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28.12.2018

[eNews] Tanoto Center Co-hosted the Fifth CFBR China Family Business Heritage Forum

The HKUST’s Tanoto Center for Asian Family Business and Entrepreneurship Studies co-hosted a special session in the Fifth China Family Business Review (CFBR) China Family Business Heritage Forum in Shenzhen on December 10, 2018. The forum was one of the most influential family business related forums in Mainland China. This year, the Forum was titled “Wealth and Happiness” featuring family business owners, successors, and scholars from around the globe to discuss how wealth and happiness interact in the context of family businesses. The Tanoto Center brought a team of four distinguished speakers from Hong Kong to attend this event.

“Founders of Asian family businesses and family wealth often place ‘family’ on top of ‘business’ on the list of items they value most.  When we ask first-generation wealth creators, we find that there are three things they typically want to achieve, which we call 3P: Preservation of family wealth; preservation of family harmony; and preservation of family legacy,” said Professor Roger KING, Founding Director of the Tanoto Center. He continued with the trends and directions of the future of Chinese family businesses, and illustrated how the Western concept of family office can be modified to fit the needs of high net-worth Chinese families to maintain the cross-generational family wealth, harmony, and legacy.

Following Professor King’s speech, Mr Richie EU, Managing Director of Eu Yan Sang Trading (Hong Kong) Limited and fifth-generation representative of the Eu family, shared the evolution of his family’s century-old business. Mr Robert DORFMAN, Chairman of Herald Holdings Limited, shared his observation of the similarities and differences between Jewish family businesses and their Chinese counterparts. Mr Benny WONG, Vice President and CFO of Glory United Investment Ltd., showcased the management of the Indonesian Chinese family business and the dynamics beyond a diverse corporate structure.

All three speakers joined Professor King and Mr WANG Feng, a host from Phoenix TV, in an interactive panel. They shared their entrepreneurial experiences within or outside of their family businesses, and their perspectives about the future.

The invited attendees of the Forum also visited the Shenzhen Reform and Opening-up Photo Exhibition focusing on the development of private sector, to celebrate the 40th anniversary of China’s reform and opening-up.


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