In Hong Kong, 15 major family groups represented over 80% of GDP. However, there is also a Chinese saying that “wealth does not pass beyond three generations”. On August 21, 2018, our faculty members who are also our PhD alumni, Professors Roger King and Winnie Peng from the Tanoto Center for Asian Family Business & Entrepreneurship Studies shared that Chinese family businesses can actually prosper for multiple generations if they combine the strengths of family and business. They also tend to provide better returns to shareholders and are better places to work.
“The three success factors are: a sustainable business model, a good balance of Western and Asian values, and pruning of ownership,” said Professor Winnie Peng. The lunch seminar attracted over 30 alumni who are operating family businesses, and working in related finance functions. Check out the event photos here.