Prof. Anna Wong, Programme Director of Bachelor of Finance in Asset Management and Private Banking (AMPB), has arranged a monthly roundtable series and informal coffee chats last semester. Students who are majoring in AMPB had the opportunity to meet with the senior executives and practitioners in Asset Management and Private Banking industry during these activities.

Nurture students’ business instinct from a roundtable of elites

Over 50 students joined each monthly roundtable event, and they were well prepared, raised good questions and interacted with the guest speakers on topics including the key elements of asset management, the development of crypto assets capital market, and how virtual banks could reshape the banking industry through technology and innovation and bring different banking experiences and services to customers.

The speakers were Mr. Adrian Lai, CEO & Co-Founder of Liquefy, Mr. Bradley Okita, CFA, Partner of Green Court Capital Management, and Mr. Rockson Hsu, CEO of ZA Bank. This series was arranged by Prof. Anna Wong, Programme Director of Bachelor of Finance in Asset Management and Private Banking. They also shared their career journey and tips on developing the talents most wanted by the industry.

The whole series was well received, and our students have plenty of takeaways from each guest speaker.

Mr. Adrian Lai, CEO & Co-Founder of Liquefy

Mr. Bradley Okita, CFA, Partner of Green Court Capital Management

Mr. Rockson Hsu, CEO of ZA Bank

Caffeine in cup, knowledge in mind

This October, AMPB students also had coffee chat opportunities with financial industry practitioners from companies like Fidelity International, Julius Baer, HSBC Global Private Banking, eFusion, Chartwell Capital, etc. Under the informal setting, students learned more about the current trend of the industry, how to locate internship, the qualities required by the industry, and the personal story of the practitioners on how they developed their careers. They also had the chance to visit the practitioners’ offices. The event was well-received, and our students have plenty of takeaways from the visits.

Li Chak Lam, Year 2, AMPB student believes this opportunity can help her gain a deeper understanding of the recent trends in the banking industry, “Through this coffee chat, I have a deeper understanding of the structure of an asset management company, the teams’ division, and also the selling process of the products (from request for proposal to portfolio management). Moreover, I have known more about the daily working routine of a sales and portfolio manager.”

Lee Cheuk Yi, Year 1, AMPB student thinks that this is an eye-opening experience and it let her know how to perform when having the first job, “From the coffee chat, I acquired more insights of current business industry, as well as how to find internship and how to behave well when having the first job. Never be afraid to take more responsibilities when being an intern as it can be treated as a precious opportunity to learn more new things. It can also expand my network in the business industry now which is useful for my future job finding and working.”

(First left) Mr. Clarence Hon, Senior Vice President, Team Head, Corporate Banking, Hang Seng Bank

(Second left) Mr. Johnny Lau, Senior Relationship Manager at HSBC Global Private Banking

全心致力于探索未知領域，黨矗博士期盼透過創造知識，為世界帶來正面影響。党博士在大学主修应用物理学，毕业后以博士生的身份在香港研究量子物理学。因缘际会下，她发现自己真正的兴趣所在—计量市场学。2020年2月，党博士以市场学助理教授的身份加入香港大学经管学院。理科出身的她希望将自然科学中的数理模型和归纳推理方法应用到教学和研究中，为商学教育和发展做出自己的贡献。

致力推动科学发展 完善市场学理论实践

从学生时代探索宇宙的奥秘，到香港大学经管学院市场学助理教授，党矗博士始终保持着对科学的探索兴趣。正是因为这份对科学的求知欲让她义无反顾地做出学术生涯中的又一次选择，并且坚定地将「探索」进行到「底」。

「香港是一个科技主导、不断变化而且节奏快速的大都会，商业元素和金融信息无处不在，时刻左右个人行为及决定。」这是党博士对香港的独到见解。作为学者，她从经济学的角度出发，探索个人以至商户的行为规范、以及商业社会背后的运作原理。

在诸多商业议题中，党博士致力于利用计量模型，分析消费者行为及相关管理影响，进一步完善市场学的理论实践。党博士告诉我们：「与受物理定律支配的物理世界不同，支配商业世界和消费者行为的无形之手时刻在演变，难以预测。学者在进行研究时经常需要进行价值判断。在商学领域中很多时候并没有绝对的对与错，皆因任何牵涉价值判断的事物，均会随着时间流逝及社会文化转变，而被赋予新的意义和价值。这一点令理科出身的我感到非常着迷。」

此外，党博士认为市场学的研究，与我们的日常生活息息相关，直接影响社会生产，研究成果具有重大的现实意义。

隐私无价？

最近，党博士及其合作者在消费者隐私领域进行了一项研究。他们将研究聚焦在「隐私何价」这一方向。她指出，消费者资料是市场营销中的战略性资产，很多企业愿意以高价购买消费者的资料，但很多消费者依然不愿意出售自己的资料。若能弄清消费者对其私人数据的真实价值，无论是对商界、法律界还是政策研究者来说，都是至关重要的。

为了针对这一课题进行深入而有成效的研究，党博士及其合作者与一家本地龙头网贷银行合作。该银行愿意提供5-20%的利息优惠，给予愿意提供个人学历和社交媒体平台信息的客户。基于客户数据分享行为和还贷行为，党博士和她的合作伙伴共同建立了一个消费者行为经济模型。利用该模型可以量化用户在主动披露个人信息隐私和所承担风险之间的考虑，得到消费者对其隐私的「定价」及其风险类型。党博士相信在制定隐私政策时这项研究能为企业和决策者提供参考和指引，除此之外，还可以为企业提供有意义的管理策略，帮助企业优化他们的资料收集政策。与此同时，针对近年来，香港小额信贷市场迅猛发展，这项研究也可以帮助小额贷款企业从业人员，建立高效的风险审查机制。

网恋研究：夢中情人 (Mr. Best) 還是真命天子 (Mr. Right)？

尽管大众普遍对企业收集个人资料的行为充满戒心，但一旦涉及婚恋交友，往往会成为大众的盲点。党博士及其合作者研究了来自内地某大型交友网站的上万名用户，发现在自我介绍部分，如果主动介绍太多个人信息，可能会影响恋爱对象的选择。

关于恋爱对象，每个人在最开始心中都有自己的标准，主要体现在外貌、身高、物质等各方面，但这只是我们对另一半的想象，我们称之为梦中情人 (Mr. Best)。而真命天子 (Mr. Right) 作為你的終身伴侶，可能外貌、身高、物质等各方面并不是最好的，但是却和你各方面最合得来。要完全了解一個人，雙方可能需要付出經年累月的時間相處和互相觀察，並不是寫一篇详细的自我介紹，或在手機發一兩句問候語就能辦妥。有时候，太详细的自我介绍可能会让其他用户用自己梦中情人的标准做判断，从而过早的错过了真命天子。我们知道现实生活中，要找到真命天子，是需要双方长时间的沟通、相处、观察和了解。因此党博士认为：「在自我介绍部分保留一些想象空间，不要单单基于简历上的数字和表格过早排除对方，多给双方互相沟通的机会，说不定会有意想不到的效果。」

党博士和她的合作伙伴，根据这项研究，建立了一套理论模型，将这一行为合理化，为交友平台在客户端的最优信息纰漏策略提供参考。

教与学–互相学习的过程

「能够看见不同背景的同学，以不一样的方式及角度解难，实在令我眼界大开。毕竟对我来说，教学是双向的，在教导学生的同时，我亦从他们身上获得不少研究灵感！」这是党矗博士常说的话。

在研究以外，党博士对教学同样葆有赤诚之心。本学期，她开设了有关社交媒体市场推广的课程，吸引不同学科的同学报读。同时在教学中，党博士还发现港大学生善于运用新科技，并且拥有强大的商业触觉。

「理科出身的我，非常欣赏他们的商业触觉。作为他们的师长，在教导他们使用数理工具作出科学判断的同时，我亦希望能够鼓励他们爱上学习，保持对未知事物的好奇心，应用课堂所学到的知识为社会做出贡献。」党矗博士说。

在商界驰骋十年，张鹏博士发现有很多市场营销领域上的问题被从业员忽略了。有见及此，张博士毅然改变自己的事业轨道，踏上创造知识的学者生涯，并在2021年7月加入港大经管学院，担任市场学助理教授。

回归市场学的原点

良久以来，学者、企业和市场营销员之间，从未就数码营销的「正确执行方法」达成共识，这一点令张博士觉得非常困惑。他认为这个问题的症结，在于从业员大多只顾为企业赚取最大利润，忽略对数码营销进行本质上的研究。纵使他们的营销策略在企业的层面上高效而到位，但他们往往缺乏动力对客户进行透彻的研究。张博士笑言：「我天性比较好奇，所以我很想知道这些问题的答案。」

在张博士眼中，学术界是一个完美的地方，让他可在不受企业议程和赞助商的影响下创造知识。此外张博士亦察觉到，随着大数据和人工智能等高端科技的发展渐趋成熟，市场营销策略亦变得越来越数据化。故此，他相信市场学学者和从业员之间的合作将会更加紧密。为紧贴时代步伐，张博士一直致力针对不同的市场现象和商品革新进行实证研究。他说：「我一方面享受研究营销计划失败的原因，同时亦对区块链技术如何影响市场推广行业感到着迷。例如：当区块链能够为服务提供者和客户之间带来透明度时，作为中介的市场推广公司是否已没有必要存在？这类的问题对我来说，具有相当吸引力。」

研究动摇战略决策的因素

张博士最近开始研究动态广告策略，以及从业员在营销计划中所作出的策略性调整。他指出，由于我们正生活于一个科技发展日新月异的时代，故市场从业员必须时刻更新他们的营销计划。张博士对这类计划调整背后的考虑因素相当有兴趣，故他最近对某家用游戏机公司的一项营销计划进行实证研究。虽然研究还在进行中，但张博士已经发现了一些有趣的现象。「我发现目标客户群和投资者的意见，最能够左右企业在市场营销上的战略决策，媒体和竞争对手的意见则最不受重视。但我发现，这些重大的策略性调整虽然能改善一些在传统媒体（比如电视广告、印刷广告）进行的营销计划，并提升销售成效，但对于在线上进行营销计划而言，成效却不太显著。这个现象真的相当有趣，我将会作更深入的研究。」张博士分享。

进行这类实证研究，完备的资料和数据对研究员而言可谓至关重要。张博士认为，港大经管学院在学术界享负盛名，并在亚太区建立了强大的商业合作网络，非常适合进行市场学研究。他并对学者们的积极进取态度表示非常欣赏：「港大经管学院的市场学者非常热衷于与商界合作。他们不单单为进行学术研究，同时亦致力运用他们的学术天赋，为从业员构想出各种不同的营销机制。他们真真正正做到商学合一，互惠共赢。我真的非常期待与他们共事。」

修读本科市场学的意义

加入学院后，张博士会执教两个本科课程。作为一名教育家，张博士认为本科课程的精髓，是帮助同学认识和熟习使用最新的营销科技，为他们日后的事业发展打好基础。张博士进一步解释：「当你在本科建立了坚实的技能后，便能进而修读硕士课程，学习如何有策略地拟定市场营销策略。」张博士期望他的学生能够在课堂上踊跃发言。他相信只有透过知识交流和辩论，同学才有机会振翅高飞、取得突破。

在加拿大和新加坡两地累聚多年研究和教学经验，周家聪博士相信自己是时候回到香港这个成长地贡献。他于2020年七月加入港大经管学院，成为会计学助理教授。

探索商学的蓝海

「在预备公开考试的时候，我在补习班上遇到了一位经济学导师。他的讲课生动，大大启发了我对经济学的兴趣，亦令我立志成为一名教师。在四年的大学本科课程中，我对经济学理论和研究方法的热情得到进一步的提升，亦加深了探索个人和企业行为的好奇心。因此我决定在本科毕业后继续深造，寄情于经济学的学术研究。」周博士说。

但周博士渐渐发现，所有企业行为和与会计学都有着紧密的关联。周博士指出，会计原则是现代商业社会的根基，这些原则不但规范企业的行为，更对政策制定有着举足轻重的影响。例如税务会计原则会影响到征税工作和防止偷税安排的成效，从而影响企业所得税税收。

游走于免税期的灰色地带牟利

周博士最近的一项研究，探讨美国企业如何利用其它国家提供的免税期优惠进行利润转移。订立免税期在亚洲国家非常普遍，当地政府旨在透过提供期限长达五至十年的超低税率，甚至零税率优惠吸引外资。参与计划的外资企业需要满足特定的条件，如在当地设立总部、雇用一定数目的本地劳工等等。

「我的研究团队发现，美国企业利用免税期进行利润转移的情况尤为显著。他们平均每年转移近四千万美元本地收入到海外，当中节省的税务开支每年达一千万多美元。」周博士说。但研究亦发现，企业利用免税期优惠进行利润转移亦为这些企业带来更多的税务不确定性，因为大额利润转移容易招致美国税务局对企业进行审查。

这种企业行为无疑损害了美国政府的税务收入。为解决这个问题，美国在2017年12月推出了《减税与就业法案》进行税务改革。法案于2018年生效，周博士认为法案能从三方面鼓励美国企业放弃参与海外免税期计划。首先，法案直接对美国企业部分的海外收入免税；其二，法案把美国的企业税由35%降至21%；其三，法案在美国的税制框架中，新增了一项名为「全球无形低税收入」的海外收入项目，并设置最低税收。周博士认为，法案能否吸引企业回巢，以及对他们的投资行为所造成的影响，将会是一个值得探讨的议题。

求真的重要性

在港大授课两个学期，周博士觉得学生在学习上可以更加主动。如在温习时遇到困难时，千万不要惧怕向老师求助。与此同时，学生亦应该向老师求证自以为学懂的知识，才能在学业上取得成功。他亦同时希望，疫情尽快结束，能够脱下口罩与同学们面对面交流。

展望将来，周博士说：「能够回归香港实在令我感到相当兴奋。我会致力透过创造知识和人才培训，为港大社群作出贡献。」

Students from HKU Business School wins the Champion in the Hong Kong Shared Good Values (HKSGV) 2021 Case Competition – Case of Nestlé Hong Kong

It is the fifth year that HKSGV organised the case competition. It is a programme that aims to propagate the concept of doing good and doing well in businesses in Hong Kong. A total of 141 teams (about 520 students) registered this year.  Between February and May 2021, participating teams contributed ideas to senior management at Nestlé Hong Kong Limited and Stan Group on how they generate innovative plans for office penetration and engagement, the importance of happy work culture, elderly care and wellness for an age-friendly smart city, creation of shared value business concepts, business and social development in Hong Kong.

Team members:

CHU Hon Ho BBA (Acct&Fin) Year 4

LAW Hiu Wai BBA (Business, Design & Innovation and Marketing) Year 4

LI Wing Chak BBA (Econ&Fin) Year 4

Student Sharing:

One main focus of this competition is to Create Shared Values (CSV) for different stakeholders. Throughout the competition, we have a chance to study Nestlè’s current situation and brainstorm innovative solutions for penetrating middle-size offices. Looking into the case, we have learned how to merge CSV to genuine practices with business values. We first conducted situation analysis, defined strategic directions, set goals and objectives. Then, we integrated different levels of CSV into our proposed solutions – to reconceive products and markets, redefine productivity in the value chain, and enable local cluster development. After that, we came up with our final solutions to meet social needs and strengthen the linkage between companies and the community. It’s a precious opportunity for us to experience the workflow of proposing a real-world business project.

Developing a business proposal is always not easy. It’s our pleasure to be guided by an experienced mentor. We were inspired a lot while going through the concept of CSV, the perspective of stakeholders, the implications, the implementation challenges, the timeline, the cost analysis, etc. It’s been a challenging journey but rewarding experience as well.

– By CHU Hon Ho Jason

Learn more about the competition: https://www.hksgv.hk/2021-case-competition

From left to right: Mr. Raymond Cheng, President of the Hong Kong Institute of Certified Public Accountants; Zang Ke Ke, Coco; Chan Hoi Ching, Ella; Leung Ka Wing, Karry; Chan Yuet, Mikayla; Dr. Winnie S.C. Leung, Assistant Dean (Undergraduate)

The HKU Business School team won the 1^st runner-up in HKICPA Business Case Competition 2021. This year, the competition received a total of 657 team entries from various institutions in Hong Kong, Greater China and Macau regions.

The HKICPA Business Case Competition is an inter-tertiary event that aims at developing students’ business skills, cultivating their professional judgment and preparing themselves for the business environment. Participating teams were required to submit written proposals on a case study in the fashion industry for screening. After several rounds of evaluation, six finalist teams were selected for competing in the Final Oral Presentation Day on November 20, 2021.

Team members:

Chan Hoi Ching, Ella (team leader) – BBA

Chan Yuet, Mikayla – BBA (Acc&Fin)

Leung Ka Wing, Kary – BBA

Zang Ke Ke, Coco – BEcon&Fin

Faculty advisor: Dr. Jasmine KWONG

Student’s Sharing:

We were new to case competition, and we were new to each other.

Things began when I saw the case competition poster distributed at the end of the orientation camp and asked, ‘Is anyone interested in joining it with me?’ Frankly, I was just randomly asking and did not expect that I could form a team. I asked this question so many times, but it never happened to go the way I wished – forming a team is difficult! This time, I ‘successfully’ formed a team of four. Having the opportunity to join the competition made me feel excited, while at the same time, worried. I had only known my teammates for 2 days, and there were a lot of uncertainties. I had no idea if they were truly willing to take up the responsibility, were we capable or simply whether we could coordinate well. Fortunately, even though our schedules were packed with deadlines, tests, and more in these three months, none of us treated the competition as posteriority. We not only got our parts done but also initiatively helped each other.

We never imagine we can go so far since we were selected among 657 teams to be one of the six finalist teams in the undergraduate category and, finally, getting the 1st Runner-up. We are not the only people who contribute to our success. We appreciate this opportunity offered by HKICPA as we have learned a lot throughout the competition and from the adjudicators’ comments. My professor also advised on our presentation deck, and HKU Business School reached out to us to see if we needed a coach. We are lucky to have all these support and resources.

Participating in a case competition is a great opportunity to learn, from technical skills like proposal writing and presentation skills to soft skills, namely communication skills, teamwork, agility and stress management skills. We are looking forward to joining other case competitions together in the near future, and we recommend you to take the initiative to grow and improve.

Last but not least, I would like to thank my teammates. From the worries to now, we have experienced a lot, and I am grateful and proud to say, ‘We are the dream team!’

by Chan Hoi Ching, Ella (team leader)

Learn more about the competition

https://www.hkicpa.org.hk/en/Become-a-Hong-Kong-CPA/QP-Student-support-and-benefits/QP-Affiliate-Club/HKICPA-Business-Case-Competition

https://ug.hkubs.hku.hk/competition/hkicpa-business-case-competition-2021

许多人曾幻想自己会离开稳定的工作，创立自己的事业，但最终并非每人都能够踏出舒适圈，并在物竞天择的商业世界开拓出一条新路。成功创业的关键往往在于创业家是否有破釜沉舟的决心、坚韧不拔的精神和远大的目光。是次「与CEO对话: 水滴公司沉鹏谈创新创业」讲座已于2021年9月23日举行，吸引过百名嘉宾参加，了解企业创新和创业精神。水滴公司创办人沉鹏先生以他自身的经历，分享他对创业的看法以及他带领水滴公司打入中国保险市场的激励故事。

沉先生的创业之旅从成为美团的客户服务实习生开始, 他凭住自己的努力和对工作的热诚，很快晋升为美团的管理层，带领美团急速扩展业务。他认为在好的环境工作好比坐上火箭般，获得的机会和回报将有助发掘自己的潜能和建立人际关系。因此，他建议毕业生不要只凭薪金选择第一份工作。反之，他们应该选择那些提供机会成长和突破自我的公司。在2013年，他带领自己的团队创立美团外卖平台，初尝内部创业的滋味。他们利用人工智能和大数据等技术，使平台发展成国内最大的外卖平台，每天处理最少400万宗订单。

可是，他对创业的热诚并没有就此停下。沉先生其后谈及他离开美团，创立水滴的故事。他观察到三线城市和农村的人们因受保门槛过高和他们的收入较低，无法支付高昂的保险费，而没有得到医疗保险的保障。因此，他决意设立一个众筹平台，为那些被传统保险市场排除在外的人，提供可负担的保险产品，改善他们的生活质素。

此外，他透露带领水滴公司成为第一间在美国上司的中国保险公司的秘诀。他认为一间公司的成败很大程度在于他们是否拥有一个好的团队。若一个团队能吸纳不同人才， 维持良好的沟通和建立信任，将能想出创意的点子和具前瞻性的策略。再者，他分享管理自己的公司和进行市场推广的策略, 例如他推祟的杰克韦尔奇的管理方法论和PM12条原则。在演讲总结时，他以「始终创业，纵情向前！」这一句话鼓励学生们勇敢跳出旧有的框架，努力去追寻自己的梦想。

Congratulations! BBA (Acc&Fin) student Mr. CAI Justin Anderson is crowned the Overall Champion in the category of “Stocks” at the 6th Joint University Investment Game!

Being the largest investment competition for University students in Hong Kong, it has attracted more than 3000 participants from over 14 universities and 20 student unions across Hong Kong and Shenzhen. During the competition, there are 6 market segments where contestants can trade: Stocks, CBBC, Warrants, ETP, Index Futures and Index Options. The top 10 contestants with the highest portfolio values enter the final.

Student’s Sharing:

I would like to thank HKU, that it has provided me with a platform to network with different successful mentors and peers and boosted my investment knowledge. As a student majoring in Accounting and Finance, courses offered within the programme have contributed to my success in this competition as well.  For instance, different advanced Accounting and Finance-related courses such as financial statement analysis, Equity Valuation, and Investment Management have equipped me with the skillset of reading and analysing an individual company’s performance, which is essential when making investment decisions. I can put the theories that I’ve learned into practice during this competition through a real investment environment.

Looking forward, I wish to pursue my dream job as an analyst and equity fund manager by utilising the vigorous academic training I have been given. I wish to serve the industry by providing professional insights for my future clients and I believe this will be developed as my lifetime interest.

CAI Justin Anderson, BBA(Acc&Fin)

Learn more about the competition: http://www.juig.hk/JUIG.html