Business awards highlight Asia's leaders

CPA Australia has now aligned itself with Hong Kong's most successful and authoritative business awards — the DHL / SCMP Hong Kong Business Awards — by advising on the judging criteria and the program categories, and setting key performance indicators to assist in the judging process.

This is the first time in the 18-year history of the awards that a professional body has been involved to raise the level of transparency and accountability.

'The DHL / SCMP Hong Kong Business awards is widely recognised as being the premier business awards program in Hong Kong if not Asia,' says Thomas Wong, president of CPA Australia's Hong Kong China division. 'When the opportunity became available to act as a special adviser on the criteria of the awards and the judging process, we naturally jumped at the chance.

'To publicly acknowledge the vital contribution made by individuals and companies in maintaining and expanding the economic viability and international stature of Hong Kong while at the same time recognising excellent standards of corporate management, is a positioning that CPA Australia is delighted to be associated with,' says Wong.

The awards culminated in a black tie gala dinner at the Grand Hyatt Hotel, attended by some of the biggest powerbrokers from the Hong Kong business community. The awards program attracted a record number of entries and the quality of the submissions was described as the best ever.

Dr Che-woo Lui, founder and chairman of K. Wah Group, was chosen as 'Business person of the year'. Lui, who began his career shortly after the Second World War, was lauded for his positive business and social contribution to the further development of Hong Kong. Under his leadership, the K. Wah Group has been transformed from a small business selling construction materials and equipment into a conglomerate specialising in the property, entertainment, leisure and hospitality sectors.

The award also recognised Lui's many contributions to the community and his commitment to helping future generations develop. In 2002 he established the Dr Lui Che-woo Scholarship to facilitate academic exchanges between the Chinese University of Hong Kong and Cornell  University students enrolled in the student exchange program in Hospitality management.

Professor Yue-Chim Richard Wong, deputy vice-chancellor and professor of economics at the University of Hong Kong and chairman of the judging panel, told the audience: 'There were many meritorious entries in this year's awards program and this is a reflection of the very dynamic and positive business environment currently prevailing in not only Hong Kong but Asia as whole.

'The Pearl River Delta continues as one of the world's major manufacturing powerhouses and, coupled with China's overall GDP growth, this has had a very positive effect on Hong Kong's prosperity and economic growth.'

The judging panel also included representatives from CPA Australia; The Hong Kong General Chamber of Commerce; DHL Express; The South China Morning Post; Junior Chamber International Hong Kong; The Chinese General Chamber of Commerce; Hong Kong Exchanges & Clearing Limited;  Hong Kong Trade Development Council; and  Hong Kong and Shanghai Banking Corporation.

Last year's winners were also included on the panel: Dr David Li Kwok-po of Bank of East Asia Limited; CK Chow of MTR Corporation; Paul Cheung Kwok Wing of Kingboard Chemical Holdings; Albert Wong of Eastern Worldwide Company; Anthony Lau of BALtrans Holdings and YY Hung of Regina Miracle.

Award winners

Business person of the year
Dr Che-woo Lui, founder and chairman of K. Wah Group

Executive award
Tom Mehrmann, chief executive, Ocean Park Corporation

Owner-operator award
Simon Kwok, chairman and CEO, Sa Sa International Holdings Limited

Young entrepreneur
Eric Wong, chairman and CEO, the Richburg Corporation

International award
Media Asia Entertainment Group Limited

Enterprise award
Lawsgroup

SME award
Bliss Concepts Limited

International investor of the year award (new award category developed with the assistance of InvestHK)
Eu Yan Sang (Hong Kong) Limited

Hong Kong — Asia's favourite business city

Hong Kong remains the region's most popular city for foreign companies, a report from the government's Census and Statistics Department says.

On average, four international companies open a regional office or headquarters there every month. The number of foreign companies with a presence in the SAR has increased by more than 55 per cent over the past decade.

US companies continue to dominate, while Japan, Mainland China, Great Britain and the European Union are also strong contributors to Hong Kong's international community.

Overseas companies in Hong Kong represent a wide spectrum of business interests, including wholesale, retail, import and export trades and business services, finance and transport.

According to InvestHK, the government report highlights Hong Kong's low and simple tax system, free flow of information and absence of exchange controls as major contributors to the city's appeal.

However, it also highlights areas of concern to international business. 'What I'm hearing from the international chambers in Hong Kong and during my trips overseas is that Hong Kong has three key challenges ahead,' says Mike Rowse, director general of investment promotion at InvestHK.

'We need to focus on the high cost of office premises, on improving our air quality and on increasing the number of international school places.'

East Asia's growth spurt

Economic growth in emerging East Asia accelerated to 8.4 per cent in the first half of 2007 and is expected to remain strong in 2008, according to the World Bank's latest semi-annual East Asia and Pacific update.

The increase is thought to be the result of buoyant investment, spending, and, in particular, faster domestic demand growth in China, which has also become a major export market for the rest of East Asia.

Growth in China reached an average percentage rate of 11.5 in the first three quarters of 2007, and is expected to slow only mildly to 10.8 per cent during 2008.

The dynamic growth continues in many middle income economies in the region, namely Indonesia and the Philippines, and continues to run at a solid 7 to 10 per cent in low income economies such as Lao PDR, Mongolia, Cambodia and Vietnam.

Although Malaysia followed closely with inflows worth over 18 per cent of GDP, other economies including Singapore and Hong Kong reached overall surpluses of a mere 4 to 5 per cent of GDP.

Rule change for Singapore accountants

Singapore's Accounting & Corporate Regulatory Authority (ACRA) has changed some of the practical experience requirements for registration as a public accountant.

The adjustments relate to applicants who passed their professional examinations before 1 April 2004 and who plan to submit their application on or after 15 November 2010.

The main difference will be that applicants must have fulfilled a mandatory two years of structured practical experience during this time.

As a result, ACRA has encouraged applicants to carefully assess and plan their structured practical experience now.

On the move

Three CPA Australia Asian divisions are on the move.

The Malaysia divisional office will be relocating on 7 April to:

Suite 10.01, level 10
The Gardens South Tower
Mid Valley City
Lingkaran Syed Putra
59200 Kuala Lumpur

Divisional director, Audrey Danasamy FCPA, says the new premises have a lot of pluses for visiting members, including a bigger member area with internet access, ample parking bays, reasonable parking fees and better security.
 
On 25 March the Hong Kong office is moving up — eight stories above its current location:

20/F Tai Yau Building
181 Johnston Road
Wanchai, Hong Kong

The Beijing office will relocate by 28 April to:

Units 7 – 8B on level 3,
Office Tower C2
The Towers, Oriental Plaza
No.1 East Chang An Avenue
Dong Cheng District,
Beijing, 100738

The offices' contact numbers remain the same.

Reference: February 2008, volume 78:01, p. 13 – 15