US-China relations, global economics and the best of Burgundy top discussions at the Post's inaugural family business summit
South China Morning Post
4 min read
More than 100 family-office owners and managers gathered in a closed-door summit in Hong Kong to discuss the state of global politics, the world's economy, wealth management, the environment and business sustainability, as the city took another step towards proving its mettle as Asia's financial hub.
South China Morning Post's inaugural Family Business Summit (FBS) was co-organised with Blue Pool Capital, with the support of UBS and Brand Hong Kong. Attendees of the full-day conference at The Peninsula hotel comprised family-business owners and managers from Hong Kong, Southeast Asia, Europe, the Middle East and the United States.
The summit came just a day before Hong Kong inaugurated an academy to provide financial and skills training in wealth management to support the family-office industry.
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City leader John Lee Ka-chiu said in his keynote address he looked forward to the academy's efforts in establishing Hong Kong as a principal centre for managing family wealth and legacies.
Catherine So, chief executive officer of the Post, during the Family Business Summit at The Peninsula hotel on November 13, 2023. Photo: May Tse alt=Catherine So, chief executive officer of the Post, during the Family Business Summit at The Peninsula hotel on November 13, 2023. Photo: May Tse>
Hong Kong has been the ideal location for family offices, Lee said, reiterating the government's target to facilitate no fewer than 200 family offices to set up operations or expand their businesses in the financial hub by the end of 2025. Hong Kong's asset and wealth management business amounted to over HK$30.5 trillion (US$3.9 trillion) last year, he added.
Family-owned businesses are vital for many Asian economies, because an estimated 85 per cent of Asian-Pacific companies are family-owned, said Catherine So, Chief Executive Officer of the Post.
(Left to right): UBS' co-head of Asia-Pacific Wealth Management Amy Lo, the Post Editor-in-Chief Tammy Tam, Hong Kong's Chief Executive John Lee Ka-chiu, Alibaba Group Holding's Chairman Joe Tsai, the Post's chief executive Catherine So, and Blue Pool Capital's chief executive officer Oliver Weisberg, at the inaugural Family Business Summit organised by the Post and Blue Pool, with the support of UBS, on November 13, 2023. Photo: May Tse alt=(Left to right): UBS' co-head of Asia-Pacific Wealth Management Amy Lo, the Post Editor-in-Chief Tammy Tam, Hong Kong's Chief Executive John Lee Ka-chiu, Alibaba Group Holding's Chairman Joe Tsai, the Post's chief executive Catherine So, and Blue Pool Capital's chief executive officer Oliver Weisberg, at the inaugural Family Business Summit organised by the Post and Blue Pool, with the support of UBS, on November 13, 2023. Photo: May Tse>
"We recognise the importance of providing a platform for prominent family business owners to convene and exchange thought leadership to ensure the continued success of these multi-generational companies," she said. "Sustainability as a theme for this year's summit comes with dual significance; firstly to highlight the multi-generational legacy of family businesses, and secondly it refers to environmental sustainability."
The summit covered a range of topics. Jeffrey Katzenberg, the founding partner of WndrCo and the former chief executive of DreamWorks Animation, spoke in a fireside chat with Joe Tsai, chairman of the Post and the chairman of Alibaba Group Holding.
Professor Li Cheng of the University of Hong Kong's Centre on the Governance of China and the World spoke about China's position in the world with retired Senior Colonel Zhou Bo of the Tsinghua University's Centre for International Security and Strategy, who joined by teleconferencing from another conference in Abu Dhabi in the United Arab Emirates.
"We are excited to be the Presenting Partner, bringing families, investors and experts together to discuss and share insights on some of the most important topics in their minds," said Amy Lo, the Asia-Pacific co-head of wealth management at UBS. "We are committed to working with families to address their priorities including wealth preservation and legacy planning, and we believe Hong Kong will continue to offer a conducive environment for family offices to sustain growth."
China's former US Ambassador Cui Tiankai provided an insider's look at US-China relations, just days ahead of a widely anticipated meeting between the presidents of the US and China during the annual meeting of the Asia-Pacific Economic Cooperation (Apec) forum in San Francisco.
Alibaba Cloud's Chief Technology Office Zhou Jingren spoke about artificial intelligence and broke down the "black box" behind generative AI.
Former US Ambassador Cui Tiankai (left) and the Post's Editor-in-Chief Tammy Tam during the Family Business Summit at The Peninsula in Tsim Sha Tsui on 13 November 2023. Photo: May Tse alt=Former US Ambassador Cui Tiankai (left) and the Post's Editor-in-Chief Tammy Tam during the Family Business Summit at The Peninsula in Tsim Sha Tsui on 13 November 2023. Photo: May Tse>
Brice de la Morandiere, the co-owner and managing partner of Domaine Leflaive, talked about how the family-run vineyards of Burgundy are adapting to the 21st century and planning for succession.
Poman Lo, the founding managing partner of AlphaTrio Capital spoke about the opportunities and Hong Kong's role in green investments, in a session moderated by the UBS' c0-head of Asia-Pacific sustainable finance office Tasos Zavitsanakis.
