK: CUHK Business School Appreciates 50 Committed Alumni at the MBA Elite Mentorship Programme Appreciation Dinner |
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Organised by CUHK MBA, EMP offers an invaluable opportunity for full-time and second year part-time students to receive individual coaching and guidance from seasoned professionals and to apply classroom learnings to the workplace. Over the past year, MBA students learnt their ropes from 50 senior alumni who are movers and shakers in a wide range of sectors, including banking and finance, business consulting, FMCG, healthcare, information technology, insurance, investment, logistics, property development, energy/utilities etc. Amassing mentors with a variety of profiles means students could enjoy a large pool of expertise to draw upon. Many of the mentors are top-notch business leaders such as C-suite executives, managing directors, general managers, presidents and unit heads from leading home-grown and multinational companies as well as founders from successful start-ups. This supportive mentor-mentee relationship enables mentees to grow their professional network and gain invaluable insights into specific jobs, career paths, corporate cultures, and more. Debuted on 18 October 2003, EMP has been an essential part of CUHK MBA that offers students the opportunity to benefit from former graduates’ real-life experience and wisdom. By having mentors share their guidance and insights into the business world, EMP makes a valuable contribution in business leaders for the future.      The post CUHK Business School Appreciates 50 Committed Alumni at the MBA Elite Mentorship Programme Appreciation Dinner appeared first on CUHK Business School. |
28 Jul 2021, 20:00
| FROM CUHK: Prof. Ying-yi Hong Named RGC Senior Research Fellow |
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Prof. Hong is among the four CUHK scholars who have received the awards. Each SRFS awardee will be conferred the title “RGC Senior Research Fellow” and is funded with a fellowship grant of around HK$7.8 million over a period of 60 months to conduct the research project. Prof. Hong’s award-winning research project is “Understanding the Psychological Underpinnings of Identities and Intergroup Relations during Socio-Political Transitions – The Case of Hong Kong”. It aims to elucidate the psychological underpinnings of maintaining positive intergroup relations in the current Hong Kong context. The research project will also develop a testable framework for researchers and policymakers to generate novel predictions on how policy and social change may affect intragroup and intergroup relations in Hong Kong and beyond. The research findings will have global implications. The RGC Senior Research Fellow Scheme (SRFS) aims to provide sustained support and relief from teaching and administrative duties to exceptionally outstanding researchers at Associate Professor or full Professor rank at UGC-funded universities in Hong Kong, with a view to facilitating their full dedication to research and training of young researchers, thereby helping local universities attract and retain research talents. The post Prof. Ying-yi Hong Named RGC Senior Research Fellow appeared first on CUHK Business School. |
31 Jul 2021, 19:00
| FROM CUHK: A Budding Technopreneur Building Better Lives |
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Bringing Hope to Those in Need After interning at John Swire & Sons and NBA and working as an associate at Sow (Asia) Foundation Limited, Alvin decided to co-found the social enterprise Zunosaki in 2017. The company’s first product was a wireless robotic glove called HandyRehab – it is one of the world’s lightest rehabilitation solutions for patients suffering from stroke, traumatic brain injury or spinal cord injury. The innovative product is specifically designed not only to enhance therapists’ productivity, but also enable patients’ self-training in the golden recovery period (the first 3-6 months) through active and passive assistive training. [img]https://www.bschool.cuhk.edu.hk/wp-content/uploads/Alvin-Cheung-5）.png[/img] HandyRehab, one of the world’s lightest wireless robotic gloves, allows patients to undertake task-oriented training with real life objects Alvin vividly reminisces the first time he experienced the impact of Zunosaki’s innovation. It was when the start-up publicly debuted the prototype of the robotic glove at an exhibition. “A lady in her 60s visited our booth with her husband, who was pushing her on a wheelchair as she had recently had a stroke. I helped her put on our glove and, with the help of our technology, she started moving her fingers again. A broad smile flashed across her face, and she turned around to tell her husband that she wanted to buy the glove. I will never forget that smile and the hope and encouragement that our technology brought to her. It was the sparkiest moment in my career.” Alvin added: “The episode has also strengthened my resolve to bring more affordable robotics to communities and households and to enhance healthcare and the quality of life through innovation and technology.” Forging New Paths on a Strong Footing At CUHK, we define our goals and forge our own paths. I knew my education has equipped me with solid business knowledge to effectively run my start-up. – Alvin Cheung Surprisingly, Alvin knew “close to nothing” about the healthcare industry or robotics before he joined Zunosaki. A personal experience motivated him to pursue this business venture: “My uncle suffered a stroke over a decade ago, but I couldn’t do anything for him at that time. After I graduated from CUHK, I met my co-founder Newmen Ho, who was working in the field of rehabilitation and robotics. I saw the potential and the impact that we can bring to society. And I knew I could master the trade if I put my mind to it. We decided to combine our strengths and founded our start-up.”    As the CEO and Co-founder of Zunosaki, Alvin oversees the commercialisation of technology, market and business development, and fundraising. Although he had no prior entrepreneurship experience, he knew he was up to snuff. “At CUHK, we define our goals and forge our own paths. I knew my education has equipped me with solid business knowledge to effectively run my start-up, formulate strategies, market our products and communicate with customers. The myriad extracurricular activities also offered me plenty of chances to explore, experience and meet people from all walks of life and expand my global and social perspectives.” Learning from Doing While Gaining from Trying CUHK was a great platform for me to grow and find myself, and to meet different people who shaped who I am right now. – Alvin Cheung Alvin particularly cherished the experience of bringing the Harvard Project for Asian and International Relations to Hong Kong in the summer of 2016, the second time it happened at CUHK in the conference’s history. This annual five-day international conference gathered thought leaders from around the world to exchange ideas with young leaders on pressing global issues and empower them to change the world.    Alvin, who was in charge of sponsor and speaker liaison, worked with a group of Harvard students to bring in over 90 renowned speakers and more than 500 delegates from 60 countries. During the process, his communication skills, backed by his major in marketing and minor in journalism, were put to good use. “The experience broadened my horizons and pushed me to grow quickly because it was a massive undertaking. I had to deal with business leaders and management directors from an array of major firms. I had to be on top of my game.” Alvin was grateful to have received CUHK’s full backing. At one of the earliest meetings, when Alvin and his team were still in the process of bidding for the conference to be held in Hong Kong, more than 10 senior staff of CUHK attended and asked the team how they could help, how they could facilitate the process and make the conference a success. “It was an eye-opening experience,” he recalled.  Alvin had also been an executive committee member of Chung Chi College’s Business Administration Society. Through various college and school activities, Alvin cultivated lifelong relationships with a broad swath of people. These include fellow students at CUHK and classmates in the International Business and Chinese Enterprise (IBCE) programme, who Alvin studied with in Hong Kong and in the US during their year of exchange at Darla Moore School of Business, University of South Carolina. “I know I can always ring up my friends who are working in investment banks, accounting firms, or even advertising agencies to ask for advice and help. CUHK was a great platform for me to grow and find myself, and to meet different people who shaped who I am right now.” Innovating for Social Impact HandyRehab’s clients are growing by the day. Nearly a hundred hospitals, non-profit organisations, NGOs, elderly homes and clinics are using its robotic gloves in Hong Kong, mainland China, Singapore, Malaysia, Germany, the UK and beyond. To ensure the best product-market fit, Alvin is continually working with their customers and service targets to understand their needs and to refine HealthTech solutions for them.  “I also draw inspiration from one of Steve Jobs’ quotes to guide me in life and in business. The late Apple CEO said, ‘Innovation is saying no to a thousand things’. Whenever I come across a new product, besides seeing its features and benefits, I take a step back and look at it from another angle. I ask myself: ‘How does it not work?’, ‘Who cannot use this product?’, ‘How can my team and I add value or improve this model?’ When I start focusing on these areas, I always come up with more ideas to tackle a problem.” These practices have resulted in wonderful yet affordable Zunosaki creations. In addition to the robotic glove, Zunosaki introduced Temi Medic in 2020 to meet the surging demand for improvement within the caregiving tech space. The Temi robot is a technological creation from Israel that can be used in nursing homes to keep residents company, entertained and connected with their families and the outside world. The robot can also serve as a hospital assistant, guiding and accompanying patients during their hospital visits. If a patient’s family members are unable to join the visit, the robot can even record the consultation for later replay. All perfect solutions for the times of COVID-19.  Temi Medic was introduced in 2020 to meet the surging demand for improvement within the caregiving tech space Advice for Aspiring Technopreneurs Life is a drag if you don’t take risks. – Alvin Cheung Alvin said exposing himself to as many activities as possible, never saying no to opportunities and always learning from the people around him have trained his entrepreneurial attitude, which has been part and parcel of his success. This is also what he advises CUHK students to do if they aspire to be leaders of tomorrow. “When you’re a student, always be hungry to learn. Secondly, don’t be risk averse. Life is a drag if you don’t take risks. Be prepared to make mistakes and, most importantly, learn from them. My experience at CUHK helped pave the way for my career.” He plans to adopt this continuously learning, continuously growing model for Zunosaki: “We hope to improve the quality of life of the disabled and the elderly with our products. We also want to bring more hope, more attention to this community of people in need. I wouldn’t say we want to bring about a revolutionary change – even though it’s a dream we’re after – we just want to achieve this step by step, going door to door and helping one patient at a time.” Thinking of advancing yourself in the new normal? Explore what’s in your future with CUHK Business School’s programmes. Learn more The post A Budding Technopreneur Building Better Lives appeared first on CUHK Business School. |
04 Aug 2021, 01:00
| FROM CUHK: Another Sky |
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While still trying to figure out what the insurance industry is all about, I arrived at the office of Wizard Financial Group where Titus Yu is its Senior Regional Director. Taking up an entire floor, the office is partitioned into compact, irregular cubicles, the smallest ones only the width of one’s shoulders. “Even the tiniest of spaces must be earned by hard work. If you cannot bring in business, you only sit in the shared area,” Titus explained as he gave me a tour around. “Even for seats of the same size, their locations—in the centre of the office, along the aisle or facing a certain direction—represent different levels of commitment. We rearrange the seating plan annually based on the team’s business performance of the past year.” This 500-person office, along with the floor below, houses the team of 1,000 Prudential insurance agents managed by Titus, whom he calls affectionately the “Wizard Family”. “They are working as agents, not as employees, for Prudential; the Wizard Financial Group is, likewise, not their employer, but merely a “clubhouse” that provides resources and training for them,” Titus clarified. “Like all my colleagues, I am self-employed.” Finally I began to catch on. For someone who is already a sexagenarian, Titus is slim and athletic, which he attributes to workout at least five times a week, a habit he developed during his university years. A student of business administration at CUHK in the 1980s, Titus joined the basketball team of Chung Chi College on Mondays, the University handball team on Tuesdays, the University athletics team on Wednesdays, the volleyball team of Chung Chi on Thursdays, and the class society of Chung Chi on Fridays. “I think playing is the most useful part of university life. We can learn about sportsmanship, leadership and teamwork, and we can make a lot of new friends. How can we get to know our seniors or students of other majors if we just sit in the classroom?”  In the office that houses 1,000 insurance agents managed by Titus Yu, every seat, however small it is, must be earned by hard work In 1983, Titus graduated and, like most of his peers from business school, secured a job at a bank that would start in a month. One day, he met a senior one year older than he at the canteen. The senior told him he moved to Prudential as an insurance agent after working in a bank for half a year, and he persuaded Titus to join him. Titus turned down immediately. “Do you think insurance is nothing but a scam?” The senior asked with a smile. “Of course. It’s no good.” “You still got a month before starting your job. Why don’t you come and have a look at my company to see how we swindle people? Then you will learn to be smart not to fall into our traps.” Titus did join a month’s training and, much to his surprise, saw the insurance industry in a completely new light. Nevertheless, he still could not resist the highly acclaimed career in a bank. His training manager did not press him, but gave Titus a last assignment: “Do you want to see your future? Wonder how your life will be in 10 or 20 years, working in a bank? Simple. You go to work tomorrow. Some senior colleagues or mentors will come and supervise you. You ask them three questions: What is your annual salary? What makes you feel a sense of achievement in this job? And what dreams do you have for the future?” And Titus got his answers the next day: the annual salary of bankers was decent, but not extraordinary. They learned a lot and had the greatest sense of achievement in the first few years of their career, but things plateaued out after 10 years. As for their dreams and hopes, they wrecked their brains but could not think of any. “Most bankers we saw 30 or 40 years ago were podgy and bald. The thought of me becoming one of them chilled me to the marrow.” Thus, after working at the bank for just two days, Titus resigned to join Prudential. He has been with Prudential until today.  Pictured in front of the Madam S. H. Ho Hall of Chung Chi College in 1983 upon graduation With awfully high turnover rate, why does the financial industry attract Titus and, most of all, why has he worked for the same company for 38 years? “Because I still have not found a better job than this,” Titus replied half-jokingly. “Being self-employed gives me a lot of freedom. There is no one bossing me around. There is no such things as annual leaves; I can take as many days off as I want. The ‘more work, more pay’ principle is very fair. It motivates everyone to do their best to generate the most wealth for their clients and for themselves.” “Most importantly, insurance is social security. If I chose to stay in the bank, a few decades later, I might cause a lot of people to overspend and owe huge credit card debts; now my team and I serve around 300,000 clients, helping them plan for the future and protect their families. This social responsibility means a lot to me, which is also something my alma mater has instilled in me.” What qualities make a good insurance agent? I asked. “First of all, you have to be resilient to uncertainties and instability,” Titus said, gesturing to the photographer at my side. “Someone may tell him specifically where the photoshoot venue is or who is going to be interviewed today, but no one tells an insurance agent where to look for new clients, or how much he or she can earn this month.” “In addition, honesty is of paramount importance. You have to win the clients’ trust, so that they refer you to their relatives and friends, and your business can grow. You must also be honest and true to yourself—if you are working as an employee, you will still receive your salary at the end of the day, diligent or otherwise. An insurance agent, however, makes a living entirely out of commissions. You cannot survive in this industry if you slack off even in the slightest.” “You’ve also got to be mentally tough as folks often misunderstand our industry—while you are recommending a product in total good faith, others may think you are trying to deceive them and may even respond with harsh words. Feelings of injustice and frustration are a fact of life for us.” Then how can you change people’s prejudice towards insurance agents? I asked. “I cannot change the world, so I can only try to be my best self. For every 50 people making insurance claims in Hong Kong, one of them is handled by my team. All that matters is how can we serve this 2% well.”  With almost four decades of wealth management experience under his belt, when asked of any tips for creating wealth, Titus remarked that the biggest wealth one can have is not money, but time, health, relationships and happiness, all of which are transient, valuable and take a lot of hard work to maintain. The best investment is not buying property or funds, but investing in oneself, such as reading a good book, enrolling in a desired course or following great teachers. “One can never lose by investing in knowledge,” he said. Towards the end of the interview, Titus recalled the motto of Chung Chi College, “In Pursuit of Excellence”. “I often remind myself to put this motto into practice, and every week I reflect on how to become a better person, a better manager, a better partner and a better friend. I pass through this world only once. So for whatever good I can do for the world, I will do it right now. This is the secret of living a life of great abundance.” Reported by christinenip@cuhkcontents Photos by Eric Sin This article first appeared in No. 579, CUHK Newsletter, reprinted with permission from Information Services Office, The Chinese University of Hong Kong. The post Another Sky appeared first on CUHK Business School. |
04 Aug 2021, 21:00
| FROM CUHK: Promoting Wealth and Health for an Ageing Global Population |
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The 20th century witnessed an unprecedented extension of human longevity around the world. While this has enriched citizens’ lives, the prospect of people living longer has led to concern over the implications for social, financial, healthcare and retirement systems. As the relative proportion of young people shrinks, the burden of financing healthcare is falling on the shoulders of fewer people. The time is ripe for researchers, policymakers and citizens to reimagine what retirement will look like in the coming years, and how governments can finance healthcare costs for elderly people in the context of rapid demographic change. Securing the Financial Foundations of Elderly Wellbeing With one of the world’s longest life expectancies at birth, Hong Kong is now ageing faster than many other regions, making it the perfect research site for investigating how ageing populations necessitate reform and innovation in healthcare policy and social security programmes. Led by Wai-sum Chan, Professor of the Department of Finance at The Chinese University of Hong Kong (CUHK) Business School, CUHK researchers have focused attention on the financial underpinnings of elderly people’s health and wellbeing. These research findings have had an extensive impact on policy and financial programmes for the Hong Kong elderly, influencing the development of reverse mortgages, public annuities, voluntary health insurance schemes and long-term care insurance. What’s more, CUHK’s innovative research contains insights that can help governments around the world to tackle their own impending demographic transformations. For example, to help governments understand the full ramifications of ageing populations on healthcare demand, Prof. Chan’s team has created an actuarial model for projecting public and private healthcare usage and expenditure that could be widely replicated and extended. Innovation in Financial Policies and Products In Hong Kong, this contributed to the introduction of public annuities. Having shown via actuarial projections that Hong Kong’s annuity market was significantly underdeveloped, Prof. Chan and his team were commissioned by the government in 2016 to recommend a method to increase demand for annuities. Influenced by this research, the Hong Kong Mortgage Corporation Limited (HKMC) which is wholly owned by the Hong Kong government launched the “HKMC Annuity Plan” in 2018. CUHK research also catalysed the introduction of reverse mortgage schemes, in which retired homeowners convert home equity into cash income, to Hong Kong. As in many global cities, house prices in Hong Kong have been skyrocketing in recent decades. The research showed that reverse mortgages could therefore become an important source of financial security for future retired homeowners, resulting in the launch of the Reverse Mortgage Programme in 2011.  Prof. Chan’s research contributes to the introduction of the Reverse Mortgage Programme and HKMC Annuity Plan. In addition, CUHK researchers have developed a basic model for private insurers to design long-term care insurance products in Hong Kong, and thus alleviate the burden on public provision. Taken together, CUHK’s research offers a firm basis for policymakers around the globe to construct sound financial foundations to support the future health and wellbeing of their citizens. This article first appeared in the website of CUHK’s Office of Academic Links, reprinted with permission from the Office. The post Promoting Wealth and Health for an Ageing Global Population appeared first on CUHK Business School. |
16 Aug 2021, 01:00
| FROM CUHK: A Visionary Call to Boost YATA’s Agility Amid Retail’s Highs and Lows |
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Susanna Wong (BBA 1992) has forged her career in navigating change. Her management experience in FMCG, consultancy, and the public sector has hard-coded agility into her DNA. Since becoming the CEO of YATA in 2016, the forward-looking Susanna has been able to establish a systematic, tech-driven management platform for the company. She has also catalysed her team’s agile transformation, enabling YATA to seize opportunities and even flourish despite relentless challenges from shifting markets. Catalysing Team Growth Through Change Susanna has elucidated the past few years’ challenges to the retail sector as “unending”: “The retail space has always been full of changes. In the past, everything could be tackled ‘tactically’ with largely controllable outcomes. The social incidents and the pandemic in recent years, however, has caused the sector’s ecosystem to spin out of control. Coping mechanism that once worked is no longer applicable.” Confronted with this unpredictable landscape, Susanna was surprisingly unfazed: “Truth be told, this kind of environment invigorates me.” She maintains a routine when she responds to change: First organising observations and thoughts with pen and paper; then working with her team to explore potential risks and consequences and formulate contingency plans. She understands that with YATA’s scale and experience, changes will invariably raise doubts among the frontline staff. Because of this, Susanna places great emphasis on solidarity: “Management must not only lead by policy but also lead by example. For YATA VIP Day within this period, each of us on the management team would take up a store and work shoulder to shoulder with our colleagues on the frontlines.” She added: “By coming together in times of crisis, we can strengthen our colleagues’ confidence and give them a greater peace of mind.”  Susanna is leading her team to tackle and thrive in retail’s evolving landscape with a mature and professional mindset. Susanna honed her adaptability and problem-solving skills while she was with a management consulting firm. Despite being very green, she was asked to speak in key external meetings, forcing her to toughen up and think on her feet. This experience made her realise the need to challenge her colleagues to leave their comfort zones when the time is right, all while providing a safety net for them when they do so. She understands that this type of training will boost the staff’s versatility and resilience and help them grow. To instil the same in YATA’s DNA, Susanna has also been enhancing management transparency. She would adjust the way messages are communicated with different levels of staff, and customise the key content. Susanna firmly believes that “success or failure is often set on the frontlines”. It is for this reason that she visits YATA stores frequently to maintain close contact with the staff. Following Susanna’s lead, her team has gradually embraced the culture of agility. Despite the rapidly evolving external environment, YATA is already turning reaction into action: “Our colleagues now respond to changes with alertness and deft. Even when problems arise, our frontline colleagues can quickly come up with effective solutions. Our team has become more professional and mature over the past few years, with more confidence in solving problems. I hope this would help YATA grow even faster in the years to come.” Enhancing Customer Experience and Embracing Innovation Retail is an innately consumer-centric business. Seeing that customers are placing greater demand on information, order tracking and delivery services, Susanna understands that the old ways of doing business no longer work and has been systemising and professionalising YATA’s management even before the pandemic hit. She wanted to chart a new growth trajectory for the company and generate novel possibilities for innovation beyond products and events. All this would lead to improved customer experience. “YATA has grown from having only a few stores to now having 13. We can no longer rely on experience and observations and need a more systematic way to manage. That’s why YATA has invested heavily into things like IT, systems and logistics over the past two years. We hope to leverage technology to make more innovative attempts.”  Susanna has systemised and professionalised YATA’s management, giving the company greater latitude to pursue innovative endeavours. As a case in point, YATA launched its CRM system just three months after development. Susanna pointed out that as a medium-scale supermarket, YATA must act quicker than its larger peers: “We of course can’t make everything perfect at launch. But the longer we keep it from the market, the longer it would take us to notice the details we missed or the areas we fall short. That’s why we chose to launch the system when risks are somehow controllable, and improve the system as we receive customer feedback.” With consumption behaviour shifting online following the pandemic, YATA is planning to release a brand new ecommerce platform very soon.  “I’m positive that Hong Kong’s retail environment will improve. We’ve all learnt a great deal and strengthened our foundations these few years. With the pandemic coming under control, local consumption will rebound and travel restrictions will be relaxed. Everything will get better.” Pursuing an Expansive Worldview Looking back at her BBA education at The Chinese University of Hong Kong (CUHK), Susanna said what she learnt laid a firm foundation for her subsequent career: “If I didn’t have a good foundation when I graduated, I would’ve easily lost my way.” She met many great teachers and friends during her time at CUHK and throughout her career, whose support and advice propped her up both at work and in life. This prompted her to seize every opportunity to give back to her alma mater, in forms like experience sharing and interview coaching. She thinks that the Business School should encourage its students to broaden their horizons and create more opportunities for overseas exchange, company visits and speaker sharing to broaden their worldview. “One of the characteristics of CUHK students is that they are kind-hearted people and that they cherish relationships. I hope that the Business School can extend this human-centricity and equip students to make bigger impacts in business and in the world.” First published in the CUHK Business School Alumni Portal and the iMoney magazine on 14 August 2021, this article was republished with permission from the School’s Alumni and Corporate Affairs Office. The post A Visionary Call to Boost YATA’s Agility Amid Retail’s Highs and Lows appeared first on CUHK Business School. |
24 Aug 2021, 06:00
| FROM CUHK: CUHK Business School and JANCO Group Join Forces in Grooming Future Business Leaders |
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The MoU signing ceremony was held on 24 August morning at CUHK Business School. Prof. Lin Zhou, Dean of CUHK Business School; and Mr. Barry Ng, Chief Executive Officer of JANCO Group, signed the MoU on behalf of their respective organisations. Under the MoU, CUHK Business School and JANCO would pursue collaboration in various areas, including executive education, joint research, sharing of industry insights through business forums, seminars and company visits. JANCO would also provide scholarships for outstanding students, as well as business practicums, local and regional career opportunities and internships for students. Established in 1990, JANCO has transformed into a leading integrated logistics service provider with its headquarters in Hong Kong. The company provides a wide range of services including eCommerce logistics solutions, cold chain warehousing, parcel consolidation, parcel delivery, pharmaceutical distribution and more. In recent years, JANCO has made transition from a traditional global forwarder to an integrated O2O (Online to Offline) logistics specialist by implementing robotic technology in its Flagship Warehouse.  The post CUHK Business School and JANCO Group Join Forces in Grooming Future Business Leaders appeared first on CUHK Business School. |
30 Aug 2021, 19:00
| FROM CUHK: CUHK Business School Welcomes 24 New Faculty Members in the Academic Year 2021-22 |
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Following a successful worldwide recruitment campaign, CUHK Business School has appointed one professor, one associate professor, one visiting scholar, 18 assistant professors, one senior lecturer and two lecturers. Their broad range of experiences and expertise will strengthen the School’s research and teaching capabilities. These new joiners have been/will be on board between June 2021 and January 2022. The new faculty members and the institutions from which they obtained their PhD are listed below: School of Accountancy  Janja Brendel (The Humboldt University of Berlin) – Assistant Professor Expertise: Disclosure Regulation in Capital Markets; Financial Institutions and Fintechs; Firms’ Financial Transparency; and Short-sellers  Ruoxi Rosy Xu (The University of Miami) – Assistant Professor Expertise: Corporate Disclosure; Corporate Governance; Media Economics; and Networks & Social Interactions  Yucheng (John) Yang (The University of Rochester) – Assistant Professor Expertise: Corporate Disclosure; Financial Intermediaries; Financial Market Regulation; and Macroeconomic Implications of Accounting Numbers  Yanling Guan (London Business School) – Senior Lecturer Expertise: Executive Compensation; Financial Reporting; and Pension Accounting  Dixon Lok-kan So (The University of London) – Lecturer Expertise: Business Law; Insurance Law; International Trade Law; Maritime Law; and Public and Private International Law Department of Decision Sciences and Managerial Economics  Philip Renyu Zhang (Washington University in St. Louis) – Visiting Scholar Expertise: Methodologies Econometrics and Causal Inference; Game Theory; Matching; Mechanism Design; Optimisation; Randomised Experiment and Reinforcement Learning Applications Advertising; Inventory; Online Platforms and Marketplaces; Recommender Systems; Revenue Management and Pricing; Sharing Economy; Social Networks; and Supply Chain Management  Tim Tianyi Li (Massachusetts Institute of Technology) – Assistant Professor Expertise: Industrial Engineering; Management Algorithms; Mathematical Modelling; Network Sciences and System Dynamics  Yingzhi Liang (The University of Michigan) – Assistant Professor Expertise: Analytics; Collective Intelligence and Organisational Technology; Data Science; and Visualisation and Information Economics  Shixin Wang (New York University) – Assistant Professor Expertise: Online Optimisation and Robust Optimisation Department of Finance  Chanik Jo (The University of Toronto) – Assistant Professor Expertise: Asset Pricing; Chinese Economy; and Household Finance  Jangwoo Lee (The University of Texas at Austin) – Assistant Professor Expertise: Financial Arrangements under Asymmetric Information  Anthony Rice (Arizona State University) – Assistant Professor Expertise: Corporate Finance; Environmental Finance; and Political Economy  Kailei Ye (The University of North Carolina at Chapel Hill) – Assistant Professor Expertise: Corporate Finance; Entrepreneurial Finance; Labour and Finance  Chao Ying (The University of Minnesota) – Assistant Professor Expertise: Asset Pricing; Macro-finance and Dynamic Corporate Theory School of Hotel and Tourism Management  Desmond Tsang (University of California, Berkeley) – Associate Professor Expertise: Corporate Governance; Earnings Management; Financial Reporting Fraud; Geographic Strategy; and Real Estate Investment Trusts  Elisa Ka-yan Chan (Cornell University) – Assistant Professor Expertise: Consumer Behaviour; Co-production; and Experiential Marketing Department of Management  Haibin Yang (The University of Texas at Dallas) – Professor Expertise: Competition in Transition Economy; Entrepreneurship; Mergers & Acquisitions; and Strategic Networks  Sanghoon (Hoonie) Kang (Rutgers University) – Assistant Professor Expertise: Defensiveness and Behavioural Change; Expert Decision-Making; Negotiations; and Overconfidence and Cognitive Biases  Leo Huiyao Liao (The University of Iowa) – Assistant Professor Expertise: Family/Prosocial Motivation; Social Network Analysis; Leadership and Teams; and Interpersonal Relationships  Lisa Ya Lin (The Hong Kong University of Science and Technology) – Assistant Professor Expertise: Entrepreneurship; Innovation; Interfirm Networks; International Business; and Strategic Management  Cathy Chang Liu (Indiana University) – Assistant Professor Expertise: International Business and Strategic Management  Willow You Wu (Stanford University) – Assistant Professor Expertise: Intersection of Technology Entrepreneurship and Strategy  Irene Kin-yan Ho (University of Durham) – Lecturer Expertise: Brand-Customer Relationships; Consumer Behaviour; and Emotions Department of Marketing  Jingbo (Jimbo) Wang (The University of Southern Carolina) – Assistant Professor Expertise: Applied Microeconomics; Causal Inference; Industrial Organisation; and Machine Learning Expertise: Digital Marketing; Market Research Methodology; Online Advertising; Quantitative Marketing; and Social Media--> The post CUHK Business School Welcomes 24 New Faculty Members in the Academic Year 2021-22 appeared first on CUHK Business School. |
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