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Asian family businesses

Up close and personal: Perspectives on Asian family offices

July 4, 2017

The world’s financial centre of gravity is shifting to Asia and Asian family businesses are a major factor. But the family office concept is in its infancy compared to Europe and North America and western wealth managers struggle to forge enduring business relationships. Azlinda Ariffin-Boromand, partner at WithersWorldwide, says it all starts with chopsticks.

New generation of Asian entrepreneurs are in business for the long haul

December 2, 2015

Entrepreneurs in Asia are more likely to take a long-term approach to their enterprise, according to new research – less than a quarter in China intend to exit their businesses compared to half in the UK.

They are also more likely to keep their wealth in the business, with the average turnover in the region sitting at $12 million, compared to $6 million in the West; while their personal wealth is averages $16.2 million – 26% lower than Western entrepreneurs in the US and Europe.

Third-gen daughter becomes chair of Hong Kong Ship Owners Association

November 30, 2015

One of the world’s largest ship-owning associations is now chaired by a third-generation member of Hong Kong shipping company Wah Kwong Maritime Transport.

One of the world’s largest ship-owning associations is now chaired by a third-generation member of Hong Kong shipping company Wah Kwong Maritime Transport.

Sabrina Chao, who took the helm at her family’s company in 2003 when her father suffered a stroke, was appointed chairwoman of the Hong Kong Shipowners’ Association (HKSOA) at the organisation’s annual general meeting last week.

Families in Asia seeking to “do good” shift towards impact investing

November 17, 2015

Families of wealth in Asia are increasingly looking to impact investing rather philanthropy to achieve social and environmental good, according to a new report released this week.

Families of wealth in Asia are increasingly looking to impact investing rather philanthropy to achieve social and environmental good, according to a new report released this week.

Over the next three years families anticipate allocating 44% of their “doing good capital” to impact investing, compared with 33% today.

First generation family businesses in Asia unprepared for impending succession

June 22, 2015

More than four-fifths of Asian family businesses do not have a succession plan in place despite the majority expecting to handover to the next generation within five years, new research has revealed.

More than four-fifths of Asian family businesses do not have a succession plan in place despite the majority expecting to handover to the next generation within five years, new research has revealed.

Paper pushers: A quick look at Hong Kong family business Samson Paper

May 27, 2015

Samson Paper, like many Asian family businesses, are not only driving the economic development of their countries, but are also shaping global production and consumption, and have recently expanded into sectors including aeronautics and marine services

Samson Paper in numbers
Founded: 1965
Generation: Second
Revenues: $660 million (2013)
Employees: 1,730

Mud sticks: reputation management for families in Asia

May 26, 2015

While a good reputation can bolster consumer loyalty and even increase sales, one slip up in the public eye can set a family name back generations. A new report by Campden Wealth and Credit Suisse looks at the increasing importance of reputation management in Asia

When Korea Air vice president Cho Hyun-ah delayed a flight on her family’s airline last year after becoming enraged by a flight attendant who served her nuts in a bag rather than on a plate, the public fallout was immediate. Twitter hashtags were created and newspaper editorials criticised her entitlement. Within a month the 40-year-old had resigned from all her positions within the family holding company Hanjin Group and is facing criminal charges, while her family’s airline is looking at a $2 million fine and possible flight bans.

Obituary: Hari Harilela 1922-2014

January 16, 2015

Hari Harilela, who went from struggling entrepreneur to international businessman through his eponymous hotel empire, has passed away. He was 92.

While many wealthy families today are spread across continents, the Harilela family of Hong Kong is anything but multi-jurisdictional, with up to 100 members of the family occupying a 70-bedroom sprawling mansion in upmarket Kowloon Tong. Patriarch Hari Harilela said the living arrangement was based on a promise once made to his mother, to keep the whole family under one roof. The family patriarch, who went from struggling entrepreneur to international businessman through his eponymous hotel empire, passed away at the property on December 29. He was 92.

Hyundai looks to plan B for succession planning after failed share sale

January 13, 2015

A $1.25 billion share sale at a subsidiary of South Korean family-owned conglomerate Hyundai has flopped, potentially stalling succession between the second and third generations.

A $1.25 billion (€1.06 billion) share sale at a subsidiary of South Korean family-owned conglomerate Hyundai has flopped, potentially stalling succession between the second and third generations.

Despite a discount on the share price of up to 12%, the Chung family failed to reduce its 43% in Hyundai Glovis, the group’s logistics subsidiary.

Business and giving: the emerging wealth

October 10, 2014

Asia, the Middle East and Africa are currently some of the fastest growing economies in the world. Now a new report profiles what makes the regions’ high net worth business owners tick.

Founded in 1974, Foxconn, a Taiwanese electronics empire, already has revenues of $131.8 billion (€104.4 billion). It’s not a consumer brand, but its electrical components power iPhones, Kindles and Playstations, among other gadgets. Still in the hands of its founder, Terry Gou, the company is an example of the way private business can exploit the skyrocketing economies of developing regions.