GE Equity Asia was established in the late 1990s as the Asian division of GE Equity, the private equity arm of GE Capital. Shortly after the 2008 financial crisis, GE authorized GE Equity Asia to raise a USD500–750 million Asian private equity fund, which would for the first time bring in third-party investors as limited partners (LPs). GE Capital was planning to commit to investing 10–20% of the fund as an anchor investor. Fundraising was going smoothly until mid-2010, when the Dodd–Frank Wall Street Reform and Consumer Protection Act, a major financial reform law in the United States, was enacted.
In particular, the section (typically called the “Volcker Rule”) prohibited federally insured banks and their affiliates from investing in or sponsoring private equity funds and hedge funds. Although not a bank, GE Capital was deemed to be captured under the broad definition of “affiliate” adopted by the Volcker Rule. Consequently, the plan for a GE Capital-sponsored Asian private equity fund was dropped, as the sponsorship appeared to be prohibited by the new law. At this critical juncture, the team had to evaluate their options and formulate a new strategy for GE Equity Asia.
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HThe case is based on a situation faced by Hong Kong Television Network Limited (HKTV) in 2012, a leading player in Hong Kong’s international direct dial (IDD) telephone and broadband Internet access industries. The protagonist is Ricky Wong Wai-kay (王維基), Chairman and Founder of HKTV who built his company by successfully challenging local oligopolies. Encouraged by the Hong Kong government’s policy to promote more choices of quality programs in the free-to-air terrestrial television market (free TV), HKTV was one of three parties to apply for a license in 2009. At the time, two stations had free TV licenses; the dominant Television Broadcasts Limited (TVB) and troubled rival Asia Television Limited (ATV). To amass funds, Ricky sold the cash cow of his company, the broadband business, for around HKD5 billion. With the funds, HKTV started to hire staff and construct a large multimedia center. Ricky Wong’s vision is that “together we can create TV miracles.” How can he realize his vision? What will it take for him to compete successfully against TVB?
Nicholas Tse Ting-fung is a Hong Kong Chinese movie star and singer who is especially well-known in greater China and the surrounding region. Although he is a household name in the region, few people know he is also a successful entrepreneur who founded a leading post production company with offices in Hong Kong, Shanghai and Beijing. In the video he talks about multiple facets of leadership.
The Hong Kong based family-controlled Jebsen Group, operating under hostile environment and political unrests, thrived and prospered with other successful European China-traders for more than a century. The case identifies the factors of success in the past and examines the challenges the Jebsen would face to survive for another 100 years, while preserving the Jebsen’s family ownership. The current Chairman, Michael Jebsen, contemplates the necessary strategies to maintain the Jebsen legacy.
Since Thomas Mehmann, Chief Executive of Ocean Park Hong Kong, took over the helm, he was credited with the successful repositioning of Hong Kong’s home grown theme park after Hong Kong Disneyland had opened, and for steering the Park’s HK$5.55 billion redevelopment plan. Following the tour-consecutive years of revenue increase and growth of surplus, it was time to revaluate the next major development after 2012. How could the Tai Shue Wan site be used more effectively to contribute the local and global position of Ocean Park beyond 2012?
Since early 2005, Oscar Chow, Executive Director of both Chevalier International Holdings Limited (“CIHL”) and Chevalier iTech Holdings Limited (“CiTL”), had been planning and executing the transformation of CiTL from a technology company into a food and beverage business. Before the transformation, CiTL was experiencing difficulties in a fiercely competitive and volatile technology market with a sub-optimal strategy that could not be fixed easily. To adapt to the changing business environment proactively, Oscar made a bold move to reshape CiTL through acquisitions of Pacific Coffee Company in April 2005, and the Igor Group’s portfolio of food and beverage business in 2007.
As the octogenarian, Dr. Hari Harilela GBS, OBE, JP, contemplates the future of his group of companies; the most pressing issue is how to ensure a smooth succession that will place Aron, his only son, as head of the business and at the head of the family, at an appropriate time. Apart from the usual challenges faced by any heir, Aron would have to overcome the “handicap” of his youth when dealing with senior family and board members, and learn to lead to resolve issues smoothly and drive the corporate forward.
The Hong Kong and China Gas Company Limited, known as Towngas, was facing an immensely complex problem: climate change. It presented both threats and opportunities for Towngas. Alfred W K Chan, Managing Director of the company, was considering how climate change might be incorporated into their business models in order to prepare Towngas for the future.
James Thompson, Founder and Chairman of Crown Worldwide Holdings, in his mid-sixties, began to think of succession issues. Despite his achievements in life, it would inevitably come the day when he would no longer be there to oversee Crown’s operations and development. It was uncertain whether any of his children had the competence, stamina or interest to take over the diversified global conglomerate. Though still in good health and spirits, Thompson understood very well that he had to start his succession planning before it was too late.
Hong Kong International Airport (HKIA) has established a reputation as one of the most modern and efficient airports in the world. With competition from neighboring airports high on the agenda, the airport faces a range of business issues. How can HKIA remain competitive? Will China’s growth in the airport and aviation sector provide a win-win situation for HKIA and its neighbors? Will HKIA be able to take the lead in this context?