Beam is the internal magazine of the PwC China, Hong Kong

beam
beam
January 2012
Issue 33
January 2012
Beam is the internal
magazine of the PwC
China, Hong Kong,
Singapore and Taiwan
firms
This publication was printed at a Forest-Stewardship-Council-certified
(FSCTM) printing company using soy ink on 9lives55, a type of paper made
with an elemental chlorine free process. 9lives55 from well-managed
forests, controlled sources and 55% recycled fibre and 45% fibre from
FSCTM virgin pulp. Soy ink is naturally low in volatile organic compounds,
chemical compounds that evaporate and react to sunlight. Its usage can
reduce emissions that cause air pollution.
By printing this issue of Beam with these choices in mind:
135 trees have been preserved for the future
64,071 gallons of wastewater flow have been saved
4,061 pounds of solid waste were not generated
57,890,000 British Thermal Units of energy were not consumed
14,209 pounds of greenhouse gases were prevented
This is printed on 9lives 55 which is made with an
elemental chlorine free process. It has 55% recycled
fibre and 45% fibre from well-managed forestry.
9lives 55 is ISO 14001 certified.
Issue 33
© 2012 PricewaterhouseCoopers Limited. All rights reserved. Not for further distribution without
the permission of PwC. “PwC” refers to the network of member firms of PricewaterhouseCoopers
International Limited (“PwCIL”), or, as the context requires, individual member firms of the PwC
network. Each member firm is a separate legal entity and does not act as agent of PwCIL or any
other member firm. PwCIL does not provide any services to clients. PwCIL is not responsible or
liable for the acts or omissions of any of its member firms nor can it control the exercise of their
professional judgment or bind them in any way. No member firm is responsible or liable for the acts
or omissions of any other member firm nor can it control the exercise of another member firm’s
professional judgment or bind another member firm or PwCIL in any way.
36
Did you know? –
Interesting facts from
the region
38
Experience sharing with
Genesis Park participants
41
The Class of 2011
Who should be
on the cover of
Beam?
If you know anyone who
you think would make a
great cover model for Beam,
please send your nomination
to Beam AsiaPac@Asia
with the subject title “Beam
model – [Nominee’s name]”.
The Beamers
Contents
Editor-in-Chief Cynara Tan
Managing Editor Franklin Wright
Deputy Managing Editors Gloria Ma, Susan Clear
Section Editors
Celebrating Success Herman Cheng
Business Gloria Ma
Focus Anneka Anketell-Jones
Features Susan Clear
External Relations
Catherine McDowall, Christopher French
People Anneka Anketell-Jones
Bon Appétit Ruby Chan
Cooking With Ruby Chan
We Care Sarah Wong
Corporate Responsibility Susan Clear
The PwC Experience Sarah Wong
Code of Conduct Sarah Wong
Publications Vivien Li
Editorial Assistants Lisa Chong, Vincent Yang
4 Celebrating Success
10 Business
36 Focus
41 Features
53 External Relations
Lead Designer Zona Chu
Designers Artin Lin, Delney Chua, Jacky Chan,
60 People
Janny Huang, Karen Ling, Song Jie, Stephen Chow,
Zenki Wu
68 Bon Appétit
Contributors: Aaron Wan, Abu S Amin, Ahin Wong, Ai Ito, Alan Lee,
Albert Cheung, Albert Lee, Aleksandra Nocon, Allen Chan, Allen Lin, Amy TY
Chu, Andy Shi, Angeline Ding, Anna Lai, Antony Zhang, Arina Shen, Avin Liu,
Belinda Neo, Brenda AP Lee, Brenda Li, Callum Douglas, Carina Kwok,
Charles Ellis, Chen Yan, Cherry Chan, Chin-Cheng Hsieh, Christine Chen, Carol
Lo, Colin Shaftesley, Condit Wang, CPA Australia, Daisy Kwun, David Greaves,
Deborah Ong, Deborah Sims, Echo Chen, Edward Shum, Eileen WK Lee, Elisa
Yiu, Emma Zhao, Esther S Lim, Eva Chan, Flora Ng, Fridah K Mugambi, George
Bradt, Gelati Ting, Georgia Guo, Hui Juan Ngo, Hsieh Chih-cheng, Iris Kwong,
Ivan Liu, Ivan Phauh, Ivy J Wu, Ivy S Leung, Jackal Wong, Jacqui Chan, James
Collins, James Moore, James Z Yang, Janet SY Kwai, Janet Yuen, Jason Ho,
Jaykumar Shah, Jean Li, Jen Flowers, Jennifer L White, Jennifer Yep, Jesslyn CL
Foo, Jieying Ni, Joanie SB Ang, Joanna S Chek, Joanne Chu, Joanne EE Ang,
John Ryan, Jonathan Braun, Joyce KY Lau, Joyce Ng, Jussi Taipale, Karen KC
Cheung, Kelly Chou, Kelvin Huang, Kexin Lim, Kylie Chan, Lan Lan, Lin Fang,
Lina Lee, Lina Yan, Margaret Chen, Marisa Chan, Mary Anne Tan, Melissa
Meng, Melody Wang, Michael SW Lam, Michel Chan, Mike Lai, Millet He, Ming
Chang, Ming Li Low, Mohammad Amin, Monica Sung, Pakson Lau, Pamela
Lam, Patricia Antonio, Pearl Chia, Peter S Li, Peter Yuen, Phyllis Chung, Piano
Fung, Queenie Lee, Qiuli Rao, Racheal Wu, Ricky Jiang, Ryan Dourado, Sally
Yip, Sandy Xu, Sarah WW Sim, Sean MacEntee (contributed via flickr creative
commons website), Shannon Chang, Sharon Cho, Sherine Ong, Sherman
Cheung, Shirley Yeung, Shivani Ratra, Sim Chin Ta, Soon Bee Koh, Stacy Zhang,
Steve Cheung, Susanna Shih, Susannah Harvey-Jones, Susie Deng, Tammie
Choi, Theodore Tien, Tina Ma, Tricia Yap, Trillion So, Tuan Leng Poh, Tyng J
Yen, Vicky Gao, Vicky Zhong, Vincent Lo, Vincent Yang, Vivienne W Yue, Wang
Noh Ng, Wayne Yim, Wendy Liu, William CK Chan, William Mak,
Xiaofan Zhang, Yan Chen, Yang Liu, Yih Lin Chen, Yvonne Chan, Yvonne PY Yan,
Zoran Nedeljkovic
Where PwC is mentioned, it refers to the PwC firm stated in the article or the PwC
network comprising member firms of PwC lnternational, as may be appropriate
in that context.
71 Cooking With...
75 We Care
84 Corporate Responsibility
96 The PwC Experience
104 Code of Conduct
106 Publications
Beam issue 31
1
Editor’s say
Cynara Tan
Editor-in-Chief
As we welcome in the Year of the Dragon,
it’s a great opportunity to look back on and
appreciate our people’s accomplishments
this past year. We’ve continued to focus on
living the PwC Experience and bringing our
brand to life. I hope with 2012 upon us, you
make work-life balance a priority and stay
energised for another exciting year ahead.
I encourage you to explore this issue
of Beam, which focuses on the value of
diversity and multiculturalism in our
workplace. Genesis Park is a leadership
training programme for our most talented
people across the network. Read our
interviews with the participants, as they
share their cultural experiences while on
the programme. You will also meet our new
partners in the Class of 2011 feature, who
bring diverse backgrounds of experience,
knowledge and cultures to our teams.
Our leaders demonstrated key PwC
Experience values at the Dialogue with
Leaders meetings in August and December,
where listening to our people and valuing
their ideas were main agenda items. The
forum, held concurrently across China, was
a face-to-face dialogue where our people
were encouraged to ask questions directly
to our leaders.
On the business front, learn more about
private equity, one of our fastest growing
and increasingly important industries, in an
interview with PwC’s Greater China Private
Equity Group Leader David Brown. We
also look at two of last year’s biggest event
successes, the Global Tax Symposium Asia
held in Shanghai and our participation at
the World Economic Forum in Dalian.
Be sure to check out our piece highlighting
some fun facts about our firms across China,
Hong Kong, Singapore and Taiwan. Plus,
learn something new about your fellow
colleagues in our expanded People section.
At the start of the year, we are also
reminded of giving back to our
communities, as so many of our people do
every day. Take a look at the round up of
our corporate responsibility activities to see
some recent charity and community events
our people have participated in.
Hope you enjoy the issue and, as always,
write to us anytime at Beam AsiaPac@Asia.
Meet the models
This issue’s front cover models highlight
the diversity of our colleagues in PwC
Singapore, featuring Tax Manager Joanie
Ang, Assurance Associate Director
Jaykumar Shah and Assurance Manager
Jennifer White. Each brings aspects of
their individual cultures to the workplace,
making for an interesting and dynamic
environment. We chatted with them about
the different things diversity means to them
and how they experience it in their day-today life.
Q: What does diversity mean to you?
JW: Opening your eyes to new cultures
and experiences, and not being afraid to do
things differently.
JS: Diversity to me is the coming together of
various cultures and people from different
religions and beliefs.
2
Beam issue 31
Q: How do you think PwC demonstrates
its commitment to promoting
and encouraging diversity and
multiculturalism in the workplace?
JA: By recognising and rewarding based
on performance, without prejudice to their
background. The regular sharing sessions
also allow us to learn about our respective
countries ... starting with the tax system!
JS: I have worked with PwC for over
12 years and find it fascinating how
diversity runs through the bloodline of
the organisation—across countries where
people from different cultures come
together.
Q: How do you experience diversity in
your day-to-day life?
JA: Singapore is a melting pot for diversity.
Every day, I work with PwC contacts and
clients both here and globally. Outside of
work, I mix it up with diverse food!
Cover models: PwC Singapore Tax
Manager Joanie Ang (left), Assurance
Associate Director Jaykumar Shah and
Assurance Manager Jennifer White
JW: Being a secondee, I am spoilt for choice
with the array of Asian cuisines; I love to eat
chili crab with those delicious little buns!
Q: Where’s the most diverse place you’ve
travelled?
JA: New York City - an exciting and diverse
place that never sleeps!
JW: Apart from Singapore, it’s got to be
London; worldwide cuisines, cultures and
entertainment all co-existing together.
Letters from readers
We all lead such busy lives but Beam
brings all of us together and lets us know
how everyone else in this big family is
doing. I really like the pictures of our
people and how we work, live and play
together. It helps us keep our memories
of our times together. I particularly
enjoyed the dialogue with Silas in the
last issue - it was a chance for us to see a
different and more personal side of him.
Thanks for keeping all of us connected.
Nicole Fung, Transfer Pricing Partner,
PwC Singapore
As a sport fan, I really enjoy reading the
We Care and Corporate Responsibility
sections. The photos bring back a lot of
joy and hardships my teammates and I
have faced in some of the events we’ve
participated in. At the same time, it’s also
enjoyable to be reading about community
and sports events in other parts of the firms,
even if I wasn’t able to take part in them.
Good job, team, keep it up!
Thanks for your feedback, Nicole! We’re
really happy to hear that you and many
others enjoy our coverage of news
from across the firms. On the point of
leadership interviews, we have more
in the pipeline! Be sure to check out
our interview with David Brown, PwC
Greater China’s Private Equity Group
Lead Partner on our plans to capitalise on
this fast growing industry.
Ce Wu, Tax Senior Manager, PwC Hong Kong
Appreciate your enthusiasm for our
social activities, Ce Wu! As you may have
noticed, our Corporate Responsibility
section continues to grow every issue. We
hope to continue in this vein and truly
showcase the great work we do both for
our people, and in the communities we
operate in.
For those of us in the US who are focused
on China, Beam does an excellent job of
showcasing the many successes of the
China, Hong Kong, Singapore and Taiwan
firms. As we continue to ramp up our
China-related activities, we look forward
to sharing the highlights with your readers,
including US-China collaborations to win
and deliver client work, our China-focused
programmes and events, coordination
with other PwC network firms, as well as
the contributions of PwC China secondees
in the US. China’s importance will only
increase and together we can deliver our
clients a truly global PwC Experience.
Alan Chu, Partner and Leader, China
Business Network, PwC US
Want your voice to be heard? Write to us at
Beam AsiaPac@Asia to share your feedback and
questions. If your letter is selected for print, you’ll
receive a Branded Merchandise gift!
Thanks for the words of encouragement,
Alan. Yours is the first letter we have
received from outside of the China, Hong
Kong, Singapore and Taiwan firms and
we are very proud here at Beam knowing
that our reach goes beyond our firms
here in Asia. We look forward to hearing
more about the great work that the China
Business Network is doing in future
issues of Beam. Good luck!
Beam issue 31
3
Celebrating Success
PwC extends winning streak at AsianInvestor
Awards
The Asia Pacific monthly magazine
AsianInvestor has named PwC the “Best
Auditing Services Provider” and the “Best
Tax Services Provider” of the Asia Pacific
region at the AsianInvestor 2011 Service
Provider Awards.
“It’s important to us after so many years of
investing considerable amounts of time and
resources across Asia that we continue to
be recognised by the market as the leading
audit firm in the provision of tax and other
advice to the asset management industry,”
said PwC Asia Pacific Asset Management
Leader Robert Grome. “We have a genuine
passion to serve our clients in this industry.”
“We bring an exceptional pool of knowledge
and experience to our clients and the
industry,” says PwC Asia Pacific Asset
Management Tax Leader Florence Yip.
“Our continued growth and strong global
network enable us to deliver global tax
advice to local clients, while our asset
management specialisation enables us
to keep our clients abreast on the latest
industry issues. I am very pleased with
PwC’s latest accolade and gratified that our
great team work has been recognised in the
markets.”
This is the fourth straight year in which
PwC has won at least one accolade from
AsianInvestor since the awards were
created in 2008. The awards were officially
presented at AsianInvestor’s black-tie dinner
at the JW Marriott hotel in Hong Kong, on
22 November 2011.
Details of each winner and photographs
from the dinner was published in the
December 2011 issue of AsianInvestor’s
magazine. AsianInvestor is a publication
dedicated to the asset management industry
in the Asia Pacific.
4
Beam issue 33
PwC’s winning streak
2011
Best Auditing Services Provider
Best Tax Services Provider
2010
Best Auditor, Tax Services for Funds
2009
Best Auditor, Funds Advice
2008
Best Auditor, Funds Advice
Best Auditor, Tax Services for Funds
(From left) PwC Asia Pacific Asset Management
Leader Robert Grome and PwC Asia Pacific Asset
Management Tax Leader Florence Yip receiving the
awards on behalf of PwC
Celebrating Success
A new office in Nanjing
PwC China is now even closer to some
of our largest clients, such as Suning
Appliance and Nanjing Bank. PwC China
recently established an office in Nanjing,
the second-largest commercial centre in
the East China region, after Shanghai, and
the capital of Jiangsu province. The firm
officially opened the office on 28 June 2011,
with PwC China Assurance Partner Jevens
Qian serving as office lead partner.
The Nanjing office is our 15th office in
China and Hong Kong. The office held
a grand opening, with a luncheon and
press conference, that same day. The
Nanjing vice-mayor, senior government
officials, clients and partners were among
the 80 participants at the event. Jiangsu
is a growth region for China, and PwC is
committed to support the province with our
services.
(From left) PwC China Beijing Office Lead Partner
David Wu, PwC Hong Kong Finance Partner Charles
Chin, Vice Mayor of Nanjing Li Qi, PwC China
Markets Leader Frank Lyn and PwC China Nanjing
Office Lead Partner Jevens Qian
On 13 July 2011, PwC China in
Shenzhen officially moved to a
new office at the KK100 Office
Building, the tallest building in
Southern China.
PwC China Shenzhen Office Lead Partner
Albert Cheung (left) shakes hands with
Kingkey Real Estate Chairman Chen Hua
at the signing ceremony, attended by 150
guests. The three-storey office has 8,000
square metres of office space.
Beam issue 33
5
Celebrating Success
PwC’s green
procurement practices
honoured in Taiwan
The Taiwan government has recognised
PwC Taiwan as an outstanding benchmark
firm for green procurement. The firm
received this recognition on 9 September
2011 at the Environmental Protection
Administration’s recognition ceremony for
outstanding green procurement companies.
PwC Taiwan Chairman Albert Hsueh (right) receives
the award from the Minister of the Environment
Protection Administration Dr Stephen Shen Shu-Hung
PwC Taiwan Chairman Albert Hsueh said
that PwC Taiwan was honored to have
received this affirmation. As the awards
ceremony took place during PwC’s Carbon
Week: Green Movement, Green Life, the
award holds even more significance to the
firm. Albert pointed out that environmental
protection starts with the basics.
Suitable resource management and
utilisation enable corporations to fulfill
both their purchasing and environmental
protection needs. PwC Taiwan hopes to
inspire other Taiwanese corporations to
promote green purchasing trends and
sustainable development.
Ahead of its industry peers, PwC Taiwan
implemented its green purchasing
programme three years ago. Since then, the
firm has received recognition two years in a
row for its green purchasing practices by the
Taipei government.
PwC China’s sustainability
strategy is winning awards
Recognition is growing for PwC’s
sustainability strategy. HP (HewlettPackard) and research organisation IDC
announced their “2011 HP Eco Solutions
Printing Award” winners in July 2011. At a
ceremony attended by PwC China Beijing
Office Lead Partner David Wu, PwC was
one of only three companies to be awarded
this prize.
The awards recognise businesses with
a leading environmental strategy and
performance. “Environmental sustainability
6
Beam issue 33
is embedded into our corporate culture
and we encourage our staff and partners
to think green, and use resources with
responsibility,” said David in an interview
with Beijing TV. “By engaging our people in
various environmental initiatives we believe
that together we can make a positive change
to our environment.”
PwC China Beijing Office Lead Partner David Wu
(left) receives the HP Eco Solutions Printing Award
Celebrating Success
Private equity
and venture
capital services
win gold
PwC China’s private equity (PE) and
venture capital (VC) services have been
recognised at the First China Venture
Capital Forum in Beijing on 29 July 2011.
The firm won the Gold Award in the
Excellent PE/VC Service Provider category.
China Venture Capital Association (CVCA)
presented PwC China with the award at
the China National Convention Centre. It
acknowledged PwC’s quality of service and
success in helping develop the PE and VC
industries in China. David Wu, PwC China
Beijing Office Lead Partner, accepted the
award on behalf of the firm.
(Right) PwC China Beijing Office Lead Partner David Wu
accepts the Excellent PE/VC Service Provider Gold Award
on behalf of the firm
CVCA is a national social organisation
approved by the National Development and
Reform Commission and registered with
the Chinese Ministry of Civil Affairs.
Photo courtesy of CPA Australia
In celebration of its 125th anniversary, the CPA
Congress “Strength Through Experience” and
President’s Dinner were held on 6 October 2011, with
PwC Singapore as one of the industry sponsors. PwC
Singapore Human Capital Leader Deborah Ong, elected
Singapore’s Divisional President, CPA Australia, in
January 2011, was present at the event. In a historic
first, Deborah is also the Singapore Division’s first
female president.
Chan Lai Fung, Chairman of the Accounting and
Corporate Regulatory Authority (ACRA), receives
a token of appreciation from Deborah Ong (right),
Singapore Divisional President of CPA Australia and
PwC Singapore Human Capital Leader
Beam issue 33
7
Celebrating Success
Recognising contributions in
broadcasting industry
At the Cable & Satellite Broadcasting Association
of Asia (CASBAA) Convention 2011, held from 31
October to 2 November, PwC Global Entertainment
& Media Leader Marcel Fenez presents PCCW
Chairman Richard Li Tzar Kai with a Lifetime
Achievement Award, for his outstanding contributions to the development of
the Asian pay-TV and broadcasting industry.
PwC Global Entertainment &
Media Leader Marcel Fenez
(left) and PCCW Chairman
Richard Li Tzar Kai
(From left) Marcel Fenez, PwC Global
Entertainment & Media Leader; Liang Xiao Tao,
President of the China International Television
Corporation; Yan Wang, China International
Television Corporation; and Clarence Chang,
Group Consultant, Media Monitors, and former
President of STAR TV, at the PwC CASBAA
Speakers Cocktail on 31 October 2011
PwC Singapore launches
new sky sign
On 29 September 2011, PwC Singapore became
the latest firm to light up the city skyline with the
official launch of its new sky sign. This sign features
our new logo and marks another milestone in PwC
Singapore’s office transformation project.
Sitting atop the 28-storey PwC
Building at Cross Street, it is lit
up from 7pm to 7am daily
At the auspicious time of 7.08pm,
PwC Singapore Executive Chairman
Gautam Banerjee led over 200
colleagues in a countdown to the
official light-up of the new sign
Held at the Singapore office’s
Learning & Development Centre,
the launch ceremony kicked off
with a traditional lion dance
8
Beam issue 33
The sign lights up the Singapore
skyline as it faces the heart of the
Central Business District and the new
Marina Bay Financial Centre
Celebrating Success
Lehman minibonds saga
ends successfully
PwC Hong Kong Business Recovery Services
Partner Anthony Boswell and Business Recovery
Services Associate Director Christopher So
addressing the Hong Kong press
The three-year Hong Kong
Lehman Brothers minibonds saga
ended in June this year when over
99% of the minibond investors
voted in favour of a settlement
PwC Hong Kong Business
which resulted in them getting
Recovery Services Partner
between 85.7% to 97.6% of their
Ted Osborn
investments back. There was a
sense of closure to the story, with what was
considered the best possible settlement in
difficult circumstances. Much of the credit
goes to PwC Hong Kong Business Recovery
Services (BRS) Partners Ted Osborn,
Anthony Boswell and Jan Blaauw, who
were the receivers of the minibonds. They
were assisted in no small part by their team,
which included Director Marie Rowbotham
and Associate Director Christopher So.
From our appointment in June 2009 to the
release and distribution of the collateral on
14 June 2011, the engagement comprised
two years of late nights, intense negotiations
between various parties, and political and
regulatory complexities.
PwC’s relationship with HSBC, the trustee
of the noteholders, worked in the firm’s
favour when the bank was looking for
receivers. While the Business Recovery
Services team was the driver of the project,
help came from all around. Local Global
Relationship Partner Mervyn Jacob was
instrumental in securing the project.
Financial services and derivative specialists
from our Beijing, Singapore and Hong Kong
offices were invaluable in the BRS team
delivering the commercial settlement.
Marketing & Communications stepped in
with its media expertise in dealing with
large press situations.
After almost three years, it was a win-win
situation for all involved. Feedback from our
client, HSBC, regulators and the public has
been extremely positive with the investors
managing to recoup the majority of their
capital back.
Beam issue 33
9
Business
An ongoing dialogue with movers and shakers on
global issues
PwC at the World Economic Forum in Dalian, China, 14 to 16 September
PwC China and Hong Kong Territory
Senior Partner Ernest Ip meets Cao
Aihua, Vice-Mayor of Dalian and
member of the Standing Committee of
the CPC Dalian Committee
10
Beam issue 33
By 2030, the world population will pass the
8 billion mark, and shortages are likely to be
felt in water and food as well as petroleum
mineral resources. The future availability
of natural resources – energy, metals,
minerals, water, food and land – will
have significant implications for business,
governments and other stakeholders. This
is one of the headlining issues at the World
Economic Forum Annual Meeting of the
New Champions 2011 in Dalian, held from
14 to 16 September.
As strategic partner of the event, PwC
holds a cocktail reception and dinner every
year that attracts high-ranking delegates
from all over the world. This year, over 130
delegates and 32 PwC partners attended
the event, sharing insights on China’s role
in shaping the future of natural resources.
The dinner theme, “The future of natural
resources: How China’s demand will shape
international markets,” helped to support
PwC’s role as knowledge partner of WEF’s
Resource Scarcity project.
Commonly known as “Summer Davos,”
the WEF annual meeting brings together
over 1,500 influential stakeholders from
90 territories for a global summit in
China. Innovation, entrepreneurship and
sustainability stood out as new paths to
mastering quality growth.
During the dinner, Leader of PwC Strategy
and Risk Institute Christopher Michaelson,
and Head of WEF’s Environmental
Initiatives, Dominic Waughray, led a
discussion on the future availability of
natural resources and its implications on
international markets.
Business
Leader of PwC Strategy and Risk
Institute Christopher Michaelson (left)
and Head of WEF’s Environmental
Initiatives Dominic Waughray discuss
issues in resource scarcity
Resource scarcity in China and all over
the world has become one of the most
pressing issues and greatest challenges
for businesses today. Here are some
of the delegate responses to a quick
survey held at the PwC dinner:
Has your business been impacted by
any effects of resource scarcity, such
as inadequate supply, higher costs,
etc.?
Yes: 80%
No: 20%
PwC holds a cocktail reception
and dinner every year that provides
excellent networking opportunities
PwC as part of the ongoing dialogue
As Knowledge Partner at WEF, PwC also showcased “fast facts” in both
English and Chinese through the Forum’s Knowledge Concierge and
throughout the congress hall and session rooms.
Has your business in China been
impacted by any effects of resource
scarcity, such as inadequate supply,
higher costs, etc.? Yes: 69%
No: 14%
N/A: 17%
How do you anticipate the effects
of resource scarcity will evolve over
the next 20 years?
Become more severe: 64%
Become less severe: 18%
Stay the same: 18%
PwC Asia Pacific Human Capital Leader Nora Wu was one of the
discussion leaders on a workspace session on talent management in
China. PwC Global Leader for Human Resources Advisory Services
Neil Roden also participated in this session.
PwC Middle East Strategy Group Leader Yasar Jarrar spoke to the
Young Global Leader community at a packed event of over 200
delegates. He focused on the work relating to the Global Agenda
Council around the Future of Government report. PwC China
Assurance Partner Kevin Xu also attended as an observer, establishing
connections with up-and-coming leaders.
Our official delegates conducted over 25 one-on-one meetings with
our clients, including Accenture, COSCO, Bank of Dalian, Dalian
Port, Heidrick & Struggles, Locog, Morgan Stanley, Neusoft, Qatar
Foundation and Syngenta.
Exchange of opinions in a session on talent
management philosophy in China.
(From left) Cheung Yan, Chairlady of Nine
Dragons Paper Industries and PwC Asia Pacific
Human Capital Leader Nora Wu
Beam issue 33
11
Business
On 14 September 2011, PwC South China
Domestic Markets Leader Petrina Tam
and PwC China Dalian Office Lead
Partner and Executive Committee
Member of AmCham Dalian Chapter
Dorman Kwan participated in a
breakfast meeting with Gary Locke, the
US Ambassador to China, hosted by the
American Chamber of Commerce during
the World Economic Forum in Dalian.
Forging connections in Dalian
PwC South China Domestic Markets
Leader Petrina Tam (fourth from right), PwC
China Dalian Office Lead Partner Dorman
Kwan (fifth from right), and US Ambassador
to China Gary Locke (tenth from right)
CEO of Dalian Port Sun Hong (second from left),
PwC China and Hong Kong Territory Senior Partner
Ernest Ip (third from left) and PwC China Dalian
Office Lead Partner Dorman Kwan (first from left) at
the Dalian Port office
On 13 September 2011, PwC China and Hong
Kong Territory Senior Partner Ernest Ip
visited Dalian to share his insights with the
management teams of two clients, Dalian
Port and Bank of Dalian.
CEO of Bank of Dalian Wang Jinping (seventh from the left),
PwC China and Hong Kong Territory Senior Partner Ernest Ip
(fifth from left), PwC China Dalian Office Lead Partner Dorman
Kwan (fourth from left), PwC China Beijing Advisory Partner
Tao Weng (eighth from left), and PwC China Domestic Markets
Initiatives Senior Manager Gang Wang (sixth from left) at the
Bank of Dalian meeting
12
Beam issue 33
Business
Rise of an industry
A closer look at RMB funds
Over 500 attendees attended PwC China’s
first-ever RMB fund seminars, targeting
newly established RMB funds and those
who are interested in setting them up. The
sessions were held throughout July and
November in Hong Kong, Shanghai, Beijing
and Shenzhen and will take place in other
cities in China soon.
PwC China’s first RMB fund
brochure, Rise of an industry –
A closer look at RMB funds
RMB funds are now one of the most
important investment channels in
alternative asset allocation and investment
management. An increasing number of
investors, both domestic and foreign,
are now realising the strength of this
investment vehicle. However, the legal
infrastructure and tax regulations for
domestic private equity and venture capital
funds, including RMB funds, are still being
developed and the industry is exploring
best practices regarding their set up and
operation.
To help the audience better understand
these issues, PwC Hong Kong Assurance
Partner Shirley Xie, delivered the keynote
speech at each of the events. Together with
other partners in Assurance and Tax, they
discussed the key stages in the life cycle of
an RMB fund from set up and fund raising
to investment and exit, as well as the day-today operation of the fund.
At the event, PwC China’s first RMB fund
brochure, Rise of an industry – A closer look
at RMB funds was also distributed to all
attendees.
(From left) PwC China Assurance
Partner Vincent Cheuk, Tax Partner
Michael Ho, Assurance Partner
Xuemei Li, and Advisory Partner
Larry Nie
Over 500 attendees attended PwC
China and Hong Kong’s series of RMB
fund seminars
Beam issue 33
13
Business
A week in Shanghai
Regional PwC events from 31 May to 3 June
From 31 May to 3 June 2011, 443
clients from 26 territories gathered
in Shanghai for a series of regional
conferences. Backed by a robust
programme and a great line-up of
speakers including clients, government
officials and PwC professionals from
all over our global network, our people
and our clients made connections and
created value throughout this series of
brand-defining events.
Global Tax Symposium –
Asia 2011 (1-2 June)
Returning to Shanghai where it all
began eight years ago, the Global Tax
Symposium brought together tax leaders
to discuss effective tax strategies in
the region. The event attracted over
200 attendees, with an impressive
representation from high-level executive
clients from various industries, and also
PwC partners from our global network.
One of the highlights was the gala
dinner. Guests experienced “Old
Shanghai” at the iconic Waldorf Astoria
Shanghai on the Bund. It was a great
evening with a good mix of fun and
networking. More networking continued
after dinner with drinks at the Long Bar,
once the longest bar in the Far East.
Panel discussion session on transfer
pricing issues in Asia Pacific (from left) PwC
Global Transfer Pricing Leader Garry Stone;
PwC Indonesia Tax Partner Ay Tjhing Phan;
PwC India Tax Leader Shyamal Mukherjee;
PwC Korea Tax Partner Henry An; PwC
Singapore Transfer Pricing Leader Nicole
Fung and PwC Greater China Transfer
Pricing Leader Spencer Chong
PwC Asia Pacific Regional Tax
Leader Cassie Wong gives a
welcome speech at the Global
Tax Symposium – Asia
14
Beam issue 33
Business
Asia Personal Tax & Human
Resources Conference and
Asia Pacific Indirect Tax
Conference (31 May)
A day prior to the Global Tax
Symposium, PwC China hosted the
inaugural Asia Personal Tax & Human
Resources Conference and the Asia
Pacific Indirect Tax Conference
simultaneously at the Pudong ShangriLa hotel. Covering pressing issues on
indirect tax and international mobility,
these two conferences featured noted
speakers and panellists including
senior government officials as well as
PwC’s global network of indirect tax
and international assignment services
partners.
Panel of speakers at the Asia Pacific Indirect Tax Conference
(From left) PwC Indonesia Head of Indirect Taxes Patrick
Walker; PwC Indonesia Tax Partner Jim McMillan; PwC
Vietnam Tax and Legal Services Partner Richard Irwin; PwC
Singapore Tax Partner Koh Soo How; PwC Thailand Tax
Partner Somboon Weerawutiwong; PwC Taiwan Tax Partner
Lin Yishian and PwC Singapore Worldtrade Management
Services Partner Frank Debets
The day ended with a cocktail reception
in the ballroom foyer of the Pudong
Shangri-La, where our guests
Mandy Kwok, Managing
mingled while enjoying an
Partner of PwC’s International
extraordinary view of the Bund.
Assignment Services (IAS)
Asia business gives the
opening speech at the Asia
Personal Tax & Human
Resources Conference
“The panel discussions were great. There
was a good mix of speakers from the
government, businesses as well as service
providers, representing different points
of view. I found it extremely insightful.”
China Outbound Investment and M&A
Symposium 2011 (3 June)
China Outbound Investment and M&A
Symposium delegate and PwC client
Responding to the growing interest in outbound investments and
mergers and acquisitions (M&A), PwC China organised the China
Outbound Investment and M&A Symposium on 3 June. Targeting
leading Chinese companies with an interest in investing overseas, this
event gathered 163 corporate leaders and 73 professionals from the
PwC global network.
The highlight of the welcome dinner was guest speaker David Qiu,
Managing Director of Hony Capital, who gave an inspiring speech on
M&As. Dinner was followed by a reception in the Grand Ballroom foyer
of the Pudong Shangri-La.
The conference featured a robust programme
that included workshops on different investment
regions and a great line-up of speakers from
clients and government officials, as well as PwC
global professionals. The dialogue with the State
Administration of Taxation official was particularly
well-received. There were other speakers from Fudan
University and leading mainland China companies
such as Alibaba, Bright Foods, Huawei, Minmetals and
Yingli Solar.
Yingli Solar Chief Financial Officer Zongwei
Li (seated left) and PwC China Transaction
Services Partner Malcolm MacDonald
(right) shares experiences at the 2011 China
Outbound Investments Conference
PwC China Tax Partner
Elton Huang at the China
Outbound Investments and
M&A Symposium 2011
Beam issue 33
15
Business
Understanding private equity:
A chat with David Brown
David Brown, PwC’s Greater China Private
Equity Group Lead Partner, talks to Beam
about private equity and its growing role in
China and PwC.
public offerings (IPOs), and there were
more than 200 PE backed IPOs of Chinese
companies last year—the highest anywhere
globally.
David, can you tell us about your
journey at PwC?
What is the state of PE in China?
I’ve been a partner in PwC since 1997,
having transferred from Coopers & Lybrand
in the UK to Hong Kong in 1994. I came
out to Hong Kong to be the lead manager
on an audit for Inchcape, which was C&L’s
biggest client at the time. Originally I was
an audit partner (there was no Advisory
business in those days), but when Coopers
merged with Price Waterhouse in 1998, I
joined the newly formed Advisory business.
At first I specialised in corporate and debt
restructuring, and from there moved into
Mergers and Acquisitions as a Transaction
Services partner. I currently lead PwC’s
Greater China Private Equity (PE) Group.
PE is truly an opportunity that crosses all
lines of services for PwC, so now I can say
that I am neither Advisory, nor Assurance,
nor Tax – I’m a PwC partner.
What is private equity?
Private equity is an investment class where
a PE fund will raise large sums of money
and invest this capital, usually as equity
stakes in private (non-listed) companies.
The stakes can be controlling or noncontrolling, but in nearly all cases the PE
firm will look for board representation
and the ability to influence management.
Typically, a PE fund will hold its investment
for three to seven years, during which
time it will try to help make the investee
company stronger, for example by helping
it to grow or operational improvements.
Eventually, the PE fund will sell (or “exit”)
its stake, hoping to sell at a price much
higher than the buy-in price. In this part of
the world, most exits are by way of initial
16
Beam issue 33
China and Hong Kong are effectively a
single market for PE. Many PEs are based in
Hong Kong, but most of the deals that they
do are in China and there are now many
PEs that are headquartered in China or
have offices there. China’s PE market is very
active, and is by far the largest in Asia. Over
the last several years almost US$200 billion
of capital has been raised by the industry
for investment into China and there are
now probably more than 3,000 PE investee
companies (called “portfolio companies”)
in China. The industry is growing so fast
partly because it is seen as an important
source of capital to fund the growth of the
private sector of China’s economy. Many
small and medium-sized enterprises in
China have difficulty in raising bank loans
or in accessing the capital markets. As a
result, the Chinese government has recently
introduced many measures to support the
PE industry and over the last two to three
years, a vibrant domestic PE industry has
emerged. Many people believe that it is only
a matter of time before China produces its
own home-grown private investment firms
like TPG, Bain Capital and KKR; firms that
are active on a global stage.
What is PwC’s role in PE?
We are one of the leading private equity
advisers in the market and have strong
relationships with all the major PE funds.
PE is a terrific opportunity for nearly all
of PwC’s businesses as we bring value to
our PE clients at the level of the Funds
themselves, the Deals that they do, and
the Portfolio Companies that they acquire.
People sometimes think of PE as being
“Financial Services” but that’s not true: the
portfolio companies are manufacturing,
retail, technology and healthcare
companies, and they are tomorrow’s IPO
candidates.
What do you hope to accomplish in
your role as the PE Group Leader?
We have more than 100 partners across
China, Hong Kong, Taiwan and Singapore
who are serving PE clients, and 50 locallybased Global Relationship Partners who
lead the relationships on our 100+ priority
accounts. The key aim of the PE Group is to
support the Assurance, Advisory and Tax
partners and staff who are active in this
market segment and to bring the full power
of our firm to our PE clients. We are most
successful when we work together across
our lines of service and across geographies.
What do you foresee in the future for
PE for PwC and in China?
Although there may be some near term
turbulence, especially in the IPO market,
the tailwinds for PE in China are very strong
in the medium term. The PE segment should
outperform the general economy: it’s a great
opportunity for PwC and also for our people
who choose to specialise in this sector.
What do you do outside of work?
What are your personal interests or
hobbies?
Life seems so busy these days, so I like to
do family stuff – kids grow up very quickly
so you have to take the chance to spend
time with them. I also like most sports,
but I’m English and from Newcastle so
unfortunately, none of my teams ever win
anything!
Growing our advisory talent pool
PwC China welcomes 59 new colleagues
PwC China and Hong Kong Advisory
Leader Calum Davidson gives the
welcome speech to our new colleagues
PRTM consultants being briefed at their three-day orientation
PwC China’s talent pool is maintaining
its rapid growth, with the firm recently
welcoming 59 experienced professionals to
its consulting practice. The new colleagues
joined us from PRTM China, following
PwC US’s acquisition of PRTM, the global
consulting firm.
PwC China prepared a three-day
orientation programme and several
events to welcome the new members on
board. Eighteen partners and two PRTM
global leaders, together with more than
ten representatives from the relevant
departments, presented at the programme.
The event opened with welcome greetings
from Calum Davidson, PwC China and
Hong Kong Advisory Leader.
“Having the PRTM consultants join us will
significantly increase our ability to serve
our clients in the areas of operational
management, strategic execution and
business model innovation, and will provide
our people with new opportunities for
career development and growth,” said
Calum. “We are very excited to welcome our
new colleagues to the firm and look forward
to serving our clients together.”
“The PRTM team is proud to be joining
one of China's leading professional services
firms,” commented PwC China Advisory
Partner and PRTM China leader Craig Kerr.
“Together, we will provide world-class
end-to-end solutions, from strategy through
execution, to help our clients in China meet
their business challenges.”
The global acquisition of PRTM brings
over 700 experienced consultants to the
advisory practice of the PwC network,
including 124 principals. Of the 59 PRTM
consultants joining PwC China, six are
principals. PRTM is known as one of the
top operational strategy consulting firms in
China with clients including both Chinese
and multinational companies.
Beam issue 33
17
Business
Transforming the
Asian Powerhouse
“Transforming the Asian Powerhouse” was
the theme for the recent Asia Financial
Services Symposium, held on 6 to 7
September 2011 at the Marina Bay Sands
Singapore. The FS Symposium focused
on shaping the future landscape of
financial services in Asia and the impact of
regulation.
It was also an opportunity for market
leaders and experts to come together with
the PwC Global FS leadership team to
discuss priority topics for decision-makers
in the industry, and to understand what is
required to succeed in this rapidly-changing
environment.
Over the two days, the event featured key
insights from Nigel Vooght, PwC Global
Financial Services Leader, David Eldon,
PwC Hong Kong Senior Advisor, Dominic
Nixon, PwC Asia Pacific Financial Services
Leader, among other key global and
regional leads within the Financial Services
industry practice.
A client event was also held on the first
afternoon of the symposium followed by a
Gala Dinner where we welcomed over 60
clients, including CEOs and senior-level
executives from the financial services
sector.
Guests included Gautam Banerjee, PwC
Singapore Executive Chairman, and
distinguished keynote speaker, Ravi
Menon, Managing Director of the Monetary
Authority of Singapore. Ravi shared his
views on the challenges and opportunities
facing the financial services industry in the
coming years at a global, regional and local
level.
PwC Global Financial Services
Leader Nigel Vooght (left)
leads a panel discussion
PwC Asia Pacific Financial Services Leader
Dominic Nixon shares his insights at the FS
Symposium
PwC branded merchandise
Embrace our brand
Wireless optical
mouse
Start your next conversation with
the latest branded merchandise,
featuring our new brand and get
people talking.
This compact, high-speed wireless
mouse lets you surf wherever you
are! Its receiver is stowed underneath
the mouse and it is installation-free.
US$18 each
Ceramic watch
(limited stock of just
50 worldwide)
Own a piece of the PwC legacy. This limited edition
ceramic timepiece has a quartz chronograph
movement. It’s water resistant and the watch band is
adjustable.
US$230 each
To order, please visit http://rise/General/tools/bm/new.html,
contact Branded Merchandise at +852 2289 8788 or email bm@hk.pwc.com
18
Beam issue 33
Business
A new era of transfer pricing
The 2011 Global Transfer Pricing
Conference took place from 17 to 21
October 2011 in Singapore. Garry Stone,
PwC Global Transfer Pricing Leader
welcomed almost 700 attendees, including
about 300 external guests and an equal
number of PwC colleagues from around the
world.
PwC Global Transfer Pricing Leader
Garry Stone delivers a speech
During the conference, guests also had
the opportunity to experience the newlyopened Maritime Museum at Resorts World
Singapore, and Avalon, one of the newest
and most iconic entertainment venues
in Singapore. They also enjoyed some of
Singapore’s attractions like the Marina Bay
Sands Skypark and historical river boat
tours of the Singapore River.
The conference theme of “Sustainable
Transfer Pricing in an Era of Growth
and Business Transformation” aimed to
help clients make better transfer pricing
decisions in today’s changing business
environment. Attendees were updated
on the new trends in the transfer pricing
environment, and learned how to keep
abreast of the ever changing landscape by
aligning and rationalising their business
supply chains, tax, and legal operating
models to deliver sustainable financial
benefits – especially in the Asia market.
The conference
participants at Avalon,
one of the newest
and most iconic
entertainment venues
in Singapore
Almost 700 attendees participated at
the Global Transfer Pricing Conference
Beam issue 33
19
Business
Driving outcomes in Pharma
Abhijit Ghosh, PwC Singapore Pharma
and Life Sciences Practice Lead
Partner (second from left), Gautam
Banerjee, PwC Singapore Executive
Chairman (fourth from left), and Simon
Friend, PwC Global Pharma & Life
Sciences Industry Leader (fifth from
left) with guests at Pharma U
Sharing knowledge and building the
Pharmaceutical and Life Sciences network
were the overall goals of the 2011 Global
Pharma and Life Sciences University held
in Singapore from 12 to 14 September.
Singapore was chosen as the venue this
year to recognise growth and the increasing
importance of the Asia markets to
Pharma, Life Sciences and Medical Device
companies.
Simon Friend, PwC Global Pharma and Life
Sciences Industry Leader giving the opening
speech
This year’s event was attended by more
than 170 delegates from 33 territories
around the world, including leading PwC
professionals servicing the Pharma and Life
Sciences industry. The event was opened
by Simon Friend, PwC Global Pharma and
Life Sciences Industry Leader and Gautam
Banerjee, PwC Singapore Executive
Chairman.
The learning and networking event is a
key component of the industry programme
designed to stimulate and strengthen
connectivity across the global practice
20
Beam issue 33
and engage our professionals with current
business issues and solutions. A number
of distinguished industry speakers
participated including Dr Beh Swan Gin,
Managing Director of Singapore Economic
Development Board and Hamish Franklin,
Director, Atlantis Healthcare UK.
Over 170 delegates attended the Global
Pharma and Life Sciences University
Business
Albert Cheung is Shenzhen’s 88th torch bearer
PwC at the 26th Summer Universiade
PwC China Shenzhen Lead
Partner Albert Cheung carrying the
Universiade torch
Albert Cheung, PwC China Shenzhen
Office Lead Partner, has something in
common with Chinese pianist Lang Lang,
folk singer Song Zuying, famous Hong Kong
entrepreneur Kenneth Fok and celebrity
Eric Tsang. They, as part of the 211 proud
torch bearers, participated in the torch
relay for the 26th Summer Universiade in
Shenzhen on 7 August 2011.
To kick off the Shenzhen games, the final
leg of the torch relay was held in downtown
Shenzhen on 7 and 11 August. Albert
proudly served as the 88th torch bearer,
representing PwC, the exclusive accounting
services supplier for the Shenzhen
Universiade.
PwC China Shenzhen Office Lead
Partner Albert Cheung cuts a cake at
the celebration party
Honoured to be a torch bearer, Albert also
considered himself lucky to be number 88,
which stands for “luck” and “fortune” in
Chinese culture. Under the bright sun, he
carried the Universiade flame along Binhai
Avenue, and was received by a cheering
team of around 100 PwC colleagues and
family members from South China and
Hong Kong. Right after the relay, Albert and
the team headed back to the PwC office in
Shenzhen for a cocktail party to celebrate
the event’s success. Each team member was
thrilled to hold the torch, taking photos to
commemorate the occasion.
Following the torch relay, the Universiade
Grand Opening Ceremony was held on 12
August with the President of the People’s
Republic of China Hu Jintao opening
the festivities. Around 20 PwC guests,
including partners in Tax, Assurance and
Advisory from Hong Kong, Shenzhen and
Guangzhou, witnessed the dazzling and
colourful show at the Shenzhen Bay Sports
Centre.
The ceremony officially kicked off 12 days
of thrilling sport competitions between
university student athletes in 24 sports. As
sponsors, PwC received over 200 tickets
to games, which were taken by a number
of lucky colleagues. They sat in the newly
built stadiums and watched the live sports,
including finals of popular sports such as
badminton, table tennis and basketball.
PwC was proud to witness and take part in
an exciting time for this young, energetic
city.
PwC team cheering on
the torch relay route
Beam issue 33
21
Business
Building new
relations with Japan
Chairman of the Council
for Economic Planning and
Development Christina Liu (second
from left), PwC Taiwan Tax Partner
Richard Watanabe (third from left)
and PwC Taiwan colleagues
To attract new business to Taiwan, PwC
Taiwan, along with Christina Liu, Chairman
of the Council for Economic Planning
and Development (CEPD), led the year’s
largest trade mission to Japan on 28
August 2011. During the mission, PwC
client Macnica, Japan’s largest integrated
circuits distributor, signed a memorandum
of understanding with CEPD, announcing
their intention to invest in Taiwan.
PwC Taiwan Tax Partner Richard
Watanabe, who led the financial services
team, said the signing of Taiwan-Japan
investment agreements helps draw both
parties closer, providing mutual benefits
to industries in both economies. Positive
relationships are created by combining
Japanese technology and Taiwanese
management. PwC’s professional services
team can play a key role in helping
businesses establish new cooperative
frameworks, while building a new
foundation for Japan-Taiwan cooperation.
PwC Taiwan arranged meetings between
Christina Liu and Yoshitaka Kitao,
Chairman of Softbank Investment
(SBI) Group (considered one of the
most influential individuals in Japanese
business); Mao-Hsiung Huang, Chairman
of the Chinese National Association of
Industry and Commerce; and Chen Tian,
Chairman of Capital Securities. Christina
also met with the Tsugaru-Kaikyo Ferry
Company.
Guests in Nagoya attending
a seminar on accounting and
tax regulations
On 29 August 2011, PwC Japan hosted over
150 people at a seminar in Nagoya, Japan
on Investment in the Changshu Southeast
Development Zone. Speakers included
Changshu City mayor Jianlin Hui,
representatives from Toyota, Mitsubishi
and Nabeya Bi-Tech, and PwC China
Assurance Partner Wilson Liu.
22
Beam issue 33
Business
Taking the pulse of
Chinese banking
PwC China Beijing Office
Lead Partner David Wu
giving a speech at the
Bankers Forum
Most Chinese bankers believe that housing
prices in China will no longer go up. This
is one among many key findings in the
Chinese Bankers Survey 2011, released
at the 2nd Chinese Bankers Forum on
26 October in Beijing and 31 October in
Hong Kong. Nearly 70% of the bankers
believe that the chief risk is “due to sharp
adjustment of real estate market,” a clear
indication that bankers believe that the
real estate market is likely to show a
decline in the near future. This is the third
joint survey by PwC China and the China
Banking Association (CBA), presented
in collaboration with the Development
Research Centre of the State Council of
China.
The Beijing event attracted over 120
participants, including around 60 banking
professionals and close to 40 members of
the media. CBA Executive Vice President
Yang Zaiping chaired the press conference,
while PwC China Beijing Office Lead
Partner David Wu and Deputy Director
of the Financial Research Institute,
Development Research Center of the
State Council, Dr Ba Shusong, introduced
the survey report. The keynote speech
was delivered by CBRC Disciplinary
Commissioner Wang Huaqing. PwC China
Banking and Capital Markets Leader
Jimmy Leung chaired the panel discussion
on “innovation and transformation” at
the Bankers Forum and facilitated the
interactive discussions.
PwC China Financial Services
Leader Raymond Yung (left) and
Financial Services Partner Charles
Chow presenting the survey findings
in Hong Kong
PwC China Banking and Capital
Markets Leader Jimmy Leung chairing
a panel discussion on innovation and
transformation
At the press briefing in Hong Kong, PwC
China Financial Services Leader Raymond
Yung and PwC China Financial Services
Partner Charles Chow presented the survey
findings.
Other key findings from the Chinese Bankers
Survey 2011
• More than 60% of the bankers believe that “return to prudent monetary policy
and limitation of credit origination” and “uncertainties with economic growth
and inflation” are the biggest pressures they are experiencing in their current
operations.
• About 80% of the bankers viewed that interest rate liberalisation can “promote
banks to accelerate transformation and optimise business structures.”
Beam issue 33
23
Business
Media spotlight
• Cover Story: Sustainability as a driver of
business growth, Federation of Hong Kong
Industries Pearl River Delta (FHKI PRD)
Industrialists, 1 July 2011
• Interview: Hong Kong Executives urged to
take lead in corporate sustainability reporting,
Hong Kong Economic Journal, 17 June 2011
Driving business growth
Sustainability is no longer an issue to be
ignored. China’s growing green impact was
discussed at last year’s World Economic
Forum in Tianjin, and the Chinese
government has committed to reducing
China’s energy consumption by 16% and
carbon intensity per unit of GDP by 17% in
the 12th Five-Year Plan.
PwC UK Sustainability and Climate
Change Services Associate Director
Toby Kent explains to the audience
the importance of sustainability
Led by Kitty Chung, PwC Hong Kong
Assurance Partner, a seminar on
“Sustainability as a driver of business
growth” was held on 27 May 2011 in Hong
Kong, where PwC participants explored
sustainability issues with manufacturers
and different PwC clients.
Toby Kent, PwC UK Sustainability and
Climate Change Services Associate Director,
gave an overview of the commercial drivers
of sustainability. Cecilia Yau, PwC Hong
Kong Assurance Partner and Catherine
Chai, PwC Hong Kong Tax Director, focused
on sustainability reporting as well as tax
incentives and cost savings under the
changing business environment.
Throughout the workshop, participants
were invited to discuss the opportunities
and challenges of using sustainability as
a driver of growth in their business. The
seminar ended with a workshop moderated
by Keith Stephenson, PwC Hong Kong Head
of Internal Audit.
PwC Hong Kong Head of Internal Audit
Keith Stephenson leads the discussion
with participants during the workshop
Investment Trends revealed at Z-Club events
Cleantech, retail and consumers,
e-commerce and mobile Internet are just
some of the hot industry topics covered at
the latest Z-Club events. Since May 2011,
PwC China has sponsored four of these
Z-Club events, organised by the Zero2IPO
Group.
On 26 May, a panel discussion on cleantech
was attended by over 70 guests including
partners, directors and managers from
private equity and venture capital funds,
as well as portfolio companies. PwC China
Greentech Industry Leader Gavin Chui
participated as a panellist. He shared his
opinions on regulatory policies in the
cleantech industry and answered questions
from the audience.
Another Z-Club event on the retail and
consumer industry took place on 25 August
in Shanghai. PwC China Retail & Consumer
Assurance Leader Jean Sun shared her
24
Beam issue 33
views on the best investment opportunities
in this industry.
will present a report with the latest findings,
analysis of market trends and investment
opportunities.
On 26 October, a Z-Club event on
e-commerce took place in Beijing exploring
the opportunities and challenges of
investing in the e-commerce industry
and attracted more than 100 clients. PwC
China Assurance Partner Kevin Ng acted as
moderator in the panel discussion. Several
e-commerce companies shared their views
at the event, including Yeepay Payment
Gateway, Ftuan
and K121.com.
After each
industry-specific
event, PwC China
and the Zero2IPO
Research Center
PwC China Assurance Partner Kevin Ng
(far right) as moderator in the panel
discussion
PwC China Retail &
Consumer Assurance Leader
Jean Sun shares her views
on the retail and consumer
industry
Business
Rethinking Asia’s
Infrastructure
PwC Singapore’s Infrastructure,
Government and Utilities (IGU) team
organised a half-day Infrastructure
Seminar on 5 September 2011 at the
Intercontinental Hotel, Singapore.
The response to the seminar was very
encouraging with over 100 professionals
from the infrastructure industry in
attendance.
Speakers were invited from the financial,
infrastructure, consultancy and
multilateral sectors. The seminar began
with a panel discussion on Infrastructure
in Asia: Rethinking Asian Infrastructure
Requirements, Opportunities, Issues and
Solutions. The panel discussion was
followed by three concurrent roundtables
on healthcare in southeast Asia, power
sector growth in Asia and developing
sustainable cities.
On 6 September, PwC Singapore
sponsored the World Bank Infrastructure
Finance Summit. Richard Abadie, PwC
Global Head for Capital Projects and
Infrastructure, and Mark Rathbone,
PwC Singapore Capital Projects and
Infrastructure Leader spoke at the
Summit. Other speakers at the Summit
included dignitaries such as Robert
Zoellick, President of the World Bank and
Cesar Purisima, Finance Secretary of the
Philippines.
Mark Rathbone, PwC Singapore Capital
Projects and Infrastructure Leader addresses
the audience at the seminar
Clarifying QFII tax treatments
PwC Hong Kong recently hosted a series of
roundtables to address clients’ uncertainties
on tax treatments on Qualified Foreign
Institutional Investors (QFII).
Although the Chinese government has
granted licenses to QFIIs to invest in
China’s A-shares since 2002, no specific tax
circulars had been issued to address QFII
income tax treatment until recent years.
(From left) PwC Hong Kong Tax Partner
Jeremy Ngai, PwC Hong Kong Risk &
Controls Solutions Partner Duncan Fitzgerald
and PwC China Tax Partner Danny Yiu share
their views on QFIIs’ uncertain tax positions
To help clients prepare, PwC Hong Kong
partners shared their views on possible
options of taxation principles and the
market practices to deal with the uncertain
tax position on QFIIs.
Speakers included PwC Hong Kong Asset
Management Industry Group Leader
Marie-Anne Kong, Banking and Capital
Markets Leader Peter Li, Risk & Controls
Solutions Partner Duncan
Fitzgerald, Tax Partners Jeremy
Ngai, Kenneth Wong and PwC
China Tax Partner Danny Yiu
from Beijing.
Beam issue 33
25
Business
Staying ahead of IFRS challenges
One of their flagship International Financial
Reporting Standards (IFRS) seminars was
entitled “Staying ahead of IFRS challenges”
and a series of these seminars were hosted
in Hong Kong, Guangzhou, Shanghai and
Beijing throughout July 2011. More than
310 participants from a wide range of
industries attended the seminars.
Eight speakers from ACS and accounting
advisory led the events, with the support
from ACS team in China and Hong Kong,
including PwC Hong Kong ACS Lead
Partner Wilfred Wong. It was a great
example of successful teamwork across
firms.
(From left) PwC China ACS Senior
Manager Yuhui Sun, ACS Partner
Tracy Chen and Senior Managers
Karen Zhang and Cara Wang at the
Beijing seminar
The financial reporting landscape is
undergoing a significant overhaul.
Changes in accounting impacting financial
statements have broader implications on
business practices, processes and control
procedures. To help clarify some of these
uncertainties for our clients, the Accounting
Consulting Services (ACS) teams from PwC
China and Hong Kong have increased their
focus on client or regulator seminars and
played an active role in more than 50 such
client seminars and workshops.
More than 310 participants from a wide range
of industries attended the IFRS seminars
26
Beam issue 33
Other presenters involved in the seminars
included PwC China ACS Partner Yvonne
Kam, PwC Hong Kong Assurance Directors
Dorothy Leung and Elza Yuen, and
Assurance Partner Simon Cheng at the
kick-off event in Hong Kong on
14 July. The following week, Yvonne led
the Guangzhou and Shanghai seminars
with PwC Hong Kong ACS Partner Eliza
Li and Senior Manger Ada Siu. PwC China
ACS Partner Tracy Chen and Senior
Managers Yuhui Sun, Karen Zhang and
Cara Wang conducted the last run in
Beijing on 28 July.
The seminars were well-received by
the audiences and drew a wide range of
participants from multinational companies,
international financial institutions,
large state-owned enterprises, academic
institutions and medium-sized enterprises.
Based on the success of this first event
series, ACS is considering hosting regular
IFRS seminars. They hope these client
seminars will help provide a platform
to showcase PwC’s expertise and help
engagement teams enhance relationships
with clients.
Business
Keeping clients informed
With the objective of keeping our Financial Services (FS)
clients abreast of various International Financial Reporting
Standards (IFRS) hot topics and developments, two PwC
China teams worked together on a series of seminars held in
Beijing and Shanghai in September 2011.
PwC China’s Accounting Consulting Services (ACS) worked
closely with PwC China’s FS group to hold IFRS seminars
that were targeted specifically to clients in the financial
institutions sector. Attended by over 130 attendees, the
seminars addressed newly-issued IFRS standards and
upcoming international accounting trends. The materials for
the event were tailored to include discussion and sharing of
typical practical solutions that are most relevant for financial
institutions in China.
PwC China Financial Services Leader Raymond Yung
delivered the opening speech in Beijing while PwC China
Central Financial Services Lead Partner Jimmy Leung
opened the Shanghai event. Ying Wei, the Vice DirectorGeneral of the Accounting Regulatory Department from
China’s Ministry of Finance was the keynote speaker at both
seminars and shared her valuable perspectives.
The IFRS seminar speakers and guests from the
Ministry of Finance in the PwC China Beijing office
“The event is a great example of successful teamwork and an
excellent showcase of PwC expertise and thought leadership
in the market,” commented PwC China ACS Partner Tracy
Chen.
In October 2011, PwC Hong Kong hosted two
client seminars on new changes in
International Financial Reporting Standards
(IFRS). The first session on 4 October, targeted
asset managers and provided clients with
updates on IFRS and key regulatory
developments in the Cayman Islands. On 27
October, speakers from PwC Hong Kong
spoke to over 100 insurance clients and
representatives from the HK Insurance
Regulator on the current state of IFRS
and their business implications.
PwC Cayman Islands Partner
Paul Donovan gives an update
on Cayman Islands regulations to
asset managers
PwC Hong Kong Asset
Management Partner Josephine
Kwan (left) chats with asset
management clients before the
seminar
PwC Hong Kong Assurance
Partner Lars Nielsen speaks at the
IFRS session for insurance clients
Beam issue 33
27
Business
Going Outbound
In support of Chinese enterprises’ outbound
investment strategies, the China Top 500
Foreign Trade Enterprises Forum 2011
was held in Beijing from 12 to 13 August.
Organised by the Ministry of Commerce
and the Statistical Association of China
Foreign Economic Trade, the event
attracted around 400 delegates including
government officials, trade enterprises,
professional firms and researchers.
PwC China Markets Leader Frank Lyn
sharing his thoughts with delegates
A panel discussion on outbound
investment trends for Chinese
enterprises with PwC China Markets
Leader Frank Lyn (fourth from left)
PwC was one of the sponsors for the forum,
with support from PwC Germany and
PwC China. During a panel discussion on
outbound investment trends for Chinese
enterprises, PwC China Markets Leader
Frank Lyn shared his insights on a range of
topics from decision-making to risk control.
The forum also provided the platform
for the launch of the 2011 China’s Top
500 Foreign Trade Enterprises list. First
published in the 1990s, this list represents
the Chinese companies with the highest
performance in export and import business
in the past year. The publication celebrates
China’s import and export industry and
encourages enterprises to participate in
the international marketplace. The list is
determined based on import and export
volume statistics obtained from the General
Administration of Customs.
A growing industry in Taiwan
The biomedical industry is the object of
intense interest around the world, according
to Audrey Tseng, PwC Taiwan Deputy
Chairwoman and Biomedical Industry
Leader, who spoke at the Taiwan Biomedical
Industry Development Forum on 16 August
2011. In her opinion, the biomedical
industry ranks near the top of emerging
industries in terms of development
potential, but compared with other
industries it requires an exceptionally longterm commitment to develop. Although
it does takes more time for investment to
bring results, the potential payoffs are huge.
PwC Taiwan, together with the Monte
Jade Science and Technology Association
Taiwan, the Institute for Biotechnology
and Medicine Industry, and the Taiwan
Bio-Industry Organisation, hosted the
forum. The forum focused on the local
industry’s development strategy and future
competitiveness in light of the recent launch
of the Taiwan Medtech Fund.
28
Beam issue 33
PwC Taiwan Deputy
Chairwoman and
Biomedical Industry
Leader Audrey Tseng
(far right) shares her
thoughts on the future of
the biomedical industry
in Taiwan
Special guest speakers including Vice
President Vincent Siew and other top
government officials, plus influencers in the
biomedical industry explored the challenges
facing Taiwan’s biomedical industry. They
also discussed government policies and
the cross-strait trends and outlook for the
industry since the Economic Cooperation
Framework Agreement was signed between
mainland China and Taiwan.
PwC Taiwan started actively focusing on
the biomedical industry as early as ten
years ago, aware of the industry’s growing
promise. Now PwC Taiwan is unmatched
among accounting firms in providing
the industry with specialised accounting
services. They have established a long
track record of analysing the challenges
and opportunities facing biomedical firms
and have accompanied biomedical firms in
opening new markets.
Business
A dialogue with the Commissioner
With support from CPA Australia, PwC
Hong Kong was honoured to be the first
among the Big Four to have the Hong Kong
Commissioner of Inland Revenue as a guest
speaker sharing his insights and updates
on the development of Double Taxation
Agreements (DTAs). Held at the Hong Kong
Convention and Exhibition Centre on 10
June 2011, the seminar attracted more than
250 guests and 50 PwC staff.
David Smith, PwC Hong Kong Senior Tax
Advisor and Nick Dignan, PwC Tax Partner
explored the problems of applying the DTA
model and the merits of the Hong Kong tax
treaty network. The Commissioner revealed
the government’s strategy in negotiating
and concluding DTAs.
The audience gained valuable insights
on their businesses from a 45-minute
interactive question and answer session
with the Commissioner, moderated by PwC
Hong Kong Tax Partner Marcellus Wong.
The seminar ended with an engaging panel
discussion in which senior representatives
from HSBC, Hutchison Whampoa and
C&C Advisory Services discussed the
issues, challenges and opportunities faced
by businesses under the dynamic tax
environment.
(From left) PwC Hong Kong Tax Partner Marcellus Wong,
CPA Australia’s General Manager, Greater China Deborah
Leung, Commissioner of Inland Revenue Chu Yam Yuen
and PwC Hong Kong Tax Leader Peter Yu after the
presentation
On 22 July 2011, PwC China Consulting
Partner Al Tarar signed a co-operation
agreement on behalf of PwC with Harbin
Bank CFO Qiguang Zhang at Harbin
Shangri-la Hotel. The agreement kicks off
PwC’s involvement in Harbin Bank’s
upcoming management accounting
consulting project. Harbin Deputy Mayor
Yuanchao Jiao, PwC China Assurance
Partner Dan Han, Consulting Associate
Director Vincent Cai and Senior Manager
Siyan Han were also in attendance.
Beam issue 33
29
Business
PwC China Tax Partner Matthew Mui
delivers a lecture at Summer School
Back to school
This year’s Summer School, formerly
known as the Sixth National Summer
School for Graduate Students on Tax Laws,
was hosted by PwC China, in cooperation
with the Law School of Peking University
from 4 to 13 July 2011.
As a sponsor, PwC China provided speakers
to Peking University to deliver lectures to
the students, as well as hosting the students
and professors at a dinner event. PwC China
Tax Partner Yijun Yang made a welcoming
speech at the school’s opening ceremony on
4 July, and Tax Director Qiuli Rao spoke at
the closing ceremony on 13 July. During the
summer school, Tax Partners Matthew Mui
and Mei Gong, Tax Director Sarah Ng and
Tax Senior Manager Ady Li delivered three
lectures to the students.
A highlight of Summer School was a visit
to PwC China’s Beijing office and a dinner
event on 11 July. During the visit, PwC
China’s North Region Tax Lead Partner
Edward Shum extended a warm welcome to
the students, while PwC China Tax Partner
Yijun Yang gave an introduction of PwC
China and its tax department. Interactive
sessions, including games and an office tour
further enhanced the students’ impressions
of the work and life at PwC. After the office
visit, PwC China Tax partners and staff
invited the students and professors to a
dinner and shared more of their experiences
with the students.
PwC China’s North Region Tax Lead
Partner Edward Shum delivering a
welcome speech
The 6th Zero2IPO-Venture50 Awards, one of the most
influential awarding events in the private equity (PE) industry,
attracted over 400 attendees to Shanghai’s Hyatt On the Bund
on 20 October 2011. As Gold Sponsor, PwC China was one of a
panel of judges who chose the winning Top 50 Enterprises in
China out of a pool of 160 candidate companies. PwC China’s
Central Region PE Leader Jianbin Gao joined a panel session at
the 2nd China CEO Summit hosted earlier in the day, and PwC
China’s Central Region Deals Leader Andrew Li presented an
award during the ceremony.
PwC China’s Central Region PE
Leader Jianbin Gao as a panelist
at the 2nd China CEO Summit
30
Beam issue 33
Business
PwC China was a proud sponsor of
The China Petroleum and Chemical
International Conference held 7 to 9
September 2011 in Tianjin.
Centering on the theme “The Next
Five Years: Building on a
Foundation for Sustainable
Growth”, the conference attracted
more than 400 attendees from
around the world, including seniorlevel delegations from the Middle
East and South Korea.
PwC China Transaction Services Partner
Malcolm MacDonald (second from left)
participates in a dialogue session
At the 2011 IR Summit Taipei, PwC Taiwan Assurance
Leader Joseph Chou stated that adopting
International Financial Reporting Standards (IFRS)
will bring local companies the opportunity to achieve
globalised management and standardised
commercial practices. Nearly 200 corporate CFOs
and senior investors’ relationship managers attended
the 29 September event.
On 23 September 2011, a client training session on IFRS
accounting update was held at the Bank of China Beijing
training centre. The session was led by PwC China
Assurance Partner Margarita Ho (middle), PwC China
Accounting Services Partner Tracy YH Chen (left), and
PwC Hong Kong Consulting Services Partner Shelley So on
the latest IFRS developments.
Beam issue 33
31
Business
PwC China Dalian Office Lead Partner
Dorman Kwan delivered a speech on
capital markets at the China Venture
Capital & Private Equity Forum
Renowned financial services (FS)
Northeast China Summit 2011 in
consultant Satyajit Das, author of
Shenyang on 8 September.
Traders, guns & money: knowns
and unknowns in the dazzling
world of derivatives, delivered a
keynote presentation at a FS
client dinner in Hong Kong on
11 October 2011. He also
conducted an afternoon client
seminar in Beijing on 13 October.
His talks focused on the
regulatory reforms that have
taken place in response to the
financial crisis.
On 9 September 2011, the
Global Transportation and
Logistics Conference was held
in Mexico. PwC China and
Hong Kong Transportation
and Logistics Leader Alan Ng
(right) and PwC Global
Transportation and Logistics
Leader Klaus-Dieter Ruske
met at the conference
opening.
The 10th anniversary of the 100 Women in Hedge
Funds, a global non-profit organisation servicing
alternative investment management investors
and professionals, was celebrated in Hong Kong
on 11 May 2011. PwC Hong Kong Asset
Management Industry Group Assurance Services
Leader Marie-Anne Kong participated as a
panellist in a discussion on what lies ahead for
investments, businesses and risks.
32
Beam issue 33
Business
On 8 September 2011, PwC Singapore
hosted a seminar and cocktails session at
the Raffles Hotel entitled Alternative
UCITS: Bringing Hedge Funds into the
Regulated World. Over 50 asset
management executives attended to
hear speakers Robert Grome, PwC Asia
Pacific Asset Management Leader, and
PwC Hong Kong Asset Management
Partner Carlyon Knight-Evans on trends
and updates impacting hedge funds in
Asia.
Creativity is the soul of the cultural
creative industry, according to PwC
Taiwan Tax Partner Howard Kuo. To
promote its role as a professional service
provider in this industry, PwC Taiwan
took part in The Second Taiwan
International Cultural & Creative Industry
Expo that ran from 8 to 11 September
2011.
The PwC Taiwan Tax team at their colourful booth
at the Cultural and Creative Expo
PwC Hong Kong and PwC China jointly held the Asia
Financial Services Transfer Pricing (FSTP) Masters Series
on 12 July 2011 in Shanghai. Partners from around the
world, including PwC’s Global FSTP Leaders Adam Katz and
Aamer Rafiq, PwC Hong Kong’s FSTP Leader Phillip Mak
and PwC’s Greater China FSTP Leader Spencer Chong
shared their insights about the development and challenges
of the FSTP environment in the Asia region.
PwC US Financial Services Transfer
Pricing Leader Adam Katz presents at the
FSTP Masters Series
Beam issue 33
33
Business
On 15 July 2011, the Capital Market
Services Group (CMSG) celebrated its 10th
Anniversary. Chairman of Hong Kong
Securities and Futures Commission (and
former PwC Hong Kong Partner and
member of CMSG) Eddy Fong, PwC China
and Hong Kong Territory Senior Partner
(and former CMSG leader) Ernest Ip, current
CMSG leader Kennedy Liu and other present
and former members attended the
celebratory event. CMSG works closely with
core Assurance, Risk & Controls Solutions,
Tax and Advisory teams to sell and execute
IPO and other capital market transactions.
The CMSG celebrates its 10th Anniversary
PwC Taiwan’s Corporate Mergers and
Acquisitions (M&A) service team celebrated the
publication of its book, Corporate M&A
Strategies and Best Practices, on 3 October 2011
in Taipei. The book launch was followed by an
in-depth discussion on the planning of corporate
M&A deals, which was led by experts in the field.
PwC Taiwan Chairman Albert Hsueh (left) thanks
his honoured guests Yuanta Financial Holdings
Chairman Yen Ching-Chang (middle) and Dean
Li Shu-Hsing of the College of Management,
National Taiwan University at the M&A strategy
seminar
PwC US and Global Shared Services Leader Charles Aird gave
the keynote speech at the 4th China International Service
Outsourcing Cooperation Conference in Nanjing, 8 to 10 June
2011. Earlier, Charles also met with the Governor of Jiangsu
Province and assisted in unveiling the China Outsourcing
Development Report 2010-2011, released at the Opening
Ceremony.
34
Beam issue 33
Business
PwC China Risk & Controls
Solutions Partner Tracy Cao
presents findings to the audience
In May, a luncheon was held in Shanghai
and Hong Kong to share the results of PwC
Global’s 2011 State of the internal audit
profession study. The report looked at how
internal audit is responding to today’s
changing risk environment.
PwC China Risk & Controls Solutions
Partner Jasper Xu speaks at the
internal audit luncheon in Shanghai
The PwC Global Accounting Committee held a three day meeting from 19 to 21 September
2011, which included a media event focusing on the challenges to the global convergence
of accounting standards. Attendees included PwC Global Accounting Committee
Chairman Etienne Boris, PwC Global Chief Accountant John Hitchins, PwC China
Assurance Partner Margarita Ho, PwC China Beijing Office Lead Partner David Wu and
PwC China Accounting Services Partner Tracy YH Chan.
Beam issue 33
35
Focus
Being a numbers business,
we all love the statistics!
Beam takes a peek behind
the curtain at some of the
more interesting facts
about our firms.
Did you know…?
Who we are
Collectively, PwC China, Hong Kong,
Singapore and Taiwan have around 620
partners and over 14,000 people.
IFS (1,567)
9%
A stroll down memory lane:
• In Hong Kong, our history dates back to
1902.
• PwC was the first professional accounting
and auditing practice in Shanghai,
established in 1906.
Others (518)
3%
Advisory (1,605)
10%
Tax (2,216)
13%
• 1970: Predecessor firm of PwC Taiwan
established as Chen & Chu & Co.
Assurance (11,032)
65%
• 1998: International merger between Price
Waterhouse and Coopers & Lybrand results
in formation of PricewaterhouseCoopers
Hong Kong.
• 2002: PwC firms in Hong Kong and China
merge and then combine with the Hong
Kong and China practices of Arthur
Andersen.
• 2008: Combination of the China, Hong
Kong and Singapore firms.
• 2010: Combination of the China, Hong
Kong, Singapore and Taiwan firms.
Giving back
• The total number of volunteers across China,
Hong Kong, Taiwan and Singapore in FY2011 is
2,500
• The total number of hours volunteered across
China, Hong Kong, Taiwan and Singapore in
FY2011 is 14,000
• US$1m was donated to charitable causes through
the PwC Foundation and the China, Hong Kong,
Taiwan and Singapore firms in FY2011
36
Beam issue 33
Focus
Opportunities of
our network
From 2009 – 2011, including long term,
short term and international transfers:
• China, Taiwan, Singapore and Hong Kong
received 417 inbound secondees from
around the network
• 358 of our own people from China,
Taiwan, Singapore and Hong Kong were
seconded to other firms in the network
• The top three destinations for PwC
China, Taiwan, Singapore and Hong Kong
secondees are the US, Australia and UK
Mind boggling numbers
• On average in a year, we undertake
roughly 9,400 video conferencing
hours. This is the equivalent to making
1,343 round trips between Beijing
and Hong Kong by plane to attend
meetings (you would need 4.5 years to
complete all trips)
• On average across China, Hong Kong,
Taiwan and Singapore, the number of
calls received on the GTS helpdesk per
minute is 2.5
• The number of emails sent on average
in a year, to and from the firms, is
roughly 45,000,000
• Over 1,000 reporters have attended our
organised media events, which have
received over 2,300 reports of positive
news coverage
• Our media coverage in FY2011 equates to
HK$72 million in advertising expenditure
• The total office space across China,
Taiwan, Singapore and Hong Kong
is 165,243 square meters (1,778,661
square feet), which is equivalent to
approximately 22 football pitches the
size of Manchester United’s Old Trafford
football ground
• In FY2011 we organised over 120
events for more than 6,000 attendees
Manchester United’s Old Trafford
football ground
Beam issue 33
37
Focus
Sharing experiences
Genesis Park 2011
In 2011, 134 of our most talented PwC colleagues from around the network took part in our
Senior Manager/Director leadership development programme, Genesis Park (GP). Nineteen
of our China, Hong Kong, Singapore and Taiwan colleagues had the opportunity to attend
Genesis Park in either Singapore (April), Boston (June) or Warsaw (July). Here they share
their learning experience from both the Boston and Warsaw runs of Genesis Park.
PwC Hong Kong Assurance
Senior Manager Janet SY Kwai
What did you appreciate most about
your GP experience?
The Genesis Park programme was a turning
point for me: I learned the differences
between a manager and a leader. I learned
how important it is to motivate my team and
help them grow and also how to maintain my
own work-life balance.
What was the biggest challenge for you?
Team celebration dinner after the
strategic project presentations with
PwC Hong Kong Assurance Senior
Manager Janet SY Kwai (far left)
The biggest challenge for me is the difference
between Eastern and Western mentalities
and trying to reach a balance. Meeting people
from a diverse background gave me a golden
opportunity to learn about different work
attitudes.
Warsaw
PwC Singapore Advisory
Associate Director Soon Bee Koh
What did you appreciate most about your
GP experience?
Greater self-awareness. I came to understand
what I like, what I value and how I behave in
certain situations. Being self aware has actually
made me more at ease and a lot more confident.
What can you tell us about Warsaw that
we may not already know?
You might already know that Warsaw was
completely destroyed during World War II, but
did you know today that Poland is the thirdlargest outsourcing centre in the world, after China
and India?
38
Beam issue 33
PwC Singapore Advisory Associate Director
Soon Bee Koh (second from right)
Focus
PwC Taiwan Advisory
Director Kelly Chou
What projects/assignments
did you work on during GP?
My strategic project was called
“Flexible Mindset.” We came up
with a two-phase approach to
encourage our people to embrace
flexibility in our organisation. Our
strategic project was successful,
receiving positive feedback from
our sponsor partner, PwC Global
Human Capital Leader Dennis
Finn. Our team has been invited to present some
of our results to the US Leadership Team.
Celebrating success after delivering the strategic project presentation
PwC Taiwan Advisory Director Kelly Chou (fifth from left)
What was the biggest challenge for you?
Though it can be challenging, cultural
immersion was definitely the best part of
my GP experience. I learnt that while some
cultures may focus on the values of discipline,
punctuality, and quality of production; others
may be more people oriented, value flexibility,
passion, and strives for harmony.
Boston
PwC China Tax Senior Manager Lin Fang
What did you appreciate most about your GP
experience?
I found the “Whole Leader Model” to be a very useful tool;
it teaches you to become a great leader by being genuine,
resilient and responsible. GP also gave me the chance to
explore more about who I am, what I want to be and what I
want to achieve.
What advice do you have for someone working
with someone from a culture other than their own,
one they may not be familiar with?
I think it’s good to be observant, and don’t be too shy to ask
questions if you don’t understand. We attended a cultural
intelligence class which taught us that people from different
backgrounds deal with situations differently. For example,
in some parts of the world, it is polite to look people in the
eye when talking to them to show respect; however, another
participant from South Africa told me that, in the area where
he grew up, it’s rude to look people directly in the eye.
PwC China Tax Senior Manager Lin Fang
(far right) and colleagues
Beam issue 33
39
Focus
Behind the iron curtain
PwC Hong Kong Assurance Manager David Greaves
on his experiences of North Korea
Earlier in 2011, PwC Hong Kong Assurance
Manager David Greaves fulfilled his
ambition to travel to Pyongyang, North
Korea.
Naturally David’s travel itinerary was
pre-arranged as visitors are required to be
accompanied by a guide at all times. Despite
this, David found that interaction with local
people was hardly restricted at all and in
fact found them to be very welcoming.
David found the city itself to be clean and
pleasant, and the absence of any pollution
was one of the nicest aspects of Pyongyang.
There are many interesting landmarks
which can be seen from the Juche tower in
the city centre.
“I discovered that a smile certainly
goes a long way when you have
little else in common.”
PwC Hong Kong Assurance Manager
David Greaves, in Pyongyang, North Korea
Did you know?
•
Foreigners are not allowed to bring mobile phones
into the country; they must be left at the airport in
Pyongyang.
•
Brewing is one of the largest industries and
excellent local beer costs around HK$8 for a large
bottle.
•
Despite common misconceptions, US citizens are
allowed to visit on normal tourist visas.
•
Foreigners can’t spend North Korean Won, all our
purchases were made in Euros, RMB or US dollars.
•
There is a daily English language newspaper, the
Pyongyang Times.
You have to see it to believe it
The highlight of the trip and the main
reason most people visit Pyongyang is
for the mass games that are held in the
enormous May Day stadium. David says
“This vast production is coordinated with
military precision and involves roughly
100,000 perfectly synchronised performers.
You have to see it to believe it.”
40
Beam issue 33
Highlight of the trip:
mass games held in the
May Day stadium
Features
The class of 2011
New partner admissions
The PwC firms of China, Hong Kong,
Singapore and Taiwan would like to
congratulate our new partner admissions.
Well done on all your achievements!
Agnes Wong
Alan Huang
Albert Lam
Tax
Advisory
Assurance
Location: Hong Kong
Email: agnes.hy.wong@hk.pwc.com
Telephone: +852 2289 3816
Specialisation(s): Consumer
and Industrial Product Services,
Transportation & Logistics
Location: Shanghai
Email: alan.h.huang@cn.pwc.com
Telephone: +86 (21) 2323 2882
Specialisation(s): Telecoms, Technology
and Medical Equipment
Location: Beijing
Email: albert.t.lam@cn.pwc.com
Telephone: +86 (10) 6533 7923
Specialisation(s): Consumer and
Industrial Product Services
When I was a kid, I wanted to be...
I celebrated becoming a partner by...
My hidden talent is...
A dancer
Taking my daughter to Baskin Robbins to share an
ice-cream sundae
Knowing how to mix the different ingredients to
make a good bowl of soup
The secret to success is…
To me, our PwC brand is...
Being persistent, exercising patience, and never
giving up
The “Rolls-Royce” of all professional service firms
that offers our customers trust and takes them on
an enjoyable journey
To me, our PwC brand is...
The #1 firm
Beam issue 33
41
Features
Amanda Chan
Angelica Kwan
Antoinette Hoon
Assurance
Tax
Assurance
Location: Hong Kong
Email: a.chan@hk.pwc.com
Telephone: +852 2289 1366
Specialisation(s): Consumer and
Industrial Product Services
Location: Hong Kong
Email: angelica.kwan@hk.pwc.com
Telephone: +852 2289 3966
Specialisation(s): US Tax Consulting
Location: Hong Kong
Email: antoinette.hoon@hk.pwc.com
Telephone: +852 2289 2742
Specialisation(s): Financial Services
When I was a kid, I wanted to be...
When I was a kid, I wanted to be...
When I was a kid, I wanted to...
A police officer
A real estate investor
Work in the hotel or airline industry, as I love to
travel and get to explore different cultures
I celebrated becoming a partner by...
The secret to success is…
Enjoying the night at Pizza Express with my
husband
Planning and working as a team
Antonio Chow
Arthur Wang
Avin Liu
Assurance
Assurance
Assurance
Location: Hong Kong
Email: antonio.chow@hk.pwc.com
Telephone: +852 2289 2088
Specialisation(s): Retail & Consumer
Location: Suzhou
Email: arthur.wang@cn.pwc.com
Telephone: +86 (512) 6273 1998
Specialisation(s): Consumer and
Industrial Product Services, Technology
Location: Beijing
Email: avin.liu@cn.pwc.com
Telephone: +86 (10) 6533 2733
Specialisation(s): Energy, Utilities and
Mining, Initial Public Offerings
When I was a kid, I wanted to be...
I celebrated becoming a partner by...
A super swordsman with a strong sense of justice
and ready to help the weak
Taking time off for a “real” vacation with my
beloved son and wife!
My hidden talent is...
To me, our PwC brand is...
Getting people to feel cared for, trusted and
respected
About energy, innovation and how it could bring
our people and clients all into harmony
When I was a kid, I wanted to be...
An owner of a toy shop
The secret to success is…
To commit and have the courage to face challenges
42
Beam issue 33
My hidden talent is...
To walk for hours, especially hiking or shopping
Features
Belinda Deng
Bo Yu
Carlyon Knight-Evans
Advisory
Tax
Assurance
Location: Hong Kong
Email: belinda.x.deng@hk.pwc.com
Telephone: +852 2289 1917
Specialisation(s): Real Estate and
Infrastructure
Location: Beijing
Email: bo.yu@cn.pwc.com
Telephone: +86 (10) 6533 3206
Specialisation(s): Energy
Location: Hong Kong
Email: carlyon.knight-evans@hk.pwc.com
Telephone: +852 2289 2711
Specialisation(s): Asset Management
The secret to success is...
To me, our PwC brand is...
When I was a kid, I wanted to be...
To have passion for your work, be hard-working
and have persistence
A quality we need to guard with our life
A clown
The secret to success is...
The secret to success is…
I am a licensed scuba diving instructor
To be persistent, prepare a strategy and then
fiercely execute it. And be open-minded
Believing in your own ability - you will often
surprise yourself!
Charles Loh
Charline Ni
Christina Lau
Advisory
Assurance
Assurance
Location: Singapore
Email: charles.ks.loh@sg.pwc.com
Telephone: +65 6236 3328
Specialisation(s): Consulting
Location: Beijing
Email: charline.j.ni@cn.pwc.com
Telephone: +86 (10) 6533 2820
Specialisation(s): Technology, InfoComm
and Entertainment & Media
Location: Beijing
Email: christina.lau@cn.pwc.com
Telephone: +86 (10) 6533 2851
Specialisation(s): Risk and Controls
Solutions
To me, our PwC brand is...
When I was a kid, I wanted to be...
When I was a kid, I wanted to be...
About providing the value that the market is
looking for by pooling our minds, skills and
experience together
A musician
A social welfare worker to help those in need
My hidden talent is...
The secret to success is…
I’m still looking!
To exceed ourselves and be willing to listen
My hidden talent is...
My hidden talent is...
A mechanic who can repair almost anything
Beam issue 33
43
Features
Daisy Kwun
Dan Han
Danny Yiu
Tax
Assurance
Tax
Location: Guangzhou
Email: daisy.kwun@cn.pwc.com
Telephone: +86 (20) 3819 2338
Specialisation(s): Corporate Tax and
Business Advisory Service
Location: Beijing
Email: dan.han@cn.pwc.com
Telephone: +86 (10) 6533 2249
Specialisation(s): Global Capital Markets
Group
Location: Beijing
Email: danny.yiu@cn.pwc.com
Telephone: +86 (10) 6533 2787
Specialisation(s): Financial Services
My hidden talent is…
To me, our PwC Brand is ...
I celebrated becoming a partner by...
Cooking, especially sirloin steak
...just a beginning
Having many great meals with friends and family
The secret to success is…
The secret to success is…
The secret to success is…
To have passion and don’t be afraid to take up
challenges
Being a person of integrity who, as Confucius said,
is diligent in action but slow in speech
Honesty and trust
David Eastlake
David Toh
Davis Cho
Advisory
Assurance
Assurance
Location: Hong Kong
Email: david.eastlake@hk.pwc.com
Telephone: +852 2289 2511
Specialisation(s): Corporate Finance
Location: Singapore
Email: david.sh.toh@sg.pwc.com
Telephone: +65 6236 3248
Specialisation(s): Risk and Controls
Solutions
Location: Hong Kong
Email: davis.kl.cho@hk.pwc.com
Telephone: +852 2289 2848
Specialisation(s): Real Estate
The secret to success is...
To me, our PwC brand is...
The secret to success is...
Recruiting, training, challenging and retaining
the best people
Creating value for the client and myself through
building personal and long lasting relationships
Believe in yourself and others
My hidden talent is...
My hidden talent is...
Remembering useless obscure facts and trivia
I was an outstanding school badminton player,
and won many medals
When I was a kid, I wanted to be...
44
Beam issue 33
An architect
Features
Dora Cheung
Dylan Tey
Ellen Kuo
Assurance
Assurance
Assurance
Location: Beijing
Email: dora.cheung@cn.pwc.com
Telephone: +86 (10) 6533 7070
Specialisation(s): Accounting, Valuation
and Financial Reporting Advisory
Location: Shanghai
Email: dylan.tey@cn.pwc.com
Telephone: +86 (21) 2323 3518
Specialisation(s): Technology, InfoComm
and Entertainment & Media
Location: Taipei
Email: ellen.kuo@tw.pwc.com
Telephone: +886 (2) 2729 6717
Specialisation(s): Financial Services
The secret to success is...
My hidden talent is...
To me, our PwC brand is...
Belief, action and determination, together with
opportunity and timing
Bowling
All about quality, talent and vision
The secret to success is...
I celebrated becoming a partner by...
A research scientist
40% planning and reflection, 50% drive and
execution, 10% luck!
Having a candlelit dinner with my loved ones
Franklin Zhai
Gareth Morgan
Harjeet Baura
Advisory
Advisory
Assurance
Location: Shanghai
Email: franklin.zhai@cn.pwc.com
Telephone: +86 (21) 2323 2957
Specialisation(s): Transaction Services,
Private Equity
Location: Singapore
Email: gareth.j.morgan@sg.pwc.com
Telephone: +65 6236 3098
Specialisation(s): Sovereign Wealth Fund
Location: Hong Kong
Email: harjeet.baura@hk.pwc.com
Telephone: +852 2289 2715
Specialisation(s): Channel 2 (nonrecurring), Retail & Commercial Banking
My hidden talent is…
I celebrated becoming a partner by...
I celebrated becoming a partner by...
Singing
Raising a very cool glass of New Zealand
Sauvignon Blanc with my friends and colleagues
Sitting in hospital with my wife who had fallen
over (again!) and broken her foot (again!)
To me, our PwC brand is...
The secret to success is…
The premier global brand, embodying
professional excellence and superb global client
service
Staying focused on your goals through the good
times and the bad
When I was a kid, I wanted to be...
To me, our PwC brand is...
Value, quality, innovation
Beam issue 33
45
Features
Hean Chan Ho
Helen Li
Hengpeng Lee
Assurance
Assurance
Assurance
Location: Singapore
Email: hean.chan.ho@sg.pwc.com
Telephone: +65 6236 4808
Specialisation(s): Capital Markets
Location: Hong Kong
Email: helen.l.li@hk.pwc.com
Telephone: +852 2289 2741
Specialisation(s): Financial Services,
Energy, Utilities and Mining – Petroleum
Location: Beijing
Email: hengpeng.lee@cn.pwc.com
Telephone: +86 (10) 6533 7905
Specialisation(s): Technology, InfoComm
and Entertainment & Media
When I was a kid, I wanted to be...
When I was a kid, I wanted to be...
When I was a kid, I wanted to be...
A professional NBA player with the LA Lakers!
A lecturer
A doctor, then a scientist, then a sportsman, then a
singer, but never an accountant!!
The secret to success is…
The secret to success is…
Perseverance, and being at the right place at the
right time
Never say never
Hsiao-Fen Huang
Huw Andrews
Hweehong Sim
Advisory
Advisory
Advisory
Location: Taipei
Email: hsiao-fen.huang@tw.pwc.com
Telephone: +886 (2) 2729 5016
Specialisation(s): Deals, Valuation
Location: Shanghai
Email: huw.andrews@cn.pwc.com
Telephone: +86 (21) 2323 2002
Specialisation(s): Automotive, Aerospace
and Industrial Products
Location: Beijing
Email: hwee-hong.sim@cn.pwc.com
Telephone: +86 (10) 6533 7611
Specialisation(s): Japan Related Deals
When I was a kid, I wanted to be...
My hidden talent is...
I celebrated becoming a partner by...
A kindergarten teacher
Thinking laterally, oh and I can ride a bicycle
while sitting on the handlebars
Speed dialling my wife
Being committed, persistent, conscientious, and
most importantly, being one’s true self
To me, our PwC brand is...
Quality and professionalism
The secret to success is…
The secret to success is …
Staying grounded and working flexibly and hard
46
Beam issue 33
The secret to success is…
Knowing oneself
Features
Jie Shen
Jimmy Sng (middle)
Jonathan Chen
Assurance
Advisory
Assurance
Location: Shanghai
Email: jie.shen@cn.pwc.com
Telephone: +86 (21) 2323 3659
Specialisation(s): Risk and Quality,
A-share listings
Location: Singapore
Email: jimmy.sng@sg.pwc.com
Telephone: +65 6236 3808
Specialisation(s): IT Risk
Location: Shanghai
Email: jonathan.c.chen@cn.pwc.com
Telephone: +86 (21) 2323 3791
Specialisation(s): Technology,
InfoComm and Entertainment & Media,
Entrepreneurial Group
My hidden talent is…
My hidden talent is…
When I was a kid, I wanted to be...
Playing the Chinese board game Tiao Qi
Taking documentary photographs
A tennis player
To me, our PwC brand is...
To me, our PwC brand is...
The secret to success is…
A fantastic opportunity and platform to execute
my ideas and see progress in my career and
interests
Our common purpose of building meaningful and
valuable relationships
Taking one step at time
Julia Leong
Jun Jin
Kevin Lin
Advisory
Advisory
Assurance
Location: Singapore
Email: julia.sw.leong@sg.pwc.com
Telephone: +65 6236 7378
Specialisation(s): Financial Services
Location: Shanghai
Email: jun.jin@cn.pwc.com
Telephone: +86 (21) 2323 3263
Specialisation(s): Banking and Capital
Markets
Location: Guangzhou
Email: kevin.yp.lin@cn.pwc.com
Telephone: +86 (20) 3819 2308
Specialisation(s): Real Estate, Energy,
Transportation, Engineering and Services
I celebrated becoming a partner by...
When I was a kid, I wanted to be...
My hidden talent is…
Baking a cheesecake for my family
A scientist first and then a professor
Remembering telephone numbers
The secret to success is…
To me, our PwC brand is…
The secret to success is…
Mastering your strengths and being aware of your
weaknesses
The matrix of colourful life with unpredictable
things
To deliver what you promise
Beam issue 33
47
Features
48
Lillian Wang
Maurice Loh
Mike Chiang
Advisory
Assurance
Tax
Location: Shanghai
Email: lillian.l.wang@cn.pwc.com
Telephone: +86 (21) 2323 8920
Specialisation(s): Operations Strategy and
Execution, Supply Chain Management
Location: Singapore
Email: maurice.sw.loh@sg.pwc.com
Telephone: +65 6236 3868
Specialisation(s): Technology, Transport
& Logistics
Location: Shanghai
Email: mike.chiang@cn.pwc.com
Telephone: +86 (21) 2323 2892
Specialisation(s): Taiwanese Business
Development
To me, our PwC brand is…
When I was a kid, I wanted to be...
I celebrated becoming a partner by...
A trustworthy service provider that offers a total
solution to our clients
A policeman, a fireman, a knight...depending on
which Lego set I was playing with!
Having tons of drinks and meals together with the
people who supported me all the way
The secret to success is…
The secret to success is…
To me, our PwC brand is…
Be persistent to your goal, be self-confident for
your capabilities and trust your team
Taking action to reach for it
People with Cooperation
Ni Qing
Peng Jin
Peter Tsang
Assurance
Assurance
Assurance
Location: Beijing
Email: qing.ni@cn.pwc.com
Telephone: +86 (10) 6533 2599
Specialisation(s): Financial Services,
Banking Capital Markets and Private
Equity
Location: Beijing
Email: peng.jin@cn.pwc.com
Telephone: +86 (10) 6533 5381
Specialisation(s): Technology
Location: Beijing
Email: peter.tsang@cn.pwc.com
Telephone: +86 (10) 6533 2857
Specialisation(s): Consumer and
Industrial Product Services
When I was a kid, I wanted to be...
I celebrated becoming a partner by...
I celebrated becoming a partner by...
A scientist
Having a party with my team
Buying a new pen for signatures
The secret to success is…
The secret to success is…
The secret to success is…
Listening to good advice from family and friends
and taking actions on it
To combine logic and lateral thinking together
To listen and be open-minded, strict with myself
and lenient with others
Beam issue 33
Features
Raymond Poon
Rob Barrett (Standing)
Rosamund Fan
Assurance
Advisory
Tax
Location: Hong Kong
Email: raymond.tc.poon@hk.pwc.com
Telephone: +852 2289 1223
Specialisation(s): Technology
Location: Shanghai
Email: robert.barrett@cn.pwc.com
Telephone: +86 (21) 2323 3818
Specialisation(s): Energy, Utilities and
Mining
Location: Taipei
Email: rosamund.fan@tw.pwc.com
Telephone: +886 (2) 2729 6077
Specialisation(s): Tax Consulting, Tax
Compliance, Tax Restructuring, Tax
Provision
When I was a kid, I wanted to be...
When I was a kid, I wanted to be...
My hidden talent is...
A food connoisseur and the owner of a highlyrated restaurant
A professional baseball player
Noticing small things that go undetected by others
The secret to success is…
The secret to success is…
Have fun – no matter how hard you are working
Investing in yourself and relationships
Roger McNicholas
Samuel Sinn
Sean Fu
Advisory
Assurance
Assurance
Location: Singapore
Email: roger.mcnicholas@sg.pwc.com
Telephone: +65 6236 3058
Specialisation(s): Value Chain
Transformation and Shared Services
Location: Beijing
Email: samuel.sinn@cn.pwc.com
Telephone: +86 (10) 6533 2937
Specialisation(s): Risk and Controls
Solutions
Location: Shanghai
Email: sean.fu@cn.pwc.com
Telephone: +86 (21) 2323 3581
Specialisation(s): Technology,
InfoComm and Entertainment & Media,
Entrepreneurial Group
My hidden talent is...
When I was a kid, I wanted to be...
When I was a kid, I wanted to be...
A scary knowledge of pop music trivia
A chef, as I love to eat and cook my own dishes
A mayor
To me, our PwC brand is...
The secret to success is…
The secret to success is…
The glue that holds a diverse and very talented
global group of people together
Being honest, reasonable and disciplined
Never give up
The secret to success is…
Be persistent in your belief to achieve your goals
Beam issue 33
49
Features
Seng Chee Lee
Spencer Tse
Steven Zhao
Advisory
Advisory
Assurance
Location: Singapore
Email: seng.chee.lee@sg.pwc.com
Telephone: +65 6236 4178
Specialisation(s): Infrastructure,
Government & Utilities
Location: Hong Kong
Email: spencer.tse@hk.pwc.com
Telephone: +852 2289 2560
Specialisation(s): Valuations
Location: Shanghai
Email: steven.zhao@cn.pwc.com
Telephone: +86 (21) 2323 3273
Specialisation(s): Technology, InfoComm
and Entertainment & Media
When I was a kid, I wanted to be...
My hidden talent is...
When I was a kid, I wanted to be...
A fighter pilot, influenced by Top Gun. I then
realised they tend to have a short career span
A good handyman
A doctor and then I found myself somewhat afraid
of blood
To me, our PwC brand is...
I don’t think there is any secret recipe. Work
hard, always strive for the best and be truthful to
yourself and others
To me, our PwC brand is...
About developing people to the fullest potential so
that they can create value everywhere
Susan Ju
Tay Lek Tan
Tina Li
Tax
Tax
Assurance
Location: Beijing
Email: susan.ju@cn.pwc.com
Telephone: +86 (10) 6533 3319
Specialisation(s): Worldtrade
Management Services
Location: Singapore
Email: tay.lek.tan@sg.pwc.com
Telephone: +65 6236 3768
Specialisation(s): Financial Services
Location: Beijing
Email: tina.t.li@cn.pwc.com
Telephone: +86 (10) 6533 2726
Specialisation(s): Financial Services
My hidden talent is...
I celebrated becoming a partner by...
My hidden talent is...
Making delicious dumplings – northern as well as
sweet southern ones
Taking a family photo with Mickey Mouse
Reading the full series of Harry Potter in one day
To me, our PwC brand is...
The secret to success is...
About providing quality solutions that work
Dream ideally, think reasonably, and act
realistically
To me, our PwC brand is…
Professionalism and quality
50
The secret to success is…
Beam issue 33
A journey during which you receive challenges
and achieve successes
Features
Tom Liu
Tony Li
Tony Ng
Assurance
Assurance
Assurance
Location: Shanghai
Email: tom.liu@cn.pwc.com
Telephone: +86 (21) 2323 2679
Specialisation(s): Real Estate &
Infrastructure
Location: Tianjin
Email: tony.li@cn.pwc.com
Telephone: +86 (22) 2318 3118
Specialisation(s): Banking and Capital
Markets
Location: Beijing
Email: tony.ng@cn.pwc.com
Telephone: +86 (10) 6533 2931
Specialisation(s): IPO Audit Related
Services to State-Owned Enterprises
My hidden talent is...
When I was a kid, I wanted to be...
My hidden talent is...
Playing football
A general
Babysitting
To me, our PwC brand is...
The secret to success is...
To me, our PwC brand is...
The best professional firm with the best people,
providing the best services to the best clients
Be passionate about what you are doing
Professional, well-established and Courageous
Tracy C Cao
Tracy Cao
I’m based in
Guangzhou, in
audit. I do have
an initial, it’s C.
I’m based in
Shanghai, in
RCS, mainly
working on risk
management and
internal controls
engagements.
I do not have any
initials.
Weng Tao
Assurance
Assurance
Advisory
Location: Guangzhou
Email: tracy.c.cao@cn.pwc.com
Telephone: +86 (20) 3819 2668
Specialisation(s): Financial Services,
Technology, InfoComm and Entertainment
& Media
Location: Shanghai
Email: tracy.cao@cn.pwc.com
Telephone: +86 (21) 2323 2727
Specialisation(s): Technology
Location: Beijing
Email: tao.weng@cn.pwc.com
Telephone: +86 (10) 6533 7036
Specialisation(s): Financial Services,
Automotive
My hidden talent is...
Ice skating
I celebrated becoming a partner by...
Buying an iPad2 for each family member
I celebrated becoming a partner by...
The secret to success is...
The secret to success is...
Happily accept what life brings to you
Always thinking about how to create a win-win
situation
Opening a bottle of wine with my family by
Lake Louise of Banff Canada
To me, our PwC brand is...
A broad platform where I can grow with the firm
Beam issue 33
51
Features
52
Winnie Liu
Xiaorong Huang
Yan Hu
Advisory
Advisory
Assurance
Location: Hong Kong
Email: winnie.liu@hk.pwc.com
Telephone: +852 2289 2488
Specialisation(s): Transaction Services,
Private Equity
Location: Shanghai
Email: xiaorong.huang@cn.pwc.com
Telephone: +86 (21) 2323 3799
Specialisation(s): Banking and Capital
Markets
Location: Beijing
Email: yan.y.hu@cn.pwc.com
Telephone: +86 (10) 6533 2355
Specialisation(s): Banking and Capital
Markets
I celebrated becoming a partner by...
My hidden talent is…
My hidden talent is...
Going on a holiday
Reading people’s minds – don’t worry, only our
customer’s minds
My magnetism. I believe I am able to persuade and
influence others
To me, our PwC brand is...
The secret to success is…
The secret to success is...
Central to the way we deal with our client and our
people
Attention to details, attention to details and
attention to details!
Passion, persistence and responsibility
Yongling Sun
Yu Kong
Advisory
Assurance
Location: Shanghai
Email: yongling.sun@cn.pwc.com
Telephone: +86 (21) 2323 2200
Specialisation(s): Consulting – People &
Change
Location: Shenzhen
Email: yu.kong@cn.pwc.com
Telephone: +86 (755) 8261 8118
Specialisation(s): Pharmaceutical
My hidden talent is…
When I was a kid, I wanted to be...
Swimming
A spy
The secret to success is…
To me, our PwC brand is...
To be a good listener, and to be able to understand
the needs of the others, especially the clients, and
then efficiently deliver an effective solution
Something I can proudly show to my daughter
Beam issue 33
External Relations
Media spotlight
• Foreign players hobbled by bank fees, South
China Morning Post, 30 August 2011
• More foreign FMC partners tipped to exit
China, AsianInvestor, 30 August 2011
• Profits less than expected for foreign fund
companies in China, Hong Kong Economic
Times, 30 August 2011
• Foreign fund companies face threats to
survival in China, Shanghai Financial News,
30 August 2011
• China proving tough for foreigners, Financial
Times (FTfm edition), 5 September 2011
Ongoing challenges hamper growth of foreign
fund management companies in China
PwC China and PwC Hong Kong rolled
out its third Foreign Fund Management
Companies in China survey report in
August. For the first time since PwC China
and PwC Hong Kong began conducting
the biennial survey, the 30 foreign fund
management companies that participated
in the survey identified human resource
management as a major concern. The
industry has seen an exodus of CEOs and star fund managers
who would prefer a position in unregulated private fund houses
where they may be granted a shareholding in the company. The
skill shortages across the sector are becoming more acute with the
expansion in product offerings and diversification.
PwC Asia Pacific Asset Management Leader Robert
Grome (left) and PwC Hong Kong Assurance Partner
Keith Lie at the media launch in Hong Kong
PwC Asia Pacific Asset Management Leader Robert Grome
presented the findings to journalists in Hong Kong. He was joined
by PwC Hong Kong Asset Management Partner Keith Lie, while
PwC China Asset Management Leader Alex Wong presented the
report in Shanghai.
Asia financial services M&A
accelerating
As the focus of global economic growth rapidly shifts to the East,
financial services mergers and acquisitions (M&A) in China, and Asia, are
expected to accelerate in late 2011 and 2012.
According to a new PwC report, Emerging Opportunities: Financial
Services M&A in Asia 2011, more than 75% of respondents from China
indicated a transaction was actively under consideration or likely to be
considered within the next 12 months.
On a region-wide basis, respondents cited mainland China as the area
likely to witness the greatest level of activity, reaffirming its position as
the most attractive destination for inbound activity, followed by Hong
Kong and Taiwan.
PwC China Financial
Services Leader
Raymond Yung (right)
and PwC China
Transaction Services
Partner Nelson Lou at
the press briefing
To highlight the survey’s findings, press briefings were held in Beijing,
Shanghai and Hong Kong, hosted by Matthew Phillips, PwC China
Financial Services M&A Partner, Christopher Chan, PwC Hong Kong
Advisory Partner and Nelson Lou, PwC China Transaction Services
Partner.
Beam issue 33
53
External Relations
Media spotlight
• Chinese IPOs set for a small decline in 2011,
China Economic Review, 5 July 2011
• Mainland IPOs spark concern, South China
Morning Post, 5 July 2011
• IPOs to raise more than HK$400 billion for the
full year, Hong Kong Economic Times,
5 July 2011
• Funds raised through IPOs will reach
RMB 400bn in China this year, Caijing,
4 July 2011
Optimism abounds in IPO market
At the IPO interim review and forecast press
briefing in July 2011, PwC announced that
funds raised through initial public offerings
(IPOs) in China in 2011 will remain at a
high level, reaching RMB 400 billion in
2011. This is despite a slight decrease in the
number of listings and funds raised through
IPOs in the Shanghai and Shenzhen stock
exchanges in the first half of the year.
Meanwhile, Hong Kong maintains its
position as a key international listings hub.
Along with listings by foreign companies
during the first six months of 2011, PwC
predicted 110 new IPOs would take place
in 2011 with an estimated value of HK$380
billion, depending on market conditions.
Frank Lyn, PwC China Markets Leader and Jean Sun, PwC
China Assurance Partner share their observations with the media
On 4 July 2011, PwC China Markets Leader
Frank Lyn; PwC Hong Kong Assurance
Partners Edmond Chan and Benson Wong;
and PwC Taiwan Assurance Leader Joseph
Chou presented these findings to the media
at various press briefings around the region.
PwC Hong Kong Assurance partners, Edmond Chan
(left) and Benson Wong taking questions from the media
Joseph Chou, PwC Taiwan
Assurance Leader speaking
to the media
54
Beam issue 33
External Relations
Media spotlight
• Mainland still expanding global investments,
South China Morning Post, 16 August 2011
• PE transactions developing at a rapid pace
in the first half of the year, Beijing News,
16 August 2011
• Chinese firms may lift overseas M&As,
Shanghai Daily, 16 August 2011
• China’s outbound M&A activity rose 14%
in 1H, Dow Jones, 16 August 2011
China targeting deals abroad
Outbound merger and acquisitions (M&A)
by China buyers reached a new record for
the six-month period from January to June
2011, with a 14% increase compared with
the same period last year, a strong signal
that China remains hungry for M&A deals
across a wide range of industries.
Roger Liu, PwC China Transaction Services
Partner, hosts the mid-year M&A press
briefing in Shanghai
The private equity (PE) industry is fast
emerging as a key provider of growth
capital to China’s privately owned SMEs.
In the first half of 2011 there was a 31%
increase in the number of PE transactions
with a value of more than US$10 million.
China’s domestic strategic M&A
transactions grew at a pace of 10% to a
record level of 1,616 deals announced in
the first half of the year. Foreign strategic
buyers’ inbound M&A activity into China
remained broadly consistent with 2010.
To highlight the findings, press briefings
were hosted by PwC China Advisory
Partner Ken Su in Beijing, PwC China
Transactions Services Partner Roger Liu in
Shanghai, and PwC Greater China Private
Equity Group Leader David Brown in Hong
Kong.
Ken Su, PwC China Advisory Partner
taking questions from the media
David Brown, PwC Greater China Private
Equity Group Leader hosting the press
event in Hong Kong
PwC branded merchandise
Embrace our brand
Start your next conversation with
the latest branded merchandise,
featuring our new brand and get
people talking.
Stainless steel mug
Engage in water-cooler talk with
colleagues using these slick
eye-catching mugs in our brand
colours. And encourage others to say
“no!” to paper cups.
Colour: Rose/tangerine
US$11 each
To order, please visit http://rise/General/
tools/bm/new.html, contact Branded
Merchandise at +852 2289 8788 or
email bm@hk.pwc.com
Beam issue 33
55
External Relations
Media spotlight
• A foreign bank in China: soap opera, not
musical, Financial Times, 23 June 2011
• Foreign banks play down rivalry, South China
Morning Post, 23 June 2011
• Foreign banks aim to grow China workforce
by 53%, PwC says, Bloomberg, 22 June 2011
• PwC: Foreign banks in China command
1.83% of Chinese banking market, Xinhua,
23 June 2011
• PwC: 50% incorporated foreign banks’ DCR
meets standard at year end, Caijing,
23 June 2011
Foreign banks confident about growth in China
In an environment of increasing funding constraints, foreign banks operating
in China are surprisingly confident about their prospects in the Chinese market.
In fact, they expect revenue to continue to grow over the next three years. Their
optimism stems from the continued opening up of the Chinese economy, and its
transition towards a convertible currency. These findings were revealed in the
sixth PwC Foreign Banks in China survey.
PwC China Financial Services Leader Raymond Yung kicked off a series of
press conferences to launch the report. Joining him in Beijing was PwC China
Transaction Services Partner Nelson Lou. Meanwhile, across in Shanghai, PwC
China Financial Services Partner Michael Hu and
PwC China Tax Partner Matthew Wong connected
via video conference. Reporters in Shenzhen and
Guangzhou also got the opportunity to participate
via video conference.
PwC China Financial Services
Leader Raymond Yung (right) and
PwC China Transaction Services
Partner Nelson Lou taking
questions from the media
Later in the afternoon in Hong Kong, PwC China
and Hong Kong Financial Services Leader Mervyn
Jacob, PwC Hong Kong Banking and Capital
Markets Leader Peter Li and PwC China and Hong
Kong Financial Services Partner William Yung
took the Hong Kong media through some of the key
findings in the report.
(From left) PwC Hong Kong Banking and Capital Markets
Leader Peter Li, PwC China and Hong Kong Financial
Services Leader Mervyn Jacob and PwC China and Hong
Kong Financial Services Advisory Partner William Yung
briefing the press in Hong Kong
Mapping the road to liquidation
On 13 October 2011, PwC Hong Kong Business Recovery Services (BRS)
Partners Rainier Lam and Victor Jong led a media workshop illustrating the
roadmap of a typical Hong Kong liquidation. They shared the different modes
of appointments, along with some interesting case studies that gave the Hong
Kong media a better understanding of what liquidation is all about and what
role the liquidator plays.
The partners also spoke about the role an independent estate administrator/
executor plays when there are disputes amongst beneficiaries. This was the first
BRS media workshop in Hong Kong, with six top tier Hong Kong media outlets
attending the interactive event.
56
Beam issue 33
PwC Hong Kong Business Recovery Services Partners
Rainier Lam (left) and Victor Jong sharing their thoughts
with the media
Media spotlight
External Relations
• Rich clients spreading the wealth, PwC finds,
South China Morning Post, 6 September 2011
• HK expected to be one of the top three financial
centres, Oriental Daily, 6 September 2011
• HK and Singapore to be in top three financial
management centres in 2013 , Hong Kong
Economic Times, 6 September 2011
• Competition for talents drives up costs for
private banks, Apple Daily, 6 September 2011
Trust trumps
investment
performance
for high
net worth
individuals
You would think that a high net worth
individual’s top concerns would be about
the return of his/her investment. The Asia
Pacific findings of the PwC 2011 Global
Private Banking and Wealth Management
Survey reveal otherwise. What matters
most to Asia’s wealthy now is having
quality relationship managers. According
to the 43 companies across eight countries
in Asia who participated in the biennial
study, the region’s well-heeled clients
remain most cautious about the service
and advice they received from their
private bankers.
Beijing Tax Alumni Group
launched
On 22 August 2011, over 70 of PwC’s
former professionals from the Beijing tax
team, together with current tax partners
and managers gathered at Cornerstone
restaurant in Beijing for a cocktail party,
marking the launch of the PwC China
Beijing Tax Alumni Group.
The night started with a welcome speech
from PwC China Northern Tax Leader
Edward Shum who expressed the
importance and value of maintaining
connections with the tax group’s alumni.
Edward Shum, PwC China Northern Tax Leader
In the future, we hope to see more and
more alumni join the group to develop
this important network which is of
immense value to its members.
PwC Hong Kong Private Banking Advisory
Services Partner Emily Lam held a media
luncheon to present the findings from the
survey.
Kelvin Lee, PwC China Tax
Director (right) with an alumni
PwC China Northern Tax
Leader Edward Shum (right)
with an alumni
PwC Hong Kong Private
Banking Advisory Services
Partner Emily Lam leads a
press luncheon in Hong Kong
Beam issue 33
57
External Relations
Media spotlight
• Media and entertainment to soar in “Golden 8”, Financial Times,
15 June 2011
• Outlook bright for media and entertainment sectors, South China
Morning Post, 15 June 201
• E&M global spending will rise at a 5.7% compound annual growth rate
over the next five years, Caijing.com.cn, 15 June 2011
• Video game spending will reach $14.8 billion in 2015, Securities Daily,
15 June 2011
• China Entertainment & Media industry ranks 4th in the world,
Beijing Times, 15 June 2011
• China will pass Germany this year to become the third-largest
Entertainment & Media market in the world, Reuters, 14 June 2011
Digitally empowered
consumers in a golden age
Launch of the Global Entertainment &
Media Outlook 2011-2015
PwC Hong Kong Global
Entertainment & Media Practice
Leader Marcel Fenez
Grace Tang (right), PwC China
Entertainment and Media Leader and
PwC China Technology, InfoComm,
Entertainment and Media Partner
Kevin Ng at the press event
PwC China Assurance Partner
Charlotte Hsu (centre), and PwC China
Assurance Partner Zhenyu Pan (right),
host the Entertainment and Media
Outlook press briefing in Shanghai
Today is the golden age of the empowered
consumer, with demand for digital
experiences increasing and becoming
the norm, according to the latest Global
Entertainment & Media Outlook 20112015 from PwC. In many markets, the
Entertainment & Media (E&M) industry
emerging from the global recession has
changed profoundly, as the ongoing
consumer migration to digital has accelerated
due largely to the revolution in devices.
Overall E&M spending in mainland China
grew 13.9% in 2010 and will continue to be
among the faster-growing countries during
the next five years, with a projected 11.6%
compound annual increase. China’s overall
E&M market is experiencing a shift to
digital platforms facilitated by an explosion
58
Beam issue 33
PwC Hong Kong Entertainment
& Media Practice Partner
Cecilia Yau presenting to the
press in Hong Kong
in broadband household and mobile access.
By 2015, 26.3% of total E&M spending will
be digital in nature.
Press briefings were held in mainland China
and Hong Kong on 14 June 2011. PwC
Global E&M Practice Leader Marcel Fenez
presented in Shanghai and Hong Kong with
PwC Hong Kong E&M Practice Partner
Cecilia Yau. In Shanghai and Beijing, PwC
China E&M Practice Partners Charlotte Hsu,
Zhenyu Pan and Grace Tang also presented
on the findings.
External Relations
Discussing IFRS with the media
The participation of countries undergoing
the transition to International Financial
Reporting Standards (IFRS) in the capital
markets is growing fast, and this makes
IFRS, its practices and convergence, hot
topics of late. In the second half of 2011,
PwC China organised two media workshops
focusing on IFRS issues.
The first workshop was held on 26 August
2011 with a video conference between
Beijing and Shanghai. PwC China Risk &
Quality Partners Yvonne Kam and Baolang
Chen educated the media on IFRS’ frequent
practices on the accounting issues of
mergers and acquisition (M&A).
The second workshop, Challenges to the
Global Convergence of Accounting Standards
media roundtable, was held on
19 September 2011.
PwC Global Accounting Committee
Chairman Etienne Boris; John Hitchins,
PwC Global Chief Accountant; David Wu,
PwC China Beijing Office Lead Partner;
and Margarita Ho, PwC China Assurance
Partner, shared their observations on the
latest situation and challenges to the global
convergence in accounting standards.
PwC Global Accounting Committee Chairman
Etienne Boris (fourth from left) and PwC Global Chief
Accountant John Hitchins (third from left) share their
observations with the media
Striving for professionalism in
the boardroom
Non-executive directors mingle with
each other before the luncheon
Around 50 non-executive directors, senior
executives and our people attended the
Non-Executive Director luncheon on
17 March 2011. PwC Global Internal Audit
Leader John Feely and PwC Hong Kong
RCS Partner Keith Stephenson spoke at the
luncheon on trends for improved board
practices and global trends in internal audit.
On 29 June 2011, Hong Kong Exchanges
and Clearing Limited Chief Executive
Charles Li shared his insights with close to
60 people including non-executive directors
and senior executives.
Hong Kong Exchanges and Clearing Limited Chief
Executive Charles Li shares his insights with the
non-executive directors
PwC Global Internal Audit Leader
John Feely speaking at the luncheon
on trends for improved board
practices and global trends in
internal audit
Beam issue 33
59
People
Networking Queen
PwC Hong Kong Advisory Business Recovery Services Manager Joyce Lau
In 2011, PwC Hong Kong Advisory Business
Recovery Services Manager Joyce Lau
was selected as one of five semi finalists
for the International Women’s Insolvency
and Restructuring Confederation (IWIRC)
Rising Star Award. The Rising Star Award
recognises women with less than eight
years experience in the field, who have
demonstrated talent and potential in
business.
Tell us about your role at PwC in
Business Recovery Services
I am a manager in Business Recovery
Services and I have worked in insolvency
and corporate reorganisation since 2003.
I also put a lot of effort into business
development in our division and I am the
account driver for some of our priority
accounts.
PwC Hong Kong Advisory Business
Recovery Services Manager Joyce Lau
(second from right) with fellow Rising
Star semi-finalists
What does this award mean to you
and your female co-workers?
This award means a lot to me. It recognises
the time, effort and heart I put into
organising networking events for female
professionals in the restructuring and
insolvency field in Hong Kong. I was the
only accountant among the semi-finalists
(the others were all lawyers); and it showed
my colleagues, particularly the younger
ones, that networking is an essential
part of our career. Networking is not the
responsibility of only senior managers and
partners; it begins at all levels of the firm.
60
Beam issue 33
Do you have any advice for new
female consultants?
It is important to know where you want
your career to head and what you want to
achieve. Focus helps you to avoid veering
away from your goals. Also keeping fit with
regular exercise gives you the energy and
stamina you need to get through the hard
times and helps relieve stress.
People
Ethical hacker
PwC Hong Kong Risk & Controls Solutions (RCS) Manager Jason Ho explains his role
as an ethical hacker
How did you become an ethical
hacker?
After graduating from the Chinese
University of Hong Kong, with a first class
honours bachelor degree in Information
Engineering, I joined PwC. After a while, I
gradually became an information security
specialist in the RCS practice. I have a
personal interest in information security
and there is a growing demand in this area.
I now specialise in system penetration
testing, or as it is more commonly known,
“ethical hacking”.
What does an ethical hacker do?
PwC Hong Kong Risk &
Controls Solutions Manager
Jason Ho is a certified security
specialist
Being an ethical hacker includes tasks such
as simulating attacks through the Internet,
a corporate network, a wireless network,
modem lines, network infrastructure,
web applications and so on in a controlled
manner.
My role also requires me to review
information security risks and system
source codes. I implement information
security management systems and carry
out configuration diagnostic reviews of
operating systems and databases, and much
more!
PwC branded merchandise
Embrace our brand
Lapel pins
Be a proud member of the
PwC network. These lapel
pins are ideal talking points
and collectors’ items.
US$2 each
Do you have any advice for IT
professionals who are studying for
information security qualifications?
I recommend taking the Certified
Information Systems Auditor (CISA) and
Certified Information Systems Security
Professional (CISSP) qualifications.
This helps IT professionals to better
understand the principles and architecture
of information security, as well as ethical
hacking skills. Both qualifications have
been established for more than 10 years and
are well recognised across the globe. Both
exams require a lot of studying, especially
the CISSP, which is six hours long with 250
multiple choice questions!
You sound pretty busy with all the
studying! What do you do to unwind?
I really enjoy hiking and cycling very much.
I once completed a 100km hiking challenge
along the MacLehose Trail in Hong Kong’s
New Territories, the Oxfam Trailwalker in
2008.
Start your next conversation with the latest
branded merchandise, featuring our new brand
and get people talking.
US$5 each
(with deluxe box)
To order, please visit http://rise/General/tools/bm/new.html,
contact Branded Merchandise at +852 2289 8788 or
email bm@hk.pwc.com
Beam issue 33
61
People
PwC’s Karate Kid
PwC Hong Kong Learning & Development eLearning Developer Ahin Wong
PwC has its very own Karate Kid, that is,
PwC Hong Kong Learning & Development
eLearning Developer Ahin Wong. Ahin
describes his best moves and how to stay
cool in a fight.
How did you get into karate? How
long have you been learning and
what grade have you reached?
I began practicing karate when I started
university. I was selected for the university’s
karate team, and still continue to practice
to this day, seven years later. I am now at
brown belt (grade one).
Do you take part in any
competitions? What do you do
to calm your nerves before you
compete?
Locally, I have taken part in quite a few
competitions, including the Joint-University
Karate Competition, Karate-Do Goshin Kan
Internal Tournament and the Hong Kong
Open.
What’s your best move?
My best move is a one step with three
punches.
Who is your martial arts hero and
why?
I don’t have a specific martial arts hero.
I believe that if you have a hero you
will inevitably copy their actions and
movements, which means you will lose
PwC Hong Kong Learning &
Development eLearning Developer
your own style. You won’t create your own
Ahin Wong in action
personal character and you’ll end up being
a copy cat. But I do have some favourite
martial arts stars that I admire. I
really admire Bruce Lee because
Here’s a quick explanation of the
his movements are so perfect. I
grading system:
also like Abe Ryoki, the World
Karate Federation Kata Champion
Black belt (highest level grade: 10 - 1 dan) >
from Japan. His Kata movements
Brown (grade: 1 - 2) >
are very good.
Blue (grade: 3 - 4) >
Green (grade: 5 - 6) >
Yellow (grade: 7 - 8) >
White (grade: 9 -10)
Regionally, across the Asia Pacific, I have
taken part in the 4th Asian-Pacific GojuKai Karate-Do Championships 2007, Hong
Kong; and the 5th Asian-Pacific Goju-Kai
Karate-Do Championships 2011, Bangkok.
To overcome my nerves, I tell myself “I can
handle this” and “I am the best.” I keep a
cool head in order to face what’s coming.
Ahin Wong (right) sparring with his opponent
62
Beam issue 33
People
Skating around Europe
PwC Taiwan Human Capital Development Senior Associate Shannon Chang
When did you start inline skating?
When I was in primary school, I started
figure skating. Because of my speed and
skills, I was chosen by the coach to join the
ice-skating racing team. I gradually took on
inline skating as well.
What motivated you to do the inline
skating tour of Europe?
While I was studying in New York a few
years ago, I went around everywhere on my
skates. I became good friends with some
New York skaters I met in Central Park.
So I was introduced to Empire Skate Club,
and joined them to skate from uptown
Manhattan to downtown New Jersey.
To visit friends I met from New York City,
I planned a tour of Europe. Within about
20 days, I travelled to Zurich, Berlin, Paris,
Barcelona and Basque Country, roaming
around on my skates. In the summer of 2010
I travelled to Oslo, Stockholm, and London
on my skates as well. Touring on inline
skates is very rare in Taiwan and Europe, so
I often got a few stares! Of course, I made a
lot of friends along the way.
While travelling, did you
encounter any challenges?
How did you solve them?
Athletic since childhood, Shannon
Chang has nearly 20 years of skating
experience. She once toured half
of Europe on her inline skates,
experiencing multiple cultures and
making new friends along the way.
Weather and road conditions were
the two big uncertainties. It would
be very dangerous to skate on a
rainy day. Muddy and gravel roads
are also unsuitable for skating
on. But I overcame these challenges by
fastening the skates to my shoulder and
putting on my sandals instead. I wanted to
complete my tour around Europe on foot no
matter what.
What did you enjoy about touring
Europe on skates?
Inline skating is a great way to explore a
strange city. I like to experience different
cultures and make friends in different
countries. I once met a documentary
filmmaker in Hyde Park, London. He was
also an inline skating enthusiast. He took
me on a skate around London from a local’s
perspective and showed me a different
London. We’re still good friends now.
Inline skating is faster than walking so
you can get to know more places quickly.
It’s cheaper than paying for the subway or
bus and it’s an excellent form of exercise.
Skating reduces my carbon footprint and
has also taught me how to focus. In short, it
does a lot of good.
PwC Taiwan Human Capital
Development Senior Associate
Shannon Chang on tour in London
Beam issue 33
63
People
J.P. Morgan Corporate Challenge 2011: Our Winners
PwC China Tax Associate Angeline Ding
PwC China Advisory Associate Director Jussi Taipale
PwC China Tax Associate Angeline Ding
came in first position in the women’s race,
and Advisory Associate Director Jussi
Taipale achieved third position in the men’s
race. What does it take to be a success? We
talked to Angeline and Jussi to find out:
Jussi: I recently read a book called Born to
run and was really inspired by the story of
the Tarahumara Indians who live and run in
the Mexican copper canyons. Tarahumaras
are widely considered the greatest natural
long distance runners in the world.
Beam: How often do you train and
where do you go running?
Beam: Have you run any marathons
previously?
Angeline: I run nearly every day; it’s as
big a part of my life as eating and sleeping.
I would run in the wee hours of the early
morning if I could – I enjoy it that much!!!
Angeline: I have run five marathons
and a lot of half-marathons. My personal
record is three hours and 57 minutes for a
full marathon. I also plan to take part in the
Shanghai marathon in December 2011.
I occasionally join a running club and follow
their training plans.
Jussi: I train four to five times a week. I
run at the gym and outside, I usually run
along Suzhou creek. When I travel, either
for business or holiday, I always pack my
running shoes so that I can explore new sites
on foot.
Beam: Which athletes inspire you the
most and why?
Angeline: I have a running friend called
Dolphi who used to lead the running club
at Jiaotong University. Three years ago, he
injured his knees and doctors advised him
to stop running. But he didn’t give up! He
developed his own recovery programme
and now he’s back running marathons.
PwC China Tax Associate
Angeline Ding came in first
position in the women’s race
at the J.P. Morgan Corporate
Challenge
64
Beam issue 33
Jussi: I will be doing my sixth marathon
on 4 December 2011 in Shanghai. It takes
me about eight to ten weeks of preparation
with about 40 to 60 km of running per
week.
Beam: What have you learned about
yourself from running?
Angeline: I used to be a little shy; I never
thought I could run a marathon and make
so many running friends in the process. My
life is fuller now thanks to running.
Jussi: I have learned that sport is the
most effective way to relax my mind and
body. I believe that marathon tactics of
staying positive and breaking goals into
smaller milestones also helps to overcome
challenges in other aspects of my life.
The J.P. Morgan Corporate
Challenge, a 5.6-kilometre
road race was organised
on 20 October 2011 in
Shanghai to celebrate J.P.
Morgan’s 90th year in
China.
People
Practice makes perfect
PwC China Assurance Associate Kelvin Huang
Since picking up the guitar at the
tender age of ten, and forming his
band while still at university, Kelvin
Huang has become something of a
guitar veteran.
Can you tell us about your band
and where you have performed
previously?
Since I was in college, I have been in a
band called Detail. We chose this name
because we wanted to play music about
all the details of life; about growth, love
and friendship. We’ve performed in many
musical competitions, commercial shows,
parties and charity performances.
What kind of music do you prefer to
play?
I’m not so good at music theory so I seldom
write music, but I love to translate my
favourite songs into musical score, which I
then play with my other band members and
friends. I would love to be able to adlib and
play some impromptu rhythm sections solo.
I love to play pop music using classical guitar
skills. I feel particularly confident playing
classical guitar because I started when I was
ten years old.
PwC China Assurance Associate Kelvin Huang
Which famous guitarist do you
admire the most and why?
I have many guitar heroes. Jason Mraz and
Kotaro Oshio are my favorite guitarists.
Jason in particular is an excellent singer
and performer; his songs have real soul
and touch your heart. Kotaro Oshio is a
very talented well-known Japanese guitar
player.
Which is easier to learn for a
beginner, acoustic or electric guitar?
Do you have any tips for beginners?
My advice for a beginner is to start with
the acoustic guitar, as it’s an easier way to
develop a sense for the guitar. But to be
honest, beginning with either acoustic or
electric makes no difference and there are
no shortcuts. The most important tip I can
give you is to practise, practise, practise!
Beam issue 33
65
People
Stitch by stitch
PwC China Assurance Senior Operation Analyst Susie Deng shares details of her
hobby and how being a little creative can help us all wind down
How did you get into cross-stitching
and why?
Cross-stitching is becoming an increasingly
popular hobby, especially with younger
generations. I have always liked arts and
crafts because I enjoy the creative process
involved. Cross-stitching also helps me relax
if I’ve had a particularly busy day.
Which of your completed works are
you most proud of?
My best work is a piece called
Avalokitasvara (lit. “Lord who looks
down”), a representation of an enlightened
Buddha. It’s not a large piece, but smaller
grids actually require more patience and
dedication to complete. I have a very busy
lifestyle and so this particular one took me
three years to finish.
Do you create the cross-stitch
patterns yourself?
I don’t make the designs from scratch; I buy
pre-printed patterns and sew on top of that.
But for my signature, I have created a little
earthworm that I sometimes add to the
bottom right of my work. It represents my
nickname.
One of Susie’s creations:
galloping horses
What do you do with the pieces that
you have made?
I gave most of my work to my friends and
family, so I‘ve kept two pieces. I like to give
them away to people who are very close to
me because they make a rare gift and show
how much work I have put into them.
Another example of Susie’s creations:
the birdhouse
66
Beam issue 33
People
A man of many faces
PwC Singapore Tax Compliance Associate Aaron Wan
To watch Aaron Wan literally change his
face on stage is more than a sleight of hand,
it’s an art in itself. The art of face changing,
or “Bian Lian” originated in Sichuan Opera
as a special effect, and is now considered
a performance genre of its own. Through
speed and skill akin to magic, “Bian Lian”
masters are able to change brightly coloured
masks quickly onstage without audiences
knowing how it’s done. The secret of face
changing is known solely to the performer
himself, and is usually passed down only
from fathers to sons. However, Aaron points
out that these days, the Chinese masters
are more modern in their outlook, and
currently even women are allowed to learn
in certain circles.
How did you learn the art of face
changing?
What kinds of events do you perform
at?
I’ve been performing this art for seven
years, since I was 17 years old. My dad is a
magician and ventriloquist. He managed to
trade secrets with a Chinese master, and I
learned it from him in turn. Face changing
is similar to learning a magic trick, you can
perform it straight away after learning the
secret; however to perform it well, you need
to constantly practice the movement on
stage.
I perform at all sorts of company corporate
dinner and dances, road shows, weddings,
birthdays, and family events. This year, for
example, I performed at PwC Singapore’s
annual dinner and dance, as well as our
Banda Street community event for elderly
residents. I was also invited to perform in
Chiang Mai, Thailand, earlier this year for a
company function.
How many masks do you have, and
how do you keep them fresh and
updated?
I have a few sets of masks. Usually I’ll
perform 10 for each show as it gets boring
and repetitive after awhile. My mum has
learned to paint them, so whenever I need
touch ups or new ones, she’ll help.
What’s your record for the most
number of masks changed, and in
how short a time?
I usually stick to 10, but we can do 100 too!
You can see a video on YouTube, done by
another Chinese master.
One of the biggest shows I’ve done was for
the 6th Global Chinese Music Awards held
at the Singapore Indoor Stadium, which
featured popular artists like Andy Lau,
Stephanie Sun, and S.H.E.
How many people in Singapore
practice this performance art?
I know of another Singaporean magician
who performs this art. However, his act is
a fusion of Western magic and traditional
Chinese face changing.
What other performance art talents
do you have?
Apart from face changing, I am also an
acrobat!
Would you pass the secret on to your
kids?
If they’re interested, why not!
PwC Singapore Tax
Compliance Associate Aaron
Wan poses with an audience
member
Beam issue 33
67
Bon Appétit
Average cost per person
$
= Below US$10
$$ = US$10 – $49
$$$ = US$50 – $99
$$$$ = US$100 and above
The Disgruntled Chef
PwC Singapore Assurance Partner Trillion So
Singapore
Finding this restaurant was a slight challenge
as the building was hidden behind an overgrown hedge that covered the road number.
But once we found it, the adventure began.
Type of Cuisine
European
Average Expense $$$
Food Quality
Service
Ambience
The waitress
first introduced
us to tapas, or
“small plates”
in Spanish. The
two must-haves
are crispy lamb
short-ribs with
chilli and cumin,
and steak tartare with soft quail eggs and
potato chips. The cumin powder on the ribs
and yoghurt dressing complimented the
taste of the lamb, which was crispy on the
outside, and tender and juicy on the inside –
absolutely mouth watering.
For those who love their yolks runny, which
I do, the beef tartare had four soft-boiled
quail eggs. It made my day. The chips were
also done just right. The main courses,
called “big plates”, included the roasted
miso cod with sautéed mushrooms. The
overall flavours were complex and unusual,
but the dish was too salty. A much better
choice was the crackling sucking pig. It
came with crudités, honey and clove sauce,
and the pork had melt-in-your-mouth skin –
heavenly!
To end the meal, we ordered sticky toffee
pudding with vanilla ice-cream – simply
delicious. And churros with hot chocolate
– just so-so. I would definitely recommend
this restaurant as it’s fun to share the dishes
and the food quality was good. And the
parking is free!
26B Dempsey Road, Singapore
Tel: +65 6476 5305
Website: http://www.disgruntledchef.com
Business hours: Tue – Thurs: Lunch 12 – 2.30pm, dinner 6 – 10.30pm
Fri & Sat: Lunch 12 – 2.30pm, dinner 6 – 11.30pm
Sun: Brunch 12 – 4.30pm, dinner 6 – 10.30pm
Mon: Closed
Masala Art Indian Cuisine
PwC China Advisory Manager Lina Yan
Masala Art Indian Cuisine is an authentic
Indian restaurant, tucked away in a quiet
street in the centre of Shanghai. Its chef and
waiters, and of course the ingredients are
straight from the sub-continent – and you
can taste the difference.
With its relaxed and cosy ambience, gorgeous
subdued interior light and beautiful aromas
floating in the
air, Masala Art
is the perfect
environment to
enjoy some delicious
Indian food.
Beam issue 33
Indian
Average Expense $$
Food Quality
Service
Ambience
Shanghai
68
Type of Cuisine
As a frequent visitor
there, I would
usually order their
murg tikka masala,
spicy boneless
chicken chunks
simmered with
onion and tomato
gravy and flavoured
with mace and
cardamom. Another
favourite of mine
is the bhuna aloo, a
home-style sliced
potatoes spiced
with cumin and red chillies. The tandoori
bharwan mirch, bell pepper filled with
vegetables and cottage cheese and cooked
in clay oven, also gets my vote.
These dishes are heavy in sauce, so go really
well with garlic naan, a leavened, ovenbaked flatbread. If you’re looking for some
authentic Indian food around the Dagu Lu
area, this is a great place to go.
397 Dagu Lu (near Shimen Yi Lu),
Shanghai
Tel: +86 (21) 6327 3571
Business hours:
11am – 2.30pm,
5 – 10.30pm, daily
Bon Appétit
Casa Lisboa
PwC Hong Kong Advisory
Associate Director Sally Yip
Hong Kong
Located at the LKF Tower in Central, this
Portuguese restaurant is elegant and
friendly. It is an intimate venue ideal for
business dining and
special occasions, for
couples or large groups.
Lunch is simply irresistible. The quality
of the food is consistently high, and it’s
great value for money. Not surprisingly,
Casa Lisboa has been recommended by
the Michelin Guide for the last two years.
Recently, the restaurant appointed Nuno
Ribeiro, formerly the executive chef in
the Marriott hotel in Lisbon, to ensure
authenticity.
At HK$158 per person, you can choose any
soup or salad on the à la carte menu. Then
you can pick almost any main course
that you like, except for a few items
which are only available at night.
After two courses you might already
be quite full but if you can squeeze
it in, take your pick of ten desserts.
Come prepared to make a few dining
decisions – they have more than 30
different options available!
Type of Cuisine
Portuguese
Average Expense $$
Food Quality
Service
Ambience
8/F, LKF Tower, 55 D’Aguilar Street,
Central, Hong Kong
Tel: +852 2905 1168
Website: http://www.ad-caterers.com/
pages/restaurant-casa-lisboa-portuguese
Business hours: Mon – Sat: 12 – 3pm,
6.30pm – midnight
Nha Trang Vietnamese Cuisine
PwC China Tax Partner Daisy Kwun
Guangzhou
Type of Cuisine
Vietnamese
Average Expense $$
Food Quality
Service
Ambience
A “long time, no see” friend from
overseas visited me in Guangzhou
recently. We wanted to have some
refreshing Vietnamese food so I
suggested Nha Trang on Jiansheliu
Road. It is the same operators of the
Nha Trang branches in Hong Kong
but without the long queues.
Here it’s spacious with a relaxing
ambience and soft lighting – the
perfect place for us to catch up on
old times. The signs were very positive
right from the moment that the waitress
poured us some water. The jar was full of
lemongrass and other fresh herbs, and the
presentation was much better than we were
expecting.
They are deliciously crispy and presented
nicely with cabbage.
We also had Vietnamese steamed rice
ravioli and phỞ tai. The beef noodle soup
was a rich, clear broth made from boiling
meat and spices together with spring onion.
The beef was really tender while the broth
was sweet and rich. Next, we had bánh
cuốn – thin sheets of steamed rice batter
rolled with strips of meat, mushrooms and
carrots. The thin wrapping really tested our
chopsticks skills.
The meal was nicely rounded off with a
traditional Vietnamese coffee. Overall,
if you fancy eating light in a high quality
restaurant in Guangzhou, this is your place.
It’s also an ideal place for discussions with
your coach or coachee.
2/F, Yijian Building, 3 – 7 Yuexiuqu
Jiansheliu Road (near Dongfengxi Road),
Guangzhou
Tel: +86 (20) 8373 6663
Business hours: 11.30am – 10.30pm, daily
Soft shell crab has always been one of
my favourites. At Nha Trang they roll the
crab in rice paper and lightly fry them.
Beam issue 33
69
Bon Appétit
Good restaurants are hard to find and good
food is meant to be shared.
Please email us at Beam AsiaPac@Asia if you
would like to write a restaurant review.
Deja Vu
Type of Cuisine
Average Expense $$
PwC Taiwan Assurance Partner Hsieh Chih-Cheng
Food Quality
Taipei
Ambience
When you walk into the Huashan 1914
Creative Park in Taipei, you’ll find a unique
restaurant hidden in a nostalgic warehouse.
Deja Vu, which means “already seen” in
French, was set up by Taiwan’s celebrity
trio: Jay Chou, Will Liu and magician Lu
Chen. It’s the first interactive restaurant in
the world with music and magic themes.
The restaurant is decorated in European
gothic style, and displays a number of film
props including an antique piano and magic
show posters plastered on the walls. There
is also a painting of a 3D staircase, which
creates the impression the viewer is about
to walk into a time tunnel. It is because of
all these items, that the restaurant is named
“Deja Vu”.
Service
The food selection is a rich mix of different
cultures, using ingredients from France,
Italy and Spain. I recommend their Spanish
seafood paella, which is their most popular
dish. It’s made with fresh seafood including
mussels, squid, shrimp and clams. The rice
absorbs the juices from the mussels, shrimps
and so on, resulting in a strong seafood
flavor.
Deja Vu is a fun place to interact with other
people and gets your creative juices flowing.
At dinner time, magicians perform tricks,
sing songs and play the cello and guitar for
dining customers.
No.1, Section 1, Bade Road, Zhongzheng
District, Taipei, Taiwan
Tel: +886 (2) 2396 8296
Business hours: Tue – Sat: noon – midnight
Mon & Sun closed
PwC branded merchandise
Embrace our brand
Start your next conversation with
the latest branded merchandise,
featuring our new brand and get
people talking.
8GB key USB
Abacus key chain
Always have storage close at
hand with a handy, key-shaped
USB drive. It’s small enough
for your pocket, but big
enough for even the largest of
files.
Here’s a fun and light-hearted
item. This Chinese-style abacus
key chain is a perfect gift for
clients and friends.
US$28 each
Colour: Gold
US$4.50 each
To order, please visit http://rise/General/tools/bm/new.html,
contact Branded Merchandise at +852 2289 8788 or
email bm@hk.pwc.com
70
Beam issue 33
Italian
Cooking With...
Cooking with Ai Ito, Vicky Gao,
Michel Chan & Brenda Li
Every day, thousands of PwC professionals
from different cultures and backgrounds
work together to help solve our clients’
complex business problems. This diversity is
what allows us to provide valuable advice to
our clients.
Ai Ito, PwC Taiwan Japan Business
Development Manager, made chirashizushi
(“scattered sushi”) with roasted unagi
(freshwater eel) for her sister when she
came to visit Ai in Taiwan from Japan in
early November 2011.
Outside of work, no matter where they’re
from, many of our PwC professionals
demonstrate their love to families and
friends through cooking. In this issue, we’re
also featuring two desserts to celebrate the
festive season.
“I don’t cook much but I do cook for my
friends’ birthdays,” says PwC China Finance
Manager Brenda Li.
See their recipes below.
Chirashizushi with
roasted unagi
and shrimp
PwC Taiwan Japan Business
Development Manager Ai Ito
Method
1. Debone and slice the eel, then
marinade in seasoning for
20 minutes.
2. Skewer and grill the eel until
cooked and set aside.
3. Boil shrimp and green beans.
4. Wash rice and drip dry. Add
condiments and steam for 25 – 30
minutes until cooked. Sprinkle in
the vinegar mixture and fold into
the rice.
5. Add vegetable mixture.
6. Place rice in a bowl and add
grilled eel and shrimp. Finally,
garnish with the green beans
and a fried egg.
Chirashizushi is often cooked
for celebrating special occasions
such as festivals and birthdays.
Unagi, or freshwater eel, has
been regarded as a specialty in
Japan for thousands of years.
It’s believed that unagi gives
people stamina because of its
rich protein, and vitamin A & E
content.
Ingredients
120 g
Rice
1 slice
Eel meat
7–8
Shrimp
50 g
Green beans
1
Egg
Vinegar mixture
1/5 cup
Vinegar
2 tbsp
Sugar
1 tbsp
Salt
Vegetable mixture
Fine strips of carrot
Chinese parsley
Shiitake mushrooms
Lotus roots boiled in soy sauce, sugar and water
Beam issue 33
71
Cooking With...
Stewed prawns
PwC China Advisory Manager Vicky Gao
“For me, this is the most
delicious dish in the world as
my mum would make this dish
during Chinese New Year when
I was a little girl.”
Ingredients
Method
1. Rinse the prawns. Cut out the legs
and antennae with scissors. Remove
the veins.
5. Add marinated shrimp and stir-fry
until the prawn oils exude. Then turn
them over and stir-fry.
2. Marinate with salt, pepper and
Chinese white wine to remove
the smell.
6. Add sauce containing sugar, white
vinegar, soy sauce, salt and tomato
sauce. Simmer on a medium heat
setting for about 3 – 5 minutes.
3. Chop spring onions, chives, ginger,
garlic and cucumber.
4. Heat up the frying pan. Put in double
the amount of oil needed for frying
vegetables. When heated, add
chopped spring onions, chives
and garlic.
72
Beam issue 33
7. Before the broth dries out, add some
chopped chive and cucumber, give
them a quick stir-fry and the dish
is done!
1 kg
Freshwater prawns
Spring onions, chives, ginger, garlic &
cucumber
Pepper, salt and oil to taste
Sauce
Sugar, white vinegar, soy sauce, salt and tomato
sauce and Chinese white wine
Cooking With...
Baked lime cheese cake
PwC Hong Kong Marketing & Communications
Marketing Consultant Michel Chan
Method
For cake base
1. Add melted butter into crushed biscuits and
mix well.
2. Pour the mixture in a five-inch cake ring, over
greaseproof paper, and spread evenly with a
metal spoon.
For sour cream topping
1. Whisk sour cream and sugar until sugar is completely dissolved.
For candied lime zest
1. Grate the lime peel with a lemon zester.
2. Boil the lime zest in salt water to take away the bitter taste.
“I’m not very good at cooking
main courses. It’s cakes that
can get me cooking in the
kitchen, which has probably
got something to do with me
being a dessert lover.”
3. Boil the salted lime zest with sugar.
4. Cool the sugar-coated lime zest (for decorational use).
For lime cheese cake
1. Whisk cream cheese and sugar with an electric mixer,
at medium speed, until blended.
2. Pour in eggs gradually and blend with the electric mixer,
at low speed.
Ingredients
For cake base
40 g
Crushed digestive biscuits
20 g
Melted unsalted butter
3. Add in melted unsalted butter, lime juice and lime zest.
Mix well.
For lime cheese cake
185 g
Cream cheese
4. Pour the mixture into a cake baking ring on double baking
trays. Fill the bottom tray with water and bake the cake at
250oC for 10 minutes. After that, turn the temperature down
to 150oC and continue baking for another 40 minutes. Take
away the bottom baking tray during the last 10 minutes and
continue baking until cake turns golden brown
in colour.
40 g
Sugar
75 g
Eggs
40 g
Melted unsalted butter
40 g
Lime juice
Some
Lime zest
Some
Salt
Some
Sugar
5. Pour sour cream topping over cake.
6. Put the cake back into oven and bake at 160oC for 4 minutes.
7. When cake is completely cooled down, lift the ring up and
place it in refrigerator for 2 hours.
For sour cream topping
40 g
Sour cream
10 g
Sugar
8. Decorate it with candied lime zest and other fruit of
your choice.
Beam issue 33
73
Cooking With...
Pumpkin pie
PwC China Finance Manager Brenda Li
“It took me two days to bake
the pie but my colleagues
finished it in ten minutes.”
Ingredients
For pie dough
Method
1. To make the pie dough, sift the flour,
sugar and salt into a bowl. Rub in the
butter using your fingertips until the
mixture resembles fine bread crumbs.
Add enough cold water to bring the
dough together. Wrap the dough and
leave it to chill in the refrigerator for
one hour.
2. Shape the dough into an 8-inch deep
pie pan, bake in a preheated oven
at 425oF for 10 minutes. Reduce the
oven temperature to 350oF and bake
another 7 – 10 minutes until the
dough is firm.
3. To make the pumpkin custard filling,
place brown sugar, cinnamon, egg,
pumpkin flesh, light cream and sour
cream into a bowl and stir until
smooth. Pour into the pastry shell and
bake in a preheated oven at 325oF for
one hour. Leave the pie to chill in the
refrigerator overnight.
4. To make the cream layer, whip the
light cream, creme fraiche and raw
sugar until stiff peaks form. Pour the
cream over the pumpkin custard and
leave it to cool until set.
74
Beam issue 33
5. To make the pumpkin mousse, whip
the light cream until soft peaks form
and cool in the refrigerator.
6. Sift the gelatine powder into cool
water and mix in the brown sugar and
cinnamon. Put them aside.
7. To make the caramel, mix 12 tbsp raw
sugar, 1 tbsp water and lemon juice
and boil until the sugar dissolves and
the mixture turns golden. Quickly
pour (6) into the caramel and stir
until mixed well.
227 g
Unsalted butter
325 g
All-purpose flour
2 tbsp
Sugar
1 tsp
Salt
120 ml
Ice water
For pumpkin custard
8 tbsp
Brown sugar
1/4 cup
Sour cream
6 tbsp
Light cream
6 tbsp
Pumpkin flesh
1
Egg
1 tsp
Cinnamon
For the layer of cream
3/4 cup
Light cream
1/2 cup
Creme fraiche
4 tsp
Raw sugar
8. Whisk the egg whites with 3 tbsp
sugar until stiff peaks form. Gently
fold into step (7) and step (5).
For pumpkin mousse
9. Pour (8) over the cream layer and
leave it to cool for at least 2 hours
before serving.
1/2
Light cream
3 tbsp
Water
2 tbsp
Brown sugar
15 tbsp
Raw sugar
1/2 tsp
Lemon juice
3/4 cup
Pumpkin flesh
3
Egg white
7g
Gelatine powder
Do you know any talented chefs?
Email us at Beam AsiaPac@Asia.
We Care
Singapore Annual
Dinner and Dance
Where Heroes Meet
On 30 September 2011, PwC Singapore
held their Annual Dinner and Dance,
themed Where Heroes Meet. Our people got
creative with their super hero costumes that
evening.
Name that hero: How many of these heroes can you identify?
PwC Singapore Assurance
Partner Peter Low, one of the
Best-Dressed Individuals, strikes
a pose in his wizardly robe with
PwC Singapore’s Human Capital
Leader Deborah Ong
PwC Singapore Assurance Assistant
Manager Foo Chee Kim, another BestDressed Individual, as Bruce Lee
PwC Singapore
Assurance Associates
Peter YC Kho, Noel
Wong and Daniel Poh
won first place for
Best-Dressed Group
Category with their “Toy
Soldiers” costume
Demonstrating the Code
of the PwC Samurai
Who you gonna call? Ghostbusters!
PwC Singapore Tax Manager
Darren Yang, another of the
Best-Dressed Individual
Winners as a samsui woman
The Super Mario table says, “Let’s-a go!”
Beam issue 33
75
We Care
Showcasing our talents at
the Big Top
The Big Top, this year’s theme for the
Annual Dinner, was co-created by
organising committees in China and Hong
Kong. It was held in Guangzhou on 14 May,
Hong Kong on 21 May, Shanghai on 28 May,
and Beijing on 11 June.
Based on the huge success last year, We Got
Talent continued to shine in its second year
in search of many hidden talents amongst
our people. Entries were overwhelming
and all went through auditions to assess
their quality and technique, entertainment
value, star quality and stage presence. High
standard performances were put together
by all contestants and there were some
surprises too!
As shown in the Annual Dinner survey
result, the headline acts proved again to
be one of the highlights of the night that
partners and staff thoroughly enjoyed.
First prize was awarded to PwC Hong Kong Learning &
Development E-Learning System Analyst Thomas Lau as
he did an impression of the late legend Leslie Cheung
Hong Kong
Special guest celebrity Hins Cheung performed the headline
act at the Hong Kong Annual Dinner
The crowd goes wild for these amazing
performances
76 Beam issue 33
We Care
Clowning around in this year’s circus theme
Beijing
The Peking opera show gave the
audience a taste of a traditional
Chinese performance
The winners of this year’s
We Got Talent along with our two
hosts of the night
Guangzhou
A special treat during the Guangzhou Annual Dinner as
our own talented people performed the Together we can
make it better musical
Shanghai
The headline act performed by
Magician Louis Yan mesmerised the
crowd with his magical performance
PwC China Human Resources
Assistant Officer Claire Lv is the
winner of this year’s We Got
Talent competition in Shanghai
This year’s event opened up the door for our people
to showcase their talents
Beam issue 33
77
We Care
Winning on and off the courts
The CPA Games, organised by the
Institute of Certified Public Accountants of
Singapore, is an annual sporting event that
brings together the local CPA community
to compete in various sports and games.
The event took place over three months
from August to October 2011, with almost
200 of our people
from PwC Singapore
training up to three
times a week, even
on Sundays and
holidays, to compete
in 19 games ranging
from popular sports
such as football,
basketball and
badminton to
other games such
as netball, cricket,
softball and snooker. Clean sweep of the champion and runner-up titles by the
Field Soccer Champions and their
supporters
Success is the sum of small efforts by many
individuals and through teamwork. This is
the spirit of the participants and supporters
at the CPA Games. Not every team may have
won a medal but everyone was a winner
from the friendships and experience gained.
Female Futsal Team
Swan Lake Ballet in Stanley
About 40 PwC black and white swans
assembled at Hong Kong’s Stanley Beach to
compete in the Sun Life Stanley International
Dragon Boat Championships on 6 June
2011. This year, more than 140 teams from
different corporations joined the race. Thank
you to all our sponsors, organisers, supporters
and paddlers for putting in a strong effort into
this years’ event.
Most-Outstanding –
Outfit category
The PwC Hong Kong dragon boat team
comprised of people from different grades
and departments, but through teamwork
and communication they worked together to
deliver a great performance
In the Most-Outstanding-Outfit category,
PwC Hong Kong won a prize with the theme
‘Swan Lake’
78 Beam issue 33
We Care
Autumn story
Colleagues and family
members wrote their
blessings on paper lanterns
On 25 September, PwC Taiwan hosted an Away Day at Taipei’s Pingxi to
celebrate the autumn season with their families. Colleagues and families
were divided into teams to participate in a series of challenges and
adventures.
Close to 100 of our people from PwC Taiwan
participated in the “Autumn Story” Away Day
with their families
Instead of driving, everyone
took the Pingxi train to play
their part in reducing carbon
emissions
PwC Taiwan colleagues
contribute to successful
blood donation drive
Some used their lunch
hours to donate
PwC Taiwan’s Assurance Leader
Joseph Chou was one of the
blood drive’s many enthusiastic
participants
Give a unit, save a
life—a big ‘thumbs up’
for the PwC Taiwan
blood drive
Beam issue 33
79
We Care
PwC Taiwan Cultural Creative
Film Festival Kicks Off
To encourage a healthy work-life balance,
demonstrate their support and promote
the Taiwanese film industry, PwC Taiwan
has a long tradition of hosting a PwC Film
Festival every year. On 30 September,
PwC Taiwan CEO Dexter Chang unveiled
the first screening of the festival, the
film Seediq Bale. PwC Taiwan has always
been dedicated towards encouraging
the development of the cultural creative
industry, as well as making professional
contributions.
PwC Taiwan people and their families at the
screening of Seediq Bale
Building teamwork outside work
A tremendously successful Financial
Services team competition was hosted on
13 September by PwC Hong Kong. More
than 100 people attended to compete for
a chance to demonstrate their talent and
win the championship. The competition
promoted the Personal Coaching and
Development culture on building
teamwork, creating friendship among
our people and also the opportunity to
enjoy time outside of work.
More than 100 people attended PwC Hong Kong’s
Financial Services team competition
80 Beam issue 33
We Care
Taking the day away
PwC Singapore’s Tax Away Day was held on
2 August 2011. Held in the morning were sessions
on sharing the corporate tax strategy, the PwC
Experience and the three client principles. Later in
the afternoon, teams split up to enjoy the activities.
Each team consisted of people from different tax
units, grades and backgrounds. The afternoon
was spent at Universal Studios Singapore where
our people were able to bond through teamwork
and reflect on the PwC Experience. Through
the activities carried out during the Away Day,
communication and collaboration with each other
was achieved regardless of nationality, business
unit, or seniority.
Tax team members showing a desire
to scale the heights of success
Fun-loving Tax team members with the eagerness
to succeed and determination to complete the
tasks at hand
Enjoying a ride at Universal Studios
Art Jamming – team building fun through art
Art jamming is one of the best team activities
for a relaxing weekend during mid-summer.
PwC Hong Kong Assurance Institutional Group
(IG) Pearl Cluster members shared together
some wonderful moments at an art jamming
event in July 2011. The cluster members were
divided into small groups to draw on eight
canvases that can be combined into a big
masterpiece for the Cluster.
The fans of Picasso, (from left)
PwC Hong Kong Assurance Senior
Associates Wing Chan, Wilson Fung
and Alvin Li
The IG Pearl Cluster members in front
of the masterpiece created from the
efforts of the whole team
(From left) PwC Hong Kong Assurance Manager
Cherry Liu, Assurance Associates Sybil Li,
Suvian Lee and Hannah Wu have together
painted a pretty painting
Beam issue 33
81
We Care
There were many interesting and challenging
activities such as the Titan Ladders
On a fun outing together
On 25 June, PwC China’s Shenzhen office held its
Assurance clusters outing in Huizhou, Guangdong. Over
130 people joined this two-day event along with PwC
China Assurance Partners Yukeung Tong and Michael
Lam and Director Helen Hua.
The outing gave the clusters a chance to
relax, share and communicate after the
peak season, refilling them with energy
Reaching for the bar on the
Flying Trapeze
The Amazing Race
What do the price of bak kwa (pork jerky), a Ferrari and
a McDonald’s Chicken McNuggets have in common?
Well, they were items that PwC Singapore Assurance
Partner Tan Boon Chok’s Coaching Group had to
look for during their very own Amazing Race. On 31
May 2011, five teams set out to conquer Singapore’s
central business district (CBD) in an exciting race
and participants had to locate different items in the
area. Although it was a simple activity, it was made
amazing through everyone’s unique contribution and
commitment to teamwork. Each member’s investment
in time and energy definitely paid off, as deeper
friendships were forged that afternoon. It was an
unique PwC experience like no other!
82 Beam issue 33
A happy team at the brass bird
statue along the Singapore River
PwC Singapore Assurance
Partner Tan Boon Chok’s team
looking ready to conquer CBD
We Care
Rugby girls welcomed
“[Regular rugby] can be too intense for a girl so
that’s why I decided to play touch rugby instead,”
explains Jieying Ni, PwC China Tax Senior
Manager, and a novice, but very valuable member
of the Shanghai office’s corporate touch rugby
team. Jieying has been playing touch rugby, a
gentler form of rugby, with the PwC team for over
six months now.
“I enjoy touch rugby because it’s an
outdoor sport and is way more fun
than running in the gym! If you like
rugby but are afraid of getting
injured then playing touch rugby is
a better choice for you. It’s also a
great way to meet new people and
make friends.”
– Jieying Ni
PwC’s Shanghai office touch rugby team in action
To learn more about how to
get involved in the corporate
team both player and/
or spectator, contact Jen
Flowers or Sam Crispin at the
PwC China Shanghai office.
PwC branded merchandise
Embrace our brand
The PwC China Shanghai office recently
put together a corporate touch rugby team
that competes in leagues in Shanghai.
Games and mini tournaments are held
every Saturday and the PwC team has
grown to over 30 people, representing six
nationalities and all levels of players.
Start your next conversation with the latest
branded merchandise, featuring our new brand
and get people talking.
Ties & scarves
Spice up your office attire with these beautifully
handmade silk ties and scarves. These accessories
take their inspiration from the brand name, colours
and logo.
Tie colour: Red/yellow/grey
Scarf measurements: 34” x 34”
US$25 each (tie)
US$72.50 each (scarf)
To order, please visit http://rise/General/tools/bm/new.html, contact
Branded Merchandise at +852 2289 8788 or email bm@hk.pwc.com
Beam issue 33
83
Corporate Responsibility
Guangzhou’s day out – a trip to the zoo
With the aim of building friendships
amongst ordinary children and children
with special needs, 12 volunteers from PwC
China’s Guangzhou office brought their
children to meet children with special needs
at an activity organised in partnership
by the Gaungzhou Children’s Palace. The
families and children attended a weekend
workshop and then enjoyed a visit to the
Guangzhou zoo. PwC China volunteers
from the Guangzhou office are continuing
to work with the Children’s Place.
“Today is a special day for me”, said one
of the volunteers. “Spending time with
the children with special needs and their
family made me feel that they need care
rather than money. Financial donations are
important, but it’s useless without caring.
Even though it’s very hot outside, I feel truly
happy to get to know all these children.”
Colleagues from the Guangzhou office of PwC China together with
kids with special needs and their families at the Guangzhou zoo
A moving experience in Japan
(Third from right) PwC Hong Kong
Assurance Manager Tammie Choi with
other authors and foreign dignitaries
Following the 11 March 2011 earthquake in
Japan, PwC Hong Kong Assurance Manager
Tammie Choi and two of her colleagues, PwC
Hong Kong Assurance Senior Manager Steve
Cheung and PwC Japan Assurance Senior
Manager Florence Chau, shared their Japan
experiences in a book called Japan Reboot.
Tammie’s memorable moments during her
secondment to Japan in 2011 were vividly
captured in the book, published in September,
with all proceeds going to support recovery
efforts.
As a result of their experiences, Tammie,
Steve and Florence continue to work on
the Japan Reboot project, with ongoing
fundraising and visits to Japan to see the
results firsthand. This project aims to help the
disaster victims, rebuild disaster areas and
deliver positive messages about Japan.
The book was also featured in the recent
Hong Kong Institute of Certified Public
Accountants monthly magazine, A Plus,
and is available for sale at Joint Publishing
and Commercial Press bookstores, for a
retail price of HK$125. For enquires, contact
Tammie Choi at tammie.yt.choi@hk.pwc.com
or +852 2289 1432.
84
Beam issue 33
Corporate Responsibility
Bringing care to migrant children
In July, on a sweltering summer’s day, volunteers from the
Shanghai office of PwC China visited a group of migrant
children. Coordinated by PwC charity partner Compassion for
Migrant Children (CMC), a group of eight volunteers from the
International Assignment Services (IAS) team visited Tangwan
Community Centre and spent an afternoon with some adorable
migrant children.
The team spoke to the children about environmental
protection, sharing ideas on how to act more environmentally
responsible every day. They gave a presentation, played
video games and answered many questions focused on waste
disposal and recycling. At the end of session, each group of
children drew a poster to show what they had learned.
All the volunteers showed interest in sharing their knowledge
with the children, and showed lots of patience during the
activity. “I can see stars shining in their eyes as they concentrate
on our stories,” said one volunteer. “When we gave them a toy
or a book as a prize, you can almost feel their happiness.”
Volunteers from PwC China’s International Assignment Services team
with children from CMC
This group of IAS volunteers are now working on a long-term
project with CMC.
The PricewaterhouseCoopers Foundation sponsored
two PwC teams to participate in the inaugural Race
with Pink Heels event in September, organised by
the Hong Kong Hereditary Breast Cancer Family
Registry. All team members, which included six males
and six females, had to finish a 100-metre obstacle
course in a pair of 2-inch high heels! And the results?
One of our PwC teams was awarded the Fastest Team
Award in the Corporate Category, and together, the
teams raised more than HK$20,000 in donations.
Members from the two PwC teams together with the Big Heel
The PricewaterhouseCoopers Foundation
sponsored more than 20 people from
PwC Hong Kong to take part in a 10km
cycling fundraiser, on 9 October at Tin
Shui Wai. In total, more than 6,000 people
participated in the event, raising more
than HK$6,000,000 to support the Pok Oi
Hospital.
(From left) PwC Hong Kong
Advisory Associate Director
Albert Lo, Marketing &
Communications Marketing
Consultant Michel Chan,
Deputy Manager Wayne
Yim, and Assurance Senior
Associate Lucia Ngai
getting ready to race
Beam issue 33
85
Corporate Responsibility
Half the Sky visits
PwC has been partnering with the Half the Sky Foundation since 2009 to fund its Youth
Service Programme through the PricewaterhouseCoopers Foundation. We are able to help
organise visits to Half the Sky centres so our people can see their great work.
Nanjing
Eight volunteers from the Shanghai and
Nanjing offices of PwC China spent the day
volunteering at the Half the Sky Nanjing
Children’s Welfare Institution. The group
spent the day doing arts and crafts and
playing games with the children and then
treated them to lunch.
PwC China Tax Senior Associate George
Bradt said, “We had a great experience!
We were impressed with everything – the
hardworking administrators, the staff,
the foster families, and of course the kids
themselves. We were grateful to the Half
the Sky organisers for allowing us to see
first-hand the wonderful things they’re
doing.”
PwC colleagues at the Half the Sky
centre in Nanjing
Beijing
Qingdao
On 24 September 2011, 11 volunteers from
the Qingdao office of PwC China visited a
Half the Sky Center, the Qingdao Children’s
Welfare Institution, following an earlier
visit in 2010. Volunteers taught a few lessons
and played together with the children. The
children definitely remembered us – there
was a wall full of photos from our last visit!
In Beijing, five PwC China
partners went to visit Half the
Sky’s China Care Home, a care
facility for very young abandoned
or orphaned children who are
recovering from critical or lifesaving surgery.
PwC China Assurance Partner Xing Zhou
carrying one of the babies
(Left to right) PwC volunteers from the
Qingdao office, PwC China Assurance
Associate Hope Quan, Receptionist
Rebecca Yang and Assurance Deputy
Manager Sabrina Li playing games with kids
86
Beam issue 33
Corporate Responsibility
Opening our eyes – working together
with rural communities
The Corporate Responsibility annual
series of volunteering trips (Rural
School Volunteer Programme, or RSVP,
in Mainland China and Hong Kong,
Overseas Community Programme, or
OCP, in Singapore) took place from May October 2011, with more than 100 people
participating from 11 offices. The groups
travelled to rural villages in China, Vietnam
and Cambodia, where they helped teach
children, dig wells, build schools, construct
buildings, and experience a different way
of life.
In 2011, the programme expanded to
include two new charity partners, the
Yao Foundation and Compassion for
Migrant Children (CMC). For the first time,
colleagues from the Hong Kong and the
Singapore offices joined forces, through
the Overseas Community Programme,
travelling to Vietnam. Here’s a small
snapshot of what some of our volunteers
said about their experience. Other trips
went to Huimei School, Jinshi School
and Bailong School in Shaanxi, Guanyin
School in Sichuan, Daluozhuang School in
Shandong and Hongshan School in Fujian.
Compassion for Migrant Children Summer
Camp, Beijing
This summer, I joined the CMC camp just outside Beijing.
CMC provides schooling to migrant children, often unable
to access regular schooling, because their parents move
around regularly, distance to schools, lack of teachers,
school closures and costs. Faced with these challenges, the
children were still really positive, asking questions like
‘what should I do if I want to be a sea animal trainer?’ The
experience gave me a chance to reconsider my work and life.
As volunteers, what we could do was limited, but we’ll share
our experiences with others to help raise awareness.
PwC China Assurance Senior Associate, Condit Wang
PwC China Assurance Senior Associate Condit Wang
(middle back) with children at the CMC Summer Camp
in Beijing
Ben Tre community, Vietnam
As part of the first joint cross-office visit, four of us from Hong Kong joined
17 of our PwC Singapore colleagues in a local Vietnamese community,
Ben Tre, about three hours outside Ho Chi Minh City. We spent seven days
together, helping to build a school as well as teaching around 200 primary
students. We really got our hands dirty. We mixed our sweat together with
the rocks, sand and cement! It was so encouraging to see the kids smile and
laugh, and hear them sing for us.
PwC Hong Kong Assurance Manager
Aaron Tong pouring mixed cement onto
the site of the new school building
PwC Hong Kong Advisory Manager, Carina Kwok
Beam issue 33
87
Corporate Responsibility
Xueyan School, Sichuan province
‘If I hadn’t joined the trip with the Yao Foundation to
Xueyan, I wouldn’t have seen the way those kids live
out there. One girl, Shejiao, a second year student,
worked hard after school every day looking after
her sister and preparing meals. But I remember her
smiling at me, saying she will study hard and take
good care of her dad and little sister. She might not
know as much about the world, she hasn’t heard of
an iPhone, but she cares, she stays strong, and she
reminds me of the most precious qualities of being a
good person.’
PwC China Assurance Associate, Ivy J Wu
PwC volunteers with kids from Xueyan School
Overseas Community Programme
Now in its fifth year, teams from PwC Singapore
travelled to Cambodia and Vietnam. For ten days,
each team worked under a hot sun, played with
kids, bonded as a team and returned with more
than what they gave. For some, it was a trip of selfdiscovery; and for others, it was a reminder that
there exists a world beyond reporting and assuring.
PwC branded merchandise
Embrace our brand
Touch pen
This handy two-in-one stylus is
designed to make it easier to use
touch-screen tablets and smart
phones. Give it a quick twist and it
also becomes a normal pen to take
down notes the old fashioned way.
Colours: Black (with black ink)/
white (with blue ink)
US$10 each
PwC Singapore Assurance Senior
Associate Tang Wei Lie (left) and
Assurance Manager Jason CY Lee
(right) hard at work at Proyouth village
in Siem Reap, Cambodia
Start your next conversation with
the latest branded merchandise,
featuring our new brand and get
people talking.
Universal travel
adaptor
(with USB port)
To help you hit the ground running on
a business trip, a travel adaptor is an
essential item. This brand new accessory
can be used in over 150 countries. Its USB
port is particularly useful for charging
phones, tablets and laptops.
Colour: White/rose
US$32 each
To order, please visit http://rise/General/tools/bm/new.html,
contact Branded Merchandise at +852 2289 8788 or
email bm@hk.pwc.com
88
Beam issue 33
Corporate Responsibility
On 18 June 2011, almost 200 people from PwC
Singapore joined the Habitat - Barclays Bare Your
Sole 2011 charity walk, at Gardens by the Bay.
The PwC contingent, including Gautam Banerjee,
Executive Chairman of PwC Singapore, enjoyed the
beautiful scenery and cool morning sun during the
2.5/4.5km walk. At the finishing line, the group also
visited the Habitat for Humanity booths and joined in
the carnival-like atmosphere.
PwC Singapore Internal
Firm Services Human
Resources Administrator
Katherine Leung is one of
the few brave women to
lose her locks for a good
cause
PwC Singapore volunteers baring their soles
On 12 August 2011, 17 courageous PwC Singapore staff and
their families and friends participated in the PwC Hair for Hope
event raising more than S$48,000. The fundraising project
aims to create awareness and build community support of
childhood cancer in Singapore.
Hair for Hope participants showing that bald can be beautiful
PwC Singapore was the lead sponsor for the charity art
exhibition “My Dreams, My Wishes” by seven year old Gelyn
Ong, a budding young artist. The exhibition, launched on 28
October, featured 25 of Gelyn’s art pieces. She sold 12 paintings,
raising S$80,000 for the Make-A-Wish Foundation®, a charity
organisation which grants the wishes of children with lifethreatening illnesses.
(From left) PwC Singapore Tax Partner Paul Cornelius;
Tax Manager Lim Kexin; Markets Leader Quek Bin Hwee;
artist Gelyn Ong; Human Capital Leader Deborah Ong;
Executive Chairman Gautam Banerjee; Gelyn’s father Tax
Director David Ong; and Gelyn’s mother Genii Ong
Beam issue 33
89
Corporate Responsibility
Charity fight night
PwC Hong Kong Tax Manager Tricia
Yap (in blue) taking on her opponent
Tricia recalls:
Watch out for Tax Manager Tricia Yap – her many months of
training paid off when she was recently crowned Champion in
the all-women’s bout at the Hedge Fund Fight Night in Hong
Kong. It was the first time an all-women’s fight was included,
and it brought the crowd to its feet.
“It was the ultimate life-changing experience, both physically
and mentally. Getting in the ring was the easiest part - the
biggest challenge was the five months of training beforehand
which required the utmost level of fitness, self-discipline and
determination. Winning my match was a bonus as the journey
itself, the friendships I made and what it taught me was the real
win. You learn that no goal is impossible, if you believe that you can
achieve it. I would encourage anyone to participate and represent
PwC in next year’s event!”
This year, the annual charity fundraising event, held at the
Indian Recreation Club, raised money for Operation Smile and
Operation Breakthrough.
Science field trip
with Compassion
for Migrant
Children
Around 70 volunteers from PwC Beijing took a
group of about 70 children from the Compassion
for Migrant Children (CMC) centres to the China
Science and Technology Museum in Beijing for
a half-day visit in June 2011. The kids, and our
volunteers, had a great time learning new things
about science, and about each other.
Volunteers and children at the China Science and Technology Museum in Beijing
90
Beam issue 33
Corporate Responsibility
More than 110 volunteers from PwC Hong Kong
took part in this year’s Jolly Balloons Go Go Go
events, organised by the PricewaterhouseCoopers
Foundation’s charity partner, TREATS. Held
in September and October, nine teams from
PwC Hong Kong took part. The volunteers first
completed balloon twisting workshops and
then shared their new skills with disadvantaged
children. For the second year running, PwC was
awarded two prizes, one for having the biggest
team, and one for raising the most funds by a
company.
During September, almost 100 volunteers,
plus some of their family members, from
PwC Hong Kong spent half a day delivering
PricewaterhouseCoopers Foundation sponsored
gift bags to residents in the Shek Pai Wan
district, brightening up the mid-Autumn festival
celebrations for hundreds of older residents. This
was the Foundation’s first partnership with the
Senior Citizen Home Safety Association and we
look forward to more events with them in the
future.
Together with the PricewaterhouseCoopers
Foundation, our people in Hong Kong raised
HK$100,000 for the annual Community Chest’s
Dress Casual Day, held on 30 September. Anyone
who donated HK$60 or more was given an
opportunity to come to work in casual wear.
All funds raised went towards the Community
Chest’s 150 social welfare agencies.
Beam issue 33
91
Corporate Responsibility
Taking a leaf out of Taiwan’s book
PwC Taiwan’s corporate responsibility activities have expanded
into areas such as promoting talent and literacy development. The
firm sponsored the “Beautiful Taiwan” issue of CommonWealth
Magazine, aimed at improving the reading and learning
environment of minorities in remote areas. CommonWealth
Magazine is a biweekly publication that provides coverage of
Taiwan’s political, economic and social trends.
More than 6,000 copies of the special issue and its companion DVD
were released and donated to 4,000 schools and 2,000 non-profit
organisations.
The “Beautiful Taiwan” campaign kicked off with a music concert
on 29 June 2011, attracting an audience of more than 12,000.
Albert Hsueh, PwC Taiwan Territory Senior Partner joined YunPeng Ying, CommonWealth Magazine publisher, Douglas Hsu,
Chairman, Far Eastern Group and Tsai Hong-Tu, Chairman, Cathay
Financial Holdings, in unveiling a series of activities to promote
public spirit.
PwC Taiwan’s participation in this campaign highlights an ongoing
commitment to help build a sustainable environment, passing on
the special qualities of Taiwan to the next generation.
Helping Non-Profit
Organisations get ahead
Performers at the music concert held to kick off the
“Beautiful Taiwan” campaign
In June 2011, PwC Taiwan announced their annual call for
volunteers to join the Non-profit Organisation Financial
Capacity Support Plan. This volunteer-based programme
helps local charities set up strong financial management
systems, while continuing to provide services to those in
need. In 2011, the group will provide training to 11 NonProfit Organisations (NPOs), particularly focusing on small
and mid-sized organisations.
The service will be provided from July 2011 to January
2012. A mid-term workshop was held in September 2011,
and a final presentation of this year’s programme will be
held in February 2012.
Since 2009, a total of 65 people from PwC Taiwan have
joined the programme, providing more than 700 hours of
services a year, to a total of 30 organisations.
Chen Shu-lan, Secretary General of the Social
Enterprise Development Association during a workshop
92
Beam issue 33
A lovely unexpected benefit is seeing PwC people use
their professional abilities to help NPOs build their own
financial management capacity, valuable knowledge that
allows them to grow and expand their own community
programmes.
Corporate Responsibility
In the shoes of the Sun-Dac
Centre for the Disabled
Outing to Singapore’s Jurong Bird Park
Together with their new friends from the Sun-Dac Centre for the Disabled, 65 PwC Singapore
Assurance colleagues from the coaching groups of Trillion So and Soh Kok Leong visited
the Jurong Bird Park, one of Singapore’s oldest tourist attractions. Sun-Dac runs training
programmes for intellectually- and
physically-disabled adults. The highlight
of the day was the Birds and Buddies
PwC Singapore staff laughing with their guests
from Sun-Dac Centre for the Disabled
show at the Pools Amphitheatre, featuring
performances from a range of bright and
colourful birds, including hoop-flying
parrots, money-grabbing toucans and even
a bird that sang “Happy Birthday”.
At lunchtime, our PwC volunteers helped
serve lunch, including assisting anyone in
the Sun-Dac group who needed a little extra
help. PwC volunteers enjoyed listening to
their guests’ stories, including the exuberant
teenager who talked about his upcoming
doctor’s appointment as he had poor
eyesight and would often fall down and
bruise his legs. They were especially touched
by the mother of an intellectually-disabled
child who thanked PwC over and again for
bringing her son to the bird park.
For this group of PwC Singapore staff,
placing themselves in the shoes of their lessprivileged Sun-Dac guests for a day left them
humbled and thankful for life’s everyday
blessings, and with a deeper understanding
that it is in giving that we receive.
All smiles after a fun day out
PwC Singapore lights up
Banda Street
Deepavali, the Festival of Lights (19 October 2011), took on a new
meaning for the senior residents of Banda Street when a record
689 PwC Singapore colleagues visited them, replacing more than
1,000 incandescent light bulbs with energy-efficient ones, as well
as packing and distributing over 1,000 grocery hampers to the
residents. The event finished with a community buffet dinner and
a live concert. Half of the S$56,000 funding for this milestone CR
event was donated by 456 PwC staff and partners, with the other
half matched by the firm.
Volunteers packing goodie bags for Banda
Street residents
Beam issue 33
93
Corporate Responsibility
In 2050, nine billion
people live well, and
within the limits of
the planet
– Vision 2050
Are you consuming too much?
According to the World Business Council for Sustainable Development, should we continue
business as usual, we will need 2.3 Earths to sustain the world’s population by the year
2050, expected to then be nine billion. The question is no longer “if” or even “what,” but
rather “how fast” and “how effectively” can we act to reverse current trends.
It’s simple, buy less, reuse and recycle more. How much energy are you consuming today?
Charity bazaar at PwC
In actively promoting the concept of
sustainable consumption, PwC Hong
Kong held its first Charity Bazaar in
July, a two-day sale of second-hand
books, toys, CDs and DVDs. Instead
of throwing away old, unused spare
things at home, we encouraged our
colleagues to donate them, giving
them a “second life.” Nearly a hundred
people snapped up a bargain over the
two days, raising nearly HK$5,000
for the PricewaterhouseCoopers
Foundation.
Do you know what
happens with your old
computer?
One important part of our every day
work at PwC is the IT equipment we
use. Across China and Hong Kong we
annually dispose of approximately 2,000
laptops and 500 desktop computers.
In line with the principles of reduce,
re-use, and recycle, all end of PwC life
IT equipment is categorised according
to our scrap value rating. Those above
scrap value are either donated to
partner charities or sold on the market,
extending their useful life. Items below
scrap value are deemed no longer useful
and are recycled with a trusted partner.
94
Beam issue 33
0
5
10
15
20
25
Country
China
India
USA
Japan
Population
Energy consumption
South Africa
Population and Energy Consumption by Country
http://www.worldpopulationbalance.org/population_energy
Corporate Responsibility
Exploring the source of
the Dongjiang River
In October 2011, seven PwC volunteers
set off to explore the starting point of the
Dongjiang River, the source of Hong Kong’s
drinking water, as part of the first PwC
Environmental Expedition. The expedition
gave the group first-hand experience in
major water conservation issues in the area,
and the knowledge they brought back can
help us all contribute to water conservation
efforts.
Our volunteers worked with Friends of
the Earth, our environmental partner for
this project, who have developed a water
conservation project called Dongjiang
River Partner Upstream Downstream
Partnership Project. The objective is to
help villagers in Xunwu County, Jiangxi
Province, learn how to look after the river
through demonstrations and education. The
group also spent time volunteering at the
local primary school, teaching English and
speaking on environmental messages.
“It was a great way for us to
step away from the business
world and bustling city, to
be part of a very different
lifestyle, that’s very much
connected to us. It made me
aware of the things I take for
granted and so much of the
beauty of nature that’s been
covered by modernisation.”
Getting kids involved in
the environment
Over summer, PwC volunteers ran a series of environmental
workshops to help raise awareness and educate children on the
importance of environmental protection. The five workshops took
place in Hong Kong and Shanghai, in collaboration with two of our
charity partners, the Marinedream in Shanghai and the YMCA in
Hong Kong, involving over 40 PwC volunteers and more than 80 kids
from less privileged backgrounds.
Colleagues from the Shanghai
office of PwC China with kids
at an environmental workshop
PwC volunteers including
PwC Hong Kong Assurance
Senior Associate Carolyn Tsai,
Assurance Associate Doris Hu,
Assurance Senior Associate
Chris Cheuk, Assurance Senior
Manager Celia Tang, Tax Senior
Manager Ce Wu, Assurance
Senior Associate Fanny
Leung and Assurance Senior
Associate Elton Man
PwC Hong Kong Assurance
Senior Associate Carolyn Tsai
“Attending the workshop was a
delightful experience. The children
were upbeat, attentive and keenly
participated in all of the activities.
All in all, it was great fun for all
involved.”
PwC Hong Kong Assurance Manager Jayesh Peswani
PwC Hong Kong
volunteers making a
poster with kids from
YMCA Tung Chung
Centre
Beam issue 33
95
The PwC Experience
A lifetime of opportunities
Graduate Recruitment 2011/2012
Building on the theme of “A lifetime of
opportunities”, PwC reached out to an
impressive 10,000 graduates around
China and Hong Kong in the latest
graduate recruitment drive in the month of
September 2011. This year, the Graduate
Recruitment team introduced the “PwC
Experience Day” in Shanghai, Beijing and
Guangzhou, attracting more than 6,000
graduates. Meanwhile, over 4,000 attended
campus talks in Hong Kong and other cities
in China.
Taiwan
In Taiwan, more than 100 schools
participated in campus talks in over 20
universities from 3 to 26 October. Colleagues
shared their PwC career experience and the
work-life culture. This event attracted over
1,600 students and they left with a lot of
information about building a career in PwC
along with a small souvenir.
Participants having a good time at the
PwC Taiwan information session
The inaugural PwC Experience Day proved
a great way of encouraging communication
between PwC people, partners and
the graduates. At the event, there were
many different booths that deepened the
understanding about our people, the way
we work, our life and our culture.
Singapore
There was also a live musical stage
performance by our Guangzhou colleagues
to display our people’s diverse talents.
Graduates were able to take home in-depth
information that helped them decide where
to build a career less ordinary.
I pledge to “Save the earth and use less paper”
On 13 October 2011, PwC Singapore took
part in the Tri-University Recruitment Fair
(TURF), a graduate recruitment event for
all accountancy students in the three major
universities in Singapore. PwC stood out
with cheerful brand colours and with our
even more cheerful ambassadors. There was
positive feedback from both the students and
ambassadors. Our colleagues introduced to
them what a lifetime of opportunities means,
how they can build an extraordinary career
with us, a place where they will be given
opportunities to learn and grow.
China and Hong Kong
Networking at the PwC
Experience Day
The PwC Experience Day is
a fun-filled way of educating
graduates
96
Beam issue 33
Prospective joiners go online for
more learning and development
information
The PwC Experience
Delivering value at a new level
New Partner Experience 2011
Some 97 new partners from Asia Pacific territories gathered in Singapore from 6 to 8
September 2011 to begin their new chapter for both of their careers and the PwC network.
“The partner journey on which
the ‘Class of 2011’ has embarked
will be one the most important
and rewarding of their leadership
careers. The week’s events provide
a fabulous opportunity to build
friendships with partners from
other territories.”
Asia Pacific leaders and “Class of 2011” new partners
PwC Singapore Executive Chairman
Gautam Banerjee
Dancing lions welcome the
leaders and new partners as
they enter the ballroom
Beam issue 33
97
The PwC Experience
A new career chapter
After an initial address from PwC Asia Pacific Human
Capital Leader Nora Wu, PwC Singapore Executive
Chairman Gautam Banerjee welcomed the attendees
to the New Partner Experience.
PwC Asia Pacific Human Capital
Leader Nora Wu (right) and PwC
Singapore Executive Chairman Gautam
Banerjee welcome the new partners
Local knowledge
To build longer lasting friendship and give the new partners
the Singapore experience, tour groups were organised to
explore heritage sites such as Little India and Chinatown.
During the tour, each group had to produce a two-minute
video clip about the site using “papermation” technique. The
videos were shown at the celebration dinner on 7 September
for all new partners and Asia Pacific leaders to vote for the
winning team. To watch the winning video, please visit
http://rise/General/news/newsfr/delivering_value.html.
Guest speakers Li Cunxin (above), the
acclaimed author who wrote Mao’s Last
Dancer and Singapore Exchange Chief
Executive Officer Magnus Böcker (left)
98
Beam issue 33
The PwC Experience
A breakthrough with a
‘Dialogue with Leaders’
Have you become a regular reader?
With more than 100,000 visits already,
the PwC Experience – A Breakthrough
Blog has become a huge hit. We urge you
to get involved and use the “Share with
Raymund” box to deliver your thoughts
and questions to Assurance leaders. For
those in China and Hong Kong, you can
access the blog through Janus.
Over 1,000 staff from PwC China’s and PwC
Hong Kong’s Assurance teams took part
in the “Dialogue with Leaders” meetings
in August and December. This event was
designed to give our people the chance
to raise questions on the areas they are
interested or concerned about and have a
direct dialogue with Assurance leadership.
A wide range of issues were covered
including how to improve communication,
what the current market conditions are
like and most importantly, how the PwC
Experience will continue to shape our
journey in improving work culture, which
was the central theme of the dialogue. PwC
China, Hong Kong, Singapore and Taiwan
Assurance Leader Raymund Chao kicked off
the dialogue with an overview of the latest
Assurance business strategy.
These dialogues were held in Beijing,
Shanghai and Hong Kong and used video
conferencing to connect with surrounding
cities. Because of time constraints, not
all questions were answered during
the dialogues, but they are now being
addressed in the PwC Experience – A
Breakthrough Blog. There will also be a
further “Dialogue with Leaders” after the
peak season to further facilitate direct
interaction and communication between
our people and leaders on an on-going basis.
“This is the first time I have
seen so many Assurance
leaders together having a
face-to-face conversation
with us. I like it and I can
see how they are dedicated
to driving the PwC
Experience.”
Assurance leaders used this opportunity
to share their perspectives on the
questions or suggestions
Many participants attended this event to raise
questions to the leaders during the dialogue
Beam issue 33
99
The PwC Experience
Demonstrating client values
Driving the PwC Experience throughout
the Jardine Matheson Group audit was
the key theme behind a two day workshop
held in May at the Mandarin Oriental Hotel
in Singapore. As an Asian-based Global
Fortune 500 company, Jardine Matheson
Group has 15 listed companies and more
than 300,000 employees worldwide. It is
important for PwC’s teams to collaborate
closely with each business to ensure
consistency of service and value throughout
our audit and non-audit services.
More than 50 partners and managers
were in attendance to discuss our strategy
and service delivery across the Jardine
Matheson Group as well as how we continue
to deepen our relationships at various
levels of management. Hearing
directly from James Riley, the
Group Finance Director of Jardine
Matheson, was instrumental in
understanding both the group’s
growth strategy but also what he
looks for from PwC and what he
values in our working relationship.
(From left to right) PwC Hong Kong Assurance
Partner John Ryan, PwC UK Partner Tom Troubridge
and Group Finance Director of Jardine Matheson
James Riley share their ideas
The collaborative workshop was led by
PwC UK Partner Tom Troubridge and PwC
Hong Kong Assurance Partner John Ryan
with strong support from PwC Singapore
Assurance Partner Oon Jin Yeoh. To add
to the experience, PwC CaTSH Executive
Chairman Silas Yang attended the meeting,
emphasising the importance of Jardines to
the PwC Global network.
Building relationships that last
On 28 September, PwC Hong Kong Assurance Partner Albert Lee and his bride PwC Hong
Kong Assurance Senior Associate Maria Chan shared their wedding day with our PwC
colleagues. Many partners and managers joined in the celebration at the wedding banquet.
PwC Hong Kong Assurance Partner Ivan Au was best man, while PwC Hong Kong Tax
Partner Rhett Liu and PwC Hong Kong Assurance Partner Raymond Chan were Albert’s
groomsmen. Albert and Maria would like to thank all the guests who attended the
ceremony.
Congratulations to the happy couple
Over 70 partners and 30 managers from Hong Kong,
Beijing, Shanghai, Guangzhou and Shenzhen came
to give their best wishes
100
Beam issue 33
The PwC Experience
Life on the other side
Our PwC secondees share their
experiences during their secondment
Steve Cheung
Assurance Senior Manager
From PwC Hong Kong to PwC Japan
It has been almost one year since my
secondment to PwC Japan from PwC Hong
Kong. Although I have lived abroad before,
Japan has given me immense experience in terms of cultural and human exposure.
My journey in Tokyo so far also carries some remarkable moments to my life, not to
mention the massive earthquake incident that occurred on 11 March 2011.
This is the first ever earthquake I experienced in my life. It was terrifying as the
office building was extremely shaky and felt like it could collapse at any moment.
At one point, I thought this could be the end of my life. The disaster followed by the
catastrophic tsunami and explosion of nuclear plant made me initially fearful of my
time here. That fear rapidly turned into optimism as my Japanese colleagues, clients
and football mates inspired me to stay strong. The experience ultimately made me
treasure what I have and to enjoy life.
Carol Lo
Assurance Senior Associate
From PwC Hong Kong to PwC Australia
I was thrilled when I was told that I would go to Australia to work for
three months. I have been looking forward to get the opportunity to
travel and work overseas ever since I heard about PwC’s secondment
programme. This opportunity allowed me to expand my personal
network and enhance my communication skills.
My time in Australia was truly one of the most unforgettable
experiences in my life so far! I am very grateful that PwC was able
to give me such a good experience. Australia has a diverse culture
with people from many different cultural backgrounds. Living and
working there was truly an eye-opening experience.
Beam issue 33
101
The PwC Experience
I grew up in China but had been living in the US for nearly two
decades before my secondment from New York to Beijing last year.
It has been a fantastic experience for me, both professionally and
personally. My time in Beijing allowed my family and I to reconnect
with the Chinese culture. Beijing is truly an awesome city to live in,
offering incredible historical sites and modern facilities.
Having grown up in China, I quickly fit into local
practices and started building relationships
with colleagues and clients. Partners and other
colleagues in the Beijing office made me feel at
home and the projects that I have been working
on are both interesting and challenging. We share
experiences and best practices all the time and
I also get to appreciate how the business culture
works in China.
Allen Lin
Tax Senior Manager
From PwC US to PwC China
PwC Experience
Champions Forum 2011
From 11 to 13 May 2011, Marina Bay Sands in Singapore hosted
the PwC Experience Champions Forum. A variety of great PwC
speakers from Global and Asia Pacific shared their insights
with the Champions. In addition to discussing strategy and
sharing success stories, special guest, Claire Chiang, Senior Vice
President of Banyan Tree Holdings also attended and spoke.
Representatives from 16 territories form the
PwC Experience “triangle” reminding us of
the team and client behaviours.
The organisers arranged plenty of activities
including a trip to Singapore’s famous night zoo
102
Beam issue 33
The PwC Experience
Investing in relationships
Providing services to clients can go far beyond an audit. In
September 2011, PwC China’s core CITIC Pacific engagement team
members attended CITIC Pacific’s annual Finance Conference.
Over 200 of the client’s senior finance personnel attended the event
hosted by senior management from CITIC Pacific and CITIC Group.
Earlier this year, the CITIC Pacific team also organised an “art
jamming” team dinner. Through demonstrating team cooperation,
a sense of art and innovation, the team painted three inter-linked
canvas oil paintings that reflected the meaning of “Three Sheep
Bringing Good Fortune”. PwC China and Hong Kong Territory
Senior Partner Ernest Ip also joined the activities and the team
dinner.
PwC China and Hong Kong Territory
Senior Partner Ernest Ip with the
CITIC Pacific engagement team who
painted this work of art
CITIC Pacific’s core team at the annual
Finance Conference held over two days in
Hainan Island
Distinctions such as Best
Coaching, Best Relationship
Building, Best Efficiency, among
many others, were awarded to
our RCS team
The Guangdong Risk & Controls Solutions
Annual Gathering Dinner was held on 23
September in Shenzhen. The evening also
featured an RCS Award Ceremony that
recognised our people and their efforts
this past year.
Beam issue 33
103
Code of Conduct
Hey there. Take a look at all
these great vouchers I have for
restaurants. Do you want to go
for lunch today?
Cody Kwong and
giving advice
1
PwC Associate
Aru Shure
PwC Manager
Cody Kwong
Hi Cody, I’d love to. But that reminds me...
I have a dilemma. A client has asked me for
a list of our people’s email addresses so that
they can send them their discount offers
and I don’t know what to do.
What’s the dilemma? Send over
the list and I’m sure our client
will be pleased.
5
2
Meanwhile reading Beam…
Hmm, this Code of Conduct ad in Beam
makes me wonder if the advice Cody gave
me was correct. Let me double check.
… so, is it OK to send them
the list?
I know that Cody was trying to be
helpful but have you considered
the confidentiality and privacy
of our people? And what about
Independence? It’s important that
we always consider that.
3
4
I didn’t realise it’s so easy to check. I
can call the Ethics Hotline, email, or
refer to our firm’s Code of Conduct
booklet. Hmm. Let me call them
6
You’re right! In the future
we should consult with a
CoC Champion, call the
Ethics Hotline or speak to
a subject matter expert
first.
Cody, it was
good that I
double checked
before sending
out any
confidential
information.
Each of us at PwC has an obligation to know and follow
the Code of Conduct and PwC policies consistently and
help others to do so. If you are ever faced with difficult
issues, consult with a Champion, the Hotline or speak
to subject matter experts who will guide you to take the
right course of action.
104
Beam issue 33
Can you sleep at night?
When faced with ethical situations, think about these questions that can guide you in
making responsible decisions. Move forward with the confidence that you have looked at
your situation from a number of angles when deciding on a course of action.
Is it legal?
Does it feel right?
How would it look in the
newspapers?
Will it reflect negatively
on you or the firm?
Who else could be affected by this
(others in the firm, clients, etc.)?
Would you be embarrassed
if others knew you took this
course of action?
Is there an alternative action that
does not pose an ethical conflict?
Is it against firm or
professional standards?
What would a reasonable
person think?
Recognise the event, decision or issue
• When asked to do something that you think
might be wrong
• When you are aware of potentially illegal or
unethical conduct on the part of others at
PwC or a client
• When you are trying to make a decision and
are not sure about the ethical course of action
or ethical implications
Think before you act
•
•
•
•
•
Summarise and clarify your issue
Ask yourself, why the dilemma?
Consider the options and consequences
Consider who may be affected
Consult with others
Decide on a course of action
• Determine your responsibility
• Review all the relevant facts and information
• Refer to the PwC Code of Conduct, the
Supplement to the Code, or other applicable
policies and professional standards
• Assess the risks and how you could reduce them
• Contemplate the best course of action
• Consult with others
Test your decision
• Review the questions again
• Apply the firm’s values to your decision
• Make sure you have considered firm policies,
laws and professional standards
• Consult with others — enlist their opinion of
your planned action
Proceed with confidence
Ethics Hotline and email:
China +86 (10) 6533 8212
ethics@cn.pwc.com
Hong Kong and Macau +852 2289 1212
ethics@hk.pwc.com
Singapore +65 6236 7212
ethics@sg.pwc.com
Taiwan +886 (2) 2720 2505
ethics@tw.pwc.com
Publications
Publications from PwC
The future
redefined:
Asia Pacific at
an inflection
point
APEC CEO Survey 2011
November 2011, Global
Global Annual
Review 2011
Talent to succeed
October 2011, Global
In this Global Annual Review, we look at issues
that impact all our stakeholders around the world,
and we examine our performance, key network
policies and standards, and our work in the global
community during fiscal 2011.
PwC firms across the world performed well in FY
2011. Overall, gross revenues for the 12-month
period ending on 30 June 2011 were up by 10%
on FY 2010 at US$29.2 billion, the strongest rate
of growth that the network has achieved since the
onset of the economic crisis in 2008. At constant
exchange rates, the pace of growth was slightly
slower but still healthy, with revenues up by 8%
year-on-year.
This strong revenue performance in FY 2011 reflects
a combination of the PwC network’s commitment to
investing in its people and its businesses throughout
the economic downturn, and a global strategy
focused on providing quality, flexibility and value.
This strategy has clearly been supported by PwC’s
clients in the past year.
106
Beam issue 33
Of the few bright spots in the global economy, none
is proving more influential on business strategies
globally than the transformations under way
in Asia Pacific. The gradual rise in incomes and
opportunities for millions of people across this wide
and diverse band of nations is a welcome source of
optimism itself.
PwC surveyed more than 320 chief executive
officers (CEOs) in all 21 Asia Pacific Economic Cooperation (APEC) nations in July through September
2011 to discover how they see the future for their
businesses in the region. More than half of CEOs are
“very confident” in revenue growth over the next
three to five years. Among those based in China,
Hong Kong and Taiwan, the figure rises to 75%.
Forty-four percent of the CEOs are convinced the
rise in spending power in Asia, particularly in China,
offers the single best opportunity for growth for
their companies.
Yet we also found CEOs grappling with the
consequences of two opposing forces at play – the
near-term disruptions and a long-term vision of a
more integrated region. In the past year, the weak
US recovery affected 31% of the respondents’
organisations ‘to a great extent,’ while the financial
crisis in Europe affected 17% – more than did the
earthquake and tsunami in Japan in March.
Publications
Foreign fund
management companies in
China
September 2011, Hong Kong
Foreign fund management companies operating
in China continue to be hindered by ongoing
challenges. Regulatory constraints and limited
distribution channels are restricting their ability
to grow their market share and assets under
management (AUM). Increased competition from
domestic companies is also adding another layer of
challenge for foreign managers. These findings were
revealed in the third PwC Foreign Fund Management
Companies in China survey report.
Topmost on the minds of most foreign fund
managers is to grow their AUM, which remained
unchanged over the last two years. Compared with
the domestic companies’ market share of 53% with
RMB 1,321 billion of AUM in 2010, the foreign
players command a respectable 47% (from 45%
in 2008) with RMB 1,176 billion. Going forward,
however, the respondents expect to see a 60%
growth in AUM by 2014.
Chinese Bankers
Survey 2011
November 2011, China
Based on interviews with 72 senior bank
executives and 818 completed questionnaires
among banking institutions across the country,
including head offices, provincial and regional
branches, the Chinese Bankers Survey 2011 provides
a comprehensive and in-depth study about the
banking industry in China.
This is the third joint PwC China (PwC) and China
Banking Association (CBA) survey led by Dr Ba
Shusong from the Development Research Centre of
the State Council of China.
Beam issue 33
107
Publications
More publications
1
2
3
4
5
6
7
8
1. The Carbon Disclosure Project (CDP) Global
500 Report 2011, Global
5. US Foreign Account Tax Compliance Act (FATCA)
September 2011, Hong Kong
2. Corporate M&A Strategies and Best Practices
and PwC Taiwan Professional Publication
《企业并购策略与最佳实务》书摘暨资诚
专业出版品简介
October 2011, Taiwan
6. Shipping Crew Performance Management Systems
船员绩效管理系统
September 2011, Hong Kong
3. Foreign fund management companies
in China
September 2011, Hong Kong
4. Exploring the new opportunities of the
cultural & creative industry
开创文化创意产业新契机
September 2011, Taiwan
108
Beam issue 33
7. Resilient growth: Making the most of
opportunities away from home
August 2011, Global
8. IFRS/HKFRS News
国际/香港财务报告准则动态
August 2011, Hong Kong
Publications
9
10
11
12
13
14
15
16
17
18
19
20
9. Internal Audit Matters Combined Assurance
– Risk & Controls Solutions
August 2011, Hong Kong
13. Greater China IPO Watch 2010
二零一零年度大中华区首次公开招股透视
August 2011, Hong Kong
17. Banking in 2050
2050年的银行业
July 2011, China
10. Internal Audit Matters – Internal Audit
Outsourcing: Better value for money and
peace of mind
August 2011, Hong Kong
14. Future of world trade
– Top 25 sea and air freight routes in 2030
世界贸易前景 – 2030年全球海空货运航
线前25强
August 2011, Hong Kong
18. Foreign Banks in China
外资银行在中国 – 调查报告概要
June 2011, China
11. Internal Audit Matters - Internal Audit
Co-sourcing: Maximising the value of your
function
August 2011, Hong Kong
12. Internal Audit Matters – Connected
Sourcing: Adding value to the board through
transformation
August 2011, Hong Kong
15. Becoming FATCA compliant: Why asset
managers should prepare now
July 2011, Hong Kong
19. Taiwan Pocket Tax Book 2011
June 2011, Taiwan
20. China Investment and Tax Book 2011
中国投资商法与税法
June 2011, Taiwan
16. A practical guide to new IFRSs for 2011
国际财务报告准则实务指南 – 2011年的变化
July 2011, China
Beam issue 33
109
beam
beam
January 2012
Issue 33
January 2012
Beam is the internal
magazine of the PwC
China, Hong Kong,
Singapore and Taiwan
firms
This publication was printed at a Forest-Stewardship-Council-certified
(FSCTM) printing company using soy ink on 9lives55, a type of paper made
with an elemental chlorine free process. 9lives55 from well-managed
forests, controlled sources and 55% recycled fibre and 45% fibre from
FSCTM virgin pulp. Soy ink is naturally low in volatile organic compounds,
chemical compounds that evaporate and react to sunlight. Its usage can
reduce emissions that cause air pollution.
By printing this issue of Beam with these choices in mind:
135 trees have been preserved for the future
64,071 gallons of wastewater flow have been saved
4,061 pounds of solid waste were not generated
57,890,000 British Thermal Units of energy were not consumed
14,209 pounds of greenhouse gases were prevented
This is printed on 9lives 55 which is made with an
elemental chlorine free process. It has 55% recycled
fibre and 45% fibre from well-managed forestry.
9lives 55 is ISO 14001 certified.
Issue 33
© 2012 PricewaterhouseCoopers Limited. All rights reserved. Not for further distribution without
the permission of PwC. “PwC” refers to the network of member firms of PricewaterhouseCoopers
International Limited (“PwCIL”), or, as the context requires, individual member firms of the PwC
network. Each member firm is a separate legal entity and does not act as agent of PwCIL or any
other member firm. PwCIL does not provide any services to clients. PwCIL is not responsible or
liable for the acts or omissions of any of its member firms nor can it control the exercise of their
professional judgment or bind them in any way. No member firm is responsible or liable for the acts
or omissions of any other member firm nor can it control the exercise of another member firm’s
professional judgment or bind another member firm or PwCIL in any way.
36
Did you know? –
Interesting facts from
the region
38
Experience sharing with
Genesis Park participants
41
The Class of 2011