The Newsletter of the Faculty of Business and Economics Happiness and joy were all over the Grand Hall of the Hong adjust their student lives to fit into the working world. He Kong Convention and Exhibition Centre on November 18, encouraged graduates to be disciplined and follow the rules. 2015, where the Faculty of Business and Economics Session “In university, you have probably gotten away with partying of the HKU 194th Congregation was held. all night or maybe showing up at Lan Kwai Fong turning up late to lectures and handing in assignments passed due day. Over 3,000 graduates from the Class of 2015 and their My advice is to throw out that kind of lifestyle because you guests attended the Ceremony, together with more than 80 are going to have to turn up to work on time every day and Procession Members including the Presiding Officer to follow the rules of the game,” he said. President and Vice-Chancellor Professor Peter Mathieson, and Guest of Honour Professor Frederick Ma. Knowing that sometimes the workplace itself could be challenging, Professor Ma asked graduates to pay attention Professor Ma, an influential leader in business, economics to enhancing their interpersonal skills. “The working world and finance with rich experience stretching across both can be harsh with office politics and unreasonable bosses. private and public sectors, shared in his keynote speech his And you will need EQ to manoeuvre your way through the personal stories, successful experiences and tips generously jungle of the working world. You need teamwork and to inspire graduates who were present. network to perform at work. Without high EQ, plenty of humility, and good interpersonal skills, your success will be As an alumnus graduated from HKU 42 years ago, Professor hampered,” he said. Ma understands that it could be difficult for students to On top of that, Professor Ma also urged graduates to work hard if they want to become successful P.3 one day. “Working hard may not guarantee success but if you don’t work hard, you will never be successful. If you want to be successful, work hard and give not 100 percent but 120 percent,” explained Professor Ma. Closing his remarks, Professor Ma challenged graduates to step out from their comfort zone, broaden their horizons and embrace the opportunities that globalisation may bring. “I have travelled to live in many places for my career … And it wasn’t the easiest decision with my family in toll. But it enabled me to see the world and build a very valuable human network. So graduates, be prepared to relocate to other cities to work and live,” Professor Ma remarked. Jan 2016 Besides crying for joy on this day of jubilation, I would like to express my deepest gratitude to our professors, the Faculty and HKU who had put so much effort in preparing us to step into the bigger world from the campus door, constantly reminding us to go beyond the numbers and profit, safeguard the core values that we HongKongers deeply treasure, and have a passionate heart in making our home a better place. FBE and our dearest professors did not pave our path, but pushed us to the heights we have never imagined. This journey was a never an easy one, but there is one strong belief in each of us – we are the one who take charge of our life, no matter in school or the future of Hong Kong. Miss Evelyn Lam BBA (Law), Class of 2015 Graduate Representative The graduation ceremony was truly a landmark day. For many of us graduates, wearing a robe and joining our friends on stage was a photo-taking moment three years in the making. For all of us who've since begun our respective careers and journey after school, attending the ceremony and reuniting with friends was a major throwback to the years at HKU that has brought us where we are today. One should also not forget the legions of proud parents and dedicated faculties that have made this day possible for all of us. Thank you all. Mr. Jeremy Hon BEcon & Fin, 2015 P.5 The graduation season also sees 254 graduates being conferred the degree Master of Business Administration (International) at a ceremo- ny held at the Shanghai International Convention Centre on November 14, 2015. The ceremony was opened by Professor Peter Mathieson, President and Vice-Chancellor of HKU. Graduates in HKU academic dress mounted the stage and were capped by Professor Mathieson and presented a study certification by Professor Ningsheng Xu, President of Fudan University. A keynote speech was delivered by Ms. Helen Wong, Group General Manager of HSBC Group and Chief Executive, Greater China of The Hongkong and Shanghai Banking Corporation Limited, who is a distinguished HKU alumnus. Professor Xiongwen Jan Lu, Dean of the School of Management of FDU, then gave a few words 2016 to the graduates before the conclusion of the ceremony. The Alumni Welcome Party for the Class of 2015 was held on June 3. Mr. Sam Wong, BSc (QFin), said, “It was splendid to meet new faces from FBE even when I already graduated from HKU. In the Alumni Welcome Party, I met other fresh graduates and had a great time with them. Everyone in the party was open to share their career life and goal, which were great lessons to me. The party was also a good opportunity to say goodbye to professors, and opened a new door for me to keep in touch with them. Thanks to the organiser. It was a really great night.” The University of Hong Kong’s Faculty of Business and “Everything put together is working to respond to the New Economics welcomed renowned economic leaders to share their Normal of the economy,” he said. unique insights on the past development and future directions for China’s state-owned enterprises (SOEs) at The Edward K Y Facing growing competition with imported produce, Mr. Ning Chen Distinguished Lecture Series on October 30, 2015. guided COFCO to transform from “a monopoly to a fully-integrated value chain business”. Initiatives to build global Professors, staff and students gathered at Loke Yew Hall to gain business through subsidiaries in Denmark, the Netherlands and perspective on this year’s topic – Chinese State-Owned France changed COFCO’s fundamental structure – making it “a Enterprises Meet the New Normal and Internet-Plus Economy. network to supply the world” with China as its base, Following the welcoming remarks by Professor Peter Mathieson, collaborating on an international level to become a leading President and Vice-Chancellor of HKU, Professor Eric Chang, global food processing company. He stressed the importance for Dean, Chung Hon-Dak Professor in Finance, Chair of Finance of forward-thinking SOEs to focus on lean management market the Faculty of Business and Economics, introduced the event’s strategy as well as proper incentives and evaluations for keynote speaker: Mr. Frank Ning, Chairman of COFCO employees. Corporation, a state-owned company that is China’s largest food processor, manufacturer and trader. Mr. Ning also emphasised the importance of creating and sustaining a strong presence on the Internet, stating, “If you’re Despite the evolution of SOEs since 1949, Mr. Ning noted that not online, you’re finished.” Citing strong growth in online they remain critical to the Chinese economy, contributing about shopping, he explained that enterprises were leveraging digital 40% of China’s GDP in 2013 while owning 30% of total assets of strategies to rapidly achieve economies of scale, reduce unit non-financial enterprises in 2014. Also, SOEs still dominate the costs and improve negotiating power. market in traditional industries such as news & publishing, railways, public utilities and water supply – where they control Following the keynote speech, panel discussion moderator over 90% of market share – and remain very strong in thermal Professor Y C Richard Wong, HKU Chair of Economics and power, telecoms and ferrous metals with over 85% market share. Philip Wong Kennedy Wong Professor in Political Economy, invited Mr. Ning to join the evening’s discussants: Mrs. Laura Despite their size and market share, Mr. Ning noted that many Cha, Chairman of the Financial Services Development Council SOEs lagged behind in delivering return on equity and average and Non-official Member of the Executive Council of the revenue per employee compared to A-share listed companies, HKSAR Government; and Mr. Peter Wong, Group Managing indicating a pressing need to clarify their self-positioning, Director of HSBC Group and Deputy Chairman and Chief improve competitiveness and implement modern enterprise Executive of The Hongkong and Shanghai Banking Corporation systems. He also encouraged SOEs to promote mixed ownership Limited. as a platform to reduce the percentage of state-owned assets, explaining, “Mixed ownership gave COFCO a lot of drive and Mrs. Cha praised COFCO’s incentive strategy and encouraged incentive to grow and play a larger market role.” organisations to stay “innovative in terms of management and global in terms of outlook”. “You cannot expect an enterprise to Citing the intertwining issues of slowing economic growth, prosper [without proper incentives],” she said. Mr. Wong added difficult structural adjustments and the lasting effects of previous that it was crucial to set the right balance when rewarding economic stimulus policies, Mr. Ning explained that SOEs employees. would have to acclimatise to “a New Normal, with a new mentality and new policies” to retain traction in Chinese markets. The discussion then turned to uncertainty in the global economy. P.6 “Everything put together P.7 is working to respond to the New Normal of the economy.” - Mr. Frank Ning Mr.