[School in Media] September


BizInsight@HKUST Forum Features the Future of Family Businesses

Most local dailies, a number of regional media and investment and wealth management publications reported on the findings shared by the Tanoto Center for Asian Family Business and Entrepreneurship Studies, in a media briefing after a family business forum organized by the School. Most articles reported that the Center found a lack of succession plans among Chinese family businesses, and that fewer Chinese family businesses can survive for more than a century compared with their counterparts in countries like Japan. They reported in mainland China, only 6% of families have clear succession plans, while less than 35% of the next generation are willing to succeed their own family firms. Director of the Center Prof Roger King said China-based family businesses could build a sustainable business model to nurture more potential successors, and apply new technology to the business. Associate Director of the Center Prof Winnie Peng explained, the fact that mainland family businesses mainly involve traditional industries makes their next generation less willing to succeed. Commenting on succession, Mr Richie Eu, Managing Director of Eu Yan Sang Trading (HK) Ltd, opined a clear ownership is important to lead the family ownership to move forward. Mr Kevin Wong, General Manager of Kowloon Watch, said his company will diversify its business amid the challenges in local luxury goods market. Some articles reported on Wong’s venture into the new technology gadget developed by his own company Origami Labs, which has launched a “smart ring" that can be used for calls and real-time translation. (SCMP, Standard, China Daily,HKEJ, HKET, Apple Daily, Oriental Daily, HK01,Ta Kung Pao, HK Commercial Daily, Metro Radio, Commercial Radio, etnet, Quamnet, AASTOCKS, Finet, Business Insider, Asia Times,Epoch, Orange News, Sohu, China News, Guandian, Sina,World News, Public Now,Xianggang Bao,NNA Asia)

Meanwhile, SCMP, Bloomberg, China Family Business Review, Campden carried follow-up or more in-depth reports, featuring different family business cases and further comments made by Prof King on the issues facing Chinese family businesses. HKEJalso carried a commentary (解牛集) by Prof Peng Qian, who explained the importance of setting up family offices and introduced the family business forum jointly held by the Center and the School.

Steps Taken by the School to Promote FinTech (22 Sep)

Six local dailies (Ming Pao, Sing Tao, ODN, Wen Wei Pao, Ta Kung Po, and HKEJ) featured the steps taken by the HKUST Business School to promote and enhance its FinTech education. The stories focused on a new MSc program in FinTech and an incubator to be unveiled by the School. Dean Prof Tam Kar Yan was quoted as saying that the MSc in FinTech program is scheduled to launch in 2019, while the incubator will provide a co-working space for students across HKUST to put their ideas to test and start their own ventures. An MBA graduate Samson Lee commented on the future role of FinTech, saying that “dcentralized” and “disintermediation” will make future transaction more transparent. Some papers introduced a P2P project by a current SBM student Eric Chow and his determination to become a FinTech entrepreneur.

Meanwhile,GNAMcarried a special feature on FinTech with commentaries contributed by faculty of member schools. Dean Prof Tam explained some distinctive advantages for FinTech entrepreneurial ventures in Hong Kong, in terms of location and education, and shared some telling success stories at HKUST.

Educating the Next Chinese Business Leaders (28 Sep)

Financial Times published a supplement entitled “Educating the Next Chinese Business Leaders”, featuring the executive education market in China. The supplement carried multiple articles and videos looking into different issues. Commenting on the evolving needs in the region, Dean Prof Tam Kar Yan said Chinese institutions must pay attention to the shifting career aspirations of MBA graduates and candidates, who are growingly attracted to disruptive technology companies. He also talked about the role Hong Kong can play as China becomes the world’s largest economy. In another article on chances that Hong Kong offers for MBAs, HKUST MBA student Sam Dash and graduate Mark Wise spoke about how their studies in the city improve their career prospects, while Professor Stephen Nason recalled how he first took up a teaching post at HKUST. (Link - China’s business education; Link – HK offers chance for MBAs)

Launch of M2M Program

A number of business education portals, including BusinessBecause, PIE, andYale News, reported on the new M2M program jointly offered by five top-ranked business schools. The five schools taking part in the new initiative are the HKUST Business School, Yale School of Management, UBC Sauder, HEC Paris, and Brazil’s FGV. The initiative includes a portfolio of double degrees that give recent graduates the opportunity to complete two master’s degrees at two top business schools in two different countries over two years.


HKSAR 20th Anniversary Supplement

WSJ Online carried an HKSAR 20th Anniversary Supplement by the HKSAR Government. The supplement included a number of articles showcasing Hong Kong as a “super connector”. In one of the articles featuring how Hong Kong creates a “global knowledge bank”, it mentioned the top-ranking HKUST-Kellogg EMBA program. Dean Prof Tam Kar Yan was quoted as saying that the School recognizes its responsibility to help the broader business community to understand the challenges in the midst of many rapid developments worldwide.

Myths about Performance (29 Sep)

Market Watch carried an article by Adjunct Prof Michael Edesess, Department of Finance. He urged financial advisers to get rid of mythology in their advice on financial strategies.

Sino-US-Korea Relation (29 Sep)

Sky Post carried an article by Emeritus Prof Francis Lui, Department of Economics. He analyzed the latest situation facing North Korea, the US and China amid the much-debated nuclear issue.

Belt and Road Special Report (28 Sep)

SCMP carried a series of articles on the Belt and Road initiative. One of the articles extracted comments made by Prof Francis Lui in the School’s Magazine. It said Prof Lui encouraged students to travel to belt-and-road nations in order to broaden their horizons.

Subprime Mortgage Crisis (25 Sep)

HKEJ looked into the subprime mortgage crisis that broke out in 2008. Adjunct Prof KC Chan, Department of Finance, and former Secretary for Financial Services and Treasury, opined it is a matter of time that there would be another financial crisis, but the scale and complexity are unlikely to trigger the same level of knock-on effect on the banking system that happened a decade ago.

Companies’ Sustainability Practices (24 Sep)

SCMP carried a special report on ESG. In one article, it reported that investors are increasingly seeking data to build sustainability criteria into their asset portfolios, in which Adjunct Associate Prof Entela Benz, Department of Finance, said that the use of big data in ESG as the most beneficial and cost-saving approach for sustainability. In another article, Prof Mary Ho, Department of Management, suggested that a compulsory pension fund’s investment horizon gave a long-term commitment to make a meaningful environmental or social impact.

GBUS Admission Requirement (22 Sep)

Most local dailies reported on the Info Day organized by HKUST and the minimum admission scores required for different programs. ODNsaid GBUS sets the highest admission requirements for candidates.

Property Gain Tax for Reasonable Market (19 Sep)

HKEJcarried a commentary (解牛集) by Dr Kelvin Mak, Department of Accounting, on how the property value-added tax can help stabilize the property market price.

The Power of Blockchain (17 Sep)

Ming Pao featured on blockchain and how it can change people’s life. Prof Hui Kar Lung, Department of ISOM, talked about the concept of blockchain and how it can avoid frauds.

Extremist Should Hold Responsibility (13 Sep)

HKEJ carried a commentary by Emeritus Prof Francis Lui, Department of Economics. He urged the extremists on university campuses to understand their possible criminal liability.

Initial Coin Offering and Risk of Investment (12 Sep)

HKEJcarried a commentary (解牛集) by Prof Hui Kar Lung, Department of ISOM. He discussed and reminded investors of the uncertainty and risk of the Initial Coin Offering (ICO) - an unregulated means of crowdfunding via use of cryptocurrency.

National Anthem Law (8 Sep)

Sky Post carried an article by Emeritus Prof Francis Lui, expressing his views on the enactment of a National Anthem law in Hong Kong.

Implication of Belt and Road (6 Sep)

Christian Daily discussed One Belt One Road and what it means to the economy, in which Prof Leung Siu Fai, Head of Department of Economics, compared the One-Belt-One-Road project with the Marshall Plan after the end of World War II. He opined the Belt and Road initiative can help China achieve the RMB internationalization and address the issue of over-capacity.

Building People-oriented Work Force (5 Sep)

HKEJcarried a commentary (解牛集) by Prof Li Jiatao, Department of Management. He discussed on ways to develop a people-oriented work force and the secrets of building a happier work force.

EMBA Gala Dinner in Shanghai (5 Sep)

ODN reported on the HKUST EMBA Gala Dinner held in Shanghai. The report mentioned the event was attended by guests including Adjunct Prof KC Chan and former Secretary for Financial Services and Treasury.

Innovation of Hongkongers (5 Sep)

Ta Kung Pao carried an article by Emeritus Prof Francis Lui who shared his views on the opportunities for Hong Kong in the years ahead and the misspelt effort by Hongkongers in political tussles.

Response to Typhoon (1 Sep)

Sky Post carried an article by Emeritus Prof Francis Lui. He compared the precautionary measures adopted by Hong Kong and Macau in preparing and response to Typhoon Hata.


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