Mr. Charles Li Generates Strong Enthusiasm at Global Leader Series Talk

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The Global Leader Series held on 18 November drew a full house of over 300 attendees to fill the Grand Ballroom of New World Millennium Hong Kong Hotel in Tsimshatsui. Before a diverse and captivated audience, guest speaker Mr. Charles Li, Chief Executive of Hong Kong Exchanges and Clearing Limited, shared his insights and timely analysis of the ‘Shanghai-Hong Kong Stock Connect’, a topic that highly interested everyone.

The influential speaker Mr. Charles Li addresses the timely topic of ‘Shanghai-Hong Kong Stock Connect’

The Global Leader Series connects an international audience through an inspiring lecture coupled with a networking reception. This high-profile talk was hosted by CUHK Pro-Vice-Chancellor Prof. Michael Hui and the new dean of the CUHK Business School Prof. Kalok Chan. “As the new dean of the Business School, it is my pleasure to host the Global Leader Series for the first time,” said Prof. Chan. “It is our privilege to have an influential leader such as Mr. Charles Li present an inspiring speech on a timely topic before our distinguished guests, alumni and students.”

Captivated attendees from academic, business and political circles rave about the lecture

Mr. Li addressed the growing relationship between Hong Kong and China and how the respective markets can be further integrated and mutually beneficial. He expressed pleasure with the opportunity to interact with an engaging audience. “I wish to thank the Business School for inviting me to speak to a dynamic group of people at this noteworthy time as the economies of Hong Kong and China grow.” Mr. Li’s keen insights and eloquence riveted all the attendees, who responded with thunderous applause.

The impressive audience covered a mix of academic, economic and political ranks. There were Hong Kong-based diplomats from the Consulates General of Canada, France, Russia, the United Kingdom and the United States. Other eminent business leaders included Mr. Choi Park Lai, Chairman of Shun Lung Yan Chak Foundation Limited; Mr. Simon Galpin, Director General of Investment Promotion of InvestHK; Ms. Leonie Ki, SBS, JP, Executive Director of New World Development Company Limited; Mr. Paul Smith, Managing Director of Asia Pacific at CFA Institute; Mr. Kenneth Kok, Executive Director of Goldman Sachs (Asia) LLC; Mr. David Leahy, Managing Director of Sales and Marketing at JP Morgan; and Mr. Albert Ip, Executive Director and Chief Executive Officer of Langham Hospitality Investments Limited. In addition, our illustrious alumni included Mr. Rayon Chu, Assurance Partner of PwC; Mr. Chan King Cheung, Deputy Publisher and President of Hong Kong Economic Journal Digital; Mr. Lau Sai Yung, Executive Chairman of Union Alpha Group; Ms. Daisy Lee, Head of Human Resources Operations (Non-Racing) of Hong Kong Jockey Club; Mr. Jacky Tsang, Executive Director of Finance and Treasury Division of BOC International Holdings Limited; Dr. Peter So, Managing Director of Securities Research of CCB International Securities Limited; and Mr. Wong Kim Man, Chief Financial Officer of Hong Kong Electric Investments Limited…

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New Student Entrepreneurial Initiatives at CUHK

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To many, ‘student entrepreneurship’ conjures up an image of a bunch of 20-year-old students staying up late in a dorm room testing out their makeshift products──just as how the legendary Steve Jobs,Bill Gates, Larry Page, Sergey Brin, Mark Zuckerberg and the like came up with world-shaking ideas when they were students. However, at CUHK, student entrepreneurship may take different forms.

Prof. Fanny M.C. Cheung, Pro-Vice-Chancellor (Research) at CUHK, knows it well. She has been working at CUHK, a public institution richly steeped in Chinese heritage, for more than 30 years. Her colleagues would brand her an ‘entrepreneur’ because of the many research centres, programmes, non-profit associations and public bodies that she has founded inside and outside campus. ‘You don’t need to start your own business to become an entrepreneur’, she explained. ‘Entrepreneurship is about creativity and flexibility; it’s about seizing an opportunity with whatever little resource you have to create a new entity with an impact. Entrepreneurship is not tied to the setting of a workplace; it is related to the mindset and attitude of the workers.’

So when Prof. Joseph J.Y. Sung, Vice-Chancellor of CUHK, suggested to set up a startup incubator on campus, Professor Cheung studied how other world-class universities support student entrepreneurship before she started discussing with the stakeholders. Professor Cheung recalled, ‘We arrived at the idea of a Pre-incubation Centre (Pi Centre) for our students to acquire entrepreneurial thinking and how to become entrepreneurs.’

The concept of an incubator for student entrepreneurship did not just come out of the blue. ‘CUHK has been hosting and participating in a number of local and international student innovation and entrepreneurship events every year,’ explained Prof. Wong Kam-fai, chairman of the Committee of Advancement of Student Entrepreneurship and Innovation. ‘Many of these events are in the form of competitions held in Hong Kong, the mainland and the US. We have felt a rapid growth in student innovation and believed that it was the right time to have a dedicated space for students to turn their creativity into ventures on an ongoing basis.’

From left: Prof. Fanny M.C. Cheung, Pro-Vice-Chancellor; Prof. Joseph J.Y. Sung, Vice-Chancellor; Mr. Allen Yeung, vice president, Hong Kong Science and Technology Parks; Mr. Mingles Tsoi, project director, Centre for Entrepreneurship, CUHK; and Mr. Kelvin Wu, principal partner, AID Partners Capital Limited; hosting the opening ceremony of the CUHK Pre-incubation Centre

The establishment of the Pi Centre was finally decided in late 2013 and it has been in operation since February 2014. The first call for application attracted 22 teams of students, among which nine teams were selected by a panel of external industry advisers. The second call for application in September 2014 attracted 20 teams, and seven teams were selected. The admitted teams are provided with a stimulating and a well-equipped workspace in the Lady Ho Tung Hall supported by a full-time staff member, and mentored by an experienced consultant. To date, a few teams from the first call for application have developed well enough to exit the Pi Centre, and one of them is ready to move to the Hong Kong Science and Technology Parks to start a business.

The Pi Centre is operated by the Centre for Entrepreneurship under the directorship of Prof. Kevin Au. ‘For many years, we had developed many programmes and facilitated many activities for students, professors, and alumni to meet with experienced entrepreneurs and investors in Hong Kong,’ Professor Au said. ‘What had been missing was a dedicated place where people could meet for regular events or just stopped by to check things out. Now, with the Pi Centre, we finally have a place where participants can shape a culture──a culture of sharing, openness, and mutual benefits. We want participants to feel that the Pi Centre is inspiring, resourceful, and full of smart and friendly people, and they will look forward to coming back again and again.’ The Pi Centre holds workshops and events regularly, sometimes in the evening, to make it easier for even entrepreneurs and speakers from outside CUHK to participate and share their experience.

Student entrepreneurship at CUHK reached another milestone last month when a new fund known as the ‘Technology Start-up Support Scheme for Universities’ (TSSSU) was made available to CUHK students and professors to start their own companies. This HK$4 million annual fund, provided by the Innovation and Technology Commission (ITC) of the HKSAR Government, is administered by CUHK’s Office of Research and Knowledge Transfer Services (ORKTS). Each company selected by a CUHK advisory panel can receive a subsidy of up to HK$500,000 per year for up to three years. Dr.Tony Tsoi, associate director of ORKTS, highlighted the significance of this new fund, ‘Startup companies with great product ideas often fail prematurely before they attract funding from investors. With this new fund from ITC, these companies can hold on long enough to prove to investors the feasibility and market demand for their products.’

The success rate of startups is low, and most successful entrepreneurs hone their skills and knowledge by learning from failures. While student entrepreneurship is given a tangible push with the establishment of the Pi Centre and the TSSSU fund, what is really important to CUHK is the entrepreneurial experience that students can gain when developing their ideas into ventures. It is the experience of going through many ups and downs that students learn about handling failure, perseverance, conflict resolution and, most importantly, themselves.

CUHK Newsletter, no. 447 [19 November 2014]

Employment Report – Full Time MBA Graduates 2014

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ASIA MOMENTUM
Please click here for full report.

Release of 2015 Graduate Resume Book of MBA Programs

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“A PALETTE of GLOBAL TALENT”

The Career Management Center, MBA Programs, CUHK Business School proudly presents the 2015 Graduate Resume Book which features our MBA graduates and talents of the full-time 2015 class. The theme this year is “A PALETTE of GLOBAL TALENTS” which signifies the vibrant diversity of talents in the programs. This publication features the profiles of high-caliber professionals who are or will soon be embarking on a colorful new journey in their career spanning across the globe. In addition to the hardcopy, the Career Management Center has also released an e-version which is made available for the environmental friendly employers.

Alumni and employers around the world are welcome to contact the Career Management Center if interested in recruiting CUHK MBA talents for full-time or internship openings. Requests for resume books can be sent to the center here. Recruiters can also register on the Online Career Center here to access the talent search engine and find out more about working with the CUHK MBA Career Management Center for talent acquisition.

Booming Startup Ecosystem Signals Bright Future for Hong Kong Entrepreneurs

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According to findings revealed today from Google and the Chinese University of Hong Kong (CUHK) Center for Entrepreneurship’s new study, Hong Kong’s startup ecosystem has grown by almost 300% since 2009, with significant growth in physical hubs, startup accelerators and incubators, funding providers, and university support. However, in contrast with the city’s business-friendly policies and growing startup ecosystem, Hong Kong’s overall entrepreneurial spirit remains low as local entrepreneurs face pressure from societal values and experience challenges in securing seed capital from local financial resources.

Years of economic prosperity has resulted in a high risk-averse society, leading to younger generations opting for safer career options encouraged by parents. Social antipathy in Hong Kong to embark on an atypical career path is also strongly perpetuated by friends in addition to family. The study noted that pressure from family and friends of entrepreneurs who decided to delay their plans increased 39% and 436% respectively after entrepreneurs enrolled in startup-related programs.

In tandem with the social pressure aspiring entrepreneurs face from family and friends, they also have few options for early investment – 88% of entrepreneurs stated their major source of seed capital as self-funding. Despite an abundance of financial resources given Hong Kong’s status as a global financial hub, professional investors are not contributing to local startups because of various reasons, such as Hong Kong’s small market size, a lack of strong business ideas and legal issues that prevent investment opportunities. In consequence, 64% of experts stated the most important limitation for Hong Kong entrepreneurs is inadequate accessibility to financial resources.

Nevertheless, experts note that the future is bright for reviving the city’s entrepreneurial spirit, as major institutional players continue to accelerate investment and involvement in the city’s startup environment. In addition, knowledge providers from the private sector and universities are becoming more involved in offering programs and trainings tailored to meet the needs of entrepreneurs.

Dominic Allon, Managing Director of Google Hong Kong

Dominic Allon, Managing Director of Google Hong Kong, said, “There is still much to be done to build a better ecosystem for local youngsters and entrepreneurs. Through the EYE Program, we want to address the challenges entrepreneurs face by inspiring them with a positive mindset, empowering them with multidisciplinary skills, and providing valuable networking opportunities. We are delighted to see how the EYE Program has taken off thus far, and hope our commitment will push forward the ecosystem and industry partners to turn Hong Kong into a digital hub for entrepreneurs.”

Prof. Kevin Au, Director of CUHK Center for Entrepreneurship

Professor Kevin Au, Director of CUHK Center for Entrepreneurship, explains, “If we were to describe Hong Kong’s entrepreneurial ecosystem with startup theory, we would conclude that it has performed a mostly successful commercialization and is now in its growth stage. Hong Kong is waking up, as one of our experts said, and it is doing it with its well-known dynamism and drive. What’s the next step? Initiatives like the EYE Program are making a sizeable contribution to advancing Hong Kong’s overall startup community, and we encourage more participation from the broader society to make an even bigger impact.”

The final report, available in November, will include a detailed analysis of trends, challenges and opportunities, as well as recommendations for Hong Kong becoming the hub for entrepreneurs.

A snapshot of key findings from the EYE Program Entrepreneurship Ecosystem of Hong Kong Interim Report includes:

A typical Hong Kong entrepreneur

Based on responses from the 612 surveyed entrepreneurs, a typical Hong Kong entrepreneur is male (72%), most likely between 21 to 25 years old (38%), holds a B.A. (58%) from a local university (83%).
Most entrepreneurs cite their major strengths as creative thinking, business management and presentation skills, while the least strong were fundraising, coding and most have them had no experience in entrepreneurship.
The key factors that Hong Kong’s young entrepreneurs consider before deciding to launch a startup are availability of business opportunities and knowledge, supply and use of technology and creative ideas, and availability of funding sources for entrepreneurs.
People who postponed their decision to pursue entrepreneurship think that regulation and policies in Hong Kong are not tailored enough for the needs of entrepreneurs (most important institutional factor), and that there is not enough funding availability (second most important factor).

Societal factors are preventing entrepreneurs from making the leap

The lack of economic necessity and financial security is amplifying high-levels of risk aversion, in addition to pressure from older generations to enter less risky careers.
Entrepreneurs face increasing pressure from friends and family after enrollment in entrepreneurship programs. Entrepreneurs who postponed their startups faced on average 39% and 436% increase in pressure from family and friends respectively.

Challenges in obtaining early-stage investment and seed capital

Most entrepreneurs surveyed stated self-funding (88%) as the major source of seed capital. Meanwhile, banks are the least represented as a funding source of early stage capital (6%), followed by venture capitalists (8%).
According to experts, financial accessibility ranks as the biggest weakness (64%) in Hong Kong’s entrepreneurial ecosystem. The experts interviewed emphasized the contrast between the availability (abundant) and accessibility (very low) of financial resources from these formal channels.
Hong Kong has a high abundance of financial resources, with 260 established Hong Kong-based venture capital firms in 2013 investing in startups and 25% of startup support ecosystem being populated by funding providers in 2014. However, there is limited domestic investment from these groups: only an estimated 1.8% of total local venture capital investment and 21% of Hong Kong angel investor funding went to local startups from 2009 to 2013.

The future is bright

The number of co-working spaces has grown from 1 in 2009 to 22 in 2014, startup accelerators and incubators have more than tripled from 6 to 16, knowledge providers have more than doubled from 14 to 37, and funding providers (including associations HKBAN and HKVCA as single entities) have almost tripled from 16 to 42.
Direct funding from businesses to local universities has grown by 35% and government-matching collaboration programs have tripled since 2009, indicating private and public sector recognition of the importance of entrepreneurial studies and knowledge exchange.
Youngsters are positive in taking on the entrepreneurial journey, as the network of co-working spaces, funding and knowledge providers, and government programs continues to grow and better connect to the ecosystem.
Experts are positive about the future of Hong Kong’s entrepreneurship ecosystem, with its growing momentum.

The EYE Program Entrepreneurship Ecosystem of Hong Kong Interim Report is a comprehensive study from over 400 sources, including survey responses from 612 young entrepreneurs, interviews from a panel of 12 local experts, analysis from international databases and reports, and social networks assessing the viability of the local entrepreneurship ecosystem. The goal is to identify the growth and challenges in Hong Kong’s startup ecosystem, and to generate enthusiasm and support for aspiring entrepreneurs.

The press release is issued by Google.

Antony Leung Kam-chung Inspires Full House at Global Leader Series

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The much-anticipated Global Leader Series talk delivered by Mr. Antony Leung Kam-chung, former Financial Secretary of HKSAR Government and current Group Chief Executive of Nan Fung Group, proved highly successful on 15 May as all 300 seats were filled at the ballroom of the InterContinental Grand Stanford Hong Kong.

The event was hosted by the Pro-Vice-Chancellor of CUHK, Prof. Michael Hui, and the Dean of CUHK Business School, Prof. Vernon Hsu. Distinguished guests, alumni and students of the Business School enjoyed a relaxed and inspiring evening, interacting with one another in a reception before Mr. Leung shared his insights in a talk titled ‘Thoughts on Hong Kong’s Future Economy and Job Market’. Mr. Leung expressed his views on economic as well as social and political issues, explaining how Hong Kong should leverage its prominent position arising from China’s booming economy. He also offered tips to the young on how to equip themselves amidst globalisation and technological advancement. The audience responded with thunderous applause.

Mr. Leung stated, “I am honoured to have the opportunity to share my thoughts with distinguished leaders from a wide variety of backgrounds, many of whom are alumni of the Business School. It was an enjoyable evening with cherished memories.”

The event attracted an international mix of influential business, academic and diplomatic leaders, including Mr. Alan Chow, Executive Director of the D. H. Chen Foundation; Mr. Alex Lui, Executive Director of K. Wah International Holdings Limited; Ms. Alice Ip, Executive Director of Sino Group; Ms. Anita Fung, CEO, Hong Kong of HSBC; Mr. Andrew Kam, Managing Director of Hong Kong Disneyland; Mr. Te Chi Wang, Principal Assistant Secretary of the Constitutional and Mainland Affairs Bureau; Mr. David O’Rear, Chief Economist of Hong Kong General Chamber of Commerce; Mr. Wilson Shao, Managing Director of Ngong Ping 360 Limited; and Hong Kong-based diplomats from the Consulates General of Australia, Finland, Russia and the U.S. Prominent business school alumni included Mr. FC Lo, Chairman of FC Packaging Holding Limited; Mr. Bankee Kwan, Chairman of CASH Financial Services Group Limited; Ms. Norris Lam, Managing Partner and President of Forbes Private Capital Group Asia; Dr. Peter So, Managing Director of CCB International; Mr. Chan King Cheung, Chief Editor and Director of Hong Kong Economic Journal Company Limited; Mr. Daniel Chong, CEO of Yata Limited; and Mr. Ivan Wong, Managing Director, Head of Corporate Sales, Greater China of HSBC.

Now in its third year, the Global Leader Series organised by the Alumni and Corporate Affairs Office invites influential scholars and experts to exchange ideas on social, economic and other topics of public interest. Dean Prof. Vernon Hsu remarked, “It was a profound privilege to have Mr. Antony Leung speak at our Global Leader Series. I am certain everyone admires the wisdom and charisma of this influential business leader. We look forward to the continued support of our fellow alumni and friends to this inspiring event series.”

LENS Program

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CUHK MBA has launched a new and unique management training and development program LENS (Learning management Essentials for your Next Stage). This is a tailor-made program highly relevant to current working professionals, whom are aiming at moving up to a team lead / manager role in 1-2 years’ time. The program will include 4 modules in 12 different sessions being held over a period of 24 months, specifically enhancing your skillsets inManaging Self, Managing Up, Managing Down and Managing Across.

Click here to view the flyer of LENS program.

MBA Jobs in Hong Kong & China with CUHK Career Services Director Marjorie Chang

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“Every student coming in should have 2-3 target companies in mind. See if these companies have operations and growth plans in Asia… if you’re thinking of moving to Hong Kong, China or Singapore, look at jobs that are relevant to your experience and try applying for them… An MBA is an important investment, so you have to get yourself better prepared so you know more about the market before you come. There are a lot of hurdles in front of you, but if you know them earlier, you’ll manage your expectations and you will get results.”

The world’s economic center is shifting East, and MBA programs are adjusting their offerings – and marketing pitches – accordingly. HKUST markets itself as “the best in Asia,” NUS as “the gateway to Asia” and CEIBS as giving students “the China edge.”

This week I sat down with Marjorie Chang, Director of CUHK’s Career Management Centre, to separate fact from fiction. Do MBAs really have more opportunities in Asia? How can international students best prepare themselves for successful careers in Hong Kong and China? And what are multinational and local employers looking for in candidates?

Marjorie has helped CUHK MBAs find jobs for nearly 8 years. I love her direct answers. Listen on to get an “on the ground” picture of the job market in Hong Kong and China. You’ll also get insight into how MBA admissions evaluates your post-MBA career goals.

Listen the conversation

Mr. Charles Li Generates Strong Enthusiasm at Global Leader Series Talk

New Student Entrepreneurial Initiatives at CUHK

Employment Report – Full Time MBA Graduates 2014

ASIA MOMENTUM Please click here for full report.

Release of 2015 Graduate Resume Book of MBA Programs

Booming Startup Ecosystem Signals Bright Future for Hong Kong Entrepreneurs

Antony Leung Kam-chung Inspires Full House at Global Leader Series

LENS Program

MBA Jobs in Hong Kong & China with CUHK Career Services Director Marjorie Chang