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China

May 8, 2013

One of China’s best-known companies is to shun second-generation management in favour of passing on control to non-family managers. 

One of China’s best-known companies is to shun second-generation management in favour of passing on control to non-family managers.

Ren Zhengfei, who founded Huawei Technologies – China’s biggest technology company with revenues of more than $35 billion (€30 billion)– 26 years ago, said he would not be passing on the business to any member of his family.

March 4, 2013

Frank Wang, 32, founder and CEO of LuxSea, on luxury, entrepreneurship and why China could be the new Japan.

Frank Wang (pictured, below), 32, founder and CEO of LuxSea, on luxury, entrepreneurship and why China could be the new Japan.

My family business is in the energy sector. My grandfather was the founder of Huaneng Group, which is one of the biggest electricity generating companies in Asia. It was the first Chinese company to go public on the NYSE and is in the Fortune 500.

February 22, 2012

Family businesses in China might not be as old as their western counterparts – Chinese family firms are just nine years old on average – but there is plenty of opportunity for next-gens to learn from founding family members.

Family businesses in China might not be as old as their western counterparts – Chinese family firms are just nine years old on average – but there is plenty of opportunity for next-gens to learn from founding family members.

Tony Gao Hao, director of executive education at Tsinghua Alumni Association, part of the Tsinghua University, reckons that despite numerous challenges in the Asian country, family businesses in China are powering ahead.

September 8, 2011

Demand for property, soft drinks and the internet in China is generating huge wealth for some of the country’s citizens, according to two new rich lists, but there are also rising concerns about the future of the country’s private or family businesses.

Demand for property, soft drinks and the internet in China is generating huge wealth for some of the country’s citizens, according to two new rich lists, but there are also rising concerns about the future of the country’s private or family businesses.

September 2, 2011

The global economic crisis has left Asian consumers increasingly mistrustful of foreign banks, with many preferring to use local institutions, according to new research from McKinsey. 

The global economic crisis has left Asian consumers increasingly mistrustful of foreign banks, with many preferring to use local institutions, according to new research from McKinsey.

The study, published in the latest McKinsey Quarterly, comes at the same time as many multinational banks are focusing heavily on growing their presence in Asian markets, amid a rise in the number of wealthy individuals in the area.

September 1, 2011

The number of high net worth individuals in Asia looks set to soar over the next four years, thanks to currency appreciation and massive economic growth in the continent, according to a new report. 

The number of high net worth individuals in Asia looks set to soar over the next four years, thanks to currency appreciation and massive economic growth in the continent, according to a new report.

Swiss private banking group Julius Baer said wealth in the region is expected to triple in the next few years to $15.81 trillion from $5.60 trillion, while the number of high net worth individuals will jump to 2.82 million from 1.16 million.

August 19, 2011

Family businesses are likely to be one of the key forces driving an increase in wealth in India over the next decade, according to a financial expert. 

Family businesses are likely to be one of the key forces driving an increase in wealth in India over the next decade, according to a financial expert.

Val Srinivas, head of research for the Deloitte Center for Financial Service, said demographic trends, as well as general economic growth, are providing greater opportunities for businesses and fueling the rise in millionaires in India and China.

July 11, 2011

The family behind Chinese snack and candy maker Hsu Fu Chi International is planning to reduce its stake in the company and enter into a joint venture with food giant Nestlé, as part of the family’s strategy to develop the group’s brand.

The family behind Chinese snack and candy maker Hsu Fu Chi International is planning to reduce its stake in the company and enter into a joint venture with food giant Nestlé, as part of the family’s strategy to develop the group’s brand.

In a statement issued by Nestlé on 11 July, the group said it plans to acquire 60% of Hsu Fu Chi, while the Hsu family will own the remaining 40%. Nestlé will pay around €1.5 billion for the acquisition.

March 16, 2011

Clean technology is fuelling a boom for metals with names seemingly from the comic strips of superman. Collectively known as rare earths, David Wigan takes a look at what exactly are these weird metals and asks whether it is possible to make money out of them

In the year 1219, after uniting the tribes of Mongolia, Genghis Khan dispatched 450 men to the town of Otrar, in present-day Kazakhstan, to trade. The local governor Inalchuq executed the group, and later beheaded Khan’s ambassador, sent to request an apology. Khan’s response was to raise an army and embark on the most brutal and successful military campaign in history. Inalchuq was executed by the application of molten silver to his ears and eyes.

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