Monthly Announcement Published by the Undergraduate Office, CUHK Business School
A closer look at social business - Social Business Boot Camp #1 for Hong Kong Social Business Challenge The Hong Kong Social Business Challenge is a joint initiative by CUHK Business School and SOW Asia to encourage business students to design and implement commercially sustainable solutions to socio-environmental concerns. (Click for more)
HSBC/McKinsey Case Competition Retirement of Prof. Lee Kam Hon
Also in This Issue 05 CUHK Business School students join pilot scheme for cross-border study tour in Shanghai 08 University of Leeds visited CUHK Business School 09 IBCE students from USC arrived at CUHK Business School Click to download the full issue
A closer look at social business Social Business Boot Camp #1 for Hong Kong Social Business Challenge Date: Friday, May 25, 2012
Scott Lawson (facing the audience), CEO of SOW Asia, delivering a welcome speech to the fifty participants
The Hong Kong Social Business Challenge (The
Social business is an organization that focuses on achieving social impact. â€?
Challenge) is a joint initiative by CUHK Business School and SOW Asia to encourage business students to design and implement commercially sustainable solutions to socio-environmental concerns. Throughout the competition period from April to October, a series of mentoring activities will be provided to participants. The first mentoring session, Social Business Boot Camp #1, was held on May 25. Participants from nineteen competing teams as well as walk-in audience members joined the Boot Camp, which was intended to help participants prepare their social business plans. In the first half of the session, participants were given some general coaching advice by various speakers (Mr. Scott Lawson, CEO of SOW Asia, Ms. Yuling Jia, Educational and Research Manager of Clean Air Network, Ms. Erica Chan, Campaign Manager of
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1) From Right: Ms. Yuling Jia, Educational and Research Manager of Clean Air Network, and Ms. Erica Chan, Campaign Manager of Clean Air Network 2) Ms. Charmian Lam (facing the audience), Portfolio Manager of SOW Asia 3) Mr. Darius Yuen, founder and President of SOW Asia
DID YOU KNOW? Social Business
Clean Air Network, and Mr. Philo Alto, founder of Asia Value Advisors). Attendees would thus be equipped with a more thorough understanding of social business and the case study about truck emissions in Hong Kong featured in the “Process Innovation Track” of the Challenge. For the second half of the session, small group workshops were arranged. Attendees were divided into two groups and attended the talks provided by Mr. Darius Yuen, founder and President of SOW Asia, and Ms. Charmian Lam, Portfolio Manager of SOW Asia. Attendees actively interacted with the speakers; many took the opportunity to seek the speakers’ views and advice on drafting the business plans. For further information about the Hong Kong Social Business Challenge, please visit http://www.baf.cuhk. edu.hk/socialbusinesschallenge.shtml.
Social business is an organization that focuses on achieving social impact, applying market-based solutions to address public sector issues and market failure in innovative ways. Social business can take on a variety of legal forms. Social Impact The benefit(s) to society derived from the activities of a social purpose organization or venture philanthropy organization. Venture Philanthropy Venture philanthropy works to build stronger social organizations by providing them with both financial and non-financial support in order to increase their social impact. The organizations supported may be charities, social businesses or socially driven commercial businesses. (European Venture Philanthropy Association, click for more)
A successful social business is somewhere between a traditional charitable organization that is non-profit in nature versus a profit making commercial business in how it achieves its objectives. The objective of a social business is to create a positive social impact similar to many non-profits while being self-sustaining through commercial activity like a profit making business. This is unlike many non-profit organizations that rely purely on grants and donations for their operating funds. More importantly, it provides products or services to generate revenue, and the profits can be reinvested in its business. Mr. Philo Alto, founder of Asia Value Advisors selected three genuine cases of successful social businesses and presented them to the Challenge participants:
Diamond Cab (HK) Co Ltd. is a social business providing point-to-point transportation service for wheelchair users. The founder, Doris Leung, whose mother became permanently disabled in 2007, faced a simple question: can her mother (or other wheelchair users) take a taxi? After three years of preparation and building up a network of trusted partners, Ms. Leung launched her business. Starting with five cabs, Diamond Cab not only equipped its cabs with wheelchair-accessible ramps for easier boarding, but emphasized and ensured a high level of professionalism and care in how drivers treated all its passengers. Diamond Cab addressed a niche social need promoting the culture of barrier-free transportation in Hong Kong. In turn this engenders greater social inclusion for wheelchair users. Mr. Philo Alto, founder of Asia Value Advisors (left)
Diamond Cab vehicles are Toyota Noah Welcabs, which are specially designed for wheelchair accessibility utilizing a mechanical ramp at the rear of the cab. A maximum of two wheelchair users can be accommodated on a single trip along with their respective carers (click for more).
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DIALOGUE IN THE DARK TABLE FOR TWO
Table for Two (TFT) originated in Japan with an aim to address the global food imbalance. Children in the developing countries suffer from hunger and malnutrition, while an equal number of people in the developed countries face health problems related to over-nutrition. Through 400 participating organizations worldwide, TFT provides school meal programs (also known as food for education or school feeding programs) to children in need. These mid-day meals are often the only meal the children eat each day. In addition, TFT strives to support local food suppliers, stimulating the local economy. In view of the obesity problem amongst citizens in the developed world, TFT also helps raise awareness of well balanced eating by sharing healthy recipes and nutritional tips with them (click for more).
Dialogue in the Dark (DiD) is a worldwide social business originally started in Germany in 1988. Highlighting the challenges faced by the blind, its exhibitions and programs are set in complete darkness. This gives participants the opportunity to interact with the visually impaired and in the process provides them with a new understanding of the challenges blind people face daily. In return, it creates jobs for the disabled, bridging the gap between them and the rest of the world. Since its first launch in Hong Kong in 2008, a series of different activities were developed, including Experiential Exhibition (which allows visitors to explore five different Hong Kong environments in a 75-minute session by using sounds, smells, temperatures, textures experienced completely in the dark!), Birthday in the Dark, the Executive Workshop which targets corporate senior management, and educational activities which bring students on site. The venue of DiD Hong Kong is located at The Household Centre, Nob Hill, 8 King Lai Path, Mei Foo. (Click for more) The scales and styles of these three successful social businesses vary. But for all three there is a single partner - Social Ventures Hong Kong (SVhk), a strategic venture philanthropic organization. SVhk aims to provide both financial and non-financial support to help social organizations in Hong Kong scale up their social impacts. It differs from a grant funding strategy that provides non-repayable donations.
CUHK Business School students join pilot scheme for cross-border study tour in Shanghai Date: Tuesday, June 5, 2012
From left: Oscar Fong Hok Kar, Benny Wong Hok Lam, Dr. Shirley Kan, Associate Director, Professional Accountancy Program, and Wilson Cheung Ching Ho
scar Fong Hok Kar (Quantitative Finance Year 3), Benny Wong Hok Lam (Professional Accountancy Year 2), and Wilson Cheung Ching Ho (Professional Accountancy Year 3) represented CUHK Business School in the Pilot Scheme for Cross-border Study Tour for Post-secondary Financial Talents. This scheme is organized by the Advisory Committee on Human Resources Development in the Financial Services Sector of the Hong Kong Government, with the support of the Shanghai Municipal Government Financial Services Office. It comprises a five-day briefing session on Hong Kongâ€™s financial system and a six-week tour program held in Shanghai. During their six weeks in Shanghai, participants are offered opportunities to visit various government and financial regulatorsâ€™ offices, plus a four-week attachment at various financial services companies in Shanghai. Hong Kong and Shanghai are two pivotal financial
Experiential Learning Activities 05 centers. Are they competitors, or is there a way they can better co-operate? Before their departure to Shanghai, Oscar Fong jotted down his thoughts:
“Visits to a number of regulatory bodies, which the global financial industry has placed high emphasis on were also “The three of us from CUHK joined this pilot scheme in informative and enjoyable. The Hong Kong Securities order to learn more about China’s economic status and and Futures Commission explained its efforts in to gain China exposure through working in a financial monitoring the respective securities and futures market institution in Shanghai. During training sessions and in a way that keeps the industry robust and vital, and visits that took place in Hong Kong before our departure, their obligation to educate the public in relevant I was deeply inspired by what we have learned from investment concepts.” discussions with representatives from various Hong Kong financial regulatory entities. Having visited various financial institutions and regulatory organizations, Wilson Cheung shared his “Hong Kong and Shanghai have always been described views on career paths in the financial industry: as direct competitors of each other. However, recent developments have shown that the Central Government “To excel in Shanghai, or in other developing financial has actually designated two different roles for each of the hubs, it is essential to build a solid foundation of two cities, explicitly stated in its ‘Five Year Plans’. international standard business practices. Hong Kong, London and New York are good choices where we can “After the world’s call for internationalization of the acquire the essential knowledge and experience. After Renminbi, Hong Kong has unmatched advantages to building up the foundation, it will be the right time to serve as the world’s major offshore Renminbi centre. make your career choices – to become a specialist in say With its unique internationalized financial system and fields like banking, securities, insurance, etc or to become reputation as a free economy, Hong Kong stands to be a financial leader. If you want to become a specialist, just the bridge between China and the rest of the world. stay in those international financial centers. Those three Shanghai on the other hand, being part of the Mainland, cities are the best places for you to excel because does not have many advantages concerning Shanghai still has a long way to go before it reaches international exposure to offshore RMB trade. It is that level of a truly international financial center. On the therefore positioned as the onshore financial centre to other hand, if you want to become a financial leader, go support the growth of China’s real economy. The reason to Shanghai. It is of great value to bring in the why the Central Government encouraged Hong Kong to international standard business practices there and join international events such as the WTO and Olympic shape its development in order to lead Shanghai to Games is clearly to help Hong Kong build up its become the future leader in the financial industry.” reputation, and to promote ‘One Country Two Systems’ to the world. This in turn attracts investors to entrust Our students are currently working as interns at DBS, their capital to Hong Kong, and supports the financing of Citibank and HSBC in Shanghai. They will share more China enterprises in Hong Kong.” of their Shanghai experiences in the next Newsletter. Benny Wong added: “…Shanghai, accompanied by its staggering economic growth and social development, is now a thriving financial hub. But to be a competent financial leader in the future, it is of the essence to know more about its opaque financial markets and monetary systems, and to contrast with what we have in Hong Kong. Thus the first week of the study tour begins with a series of packed, yet fruitful, visits to a number of financial institutions and regulatory bodies. “For example we visited the Hong Kong Institute of Bankers where we learnt more about the current financial and economic situation of China and Hong Kong, and their respective regulatory frameworks. This presents a clear contrast of the two financial centers, one under an open-market economy and the other a
“ Hong Kong and Shanghai have always been described as direct competitors of each other. However, recent developments have shown that the Central Government has actually designated two different roles for each of the two cities
Global Business Studies (GBS) students brought back valuable experiences from HSBC/McKinsey Business Case Competition Date: Wednesday and Thursday, June 6 and June 7, 2012
he HSBC/McKinsey Business Case Competition 2012 was organized by The University of Hong Kong (HKU) Asia Case Research Centre (ACRC) and sponsored by the Hongkong Bank Foundation and McKinsey and Company. Only students from the invited sixteen top universities in Asia are eligible to enter the Competition. Team G4, comprising four GBS Year 1 students, Li Ka Wing, Zoe Ng Wai Ying, Sunny Yu Yat Tin, and Chiu Shing Fung represented CUHK in the Finals held on June 6 and June 7 on the HKU campus. Let’s look at how G4 tackled the competition:
From left: Li Ka Wing, Zoe Ng Wai Ying, Sunny Yu Yat Tin, and Chiu Shing Fung, all GBS Year 1 students
“…We were given two and a half hours to prepare before the presentation, and the presentation medium was not PowerPoint slides but overhead transparencies instead. Fortunately, with the two training sessions provided by Prof. Gordon Cheung, we managed to familiarize ourselves with the new presentation format and learnt some tricks to make the presentation better. For example, the orientation of the slides should be horizontal instead of vertical, and the margins of the transparencies should not be used. Despite a very small difference in scores in the second round, G4 lost to four students from Thammasat University of Thailand. However, we believe the experience we gained is invaluable. We would like to thank everyone who helped us with the case competition, including Prof. Gordon Cheung and our mentor Mr. Joey Tang. We would also like to thank the Undergraduate Office and Mr. Joseph Tong, Project Coordinator (Experiential Learning) for the preparation materials and the arrangements made.
First case “In the first round all the teams were divided into four groups and competed within our group. The first case is about the credit card company Visa, which is now facing fierce competition from China UnionPay (CUP). Visa is the credit card company with the biggest market share in the world, with MasterCard being number two. However, Visa’s market share in mainland China is disappointing despite continuous attempt to break into the market as the Chinese government is protecting the local credit card monopoly, China UnionPay. After China entered the WTO in 2001, China was asked to open the credit card
Experiential Learning Activities 07
market to foreign companies, but it turned out that the Chinese government followed the letter rather than the spirit of the WTO regulations. Worse still, Visa’s lawsuits against CUP worsened their relationships, causing CUP to cooperate with other card companies such as MasterCard, furthering hampering Visa’s market share. CUP is also now trying to break into the international market and compete with Visa, which also affected their relationships. It was one of the most difficult ACRC cases we have encountered because we were not very familiar with the industry (especially as only one member of the team has a credit card!). Fortunately, the case did not emphasize Visa’s business model, but its relations with other credit card companies and financial institutions instead. This made the case easier to tackle. The solution our team proposed mainly focused on how Visa can fix its relationship with CUP, as Visa must work with them if it wants to protect its market share in China. For example, we proposed clearer terms and conditions in the contracts and helped Visa to explore the market in twoand third-tier cities in China. We were one of the winners in this round and proceeded to the second round.
Second case “In the second round, our team competed against Thammasat University of Thailand. At first we were quite confident because the case was about the ‘zero-fee’ tours to Hong Kong offered in the Mainland. Most of the teammates were familiar with the issue and the materials provided. The case asked to examine the effects caused by ‘zero-fee’ tours on a medium-sized local travel agency named Trendy Tours. As ‘zero-fee’ tours have significantly decreased the commissions received from travelers by their respective travel agencies, they have restructured the whole tourism industry. However, we believed the demand for ‘zero-fee’ tours will decrease in the future, as the people in China now better understand the disadvantages of joining these tours. As for Trendy Tours, as its positioning mainly focuses on the middleand high-income groups who look for better services and travelling experience, we proposed it not enter the ‘zero-fee’ tours market but to explore other markets such as ‘tour packages’ (packages with accommodation and air tickets only but no tour guides). However, we were criticized for insufficiently explaining the change of the
business model (for example, tour guide service follows a B2B model while offering packages is B2C). We believe this is the main reason why we did not get into the semi-finals.”
Tips to tackle case competition After two rounds of intense competition, G4 brought back valuable experiences on case competition: “The structure of presentation is definitely important because it allows the judges to better understand the case and your proposals, especially when some of the judges did not thoroughly read the case. (Actually, one of the judges told us she received the case at the same time as the participants.)” Further suggestions for students participating in similar competitions: - Practice and get feedback from others: This is extremely important, as the format of this competition is very different from that of other competitions. - Work in pairs: After agreeing on the main direction of the strategies proposed, the team should be divided into two small groups to work on the details so that the process can be more efficient. - Read your management and marketing textbooks before you do your practice: Sometimes you need the theories to justify your ideas. - Get a trustworthy mentor: Do not practice on your own. You need feedback to improve. - Pay special attention to time allocation: Remember your time to prepare and plan is limited. Every minute counts.
Retirement of Prof. Lee Kam Hon Date: Friday, June 15, 2012
ince July 1, 1969, Prof. Lee Kam Hon, Director of the School of Hotel and Tourism Management, has served in CUHK for over four decades. He retired as a full time colleague and said goodbye to all his students and colleagues on June 15, 2012. We would like to extend our sincere appreciation to Prof. Lee for his devotion and contributions during these years. After his departure, Prof. Lee will continue to serve as Emeritus Professor of Marketing focusing on research and executive education. Prof. Michael Hui, Professor of Marketing and Pro-Vice-Chancellor at CUHK, will serve as the Co-Director on Research. Prof. Eliza Tse will serve as the Co-Director on Hospitality and Program.
“ It has been an honor for me to play a role to establish and nurture the School of Hotel and Tourism Management.
University of Leeds visited CUHK Business School Date: Friday, June 8, 2012
Group photo taken with the twenty member delegation after the main meeting
The University of Leeds (Leeds) and CUHK have an
established partnership since 2010. To strengthen ties with CUHK, a twenty member delegation led by Prof. John Fisher, Deputy Vice-Chancellor of Leeds visited CUHK on June 8.
During the breakout meeting between the business faculties of the two universities, Dr. Susanna Kwok, Assistant Dean (Undergraduate Studies), and Ms. Claire Li, Executive Officer (Student Affairs), of the CUHK Business School received the guests from Leeds University Business School, Prof. Peter Moizer, Dean, and Dr. Marc Smelik, Head of Corporate & International Relations. After the breakout meeting, officials of the two universities signed a Memorandum of Understanding (MOU) outlining joint collaborative efforts at the “MOU Signing Ceremony” that took place at central campus. This MOU will strengthen the partnership between the two institutions and lead to more collaborative China research projects as well as staff and student exchanges. Both Leeds and CUHK are members of the Worldwide Universities Network (WUN), an exclusive network of nineteen research led universities across six continents. Currently, New Asia College offers exchange opportunities to Leeds (click for more).
IBCE students from USC arrived at CUHK Business School Date: Wednesday, June 6, 2012
The third batch of International Business and Chinese
Enterprise (IBCE) students from the University of South Carolina (USC) arrived at Hong Kong in early June. An orientation and a dim sum lunch were organized on June 6 to welcome them and their advisor at USC, Ms. Mackenzie King. During the orientation, Prof. Gordon Cheung, Program Director, Global Business Programs, Miss Yammy Lai, Program Manager, Global Business Programs, Mr. Louis Wong, Regional Officer, Office of Academic Links, and Ms. Ellen Mak, Administration and Development Manager, Yale-China Chinese Language Centre, provided the students with useful information for their stay in Hong Kong and their study at CUHK. The IBCE stream is offered by CUHK Business School and the Darla Moore School of Business at the Welcoming remarks by Prof. Gordon Cheung (left) University of South Carolina. It enables undergraduate students interested in pursuing careers in international business with an emphasis on China and the United States to share and experience the impact of culture on business practices (click for more).
Campus Visit Student Ambassador Program Date: Monday, June 25, 2012
As part of the Student Ambassador Program which
was launched earlier this year, Ronald Yip Ho Long (Quantitative Finance Year 4), Henry Keung Pit Kai (GBS Year 4), and Pepsi Leung Pak Sze (IBCE Year 1) together with the Undergraduate Office (UGO) initiated this outreach effort to visit La Salle College. Date
La Salle College
Thirty Secondary 5 students
Mr. CW Chau, UGO
A new visual element introduced in the Business School logo is a star‐like “spark” that symbolizes the concept of “enlightenment” - how the Business School boldly lights the way forward.
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The monthly newsletter published by the Undergraduate Office, CUHK Business School