{"id":4635,"date":"2023-06-21T16:36:19","date_gmt":"2023-06-21T08:36:19","guid":{"rendered":"http:\/\/cxounion.cn\/?p=4635"},"modified":"2023-06-21T16:36:45","modified_gmt":"2023-06-21T08:36:45","slug":"%e6%83%a0%e7%90%86%e9%9b%86%e5%9b%a2%e8%81%94%e5%b8%ad%e4%b8%bb%e5%b8%ad%e8%b0%a2%e6%b8%85%e6%b5%b7%ef%bc%9a%e4%b8%ad%e5%9b%bd%e5%86%85%e5%9c%b0%e5%b8%82%e5%9c%ba%e5%bc%80%e6%94%be%e5%b0%86%e6%88%90","status":"publish","type":"post","link":"http:\/\/cxounion.cn\/index.php\/2023\/06\/21\/%e6%83%a0%e7%90%86%e9%9b%86%e5%9b%a2%e8%81%94%e5%b8%ad%e4%b8%bb%e5%b8%ad%e8%b0%a2%e6%b8%85%e6%b5%b7%ef%bc%9a%e4%b8%ad%e5%9b%bd%e5%86%85%e5%9c%b0%e5%b8%82%e5%9c%ba%e5%bc%80%e6%94%be%e5%b0%86%e6%88%90\/","title":{"rendered":"\u3010CEO\u8bbf\u8c08\u3011\u60e0\u7406\u96c6\u56e2\u8054\u5e2d\u4e3b\u5e2d\u8c22\u6e05\u6d77\uff1a\u4e2d\u56fd\u5185\u5730\u5e02\u573a\u5f00\u653e\u5c06\u6210\u8d44\u7ba1\u4e1a\u6700\u5927\u673a\u9047"},"content":{"rendered":"\n<p 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0, 0)\" class=\"has-inline-color has-white-color\">CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n<p class=\"has-medium-font-size\">\u53d1\u8fbe\u5e02\u573a\u76ee\u524d\u4ecd\u7136\u5360\u636e\u7740\u5168\u7403\u8d44\u4ea7\u7ba1\u7406\u4e1a\u7684\u534a\u58c1\u6c5f\u5c71\uff0c\u4f46\u9ea6\u80af\u9521\u7684\u7814\u7a76\u8868\u660e\uff0c\u4e2d\u56fd\u673a\u9047\u4e4b\u5e9e\u5927\u5c06\u4f1a\u6539\u53d8\u73b0\u6709\u683c\u5c40\u3002\u9884\u8ba1\u5230 2021 \u5e74\uff0c\u4ec5\u4e2d\u56fd\u7684\u94f6\u884c\u8d44\u7ba1\u89c4\u6a21\u5c31\u5c06\u8d85\u8fc7 5 \u4e07\u4ebf\u7f8e\u5143\uff0c\u800c\u5305\u62ec\u57fa\u91d1\u3001\u4fdd\u9669\u548c\u4fe1\u6258\u5728\u5185\u7684\u5404\u7c7b\u91d1\u878d\u8d44\u7ba1\u4e1a\u52a1\u603b\u89c4\u6a21\u5230 2021 \u5e74\u5c06\u8d85\u8fc7 22 \u4e07\u4ebf\u7f8e\u5143\u3002<\/p>\n\n\n\n<p class=\"has-medium-font-size\">\u5c4a\u65f6\uff0c\u4e2d\u56fd\u5c06\u6210\u4e3a\u5168\u7403\u7b2c\u4e8c\u5927\u91d1\u878d\u5e02\u573a\u3002\u9ea6\u80af\u9521\u9884\u6d4b\uff0c\u672a\u6765\u4e2d\u56fd\u5f15\u9886\u4e0b\u7684\u4e9a\u6d32\u8d44\u7ba1\u4e1a\u521b\u6536\u5c06\u8fbe\u5230 700 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class=\"has-medium-font-size\">\u4e0e\u6b64\u540c\u65f6\uff0c\u5728\u9999\u6e2f\u8fd9\u4e2a\u4e2d\u56fd\u8fc7\u53bb\u8d56\u4ee5\u4e0e\u4e16\u754c\u91d1\u878d\u5bf9\u63a5\u7684\u7a97\u53e3\uff0c\u76d1\u7ba1\u673a\u6784\u4e5f\u5728\u7740\u624b\u8fdb\u884c\u6539\u9769\u3002\u81ea\u4eca\u5e74\u5e74\u521d\u4ee5\u6765\uff0c\u9999\u6e2f\u91d1\u878d\u7ba1\u7406\u5c40\u5df2\u5411\u4e00\u4e9b\u4f01\u4e1a\u53d1\u653e\u865a\u62df\u94f6\u884c\u724c\u7167\uff0c\u5411\u5728\u91d1\u878d\u4ea7\u54c1\u5206\u9500\u65b9\u9762\u957f\u671f\u5360\u636e\u4e3b\u5bfc\u5730\u4f4d\u7684\u4f20\u7edf\u94f6\u884c\u53d1\u8d77\u4e86\u6311\u6218\u3002<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-white-color\">CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n<p class=\"has-medium-font-size\">\u5bf9\u8d44\u4ea7\u7ba1\u7406\u516c\u53f8\u800c\u8a00\uff0c\u4e0d\u65ad\u6f14\u8fdb\u53d1\u5c55\u4e2d\u7684\u5927\u4e2d\u534e\u5730\u533a\u65e0\u7591\u6b63\u53d8\u5f97\u8d8a\u6765\u8d8a\u91cd\u8981\u3002\u6709\u9274\u4e8e\u6b64\uff0c\u9999\u6e2f\u6700\u8d44\u6df1\u7684\u4e0a\u5e02\u8d44\u4ea7\u7ba1\u7406\u516c\u53f8\u2014\u2014\u60e0\u7406\u96c6\u56e2\u7684\u8054\u5e2d\u4e3b\u5e2d\u517c\u8054\u5e2d\u9996\u5e2d\u6295\u8d44\u603b\u76d1\u62ff\u7763\u65af\u91cc\u8c22\u6e05\u6d77\uff08Cheng Hye Cheah\uff09\u7ed3\u5408\u4ece\u4e1a 30 \u591a\u5e74\u7684\u7ecf\u9a8c\uff0c\u5206\u4eab\u4e86\u81ea\u5df1\u5bf9\u8fd9\u4e2a\u884c\u4e1a\u7684\u5ba1\u614e\u89c2\u5bdf\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image alignleft\"><img decoding=\"async\" src=\"https:\/\/www.mckinsey.com.cn\/wp-content\/uploads\/2019\/08\/\u5716\u7247-1.png\" alt=\"\" class=\"wp-image-12820\"\/><\/figure>\n\n\n\n<p class=\"has-medium-font-size\"><strong>\u8c22\u6e05\u6d77<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">\u5e74\u9f84\uff1a64<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>\u804c\u4e1a\u4eae\u70b9<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">\u73b0\u4efb\u60e0\u7406\u96c6\u56e2\u8054\u5e2d\u4e3b\u5e2d\u517c\u8054\u5e2d\u9996\u5e2d\u6295\u8d44\u603b\u76d1\u3002\u4ed6\u6240\u9886\u5bfc\u7684\u60e0\u7406\u96c6\u56e2\u662f\u4e9a\u6d32\u6700\u5927\u7684\u672c\u571f\u8d44\u4ea7\u7ba1\u7406\u516c\u53f8\u4e4b\u4e00\uff0c\u603b\u90e8\u4f4d\u4e8e\u9999\u6e2f\uff0c\u5728\u4e0a\u6d77\u3001\u6df1\u5733\u3001\u65b0\u52a0\u5761\u3001\u4f26\u6566\u3001\u5409\u9686\u5761\u548c\u6ce2\u58eb\u987f\u5747\u8bbe\u6709\u529e\u4e8b\u5904\u3002<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-white-color\">CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n<p class=\"has-medium-font-size\">1993 \u5e74 2 \u6708\u4e0e\u5408\u4f19\u4eba\u8054\u5408\u521b\u529e\u60e0\u7406\u96c6\u56e2\uff0c\u5e76\u4e00\u76f4\u8d1f\u8d23\u7ba1\u7406\u516c\u53f8\u7684\u6295\u8d44\u6218\u7565\u548c\u4e1a\u52a1\u8fd0\u8425\uff1b\u5e26\u9886\u60e0\u7406\u4e8e2007 \u5e74\u6210\u4e3a\u9996\u5bb6\u5728\u9999\u6e2f\u8054\u5408\u4ea4\u6613\u6240\u4e0a\u5e02\u7684\u8d44\u4ea7\u7ba1\u7406\u516c\u53f8<\/p>\n\n\n\n<p class=\"has-medium-font-size\">\u81ea2017\u5e74\u81f3\u4eca\uff0c\u51fa\u4efb\u9999\u6e2f\u4ea4\u6613\u53ca\u7ed3\u7b97\u6240\u6709\u9650\u516c\u53f8\u72ec\u7acb\u975e\u6267\u884c\u8463\u4e8b<\/p>\n\n\n\n<p class=\"has-medium-font-size\">1989 \u5e74\u4f5c\u4e3a\u7814\u7a76\u4e3b\u7ba1\u521b\u5efa\u4e86\u6469\u6839\u5efa\u5bcc\uff08Morgan Grenfell\uff09\u7684\u9999\u6e2f\/\u5185\u5730\u80a1\u7968\u7814\u7a76\u90e8\u95e8<\/p>\n\n\n\n<p class=\"has-medium-font-size\">\u66fe\u4efb\u300a\u534e\u5c14\u8857\u65e5\u62a5\u300b\uff08<em>Wall Street Journal<\/em>\uff09\u548c\u300a\u8fdc\u4e1c\u7ecf\u6d4e\u8bc4\u8bba\u300b\uff08<em>Far Eastern Economic Review<\/em>\uff09\u4e9a\u6d32\u7248\u8d22\u7ecf\u8bb0\u8005\uff0c\u8d1f\u8d23\u4e1c\u4e9a\u53ca\u4e1c\u5357\u4e9a\u7684\u5546\u4e1a\u548c\u8d22\u7ecf\u65b0\u95fb<\/p>\n\n\n\n<p class=\"has-medium-font-size\">\u5728\u4e0e\u9ea6\u80af\u9521\u4e2d\u56fd\u533a\u603b\u88c1\u502a\u4ee5\u7406\uff08Joe Ngai\uff09\u7684\u8c08\u8bdd\u4e2d\uff0c\u8c22\u5148\u751f\u8bc4\u4f30\u4e86\u4e2d\u56fd\u5e02\u573a\u7684\u6f5c\u529b\u6c34\u5e73\uff1b\u4ed6\u8ba4\u4e3a\u968f\u7740\u5e02\u573a\u6108\u53d1\u6210\u719f\uff0c\u4e3b\u52a8\u578b\u6295\u8d44\u5c06\u53d1\u6325\u4e3b\u5bfc\u4f5c\u7528\uff0c\u5e76\u89e3\u91ca\u4e86\u5176\u4e2d\u539f\u56e0\uff1b\u4ed6\u8fd8\u544a\u8beb\u6211\u4eec\uff0c\u9999\u6e2f\u4e0d\u53ef\u80fd\u4e00\u5915\u4e4b\u95f4\u5f7b\u5e95\u6539\u53d8\u3002\u4ee5\u4e0b\u4e3a\u7f16\u8f91\u540e\u7684\u8bbf\u8c08\u5b9e\u5f55\u3002<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-white-color\">CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u502a\u4ee5\u7406\uff1a<\/strong>\u4e9a\u6d32\u6700\u5927\u7684\u8d44\u4ea7\u7ba1\u7406\u673a\u9047\u6216\u8d8b\u52bf\u662f\u4ec0\u4e48\uff1f<\/h2>\n\n\n\n<p class=\"has-medium-font-size\"><strong>\u8c22\u6e05\u6d77\uff1a<\/strong>\u6700\u5927\u548c\u6700\u91cd\u8981\u7684\u673a\u9047\u662f\u4e2d\u56fd\u5185\u5730\u5e02\u573a\u7684\u5f00\u653e\u3002\u6700\u8fd1\u6709\u4e00\u4efd\u62a5\u544a\u9884\u6d4b\uff0c\u5230 2023 \u5e74\uff0c\u4e2d\u56fd\u7684\u8d44\u4ea7\u7ba1\u7406\u884c\u4e1a\u5c06\u8dc3\u5c45\u4e16\u754c\u7b2c\u4e8c\u3002\u8fd8\u6709\u9884\u6d4b\u79f0\uff0c\u4e2d\u56fd\u5230 2030 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style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-white-color\">CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u502a\u4ee5\u7406\uff1a<\/strong>\u60a8\u89c9\u5f97\u672a\u6765 10 \u5e74\u60e0\u7406\u96c6\u56e2\u4f1a\u600e\u6837\u53d1\u5c55\uff1f<\/h2>\n\n\n\n<p 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style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-white-color\">CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u502a\u4ee5\u7406\uff1a<\/strong>\u54ea\u4e9b\u6539\u53d8\u80fd\u8ba9\u521d\u521b\u4f01\u4e1a\u66f4\u8f7b\u677e\u5730\u5e94\u5bf9\u7ade\u4e89\uff1f<\/h2>\n\n\n\n<p class=\"has-medium-font-size\"><strong>\u8c22\u6e05\u6d77\uff1a<\/strong>\u51cf\u5c11\u9650\u5236\uff0c\u7b80\u5316\u529e\u8bc1\u7a0b\u5e8f\uff0c\u5e76\u9f13\u52b1\u63a8\u8fdb\u4e92\u8054\u7f51\u5206\u9500\u3002\u8fd9\u4e9b\u90fd\u662f\u9700\u8981\u8fdb\u884c\u7684\u6539\u9769\uff0c\u4f46\u662f\u73b0\u5728\uff0c\u8fd9\u4e2a\u884c\u4e1a\u7684\u56fa\u6709\u7ed3\u6784\u4e0d\u6b22\u8fce\u65b0\u4eba\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u502a\u4ee5\u7406\uff1a<\/strong>\u672a\u6765\uff0c\u6280\u672f\u5bf9\u8be5\u884c\u4e1a\u6709\u4f55\u5f71\u54cd\uff1f<\/h2>\n\n\n\n<p 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class=\"has-medium-font-size\">\u5728\u5206\u9500\u65b9\u9762\uff0c\u9999\u6e2f\u521a\u521a\u89c1\u8bc1\u4e86\u8ba9\u4e00\u4ee3\u4eba\u4e3a\u4e4b\u9f13\u821e\u7684\u4e00\u4ef6\u5927\u4e8b\uff0c\u5c31\u662f\u865a\u62df\u94f6\u884c\u724c\u7167\u7684\u53d1\u653e\u3002\u6211\u4eec\u6b63\u8bd5\u56fe\u5206\u6790\u8fd9\u5bf9\u6211\u4eec\u7684\u91d1\u878d\u4ea7\u54c1\u5206\u9500\u4f53\u7cfb\u610f\u5473\u7740\u4ec0\u4e48\u3002\u8fd9\u662f\u4e00\u6b21\u6709\u8da3\u7684\u5c1d\u8bd5\uff0c\u65f6\u95f4\u4f1a\u544a\u8bc9\u6211\u4eec\u7ed3\u679c\uff0c\u4f46\u8fd9\u53ef\u80fd\u4f1a\u6539\u53d8\u9999\u6e2f\u7684\u5206\u9500\u4f53\u7cfb\u3002<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-white-color\">CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u502a\u4ee5\u7406\uff1a<\/strong>\u65b0\u7684\u724c\u7167\u5bf9\u9999\u6e2f\u8001\u724c\u94f6\u884c\u6709\u591a\u5927\u5f71\u54cd\uff1f<\/h2>\n\n\n\n<p class=\"has-medium-font-size\"><strong>\u8c22\u6e05\u6d77\uff1a<\/strong>\u4ece\u5176\u4ed6\u56fd\u5bb6\/\u5730\u533a\uff0c\u7279\u522b\u662f\u4e2d\u56fd\u6765\u770b\uff0c\u4f1a\u524a\u51cf\u4e00\u5b9a\u7684\u6210\u672c\u3002\u4e92\u8054\u7f51\u6709\u671b\u964d\u4f4e\u5206\u9500\u6210\u672c\uff0c\u4f46\u5728\u9999\u6e2f\u8fd9\u6837\u7684\u5e02\u573a\uff0c\u8d22\u5bcc\u7ba1\u7406\u548c\u91d1\u878d\u4ea7\u54c1\u5206\u9500\u884c\u4e1a\u6709\u6210\u5343\u4e0a\u4e07\u7684\u5e74\u8f7b\u7537\u5973\u5728\u9500\u552e\u9886\u57df\u5de5\u4f5c\u3002\u5982\u679c\u8fc7\u5feb\u5730\u53d6\u4ee3\u4eba\u529b\uff0c\u8fd9\u4e9b\u5458\u5de5\u4f1a\u600e\u4e48\u6837\uff1f\u6211\u4eec\u5fc5\u987b\u6162\u6162\u6765\u3002\u5982\u679c\u53d8\u9769\u8fc7\u5f3a\uff0c\u793e\u4f1a\u5c06\u5f88\u96be\u5e94\u5bf9\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u7ffb\u8bd1\uff1a<\/h2>\n\n\n\n<p class=\"has-medium-font-size\">The company is leading the asset management industry in China.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">The structure of global asset management is changing beyond recognition. Although China&#8217;s financial sector has long been shut out of foreign investment, the world&#8217;s top fund managers are still eager to crack the door of the market. Last April, Chinese authorities announced that they would allow overseas financial firms to set up wholly owned entities or foreign-controlled joint ventures, finally allowing multinationals to compete on a level playing field with Chinese companies.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Developed markets still account for half of the global asset management industry, but McKinsey&#8217;s research suggests that the scale of the opportunity in China will change that. It is expected that by 2021, China&#8217;s banking asset management scale alone will exceed $5 trillion, while the total size of various financial asset management businesses, including funds, insurance and trusts, will exceed $22 trillion by 2021.<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-white-color\">CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n<h4 class=\"wp-block-heading\">By then, China will be the world&#8217;s second largest financial market. <\/h4>\n\n\n\n<p class=\"has-medium-font-size\">McKinsey forecasts that the China-led asset management industry in Asia will generate revenues of $70bn in the future. In China, private equity will remain the return leader for some time. However, there are signs that regulators are also likely to open the market to overseas companies in the future. As a result, global fund management giants are scrambling to enter China&#8217;s financial markets, hoping to manage the global money flowing into China while providing international services to Chinese clients.<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-white-color\">CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n<p class=\"has-medium-font-size\">At the same time, regulators in Hong Kong, once China&#8217;s gateway to the world&#8217;s finances, are also making changes. Since the start of the year, the Hong Kong Monetary Authority has issued virtual banking licences to a number of companies, challenging traditional banks that have long dominated the distribution of financial products.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">The ever-evolving Greater China region is undoubtedly becoming more and more important to asset managers.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Cheah Ching Hai<\/h3>\n\n\n\n<p class=\"has-medium-font-size\">Age: 64<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Career highlights<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Value Partners, which he leads, is one of Asia&#8217;s largest homegrown asset managers, headquartered in Hong Kong with offices in Shanghai, Shenzhen, Singapore, London, Kuala Lumpur and Boston.<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-white-color\">CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n<p class=\"has-medium-font-size\">In February 1993, he co-founded Value Partners Group and has been responsible for managing the company&#8217;s investment strategy and business operations. He led Value Partners to become the first asset management company listed on the Hong Kong Stock Exchange in 2007<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Since 2017, he has been an independent non-executive Director of Hong Kong Exchanges and Clearing Limited<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Founded Morgan Grenfell&#8217;s Hong Kong\/Mainland equity research department in 1989 as head of research<\/p>\n\n\n\n<p class=\"has-medium-font-size\">He was previously a financial correspondent for the Wall Street Journal and the Far Eastern Economic Review, covering business and financial news in East and Southeast Asia<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-white-color\">CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n<p class=\"has-medium-font-size\">In a conversation with Joe Ngai, head of McKinsey China, Mr. Xie assesses the potential of the Chinese market; He believes that as the market matures, active investing will play a dominant role and explains why. He also warned us that Hong Kong could not change completely overnight. The following is an edited transcript of the interview.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Ni Yili: What is the biggest asset management opportunity or trend in Asia?<\/h3>\n\n\n\n<p class=\"has-medium-font-size\">Cheah: The biggest and most important opportunity is the opening up of the mainland Chinese market. A recent report predicts that China&#8217;s asset management industry will rank second in the world by 2023. It is also predicted that China will become the world&#8217;s largest economy by 2030. Whether global or domestic, this is an opportunity that all fund managers dream of.<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-white-color\">CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Ni Yili: How to compete with large, multinational asset management companies?<\/h3>\n\n\n\n<p class=\"has-medium-font-size\">Cheah: The reason why Western companies, especially American and British companies, dominate the global asset management industry is that after World War II, the dollar standard formed the basis of the world financial system, and the United States led the development of the global economy. Anglo-Saxon economies tend to be more &#8220;financialised&#8221;, which has provided fertile ground for brands such as BlackRock and Fidelity to develop into global companies. China, on the other hand, had no listed companies until 1990 and had no asset management companies until the late 1990s. Value Partners Group was founded in 1993, we are considered to be the &#8220;leader&#8221; in Asia, but in fact, compared to the international market, it is still a late start. Even in an open environment such as Hong Kong, which allows for fair competition, it is difficult to challenge the established players.<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-white-color\">CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Ni Yili: But there were opportunities in Hong Kong that set you up for success, right?<\/h3>\n\n\n\n<p class=\"has-medium-font-size\">Cheah: My partner, V-Nee Yeh, and I started out as a hobby. We were young and passionate about value investing. We started with just two full-time employees &#8211; me and my secretary &#8211; and we didn&#8217;t expect to succeed in this field. At the time, the Hong Kong asset management industry was a bit stuck in its rut. People are content to buy index stocks, fund managers have a leisurely life, and no one wants to break the mold.<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-white-color\">CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n<p class=\"has-medium-font-size\">We had no prior experience in professional fund management. We don&#8217;t know what the rules are, and we dare to break all the rules. We bought non-index stocks, insisted on bottom-up research, and conducted personal interviews. I used to be a financial journalist and I like to do everything myself. Soon, we stood out, surpassing many established players in the industry. Plus, we&#8217;re lucky. At that time, China&#8217;s first public companies were about to be launched, and we were on the fast train of China&#8217;s economic development almost from the beginning. This is very rare luck.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Ni Yili: How do you see Value Partners developing in the next 10 years?<\/h3>\n\n\n\n<p class=\"has-medium-font-size\">Cheah: We have to make the most of the opportunities that are coming up in China. We have a responsibility to ourselves, our employees and our shareholders. We were the first independent asset manager to be listed in Hong Kong, and being at the gateway and bridge to the open market in mainland China remains our key advantage. We already have most of the licenses we need to do business in mainland China.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Ni Yili: Institutions in mainland China are also developing asset management capabilities. How does this affect your business?<\/h3>\n\n\n\n<p class=\"has-medium-font-size\">Cheah: As a Hong Kong brand, we have a certain reputation, and we have always been law-abiding and have a good track record. Most mainland Chinese competitors are only 18 to 20 years old, and many are less than 10 years old. By better providing real value to our customers, we learn how to survive. In 26 years, we have made many mistakes, but we have learned from them. In this way, step by step, we have come to the forefront of the industry serving Chinese investors.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Ni Yili: In many mature markets, the added value of active investors has started to fall, and exchange traded funds (ETFs) and passive funds are emerging. How long before a similar shift takes place in Asia?<\/h3>\n\n\n\n<p class=\"has-medium-font-size\">Cheah: Active investment is still outperforming in mainland China and is likely to remain so for a long time. One reason is that 80 per cent of investors in the mainland market are retail investors, who tend to follow trends and are day traders or &#8220;scattershot&#8221; traders who tend to &#8220;buy high and sell low&#8221;. Therefore, professional managers who have basic professional qualities and understand scientific research tend to perform better.<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-white-color\">CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n<p class=\"has-medium-font-size\">I agree that active managers are struggling in the more developed markets, but I am not entirely pessimistic about it. Passive investments account for more than half of all buying and selling in the United States. This can be very dangerous, as if everyone were rushing for the exit at the same time, which could cause a stampede. But this is the West. In East and South-East Asia, the down-to-earth active managers still have the upper hand, and should do so for a long time.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Ni Yili: It also attracts new players to enter the market. What advice do you have for start-up asset managers in Asia?<\/h3>\n\n\n\n<p class=\"has-medium-font-size\">Cheah: I have personally invested in some of these start-ups, but the failure rate is very high. In today&#8217;s world, start-up costs are essential, doing business in Hong Kong is expensive, there are strict compliance restrictions, and obtaining a licence in protected markets, such as Malaysia and mainland China, is almost impossible. All of these obstacles can deter startups. To be successful, it often takes an exceptional &#8220;chef&#8221; who can break through adversity and develop quality funds that perform well. It&#8217;s a very difficult time. It&#8217;s different from the time I lived in.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Ni Yili: What changes will make it easier for startups to deal with competition?<\/h3>\n\n\n\n<p class=\"has-medium-font-size\">Cheah: Reduce restrictions, simplify licensing procedures, and encourage Internet distribution. These are reforms that need to be made, but right now, the inherent structure of the industry does not welcome new people.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Ni Yili: How will technology affect the industry in the future?<\/h3>\n\n\n\n<p class=\"has-medium-font-size\">Cheah: My field is driven by evidence and research, and Value Partners is already using data a lot. For example, we subscribe to data streams related to the sales of headphones and cosmetics in China.<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-white-color\">CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n<p class=\"has-medium-font-size\">On the distribution side, Hong Kong has just witnessed an event that has inspired a generation with the issuance of virtual banking licences. We are trying to analyze what this means for our financial product distribution system. It&#8217;s an interesting experiment and time will tell, but it could change the distribution system in Hong Kong.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Ni Yili: How will the new licence affect Hong Kong&#8217;s established banks?<\/h3>\n\n\n\n<p class=\"has-medium-font-size\">Cheah: From other countries, especially China, there will be some cost reductions. The Internet promises to reduce distribution costs, but in markets like Hong Kong, the wealth management and financial product distribution industries have thousands of young men and women working in sales. What happens to those workers if they are replaced too quickly? We have to take it slow. If change is too strong, societies will struggle to cope.<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-white-color\">CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n<p class=\"has-cyan-bluish-gray-color has-text-color has-small-font-size\">\u672c\u6587\u7531CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09\u8f6c\u8f7d\u800c\u6210\uff0c\u6765\u6e90\u4e8eMcKinsey Greater China\uff1b\u7f16\u8f91\/\u7ffb\u8bd1\uff1aCXO UNIONCXO\u8054\u76dfO\u3002<\/p>\n\n\n\n<p class=\"has-text-align-center has-medium-font-size\">\u5982\u9700\u52a0\u5165<a href=\"http:\/\/weixin.qq.com\/r\/fxJxaVHE1AyrrRUK90dt\">CXO UNION\uff08CXO\u8054\u76df\uff09<\/a>\u9ad8\u7ba1\u793e\u7fa4\uff0c\u8bf7\u8054\u7cfb\u793e\u7fa4\u5c0f\u4f19\u4f34\u54e6~<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"http:\/\/cxounion.cn\/wp-content\/uploads\/2023\/04\/cxo\u7ed3\u5c3e\u4e8c\u7ef4\u7801.png\" alt=\"\"\/><\/figure>\n\n\n\n<p 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