《The Vision》Autumn 2019

+& ⋒・˷࢝ ΉՅ̸ 6*' 8+5+10

)Q LGM VCMGU QP )TCD 6JG PGZV RJCUG QH VJG TKFG UJCTKPI YCTU )Q LGM OGPIJCFCRK )TCD t (CUG UGNCPLWVP[C FCTK RGTCPI DGTDCIK RGTLCNCPCP

5) 6JG DKMG UJCTKPI DWDDNG *QY VJG 5KPICRQTG IQXGTPOGPV JCPFNGF KVU TKUG CPF HCNN

%0 3WCPVKVCVKXG KPXGUVKPI VJG PGZV HTQPVKGT ƼЍʔ͓Ūħӡϋ졿 λĎǢĎ ȜχǢχ

ĢDŽǫդǃܴᄽ졲 ĤȀะ؈ࡺƧ̜ˆŢȺ‫׀‬ෲ

*2NCPPKPI [QWT YGCNVJ NKMG CP GZRGTV YKVJ VJG RQYGT QH NGXGTCIKPI ůȍĉĀ̮੿̮뼷 ƷĄŬȢȗ܏ƬƋ

69 6JG YC[ HQT 6CKYCPGUG GPVTGRTGPGWT U QXGTUGCU HWPF DCEM VQ 6CKYCP WPFGT VJG YCXG QH CPVK OQPG[ NCWPFGTKPI ѢҀ̧̭޴ĪĀфԄ ʄʋѻ̇ƫфƥɢ

#WVWOP

6JG VJ (KXG [GCT 2NCP /CTM C PGY OKNGUVQPG KP VJG FGXGNQROGPV QH 2%5() ɱ⋒ ༾ˋĤƀԘ ljͅċ뺸ͅŭॸߔş֏‫ۗܪ‬뺹

ɱ⋒ս൲̇ઽ‫֤מ‬ 2% 5GEWTKVKGU (KPCPEKCN )TQWR

ΉՅ̸

#WVWOP

PC Securities Financial Group ᘾ྄ᗲպ‫ۂ‬፰෗࿌

In the past few years, the global financial environment changes and grow rapidly. Taking China as an example, in response to the application of fintech and the maturity of regulations, more and more financial companies are growing rapidly, including funds management, private banking, stocks, and bonds investing, etc. With no doubt that in this process, many risks happened, such as the P2P platform blasting, the management risk of funds, and the turbulent market environment, all of which are challenges for asset management. The coming challenges in the future will certainly be even greater, including the uncertainties of the China-US trade war, the market trend in the US, and the political situation in various places. The risks will definitely be higher and higher. Therefore, from the perspective of wealth management, we must begin to think about what will happen to the global financial environment in the next five to ten years. What direction should we go in? What kind of services should be provided to the customer which they really need?... That is why we have "Five-year Plan" of PCSFG as the theme of "The Vision" in this edition.

The first focus has certainly related to the application of fintech. The traditional means of meeting customers faceto-face has become obsolete. The connection between people is mainly through the network, whether it is the transmission of information, including the introduction of products or the update of service content, even transactions and investment, all through the network.

This issue of "The Vision" will tell you how PCSFG implant technology. In addition, account integration is also very important to customers. Today's customers want a onestop solution that offers a wide range of products, even across regions. Whether it is insurance, investment, funds, securities, they want to integrate them, not only a single region but involving multiple countries at the same time.

Through the fintech, PCSFG can bring a new account concept - "One Acount, One World". Finally, with the experience of in the Greater China market and expands in Singapore, PCSFG has well established to be able to face the ever-changing global financial environment and bring its services to customers around the world.

It is the 4th issue of "The Vision". After two years of time, "The Vision" has become a journal, and become an important financial magazine for investors' reference. Our goal of understanding the global financial situation for our customers and mastering the latest market information is keeping on. Stay tuned and get your inspiration from "The Vision" !

Ja c k y C h a n g , C E O of P C S F G 寶鉅證券金融集團主席 張植雄

在过去的几年，全球金融环境的变化与成长很快速，以中 国为例，因应互联网金融的应用以及法规的成熟，愈来愈 多的金融业务正在急速地成长，其中包括私募基金的管理、 私人银行的业务、股票债券市场的投资等等。当然在这个 过程当中，会面临到很多的风险，例如早前的 P2P 平台爆 破、私募基金的管理风险、动荡的市场环境，也都是在资 产管理上所需要面对的挑战。而接下来所需面对的挑战肯 定会更大，包括中美贸易战的不确定因素、美国的市场走 势、各地的政局等，风险肯定会是愈来愈高。所以站在财富 管理的角度，我们必须开始去思考，未来的五年、十年，全 球的金融环境会变成怎么？我们应该往什么的方向发展？应 该提供怎样的服务给客户，才是他们真正想要的？⋯⋯因此 就有了这一次《鉅・視野》的主题——寶鉅的「五年策略发 展规划」。 其中第一个要说的，当然是强化互联网金融的应用。传统 上跟客户面对面接触的方法已经过时，现在的联络主要都 是通过网络，不管是信息的传递，包括产品的介绍或是服 务内容的更新，甚至是交易、投资，都是通过网络。这一 期《鉅・視野》就会告诉您寶鉅对科技的应用。另外，金 融的整合对客户而言也非常重要。现在的客户都希望可以 有一站式的、能够提供多样化的，甚至是跨区域的产品。 不论是保险、投资、基金、证券，都希望可以整合起来， 而且不单纯只是单一区域，而是同时涉及多个国家的产品。 透过互联网及科技，寶鉅就能带来全新的账户概念——「一 个账户・一个世界」。最后，凭借寶鉅在大中华市场的经 验，以及在新加坡所作出的部署，集团已壮大得足以面对 现今瞬息万变的全球金融变化。因此，寶鉅将会先以东南 亚为基础，期望将我们的服务带到世界各地。 《鉅・視野》已出版至第四期，经过两次的四季变化，现 在《鉅・視野》成为了固定期刊，在客户眼中是一本极俱 参考价值的财经杂志。我们本着为客户了解全球金融概况， 掌握最新市场信息的目标也将会继续延续。本期推介的重 点是集团未来发展动向及各地金融中心的最新经济状况。

CONTENT 目录 COVER STORY 封面故事

Mark a new milestone in the development of PCSFG

寶鉅 2.0 迈向新里程 5 "Five-year Plan" of PCSFG 06 The 寶鉅的第五个「五年策略发展规划」 th

by leaps and bounds 10 Developing Based in Greater China, expand its hold on Southeast Asia 版图大跃进 立足大中华，拓展亚洲版图

in the new technology era, 14 Opportunities Closer and more connections 网络新时代 金融新征程 更紧密、更多连接

vs Diversification 20 Convenience A whole new approach for a holistic investment account 方便 VS 多元 没有人告诉您的整合个人投资账户新方法

FINANCIAL TRENDS 财经趋势

to save yourself from black swans and gray rhinos in 2019 24 How 2019 年如何防范灰犀牛与黑天鹅 LOCALIZED VISION 在地视野 INDONESIA 印尼

takes on Grab – 28 Go-jek The next phase of the ride sharing wars

Go-jek menghadapi Grab – Fase selanjutnya dari perang berbagi perjalanan

companies flex their muscles overseas 30 Indonesian Perusahaan Indonesia merenggangkan ototnya ke luar negeri SINGAPORE 新加坡

bike-sharing bubble - How the Singapore government handled its rise & fall 32 The 自行车共享泡沫 – 新加坡政府如何应对其兴衰 as a global fund management hub grows from strength to strength 36 Singapore 新加坡为全球基金管理中心更上一层楼

2

THE VISION 2019 Autumn

秋季号 2019 Autumn

CHINA 中国

to infinity" - China's economy has reached a new turning point 38 "One 「1 到无限」相遇资本市场的划时代路口 investing: the next frontier 40 Quantitative 全球量化成为趋势：未来已来 将至已至 HONG KONG 香港

your wealth like an expert with the power of leveraging 44 Planning 用别人的钱赚钱，才是真正理财高手 structured product to mix and match your risk and return on investment 46 Use 懂得运用结构性投资产品，风险丶回报自主配搭 implementation help China automobile market recover 48 Policies 新政落地助内地车市复苏 TAIWAN 台湾

way for Taiwanese entrepreneur's overseas fund back to Taiwan 52 The under the wave of anti-money laundering 反洗錢浪潮下的台商海外資金回台之路

PC PERSPECTIVE 鉅 ‧ 资讯 INTERVIEWS 人物专访Ⅰ

with investment expert - Michael M.S. Wong 54 Interview 財經界名嘴黃敏碩專訪 CULTURE 文化

culture in Indonesia and how PCSFG acknowledges and adapts 56 The 印尼的文化及寶鉅如何面对和适应它

Bagaimana PCSFG menuju dan menyesuaikan budaya di Indonesia

INTERVIEWS 人物专访Ⅱ

the secret of "Xiaobao VIP"!

58 Unveil 揭开尊荣「小宝 VIP」的神秘面纱，皇牌客服的炼成术！ AWARDS 集团荣耀

recognized in【Quamnet Outstanding Enterprise Awards 2018】 60 PCSFG 寶鉅證券金融集團荣获【华富财经杰出企业大奖 2018】 Disclaimer 免责声明 Distribution 发行 ╱ PC Securities Financial Group 寶鉅證券金融集團 Text 文字 ╱ MuFan 慕凡・Grace・Albert・Dajie・Ken・Calina・Man William・Gigi・Josie Editor 编辑 ╱ Gigi・Josie Design & Production 美术及制作 ╱ Doris Photos 相片 ╱ shutterstock・pexals Website 网址 ╱ www.pcsfg.com

No part of this publication may be otherwise reproduced, adapted, performed in public or transmitted in any form by any procedure without the prior written authorization of PC Securities Financial Group.The facts and opinions stated or expressed in this publication are for information purposes only. We endeavor to ensure the accuracy and reliability of the information contained within this publication, but do not guarantee its accuracy and reliability and accept no liability for any loss or damage arising from any inaccuracies or omissions. 寶鉅證券金融集團拥有《鉅・視野》所有内容（包括但不限于文字，图片，页面设计，排版等）的版权和 / 或其他相关知 识产权。本刊物一切版权及知识产权版权均属寶鉅證券金融集團所有，任何机构或个人未经寶鉅證券金融集團书面授权， 不得转载，转贴或以其他方式复制 / 发表《鉅・視野》任何内容，违者寶鉅證券金融集團将依法追究责任。本刊物内容 只供参考用。寶鉅證券金融集團及其内容提供者竭力提供准确而可靠的资料，但并不保证资料绝对无误。本刊物内之资 讯并非引导读者作出任何投资。本公司对任何因使用本刊物而导致之任何损失或支出，包括任何错失利润，概不负责。 此免责声明共分中，英文版本，如中文译本的字义或词义与英文版本有所出入，概以英文为准。 鉅視野˙秋 2019

3

COVER STORY

Mark a new milestone in the development of PCSFG 寶鉅 2.0 迈向新里程

The 5th "Five-year Plan" of PCSFG 寶鉅的第五个「五年策略发展规划」

Developing by leaps and bounds Based in Greater China, expand its hold on Southeast Asia 版图大跃进 立足大中华，拓展亚洲版图

4

THE VISION 2019 Autumn

封面故事

Opportunities in the new technology era, Closer and more connections 网络新时代 金融新征程 更紧密、更多连接

Convenience vs Diversification A whole new approach for a holistic investment account 方便 VS 多元 没有人告诉您的整合个人投资账户新方法

5

鉅視野˙秋 2019

COVER STORY

The 5th "Five-year Plan" Mark a new milestone in the development of PCSFG 寶鉅 2.0 迈向新里程 第五个「五年策略发展规划」 Text 撰文 ／ MuFan 慕凡

"The most important thing to have in mind as a business owner is to be forward thinking. To look forward, see what the trends are, and made the adjustments to adapt." 作为一个集团的领导，最重要的是要具有前瞻性思维。懂得 展望未来、了解趋势、并适时进行策略的调整以适应环境。

From our Group CEO, Mr. Chang (or Jacky as we all know him by), "I always believed that the most important thing to have in mind as a business owner is to be forward thinking. To look forward, see what the trends are, and made the adjustments to adapt. This has enabled PC Securities Financial Group (PCSFG) to thrive over the years." It is indeed this ability to look forward, see what is shaping the world that has seen the company flourish since the time it was started up

by Jacky in the year 2001.

Back in the year 2001, when Jacky first started out, PCSFG set up Paochu Asset Management Corporation in Taiwan. However, as Jacky looked forward, he could see that increasingly, regulations and consolidation in Taiwan would squeeze out all of the small players. At the same time, he looked at China and saw its explosion of growth economically and in terms of its wealth as well. Such growth would inevitably require the services of a good wealth manager. So, despite all the uncertainties and riskiness of expanding overseas, Jacky brought the PCSFG to Hong Kong, which he would use as a springboard for doing business in China.

6

THE VISION 2019 Autumn

寶鉅證券金融集團主席张植雄先生（Jacky）表示：「我 认为，作为一个集团的领导，最重要的是要具有前瞻性思 维。懂得展望未来、了解趋势、并适时进行策略的调整以 适应环境。 这亦是使得寶鉅多年来一直蓬勃发展的重要因 素。」张先生确实有这种极具前瞻性的眼光，能留意全球 环境，以至客户的心态、市场的趋势等，因此寶鉅自 2001 年创立以来，发展蓬勃，成为国际化的领导品牌。 早在 2001 年，张先生刚开始的时候，在台湾创立了寶鉅資 產管理股份有限公司，为客户提供专业的理财服务。然而， 张先生具前瞻性的眼光让他发现经济环境正在转变，他看 到台湾规管收窄及越来越多的收购发生，这些终会一步一 步的将中小企业淘汰。与此同时，他看到了中国经济的急 速增长，当然也包括当地人民的财富增长，这种增长势必 带动财富管理服务的需求。因此，尽管在海外扩张存在着 各种不确定性和风险，张先生决定带领集团走出台湾，通 过香港同步开展中国业务。

封面故事

In Hong Kong, the business was thriving, and Jacky could have sat back and focused just on Investments.

However, he saw that Hong Kong insurance was very competitive and offered a very different proposition to Mainland Chinese than just life protection. Thus, the firm not only advised and sold investments, but it also advised on insurance. As time went by, the importance of being able to offer ever more products also saw Jacky set up PC Securities Limited (PCS), a stock brokerage based in Hong Kong and thus, bonds, stocks, and derivatives were added to the repertoire of PCSFG.

在香港，寶鉅的业务发展迅速，张先生本可以坐下来专注 于投资。不过，他看到香港的保险业竞争非常激烈，与中 国人一般买到的人寿保险完全不同。因此，寶鉅不再局限 于提供投资的建议，更开始提供保险的咨询服务。随着时 间的推移，提供多样化产品的重要性，也让张先生成立了 一间香港股票经纪公司——寶鉅證券有限公司（寶鉅證 券），因此，债券、股票和衍生品等相继的被添加到寶鉅 的产品库中。

7

鉅視野˙秋 2019

COVER STORY

From China to international branding Branding was important as well, and Jacky saw that in order to have something that could reinforce PCSFG's brand, its very own funds would go a long way towards this. Thus, Paochu Investment Advisory Limited (PIAL) was set up. This was not only a way to raise PCSFG's branding, but it was also a way to be able to create products catered towards the high net worth investors that were PCSFG's niche by now. And thus, up till date, a total of 7 funds have already been successfully launched by PCSFG, with investment management services performed from PIAL. Thinking forward was again very much the case when Jacky decided to set up PC Financial (SG) Pte. Ltd., a financial advisory firm in Singapore back in 2016. He could see the potential of the Southeast Asia market. Singapore was well known as a place where the rule of law was obeyed, where there were transparent and clear regulations, and it was also an increasingly attractive place for the rich to live in. Thus, the decision to make Singapore the springboard from which PCSFG would expand into Southeast Asia was made and PC Financial (SG) Pte. Ltd. was incorporated in 2016.

At this point, the importance of forward thinking and how it has shaped PCSFG's fortunes cannot be understated. So, Jacky is again looking forward. He is looking into the trends that he sees in the world we are in, and how PCSFG needs to adapt to cope with these ever-changing trends. PCSFG, in its last 20 years has gone through four "Five-year Plans" and now it is time for a fifth "Five-Year Plan"!

8

THE VISION 2019 Autumn

从中国到国际品牌的建立 品牌的建立亦同样重要，张先生认为，为了强化寶鉅的品 牌形象，拥有自己的基金产品，将对集团有长远及正面的 帮助。因此，成立了寶鉅投資顧問有限公司（寶鉅投顧）， 发展资产管理业务。这不仅是提高寶鉅品牌形象的一种方 式，更是一种寶鉅独有，能够满足高净值投资者，为他们 创造合适的产品的方式。因此，迄今为止，寶鉅已经成功 推出了 7 只基金，全由寶鉅投顧提供投资管理服务。 及后，张先生再一次展示他具前瞻性的独到眼光，于 2016 年决定于新加坡成立一间金融咨询公司——寶鉅金融（新 加坡）有限公司（寶鉅金融）。因为，他看到东南亚市场 的潜力。众所周知，新加坡是一个高度法治的地方，那里 有高度透明和明确的法规，对富人来说，这也是一个越来 越适合移居的地方。因此，他决定让新加坡成为寶鉅与东 南亚市场的连接点，凭借寶鉅金融把版图扩大至东南亚。 由此可见，前瞻性思维的重要性，以及它对寶鉅的发展有 着多深远的影响。所以，张先生继续往前看。他正在研究 我们所处的环境中所看到的趋势，以及寶鉅如何适应这些 不断变化的趋势。寶鉅在过去 20 年中经历了四个『五年策 略发展规划』，现在是开展第五个『五年策略发展规划』 的时候了！

封面故事

Three trends guide the next "Five-year Plan" The first trend, Jacky says is that Southeast Asia is going to go through the kind of growth and development that China saw. Southeast Asia as a region has a population of over 648 million and many parts of it are at a lower phase of economic development compared to what China is currently at. Thus, it is poised to grow just as China did. PCSFG will ride that growth. Singapore was only the first step and a springboard into the rest of Southeast Asia.

The second trend, Jacky believes is that the pace of technology will only quicken rather than slow down. As people get more connected and embrace technology, even more, there will be lots of opportunities in fintech. He sees the rise of these new fintech as a way to connect to our clients in increasing and different ways to address their needs.

The third trend, Jacky opines, is that the concept of private banking for the rich is changing. Previously, as the rich diversified their holdings around the world, they also diversified their banks, financial advisors, brokers, agents. The more savvy Rich of tomorrow will want a new solution that is able to combine all the different platforms while still being able to allow them to manage their wealth with ease and convenience.

They want a total concept which will be more than just what private banking can provide them today.

These are the three key trends that will Jacky sees, that will form the basis in how PCSFG adapts and changes to meet the challenges in the next 5 years for its fifth "Five-year Plan"! 鉅

三个趋势引导 确立未来的『五年策略发展规划』 张先生说，第一个趋势是东南亚将经历之前在中国所看到 的那种增长和发展。东南亚作为一个人口超过 6.48 亿的地 区，与中国目前相比，其中许多地区仍处于经济发展的早 期阶段。因此，它有望像中国一样成长，寶鉅将与之同行， 而新加坡将会是寶鉅迈进东南亚其他地区的第一步。 第二个趋势是，张先生认为技术的步伐只会不断加快。随 着人们越来越紧密的联系，并频繁的开发及使用新科技， 金融科技将会是一个很大的机遇。 他认为这些新金融科技 的兴起，将增进寶鉅与客户之间的沟通，从而可让我们更 轻易的了解客户的需要。

张先生认为，第三个趋势是富人对私人银行业务的概念正 在转变。此前，随着富人将财产分散于全球不同的地方， 他们需要联系各地不同的银行、财务顾问、经纪、代理商 等。明智的富人则会想到要一个能够结合所有不同平台的 新解决方案，让他们能够轻松便捷地管理他们的财富。他 们想要的不仅仅是现今的私人银行可以提供的概念。 这是张先生看到的三个主要趋势，并将成为寶鉅适应及应 对未来 5 年的挑战——第五个『五年策略发展规划』的基 础！ 鉅

9

鉅視野˙秋 2019

COVER STORY

Developing by leaps and bounds Based in Greater China, expand its hold on Southeast Asia 版图大跃进 立足大中华，拓展亚洲版图 Text 撰文 ／ MuFan 慕凡

Southeast Asia as a region has a population of over 648 million and many parts of it are at a lower phase of economic development compared to what China is currently at. Thus, it is poised to grow strongly just as China did. PCSFG will ride that growth. Singapore was only the first step and a springboard into the rest of Southeast Asia. 东南亚作为一个人口超过 6.48 亿地区，与中国目前相比，其中许多地区仍处 于经济发展的早期阶段。因此，它有望像中国一样成长，寶鉅将与之同行， 而新加坡将会是寶鉅迈进东南亚其他地区的第一步。

The first trend, Jacky previously said in PCSFG's fifth "Five-year Plan" was that Southeast Asia is going to go through the kind of growth and development that China saw. Southeast Asia as a region has a population of over 648 million and many parts of it are at a lower phase of economic development compared to what China is currently at. Thus, it is poised to grow strongly just as China did. PCSFG will ride that growth. Singapore was only the first step and a springboard into the rest of Southeast Asia.

Singapore is a good place to establish as a springboard into Southeast Asia. In addition to its

10

THE VISION 2019 Autumn

strengths has a well-established financial institution, the recent concerns over political uncertainties and greater scrutiny has pushed more clients to place their monies in Singapore where there are clear and strong regulations, a strong stable currency, and Singapore is not perceived as a tax haven since it has signed numerous tax treaties with many other countries.

In addition, the huge increase in affluence is not just a trend taking in China, it is a megatrend sweeping across the whole of Asia. Everywhere from Vietnam to Indonesia, people are growing more affluent. Not

If you are interested in《The Vision》Autumn, please send an email to mkt@pcsfg.com.hk with the title “Receive《The Vision》Autumn” and contact details, including name, contact no. and address.

如對《鉅．視野》秋季號有興趣，請以「領取《鉅．視野》秋季號」為題，發 電郵至 mkt@pcsfg.com.hk 留下聯絡資料，包括姓名、電話、郵寄地址。

如对《鉅．視野》秋季号有兴趣，请以「领取《鉅．視野》秋季号」为题，发 电邮至 mkt@pcsfg.com.hk 留下联络数据，包括姓名、电话、邮件地址。