Asian Pacific Business Journal - 2014-December

‫܅‬Ҝ ௸෴

Asian Pacific Business Journal

Issue Number 0084

WWW.APBJOURNAL.COM

2014 December Issue

1548 W. Alameda Avenue, Suite D, Denver, CO 80223| Tel: 303-733-8888, 303-722-8268, Fax: 303-722-7861¦ asianpacificbiz@gmail.com

Seasons Greetings and Happy Holidays to You and Your Loved Ones

Colorado Governor John Hickenlooper and his son Teddy

New Mexico Congresswoman Michelle Lujan Grisham with her family

Alibaba's Jack Ma Entices Young Taiwanese to Create Startups in Mainland China by by Offering Grants

By Shuan Sim Source: IB Times Alibaba’s Jack Ma said the Chinese e-commerce giant wants to not only help put mainland Chinese products on the global market but also help small and medium enterprises from Taiwan to get there. With mainland China’s low cost of operating and rapidly developing Internet technology, he said, young Taiwanese should venture into the mainland and discover how to be more competitive. “If you wish to set up a business on mainland China, please come to us,” said Ma, who vowed to establish a grant to help young Taiwanese entrepreneurs break into mainland China. It's unclear how much money Ma will devote to the effort. Some 1,000 participants, the largest number ever, attended the 2014 Cross-Strait CEO Summit in Taiwan this week, with Ma’s keynote speech Monday in an hourlong panel discussion winning the most accolades, according to Chinese state-owned news agency China News Service. He described his experience as a young man, being the only one of 25 applicants at a Taiwanese

Alibaba CEO Jack Ma delivers a keynote speech during the 2014 Cross-Strait CEO Summit in Taiwan, appealing to Taiwanese entrepreneurs to set up shop with Alibaba.

fast-food restaurant who didn’t get the position. “The most important thing is not to dream of a thousand opportunities at night, only to wake up treading one’s original path,” said Ma. He said innovation lies around every corner, stressing it has not already been “all taken away

by greats such as Bill Gates.” He said Taiwan’s Internet industry has yet to catch up with that of mainland China’s, but Taiwan could get there in about 15 years. Ma also reflected on recently turning 50, and talked about the importance of giving opportunities to young people. “At age 30, we work for others, at age 40, people work for us. However, at age 50, it is even more important that we let the work be about others, especially young people,” Ma said. Other notable participants of the summit include mainland China’s top cross-strait relations negotiator Chen Deming and his predecessor Chen Yunlin, electronics company Acer Inc. founder Stan Shih, and former Taiwanese Vice President Vincent Siew. The summit ended with the signing of 31 memorandums of understanding, including 24 deals focusing on small and medium-sized enterprises in the cultural and creative industry. Some protestors picketed the event, broadcasting recordings of “The communist livestock have arrived; the Chinese communist robbers have arrived,” the Taipei Times reported.

Asian Pacific Business Journal

Page 2

2014 December Issue

Colorado Heights University Celebrates Fall 2014 Commencement Wednesday, December 17, 2014 - The 90 minute ceremony featured three student speakers along with a keynote address by local business leader, Mike Fitzgerald. Over 300 friends and family members attended the event, hosted at the CHU Theater on campus. The graduates, who all completed their required coursework during the past six months, were presented certificates in English, Bachelor’s Degrees and MBA awards. Colorado Heights University, located on the historic Loretto Heights campus, is a proud multi¬cultural institution and the graduating class featured 97 students representing 22 different countries, including Mongolia, Vietnam, Morocco, Ghana, Ukraine and China, along with the United States. “I’m proud of what these students have all achieved. They all came to Colorado Heights University with a dream, whether building their English language skills or advancing their collegiate careers,” said Interim President and emcee Bob Rizzuto, “We’re honored that so many of our students have come from around the globe to build our campus community.” Mike Fitzgerald, President and CEO of the Denver South Economic Development Partnership, delivered a moving keynote address, fo-

cusing on the American heritage of welcoming immigrants from around the world and incorporating those cultural values into the American tradition of opportunity and advancement. Student speakers included Akvile Zarembaite (MBA, Lithuania), Martha González-Beltrán (BA, Mexico) and Andrea Silva Agudelo (Intensive English, Colombia). About Colorado Heights University: Located on the historic Loretto Heights campus, Colorado Heights University was officially founded in 2009, after spending the previous 20 years named Teikyo-Loretto Heights University.

The school embraces diversity and international cultures, reflected in a student population that stems from over 60 countries, and offers Intensive English programs to help domestic immigrants and international student s expand their language skills. CHU also offers a Bachelor of Arts in International Business and an MBA (International Business) program featuring 4 different specializations. The school’s mission is “To educate determined individuals from around the globe, enrich their professional and personal lives, and impact society. “ For more information, please visit us online at www.CHU.edu.

Hot Year for US IPOs on Wall Street The record-setting US$22 billion Alibaba IPO was one of several big deals this year, while conflicts and falling oil prices failed to have much of an impact Wall Street this year has had its best year IPOs, with percent higher at the end of the year compared for initial public offerings (IPOs) since 2000, 406 offerwith its IPO price. That was well below the 40.8 thanks to the record-setting flotation of Chinese ings raispercent gain last year. Internet giant Alibaba Group Holding Ltd and a ing US$96 Renaissance cited the sell-off in energy IPOs barrage of biotech deals. billion, Rein the latter part of the year as oil prices tanked, Activity was “uninterrupted” and proved naissance as well as a correction in high-multiple tech largely immune to forces that at times rattled said. stocks in March and April, for the year-overequity markets, Renaissance Capital said in a Parayear decline. report last week. doxically, Twice as many deals were postponed this “While various global events, such as Rus- while the US and China spar for the distinction year compared with last year and 40 percent sia’s incursion into the Ukraine and conflicts in of the world’s biggest economy, the Chinese came to market below the proposed pricing the Middle East, caused nervousness in global Internet marketplace Alibaba emerged as a key range, the report said. markets, they largely failed to disrupt the US player behind New York’s banner year. Experts expect another strong year next IPO applecart,” Renaissance said. In September, Alibaba became the biggest year, owing to a heavy number of securities filRenaissance said there were 273 stock de- IPO in history, raising US$22 billion. ings from companies disclosing plans to create buts this year, up 23 percent from last year. Besides Alibaba, nine other companies raised offerings. Renaissance has a private company Dealogic released similar numbers, count- more than US$1 billion this year. They included “watch list” of 255 companies that could go ing 291 offerings, up 27 percent from last year. Citizens Financial Group Inc, a unit of British public. Analysts are gearing up for another heady year bank Royal Bank of Scotland, with US$3 billion More than 80 percent are in the tech sector. next year, citing a deep pipeline of securities fil- gained and Synchrony Financial, which was The list includes Web registration company Goings from leading prospects and investor zeal spun out of General Electric Co, with US$2.9 Daddy and subscription-based music streaming for hot names such as apartment rental Web billion. service Spotify Ltd. site Airbnb Inc and app-based taxi service Uber A big chunk of this year’s IPOs came out of “Overall positive returns and a large pipeTechnology Inc. the health sector, with biotechs comprising 25 line suggest that consistent deal flow should New entrants to US equity markets raised percent of total deal volume at 69 offerings, Re- continue into 2015, tempered by disciplined US$85 billion this year, according to Renais- naissance said. pricing,” Renaissance said. sance, about 55 percent more than last year. Biotech offerings also accounted for eight of “While IPOs in 2015 will have to grapple “What is behind the growth is that compa- the top 10 IPOs in terms of return to sharehold- with a [US] Fed ready to raise interest rates, a nies are really growing and need more capital to ers. depressed energy sector and concerns over ecocontinue to accelerate their growth,” NASDAQ However, the health sector was also respon- nomic growth abroad, the US IPO market proved chief executive officer Bob Greifeld said on sible for five of the 10 worst-performing new its resiliency this year, and has the potential to CNBC. “That is great for the overall economy.” stocks. create another post-2000 record,” Renaissance The year 2000 remains the best on record for In all, the average new stock finished 16 said.

2014 December Issue

Asian PaciďŹ c Business Journal

Page 3

PaciďŹ c Ocean Marketplace Celebrates the Grand Opening of its 3rd Location in Aurora On December 6th at noon, PaciďŹ c Ocean held a grand opening celebration at its new Aurora store. Festivities included lion dancing, ribbon cutting ceremony and a free lunch for shoppers. Aurora City Council members and city representatives welcomed the new store to Aurora.

Page 4

Asian PaciďŹ c Business Journal

2014 December Issue

We can help you through the slow months: 50% off ad prices from January through December CALL 303-733-8888

Page 5

Asian Pacific Business Journal

2014 December Issue

8 Keys to Success from Jack Ma, Self-Made Billionaire and CEO of Alibaba informed intuition is a hallmark of any great business leader.

By Steve Kux It takes a rare person to accumulate a total net worth over $20 billion through a devoted work ethic while maintaining a sense of perspective. Jack Ma is one of those people. The founder and CEO of Alibaba, one of the world’s leading e-commerce web portals, is one of the world’s richest men, but he has not let success cloud his vision for the future or his acknowledgement of where he came from. Jack Ma’s keys to success are true and inspiring for everyone from aspiring billionaires to owners of the smallest businesses.

4. He Hires People with Superior Skills When asked what separates a leader from an employee Ma has gone on record saying “Your employee should have superior technical skills than you. If he doesn’t, it means you have hired the wrong person.” Focusing on the skills of employees and hiring people with the know how 1. He Values Attitude to carry out your vision is an imWhen Jack Ma talks about the biggest mistake portant pillar of any great comhe ever made he describes how when he founded pany. Alibaba he told his team that the highest level they could achieve would be that of managers, 5. He is Tenacious and that executives should be hired from the out- In addition to foresight Ma says side. Ma has learned his lesson and now stresses leaders should be tenacious and the importance of attitude and passion over theo- have a clear vision. Knowing what you want to retical skills. achieve and having the drive to chase it down will not only put you on the path to success, it 2. He Unites People under a Single Goal will inspire those around you to work hard for Ma understands that no matter how hard you try that common goal. Taking pride in your work you will never be able to convince every single and not taking no for an answer are keys to Ma’s employee, business partner, and potential inves- business philosophy. tor to trust you or believe what you say. Accepting that and changing your approach is another 6. He Defines Failure as Giving Up key to his massive success. Rather than uniting According to Ma, “giving up is the greatest his company under the vision of one person, he failure.” If you go out, try your best and fail to unites them under a common goal. The vision is achieve your goal but see it through to the end more important than the leader. you are a success. Like all great leaders, Ma recognizes that a person is able to learn the most 3. He has Foresight from obstacles and hardships. They key to sucJack Ma believes that a good leader should have cess is persevering and learning from your misforesight. He should try to stay one step ahead takes. of the competition and anticipate how decisions will play out ahead of other people. Taking time 7. He Loves Life to develop creative thinking skills and following “I always tell myself that we are born here not

to work, but to enjoy life. We are here to make things better for one another, and not to work. If you are spending your whole life working, you will certainly regret it.” This sentiment lies at the heart of Jack Ma’s lifestyle. Life is for experiencing the world and helping out other people. If money is your goal, you have to change your mindset. 8. He Doesn’t Make Enemies One the most unique aspects of Jack Ma’s business philosophy is the idea of friendly competition. Ma does not see his competitors as his enemies, rather they are friends whom he can learn from and who challenge him to achieve his full potential. It is clear that Jack Ma’s philosophy is built for success in a rapidly developing world. We can all learn a thing or two from this self-made billionaire.

The 6 Chinese tech startups to watch

Asian startups are now starting to see a rapid increase in funding from high profile investors. While the tech startups in Silicon Valley and the rest of the developed world continue to innovate, agile startups in Asia are now tackling problems that are unique to their local populations. Here we focus on some of the 6 most promising Chinese tech startups. Leading the pack is iDreamsky, which raised more than $100 million in its IPO, as it continues to localize for the Chinese market apps that are successful overseas. In just a few years it has become the largest mobile gaming publishing platform in China with nearly 100 million monthly active users. Another Chinese tech startup that stands out is Daojia, offers a restaurant take away food delivery services similar to FoodPanda and Spoon Rocket. Already with 1 million customers and 1,000 delivery staff, it’s aiming

to expand the business across 30 cities in China over the next 12 months. The 6 Chinese tech startups are all lighting up the country’s tech space as they look to establish themselves as the leader in the relevant verticals. Daojia Recent funding: $50 million series D S i l i c o n Va l l e y i s a w a s h w i t h online food delivery firms such as FoodPanda, Spring, Munchery and Spoon Rocket. Now, as in so many other verticals, Asia-Pac has noticed – and is creating its o w n c o u n t e r p a r t s . We e k s a g o , C h i n a ’s Daojiaemerged as the region’s leader (arguably) thanks to a $50 million series D round. The money came from compatriot e-commerce giant JD (an Alibaba rival), which put in a similar sum 12 months ago. Daojia operates in 8 cities in China, has nearly 1 million registered

customers, 1,000 delivery staff, and works with more than 3,000 restaurants. Daojia will spend the cash on expanding towards 30 cities in China next year. Snowball Finance Recent funding: $40 million series C Investors thrive on information, so it stands to reason they may appreciate the inside track on each other. That’s the rationale behind Snowball, the parent company of Xueqiu.com – the Chinese social network and news portal for investors. The site tracks data across US, Hong Kong, and Chinese financial markets, and even reports back info on Bitcoin. Users can sign up for alerts but also, like Twitter, follow and communicate with other investors. The offer proved compelling enough to attract a $40 million series C round by Renren, Sequoia Capital and Morningside Capital.(Continued on page 8)

2014 December Issue

Asian Pacific Business Journal

Page 6

Taiwan tops Asia as knowledge-based economy Source: Taiwan Today Taiwan was rated first among Asian economies in using knowledge-based industries to drive economic growth, according to the “Innovative Asia: Advancing the Knowledgebased Economy” report released in September by the Asian Development Bank. Scoring 8.77 out of 10, Taiwan bested Hong Kong, which had a score of 8.52, Japan with 8.28, Singapore with 8.26 and South Korea with 7.97. The country also beat the average 8.25 for all members of the Organization for Economic Cooperation and Development, and was well ahead of the 4.39 average for the Asia-Pacific region. In the study, 28 Asian economies were evaluated on 12 key performance indicators in four categories: Economic Incentive and Institutional Regime, Education and Skills of Population, Innovation and Technological Adoption System as well as Information and Communication Technology Infrastructure. With scores of between 7.77 and 9.38, Taiwan ranked No. 1 in ICT infrastructure, ahead of Hong Kong; No. 2 in education, behind South Korea, as well as in innovation, where it was next only to Singapore; and No. 3 in economic incentive, trailing only Singapore and Hong Kong. According to the National Development Council, having a knowledge-based economy is key to prosperity and social transformation as it helps drive development through equality, inclusion and innovation. “The ADB’s latest report is a strong vote of confidence in government efforts,” an NDC of-

ficial said, adding that the top rankings underscore the competitive edge the nation enjoys. Citing statistics from the Directorate-General of Budget, Accounting and Statistics, the NDC said Taiwan’s intellectual property investment amounted to NT$701.6 billion (US$22.42 billion) in 2013, up 5.07 percent over the year before. Between 2007 and 2013, the country’s IP investment relative to machinery equipment jumped from 39.61 percent to 61.12 percent. The NDC said the government is implementing a raft of measures to develop Taiwan into a regional center for innovation and entrepreneurship, with a focus on sharpening the global competitiveness of the service sector. “These measures include further institutional reform, regulatory easing and trade liberalization to bring the country’s business environment more in line with Hsinchu County-based Industrial Technology Research Institute is that of the rest of the world,” credited as a key contributor to Taiwan’s knowledge-based economy in the ADB’s latest study. (Photo courtesy of ITRI) it added.

Taichung City selected as location for Scorsese film Source: Taiwan Today Taichung City in central Taiwan has been selected as a shooting location for U.S. director Martin Scorsese’s new production “Silence,” with filming set to commence in mid-February 2015. “We welcome the decision and will throw the full weight of the local government behind the project,” Taichung City Mayor Jason Hu said. “Every effort is being taken to continue implementing related measures and developing Taichung into an innovation-friendly metropolis.” According to Hu, major projects in the pipeline include Central Taiwan Cinema Center in Taichung Gateway District and Central Taiwan Film Studios in Wufeng District—two facilities certain to take the local filmmaking industry to new heights. Scorsese, who toured key facilities such as the 6,750-ton water tank used by Taiwan director Ang Lee for the main scene of his Oscar-winning “Life of Pi” at shuttered Taichung Shuinan Airport, praised the city’s weather and filming environment. He said he looks forward to a pleasant partnership with the local govern-

ment when his team comes back next year. This is the second time Scorsese has visited Taiwan to scout locations for the film. Last year, at the urging of Lee, he toured a number of possible sites in Taipei City and Hualien County. Based on author Shusaku Endo’s historic novel, “Silence” tells the story of two 17th century Jesuit priests faced with violence and persecution after traveling to Japan in search of their mentor and to spread the word of God. It is reportedly set to star Liam Nee- Taichung City Mayor Jason Hu presents U.S. director Martin Scorsese son, Andrew Garfield with a bottle of sorghum wine Nov. 26 in the central Taiwan city. and Adam Driver. (Photo courtesy of Jason Hu)

2014 December Issue

Asian Pacific Business Journal

Page 7

China's Private Sector Suitors To Drive Asian M&A Deals in 2015 By Carlos Barria China's private sector suitors are set to drive another strong year of Asian mergers and acquisitions in 2015 after deals hit a record this year, with consumer retail, financial services and technology seen as the most active sectors for deal making. Non-state companies from China, including Fosun International and Haitong Securities, have sealed a series of outbound deals this year, a marked change from past years when stateowned enterprises (SOEs) dominated China's mergers and acquisitions. Bankers are expecting that trend to accelerate next year, mirroring private firms' increased role in equity capital markets as Beijing's reforms aim to make the world's second- largest economy more responsive to market forces. It would be a boon to merger advisers that already experienced strong growth in fees in 2014. "What we are seeing is (Chinese) companies that haven't been on the radar screen showing interest in specific targets," said John Kim, head of M&A, Asia ex-Japan at Goldman Sachs. Deal making in Asia ex-Japan jumped 48 percent this year to an all-time high $802.2 billion, according to preliminary Thomson Reuters data through Dec. 19. Goldman Sachs, Morgan Stanley and Citigroup took the top three positions in the region's league table rankings. China was the most active market in 2014, accounting for about $353 billion worth of deals, the data showed. Fosun's takeover battle for Club Mediterranee and its latest offer that values the

French holiday operator at $1.15 billion give an indication of things to come next year, bankers say. "We are now seeing China come of age in terms of the broad-based nature of outbound acquirers," said Rohit Chatterji, head of Asia ex-Japan M&A at J.P. Morgan. "In the past natural resources An employee of the Industrial and Commercial Bank of China Ltd counts had dominated money at one of the bank's branches at the Shanghai Free Trade Zone in outbound inter- Pudong district, in Shanghai, Sept. 24, 2014. est, whereas the scoop up targets, bankers say. distribution has been more balanced this year." Yet another source of deals would be depressed Investment banks are also betting on reforms oil and metal prices, which are expected to tempt in China's SOEs and privatizations in Australia Asian companies to buy distressed firms, giving -- where the New South Wales and Victoria state M&A and financing opportunities to banks. governments are likely to sell an estimated A$26 "There are a lot of leveraged balance sheets in the billion ($21.2 billion) worth of power assets next (commodities) sector. As well, many companies year -- to pump up M&A volumes next year. that have committed to capex can no longer folPrivate equity firms, both homegrown and globlow through without equity support. These will al, sitting on $130 billion worth of unused capital present opportunities," J.P Morgan's Chatterji are also seen deploying more cash next year to added.

Innovators Beware: Dangerous Intersection Ahead By: Neal Thornberry, Ph.D. Innovation is not for the faint of heart, as Galileo learned when he said that the Earth revolved around the sun. He was scorned, threatened with death and eventually put under lifetime house arrest. Innovators are not always welcome guests even within their own organizations, and their challenges are heightened by a dangerous organizational intersection: where Complexity meets Wackiness. The more complex an organization, the more difficult it is for the innovator to figure out where to go with a good idea and how to weave it through the organization to implementation and eventually value creation. Growing organizations cannot avoid complexity. They add processes and people, divisions and specialists. Since we can now measure almost everything, they often believe if one measurement captured in a report is good, then more are better. One company, with whom I worked, learned that its sales people were losing a month of

selling each year because of the time spent filling out reports required by the finance department. This example of complexity gone awry drove the organization into Wackiness -sacrificing revenues for reports. There are many other examples of Wackiness getting in the way of innovation – and examples of stealth innovators circumnavigating them. One of my favorites is the tale of Jim Repp, head of Jeep design at the old Daimler Chrysler Corp. Jim knew that many Jeep lovers spent thousands of dollars upgrading their Wranglers for serious off-roading. This gave him the great idea for a mass-produced Jeep with all the upgrades built in at half the cost. When he shared his idea with marketing, they said there was no market for that type of vehicle and besides, you’re an engineer, not a marketer. Undeterred, Jim and a small band of innovators I call Innovation Judo masters built a secret prototype. They took it out on the Rubicon Trail in California for off-road trials and invited the senior executives to watch. Jim’s prototype outperformed the other Wranglers and, as crowds gathered around it, the executives saw their enthusiasm. They immediately authorized production of what is now a best-selling icon, the Jeep Wrangler Rubicon.

Fortunately for Chrysler and other companies, there are a few passionate innovators like Jim who won’t let go of their idea no matter what. They’ve developed a special set of skills (I call them Innovation Judo) that allow them to bypass those blocks. They are: • Discipline • Leverage • Speed • Openings • Circling • Unbalancing • Redirection The Jim Repp story illustrates the application of several of these principles. The discipline to plan for building a secret prototype; leverage in getting senior executives to support his idea; utilizing the opening at the Rubicon Trail; and then using the surprise (a tactic of unbalancing) of a Jeep that looked like all the other jeeps on the trail but outperformed them. Since it takes so long to correct the dangers at the Complexity/Wackiness intersection, identifying and supporting a few Innovation Judo Masters can go a long way in overcoming some of the most difficult barriers to innovation.

Page 8

Asian Pacific Busines Journal

（continued from page 5) Renren, of course, already operates a successful social network in China, though it has come under pressure recently from giants like Tencent. Aipai Recent funding: $38 million series C Video sharing sites have democratized the film making process, making stars of the unlikeliest movie creators, not least video games players. Gamers simply love to watch other gamers, which explains why YouTube just bought gamers’ channel Twitch for $1 billion. And also why Chinese video site Aipai recently raised$38m in series C funding from SAIF Partners and Matrix. Aipai focuses on game recordings (though it does showcase other Asian pursuits like Manga and Karaoke). Of course, so do many other web destinations. What makes Aipai a bit different is the editing tools that make it easy for users to capture their own footage, edit it and add effects, music and voice. The site has 10 million daily active users and 50 million monthly active users. Maimai Recent funding: $20 million series B This messaging service has been described as the enterprise equivalent of WeChat, and it certainly has its similarities. It’s Chinese, and it gives its 800,000 registered users the chance to do group messaging. But it may be nearer to Secret and Whisper, thanks to its anonymous chat function. Then there’s the inevitable LinkedIn comparison. Ei-

ther way, Morningside Ventures and IDG recently invested $20 million in series B funding and Maimai says it will use the cash to market its service to new users. iDreamsky Recent funding: $115 million IPO Hardly a plucky startup given that the Chinese third-party publisher of Fruit Ninja and Temple Run 2 raised $115m in an IPO on the NASDAQ. Of course, iDreamsky doesn’t originate all its hits, but it does localize them for the Chinese market, with its mystifying (to outsiders) array of independent Android app stores. Crucially, iDreamsky works closely with Tencent/WeChat on the payment and distribution of its games. Not surprising, given that Tencent was an early backer. The iDreamSky prospectus says iDreamsky has 98.3 million monthly active users and 25.8 million daily active users. Haha Pinche Recent funding: $10 million series A China’s traffic jams are legendary now that its growing middle class has discovered the car. So it’s unsurprising that its carpooling startups are attracting investor attention. Haha Pinche recently bagged a $10m series A haul led by Sequoia Capital in its bid to become the Lyft of China. It’s not the first firm to enter the space, and others have struggled, so it will hope its timing is good. It’s only been live since January. Like other carpool apps, Haha Pinche matches passengers and drivers, provides ratings and enables payments.

2014 December Issue

Seasons Greetings from Congressman Michael Coffman, 6th district Dear Friends: Cynthia and I wanted to reach out to you during this holiday season to wish you and loved ones a Merry Christmas and Happy Holidays! I also wanted to thank all of you who gave your time, treasure and support to help me achieve victory in the most competitive house race in the county. We all know the fight is never over, and I hope I can count on your continued support as we enter into the new year. During the holiday season I like to remember those who are deployed and serving in our military, who do not get to spend this time with their loved ones. The holidays can be difficult for our military service members and their families. It was hard on me while serving overseas, but it always comforted me to know that those back home appreciated the sacrifice I was making and the sacrifice of all our soldiers so that Americans can remain free and safe. Please take the time to thank all of our soldiers and veterans when you have the chance. Thank you all for the opportunity to continue to serve our great nation. God bless you, and may you and your loved ones have a joyous and safe holiday season. Thank you, Mike Coffman

Dear readers, As I reflect on 2014, two words come to mind: growth and transformation. Colorado continues to expand as more local companies do business in the Asian Pacific region, the number of Asian business owners increases and the Asian community continues to grow. Reflecting this growth, the Asian Pacific Business Journal has also seen a transformation. From opening our satellite office in New York City two years ago to expanding our reach throughout the Rocky Mountain region. This month, we received a special greeting from New Mexico Congresswoman Michelle Lujan Grisham. The journal wishes you and your family the best this holiday season! We look forward to seeing you in 2015!

Sincerely,

Jocelyn Chao President

Asian Pacific Business Journal Honored Advisor: Winston L. Yang, Ph.D. Publisher: Wendy Chao President: Jocelyn Chao