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Asia Case Research Centre

The Asia Case Research Centre of the Faculty of Business and Economics contributed to the development of the management education profession locally and internationally through its production of context-rich business and policy-related cases for teaching.  Many cases have been translated into simplified Chinese while some are translated into other languages.  More than 245,000 copies of its case studies have been distributed worldwide.

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Asia Case Research Center

This case explores the predicament Louis Vuitton Moët Hennessy (LVMH) faced with respect to brand management when expanding its operations in China. In 2004, Asia accounted for about 40% of the sales of LVMH, however, it faced several challenges. One of its primary concerns was protecting its valuable brand against dilution. In China, phoney branding is particularly endemic. In addition, LVMH’s expansion plans in Asia also opened up the issue of private ownership versus franchising with regards to the profitability of companies in the luxury goods industry.

Starbucks has noted rapid growth in China, targeting 70% growth in three years. Although popular among a Chinese clientele, it is facing a number of internal and external challenges related to the Chinese economic slowdown, and issues associated with the paradox of growth. As a leader in innovation, it has developed and implemented top-notch solutions across domains such as HR, R&D, CRM, design, digital, product development, supply chain, electronic payment, etc., and needs to continue the innovation process to stay ahead of the competition. What can it do to expand and innovate continuously? As growth reduces elasticity, what should it do to retain the flexibility to address market demands and interruptions quickly?

This case describes the unique concept of “museum retail” that was introduced and championed by Adrian Cheng, Founder of the K11 Group and K11 Art Foundation. His mission is to help the ecosystem of art and culture among the young generation, and to bring art to his customers through art exhibitions and education in a retail mall setting. The core values of K11 are art, people, and nature all integrated into an art mall environment. The first K11 Art Mall opened in Hong Kong in 2009. It became the forerunner of the K11 Art Malls at several major cities in China (Shanghai, Wuhan, Shenyang, and Guangzhou).

This case highlights the role played by Rebecca Woo (Senior Director, Operations, Hong Kong, K11 Concepts Limited) in fulfilling the mission of K11 while maintaining a strong position in an increasingly competitive market. She focuses on the millennial customers, the fastest-growing segment in the retail market. These customers are highly attracted to the unique blend of art and commerce and the emphasis on the shopping experience. K11 engages them by considering multiple factors that influence their motivation.

Using K11’s Christmas program in 2017 as an illustration, this case offers the students a grand tour of the planning, design, development, and launch of a highly successful marketing program. Importantly, the case illustrates how K11 creates the unique multisense experience that influences customers’ feeling, thinking, and behavior.

The case demonstrates how Ant Financial, the leading Fintech company in China, carried out an innovative CSR project—Ant Forest and how the project creatively integrates social goals with business practices to create a significant social impact as well as strategic values. Ant Forest is an exemplar showcasing how an environmental initiative can synergize with the core competence of a Fintech company. For undergraduate or master students, the instructor can stimulate discussion on popular CSR practices and on how to improve their effectiveness by introducing creative designs such as gamification. For an in-depth discussion, the instructor can introduce the strategic thinking behind CSR activities and the implicit competition between firms and nonprofit organizations in delivering social goods.

On 18 November 2018, Dolce & Gabbana S.R.L. (D&G) released three short videos on Instagram , Facebook , and Twitter as well as Sina Weibo in China to promote its first-ever fashion show in mainland China. The campaign was specifically designed to drum up excitement about an important catwalk event to be held at the Expo Center of Shanghai on 21 November 2018.

However, the videos did not create the intended positive effect. In fact, the incongruous or extreme presentations in the videos jeopardized the entire promotion campaign. From the Chinese audience’s perspective, the D&G videos were not entertaining but inappropriate, offensive, and racist. The result enraged the Chinese audience and fueled a heated online debate. Within 24 hours, under public pressure, D&G was forced to remove the videos from its Weibo promotion channel. While many Chinese media users were demanding a formal apology from D&G for the videos, the company allowed the debate to simmer and boil for the next few days.

Many companies study the management strategies of others, adapting and learning from the experiences of large multinationals. But global corporations also need strategies that are capable of adapting to changing markets and profitability. Is it possible for these corporations to develop new and powerful insights from smaller firms?

The Toyota Motor Corporation’s philosophy and business strategy, known as the “The Toyota Way” is globally recognized as an industry leader, and its managerial values and business methods are regarded as benchmark practices, guiding the processes and strategies of organizations worldwide, e.g., Toyota’s Kanban method, of inventory control which facilitates just-in-time manufacturing, is seen as the optimal approach to inventory control.

Founded in Japan in 1937, the company grew rapidly. But a series of issues, resulting in a drop in vehicle sales and profitability left Toyota’s president, Akio Toyoda, considering how the company could find a more sustainable way of growing and how to incorporate this new philosophy into its existing business model.

Toyoda is now a strong advocate for an alternative philosophy known as the “Nenrin or tree ring” strategy. He credits a small company, Ina Food, which makes agar, a traditional ingredient in Japanese food, as the source of Toyota’s ongoing success.

Finding inspiration in Ina Food’s 55 years of sustainable growth and profit, Toyoda now follows many of its key initiatives.

The corporate giant has become one of the largest corporations globally, while still promoting the virtues of slow and steady growth on an ongoing basis.

Huawei Technologies Co. Ltd. (Huawei) was the world’s largest telecommunications equipment provider, and was widely acknowledged to be the leader in developing fifth generation (5G) mobile network systems. In 2018-2019, the US government took a series of steps to restrict Huawei’s business with the US government and US companies, citing security concerns. Huawei needed to craft a response that would minimize damage to its financial position, protect its leading position in 5G equipment, and allow it to continue to expand its overall business.

Walmart miscalculated when it entered China using its “Every Day Low Prices” strategy. It struggled with value proposition, local regulations, staff incentive schemes, logistics, and significant economic and cultural differences between regions. After two decades it developed successful operations in China. With Chinese led disruption labelled as “New retail,” that meant full integration between online and offline commerce, Walmart had to ensure its continued success in this new environment.

In November 2019, almost a year after it went public, Tencent Music Entertainment Group (“TME”) announced its third quarter financial results. Market investors had had high expectations for TME since it was the strategic music arm spun out by Tencent Holdings Limited (“Tencent”), one of the world’s most valuable technology, gaming and social media companies. When TME made its debut on the New York Stock Exchange in late 2018, many individual investors were mystified by its “music-centric social entertainment” business model.

Was it just the Chinese version of Spotify, which operated the world’s most popular music app? Or was it a truly different business model which might generate more lucrative and diversified business revenue than its international counterparts? Some market analysts and investors also wondered if TME presented a more attractive investment opportunity than similar music streaming platforms in the world, including the global leader Spotify. As the global and domestic market became more competitive, how could TME sustain its competitive advantage by leveraging its synergies with Tencent’s dominant position in social networking? Would TME’s atypical music and social entertainment business model be easily replicated by its industry rivals or adopted beyond the music industry? What role would music streaming platforms play in driving the growth of the music industry and how would it affect the ecosystem of the global entertainment industry?

Château Lafite Rothschild produces some of the world’s most expensive wine, making the product an attractive target for counterfeiters. Fighting these counterfeiters has proven difficult for the Château as the traceability in the wine supply chain is insufficient and stakeholders have different interests and capabilities in identifying fake wine. As traceability is the key to preventing counterfeit wines from entering the wine supply chain, how to use advanced technologies to fight counterfeiters has received increasing attention.

Besides existing technologies such as barcodes, Quick Response Codes (QR codes), Radio Frequency Identification (RFID), and Electronic Product Codes (EPC), blockchain as an emerging technology has also come into play. The case provides an opportunity for students to understand the benefits and limitations of using different technologies, especially the emerging blockchain technology, to improve traceability in the supply chain. Students will learn how to assess the feasibility of using blockchain in supply chain management and discuss different blockchain strategies.

Despite Prime Minister Shinzo Abe’s new economic strategy, known as “Abenomics,” being enacted in 2012, Japan’s deflationary spiral continued.

In an effort to stimulate economic growth, early in 2013 the Bank of Japan (BOJ) stepped in, using quantitative and qualitative monetary easing (QQE) with the aim of achieving an inflation target of 2% in two years. At that time, the short-term prime interest rate was 1.475% per year. Could an unconventional monetary policy work?

Despite all efforts, Japan’s economy remained weak. On 20 January 2016, the BOJ’s governor, Haruhiko Kuroda, held a policy meeting in Tokyo, where the decision was made to introduce QQE with a negative interest rate.

With hundreds of suppliers providing a medical inventory that delivers medicine to nearly 4 million patients a year, Shanghai General Hospital is looking for new ways to improve its medical supply chain. The current system not only takes up too much of pharmacists’ time for menial stock-taking duties, but is also labor intensive and prone to error. Wang Xingpeng, the hospital’s chief executive, wants to better utilize medical professionals’ time and allow pharmacists to do more clinical work for patients. Further complicating the issue is a new set of government rules that will require hospitals to sell medicine at cost, meaning that what was once an income source will soon become a cost burden. The hospital is planning to establish a new supply system with one of its suppliers, Shanghai Pharmaceutical. How should the new system address existing issues? And as Wang reviews the strategic partnership, how can he align the new partner’s interests with the hospital’s objectives? This case demonstrates the components of a medical supply chain in a hospital and the challenges associated with managing such a supply chain. It allows students to discuss ways to streamline the supply chain. The case can also be used to explore topics in strategic partnerships, in particular, vendor-managed inventory systems, and offers background for discussion of the risks and considerations when introducing a third- party strategic partner into the supply chain.

https://www.acrc.hku.hk/Case/Detail/999

Dinesh Agarwal and Brijesh Agrawal (“DA & BA”) established IndiaMART with around US$1100 savings in 1996. By 2014, IndiaMART.com was “India’s largest online marketplace for Small & Medium Size Businesses”. Its revenue for the year ended March 2014 reached US$32 million. “The company offered a platform and tools to over 1.5 million suppliers to generate business leads from over 10 million buyers… (It had) over 2600 employees located across 40+ offices in the country”. In keeping with its growth plans, the company evaluated various capital raising activities from time to time, including public or private placement opportunities. Factors that would benefit the company’s valuation included a strong track record of year-on-year growth, a sustainable revenue base from diversified product categories, a strong, large and active user base as well as a solid conversion rate of buyer-leads to revenue dollars for its suppliers. The downside, though, was that the company had not been generating operational profits for five years since 2010. From scratch to US$32 million revenues, DA & BA led the company’s many evolutions; what were the major considerations in building the present business model? How did they ensure the development of strong networks in every product category of the multiple-sided platform? One criticism of IndiaMART’s weakness was easy replicability – what was the founders’ response to mitigating risks presented by this weakness? What should IndiaMART do to attract a fair valuation?

https://www.acrc.hku.hk/Case/Detail/942

In less than 20 years, Uniqlo has become the leading fast-fashion retailer in Japan and a strong player in other Asian countries like China, Korea and Taiwan. Since 1998, the company has expanded sales at double-digit rates, thanks to an aggressive pricing policy combined with a high level of quality, a mix that proved hard to resist for Asian customers. Key to Uniqlo’s strategy and success was an agile supply chain inspired by the “fast-fashion” model pioneered by Inditex and also utilized by H&M, the two largest fashion retailers in the world. While Uniqlo demanded competitive prices from its suppliers, it also offered them continual technical assistance in developing and perfecting their manufacturing techniques, and supported them with a high flow of orders. Nineteen ninety-eight was an important year for Uniqlo, as the opening of a flagship store in one of the hottest fashion districts of Tokyo projected the brand in Japan at a national level. At product level, a partnership with Toray, one of the world’s leading producers of composite and synthetic fibers, resulted in garments that had performance and properties no natural material could match. Working with Toray forced Uniqlo to refine its supply chain further, that became “just-in-time,” mimicking that of other highly competitive Japanese companies. With an efficient but regional supply chain, Uniqlo faced rising manufacturing costs in China and was experimenting with new supply chain models in low-cost locations like Bangladesh. Uniqlo’s supply chain had proved effective in the Asia Pacific region, but could the same model be scaled worldwide? Was the low growth rate Uniqlo experienced in the US, and particularly Europe, also due to the limitations of its current supply chain?

https://www.acrc.hku.hk/Case/Detail/949

Besides computers, tablets and mobile phones, what other items in your home could be connected to the internet? The answer might be far more than you imagine: refrigerators, cupboards, coffee machines, washers and many other household appliances. In March 2015, Amazon, the global e-commerce giant, unveiled to its selected Prime members a wi-fi connected Amazon Dash Button that could be attached to home appliances and allowed consumers to make online orders automatically simply with the push of a button. This innovation eliminated regular e-commerce shopping steps and made speedy and convenient online shopping possible. In July 2015, Amazon brought this Dash Button to all its Prime members for US$4.99 each, accelerating the implementation and adoption of the Internet of Things (“IoT”) in the e-commerce sector. The IoT was defined as a worldwide information infrastructure in which physical and virtual objects were uniquely identified and connected over the internet. These inter-connected devices generated and communicated big data dynamically, enhanced operational efficiency and created new business opportunities for various industries. The e-commerce sector was no exception to the booming IoT development trend. The IoT would expand the scope and depth of e-commerce by linking people, smart devices and objects that were offline in the current e-commerce business model, generating unprecedented big data on product performance and on customer behavior and experience, involving more communication and action, and ultimately shaping the future of e-commerce. How would the IoT change current e-commerce models? What business transformations could companies undergo to integrate the IoT with existing e-commerce platforms and create new business models and competitive advantages?

https://www.acrc.hku.hk/Case/Detail/936

3D printing was a bottom-up process by which materials were laid down in thin successive layers until an object was fully constructed. As an innovation in technique, 3D printing made production conducted at or near the points of purchase or consumption possible. This had a huge impact on traditional manufacturing industries and supply chain management. A variety of key 3D-printing patents expired in 2014, stimulating mass production and adoption of 3D-printing devices. 3D printing was likely to provide a solution to supply chain management challenges by printing low-volume and tailor-made products on-site, a solution that would also reduce materials-supply risks, supply chain network complexity and inventory costs. Imitative innovation, well-established manufacturing infrastructure and relatively low labor and material costs made rapid growth of 3D-printer manufacturing in China possible. In recent years, China rapidly embraced the 3D-printing trend and explored the new, greatly expanded 3D-printing manufacturing and export market space. What role could 3D printing play in changing supply-chain management? What could the short-term and long-term impact of 3D printing on the Chinese manufacturing industry be? Could China leverage the coming 3D-printing trend to reinforce the power of its manufacturing industry?

https://www.acrc.hku.hk/Case/Detail/935

Visa’s China strategy was challenged by the Chinese monopoly, China UnionPay Company (“CUP”), on all fronts after a few short cooperative years. Visa countered CUP’s competitions by scaling the disputes up on the WTO level. What were the implications of Visa’s history of monopoly and where would the disputes between two global monopolies lead?

https://www.acrc.hku.hk/Case/Detail/919

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•  BBA, University of International Business and Economics (China)
•  MS in Finance, Boston College (U.S.A.)
•  PH.D., Massachusetts Institute of Technology (U.S.A.)

Dr. Li, Xu is an associate professor of accounting. He obtained his Bachelor’s degree in International Business Administration from University of International Business and Economics, the Master’s degree in Finance from Boston College, and the PhD degree in accounting from Massachusetts Institute of Technology. Prior to joining University of Hong Kong, Dr. Li worked in University of Texas at Dallas and Lehigh University.

Dr. Li’s teaching interests include financial accounting, and financial statement analysis. He has taught various courses, such as Introduction to Financial Accounting, Financial Statement Analysis, Accounting for Business Decisions, and Business Valuation at both undergraduate and graduate levels.

Dr. Li’s research interests include the capital market’s reaction on accounting information, the role of information intermediaries, insider trading and information asymmetry, as well as characteristics and impact of firms’ disclosure to the investment community.

• “Ambiguity Aversion and Beating Benchmarks: Does it Create a Pattern?” Coauthored with Adam Kolasinski, Mark Soliman and Qian Xin, Management Science , vol. 69(11), 7059- 7078, November 2023
• “Employee firing costs and auditors’ going-concern opinions: Evidence from wrongful discharge laws” Coauthored with Qian Xin, Journal of Accounting and Public Policy , vol. 42 (3), 107070, May-June 2023
• “Institutional Investor Inattention and Audit Quality” Coauthored with Derek Chan and Qian Xin, Journal of Accounting and Public Policy , vol. 40(3), 106857, May-June 2021
• “Does Change in the Information Environment Affect Financing Choices?” Coauthored with Chen Lin and Xintong Zhan, Management Science , vol. 65(12), 5676-5696, December 2019
•  “Unfolding China’s State-owned Corporate Empires and Mitigating Agency Hazards: Effects of Foreign Investments and Innovativeness” Coauthored with Jianjun Zhu and Caleb Tse, Journal of World Business , vol. 54(3), 191-212, April 2019
•  “Corporate Governance and Resource Allocation Efficiency: Evidence from IPO Regulation in China” Coauthored with Xinyuan Chen, Jun Huang, and Tianshu Zhang, Journal of International Accounting Research , vol. 17(3), 43-67, Fall 2018
• “Underwriter-Auditor Relationship and Pre-IPO Earnings Management: Evidence from China” Coauthored with Xingqiang Du, Xuejiao Liu, and Shaojuan Lai, Journal of Business Ethics , vol. 152(2), 365-392, October 2018
• “Analyst Firm Coverage and Forecast Accuracy: The Effect of Regulation Fair Disclosure” Coauthored with Yi Dong, Nan Hu, and Ling Liu, Abacus , vol. 53(4), 450-484, December 2017
• “Words versus Deeds: Evidence from Post-Call Manager Trades” Coauthored with Paul Brockman, James Cicon and McKay Price, Financial Management , vol. 46(4), 965-994, Winter 2017
•  “The Effect of Previous Working Relationship between Rotating Partners on Mandatory Audit Partner Rotation” Coauthored with Min Zhang and Haoran Xu, The International Journal of Accounting , vol. 52(2), 101-121, June 2017 (Leading article)
• “Hollowing out of the Real Economy: Evidence from China’s Listed Firms” Coauthored with Xiang Shao and Zhigang Tao, Frontiers of Economics in China , vol. 11(3), 390-409, September 2016
• “Differences in Conference Call Tones: Managers vs. Analysts” Coauthored with Paul Brockman and McKay Price, Financial Analysts Journal , vol. 71(4), 24-42, July/August 2015
• “Conditional Conservatism and Audit Fees” Coauthored with HyeSeung Grace Lee and Heibatollah Sami, Accounting Horizons , vol. 29(1), 83-113, March 2015
•  “Can Strong Boards and Trading Their Own Firm’s Stock Help CEOs Make Better Decisions? Evidence from Acquisitions by Overconfident CEOs” Coauthored with Adam Kolasinski, Journal of Financial and Quantitative Analysis , vol. 48(4), 1173-1206, August 2013
• “Regulation FD, Accounting Restatements and Transient Institutional Investors’ Trading Behavior” Coauthored with Suresh Radhakrishnan, Haeyoung Shin, and Jin Zhang, Journal of Accounting and Public Policy , vol. 30(4), 298-326, July-August 2011
• “Behavioral Theories and the Pricing of IPOs’ Discretionary Current Accruals” Review of Quantitative Finance and Accounting , vol. 37(1), 87-104, July 2011
• “Are Corporate Managers Savvy about Their Stock Price? Evidence from Insider Trading after Earnings Announcements” Coauthored with Adam Kolasinski, Journal of Accounting and Public Policy , vol. 29(1), 27-44, January-February 2010
• “The Effect of Disclosures by Management, Analysts, and Business Press on Cost of Capital, Return Volatility, and Analyst Forecasts: A Study Using Content Analysis” Coauthored with S.P. Kothari and James Short, The Accounting Review , vol. 84(5), 1639-1670, September 2009
• “Characteristics of a Firm’s Information Environment and the Information Asymmetry between Insiders and Outsiders” Coauthored with Richard Frankel, Journal of Accounting and Economics , vol. 37(2), 229-259, June 2004

Dr. Li serve as ad-hoc referees for various accounting and finance journals in the academic community. He has also served as dissertation committee members for PhD students. At University of Hong Kong, Dr. Li is member of IT committee in the School of Business and he frequently contributes to the interviewing services for the admission of undergraduate and graduate students.

The prior literature on analyst forecasts has focused almost exclusively on firms that just meet or beat the mean or median consensus analyst forecast, without much regard to alternative benchmarks within the forecast distribution. Anecdotal evidence suggests that there is institutional significance to the lowest (minimum) and highest (maximum) analyst earnings forecast. We rigorously explore whether these two new benchmarks actually have incremental significance and, if so, whether there are differences in how managers and investors perceive the importance of these three benchmarks (i.e., minimum, mean, and maximum). Consistent with the theory of investor ambiguity aversion, which predicts an asymmetric market response to good and bad news, our results support the notion that of the three benchmarks we explore, firms act most aggressively to exceed the minimum forecast, followed by the mean, and then finally the maximum. This order is consistently supported by the following evidence: the existence of higher incentives to beat the benchmark; the likelihood of earnings management to beat the benchmark; accrual reversal after firms just barely achieve each benchmark; accrual mispricing around each benchmark; and, finally, a faster incorporation into the stock price of the bad news that a firm misses the minimum than of the good news that a firm meets or beats the maximum. These findings fill a void in academic research on these two new benchmarks and offer a consistent explanation as to why the popular press and managers frequently highlight and discuss beating these benchmarks as a separate and notable achievement.

Using brokerage mergers and closures as natural experiments, we examine how exogenous changes in the information environment affect a firm’s financing choice. Our difference-in-differences approach shows that exogenous increases in information asymmetry lead firms to substitute away from equity and public debt toward bank debt. Firms with higher risk tend to substitute equity for bank debt, and firms with lower risk tend to substitute bonds for bank debt. The effect of the change in the information environment on a firm’s financing choice is more pronounced for firms with worse information environments, such as those with few initial analysts and younger firms. We demonstrate that the mechanism of the change is through a reduction of the issuance of equity and bonds but with an increase of the issuance of bank loans. Further analysis reveals that such firms tend to reduce long-term borrowing, reduce their issuance of subordinated debt, and increase their revolving credit lines.

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Asia Case Research Centre

Case-based approach.

The HKU MBA programme adopts an experiential learning approach, with the extensive use of business cases published by the renowned Asia Case Research Centre (ACRC). Written by eminent professors from the HKU Business School faculty and prominent industry leaders, the business case studies encourage critical thinking that enables students to become effective problem-solvers and decision-makers in today’s rapidly changing business settings. The programme’s relatively small class sizes allow for extensive interaction and collaboration.

Examples of these cases

Wework’s pre-ipo value: usd47bn or usd8bn.

The We Company (WeWork) rented office spaces for long-term leases, turned them into hip offices, and then offered them for short-term leases. Its charismatic co-founder and CEO Adam Neumann, explosive growth funded by significant cash injections from SoftBank and its USD100bn Vision Fund, and a pre-IPO valuation of USD47bn ensured the company was one of the most talked-about unicorns in August 2019.

WeWork’s valuation was similar to that of a high-tech stock with high price multiples. From FY 2016 to FY2018, its losses totalled USD3.3bn, outstripping revenue at USD3.1bn. After the release of Form S-1 pre-IPO filing documents, numerous financial analysts and the press scrutinized WeWork. In addition to its lower than expected financial performance, some questioned WeWork’s business model, its governance model, and its valuation. In the weeks that followed, the IPO was withdrawn, WeWork announced plans to lay off 2,000 staff, Neuman was removed as CEO, and Softbank doubled down on its bet in order to keep the company going. This latest share purchase by Softbank valued the company at USD8bn, compared to USD49bn two months earlier.

Financial Analysis of Ocean Park: The Theme Park that Survived on Government Bailout

This case investigates the downfall of Ocean Park Corporation (Ocean Park or the park) from the perspective of financial statement analysis. Ocean Park’s performance significantly declined from a surplus of HKD127.2mn in FY2013 to a severe deficit of HKD557.3mn in FY2019. This was mainly attributable to the shrinking revenue size and mounting difficulties in controlling the operating costs during this period. In 2020, Ocean Park was hard-hit by the coronavirus pandemic, which pushed it further to the verge of liquidation. After rounds of debates, the Hong Kong legislature eventually approved a relief fund of HKD5.4bn in taxpayers’ money.

The case seeks to highlight the financial ratios and metrics commonly used in financial statement analysis, and their interpretations. It provides insights on Ocean Park’s financial performance in terms of profitability, liquidity, solvency, and operational efficiency. Students will tackle practical questions regarding financial statement analysis of Ocean Park from FY 2013 to FY2019, and the financial impact of the relief fund by means of pro forma financial statements over the next few years.

Xiaomi: At a Crossroads

Investors had lost confidence in Chinese smartphone maker Xiaomi.

It was once one of the world’s most valuable private technology companies, valued at USD45bn after four years of operation. With Xiaomi, founder Lei Jun had created an internet company with an online business model that made tech-driven products with minimal margins. It focused on building value around the phone with products and services. Consumers quickly became fans. In 2014, Xiaomi became China’s best-selling smartphone brand and also the world’s third largest. Investors anticipated continued growth. But the excitement around the company did not last long. In 2016, Xiaomi’s overall smartphone shipments fell 36% from the previous year after a series of supply chain issues. To revive investor confidence, Lei adjusted the company’s strategic direction and led a series of internal restructurings.

Its long-awaited IPO in 2018 was priced at the bottom of the range and raised USD4.7bn, less than half of its initial target. Worse, six months after the IPO, the company’s market capitalization had dropped by half. According to some analysts, the company had been “overhyped” and Xiaomi was “just a hardware company.” But the image of Xiaomi as a value-for-money brand stuck. Some even gave it the nickname “assembly house.” What could Xiaomi do to revive the confidence of investors?

iPhone’s Supply Chain Under Threat

The outbreak of COVID-19 (coronavirus disease, 2019) posed unprecedented challenges to the global supply chains. As a leading and innovative supply chain that achieved just-in-time manufacturing, Apple’s performance was put in the spotlight. This case describes how Apple’s supply chain has coped with the COVID-19 pandemic.

Apple’s supply chain has weathered natural disasters, such as earthquakes, fires, floods, and SARS; the risks and challenges brought by the outbreak of COVID-19 were unprecedented and complicated. Unlike the symptoms of SARS patients with high fever, the symptoms of COVID-19 varied; some patients had no symptoms at all, which made them difficult to identify. Moreover, the pandemic complicated supply chain planning because it was difficult, if not impossible, to predict where the next epicentre would be and what measures local governments might take to prevent the further spread of the virus. Social distancing was effective to control the pandemic, but it brought both challenges and opportunities for companies like Apple. On the one hand, social distancing slowed the manufacturing process and had a negative impact on the economy, which could dampen consumer confidence and reduce demand. On the other hand, social distancing boosted the demands for electronic devices, as many people had to work at home.

Using this case study, students will understand the importance of risk management in supply chain management and learn the challenges and opportunities of the disruption posed to business operations. The case provides an opportunity for students to discuss and understand why some companies can recover from the disruptions better than other companies and how a resilient supply chain can improve a company’s competitiveness.

Next Capital: Leveraging Opportunities in the Hong Kong IPO Market

The case introduces IPOs in Hong Kong from the perspectives of both issuers and investors. Hong Kong was a popular choice among many local and nonlocal companies for listing. It ranked as first globally in terms of total proceeds raised for 5 out of 10 years between 2011 and 2020.

The case is set in the fourth quarter of 2020, when the Ant Group entered Hong Kong for its IPO. Students take on the role of Lin Wong, head of the investment team of a new investment fund under Next Capital Investment Limited. Students have the opportunity to learn about IPOs from various perspectives: as pre-IPO investors in a fund’s investment that is ready to go public, as retail investors to subscribe for high-profile IPOs in the market, and as potential cornerstone investors to subscribe for a portion in the global offering of an IPO.

Diversity in a Global Context: Making the Right Hire to Lead Asia

As organizations have grown more aware and focused on diversity, equity, and inclusion (DEI) issues, it is important to consider how such initiatives translate in a global setting. Many DEI policies are considered and interpreted through a Western social and business lens. Though such policies strive to address undoubtedly important DEI issues, how do such policies and related practices influence business decisions in a non-Western business setting is an important consideration that often goes unnoticed.

In this case, Jarom Stuart, the CEO of Prime Toys Global (“Prime”), a listed toy company needs to make a hiring decision for a senior person that will lead Prime’s Asia business, which is strategically important to the company. He is picking between two very qualified candidates, Isabella Zhou and Caleb Young. On its face, hiring Isabella would seem to enhance Prime’s diversity, however, given Caleb’s background and the nature of the Asian business, Caleb could also be considered to contribute to diversity, albeit in a way that is not typically captured in DEI metrics. Given the above, the case focuses on Jarom’s hiring decision, which requires him to interpret and grapple with what diversity means in a more global, non-Western context.

Louis Vuitton Moët Hennessy: Expanding Brand Dominance in Asia (MNC)

This case explores the predicament Louis Vuitton Moët Hennessy (LVMH) faced with respect to brand management when expanding its operations in China. In 2004, Asia accounted for about 40% of the sales of LVMH, however, it faced several challenges. One of its primary concerns was protecting its valuable brand against dilution. In China, phoney branding is particularly endemic. In addition, LVMH’s expansion plans in Asia also opened up the issue of private ownership versus franchising with regard to the profitability of companies in the luxury goods industry.

Starbucks China: Managing Growth Through Innovation

Starbucks has noted the rapid growth in China, targeting 70% growth in three years. Although popular among a Chinese clientele, it is facing a number of internal and external challenges related to the Chinese economic slowdown, and issues associated with the paradox of growth. As a leader in innovation, it has developed and implemented top-notch solutions across domains such as HR, R&D, CRM, design, digital, product development, supply chain, electronic payment, etc., and needs to continue the innovation process to stay ahead of the competition. What can it do to expand and innovate continuously? As growth reduces elasticity, what should it do to retain the flexibility to address market demands and interruptions quickly?

K11 Museum-Retail Concept: Targeting Millennials

This case describes the unique concept of “museum retail” that was introduced and championed by Adrian Cheng, Founder of the K11 Group and K11 Art Foundation. His mission is to help the ecosystem of art and culture among the young generation, and to bring art to his customers through art exhibitions and education in a retail mall setting. The core values of K11 are art, people, and nature all integrated into an art mall environment. The first K11 Art Mall opened in Hong Kong in 2009. It became the forerunner of the K11 Art Malls at several major cities in China (Shanghai, Wuhan, Shenyang, and Guangzhou).

This case highlights the role played by Rebecca Woo (Senior Director, Operations, Hong Kong, K11 Concepts Limited) in fulfilling the mission of K11 while maintaining a strong position in an increasingly competitive market. She focuses on millennial customers, the fastest-growing segment in the retail market. These customers are highly attracted to the unique blend of art and commerce and the emphasis on the shopping experience. K11 engages them by considering multiple factors that influence their motivation. 

Using K11’s Christmas program in 2017 as an illustration, this case offers the students a grand tour of the planning, design, development, and launch of a highly successful marketing programme. Importantly, the case illustrates how K11 creates a unique multisense experience that influences customers’ feelings, thinking, and behaviour.  

Ant Financial and Its Innovative Corporate Social Responsibility

The case demonstrates how Ant Financial, the leading Fintech company in China, carried out an innovative CSR project—Ant Forest and how the project creatively integrates social goals with business practices to create a significant social impact as well as strategic values. Ant Forest is an exemplar showcasing how an environmental initiative can synergise with the core competence of a Fintech company. For undergraduate or master students, the instructor can stimulate discussion on popular CSR practices and on how to improve their effectiveness by introducing creative designs such as gamification. For an in-depth discussion, the instructor can introduce the strategic thinking behind CSR activities and the implicit competition between firms and nonprofit organisations in delivering social goods.

D&G’s Marketing Missteps in China: How to Balance Fashion Brand Strategy and Cultural Sensitivity?

On 18 November 2018, Dolce & Gabbana S.R.L. (D&G) released three short videos on  Instagram ,   Facebook , and  Twitter  as well as  Sina Weibo   in China to promote its first-ever fashion show in mainland China. The campaign was specifically designed to drum up excitement about an important catwalk event to be held at the Expo Center of  Shanghai  on 21 November 2018.

However, the videos did not create the intended positive effect.  In fact, the incongruous or extreme presentations in the videos jeopardized the entire promotion campaign. From the Chinese audience’s perspective, the D&G videos were not entertaining but inappropriate, offensive, and racist. The result enraged the Chinese audience and fueled a heated online debate.  Within 24 hours, under public pressure, D&G was forced to remove the videos from its Weibo promotion channel. While many Chinese media users were demanding a formal apology from D&G for the videos, the company allowed the debate to simmer and boil for the next few days.

Toyota's New Business Model: Creating a Sustainable Future

Many companies study the management strategies of others, adapting and learning from the experiences of large multinationals. But global corporations also need strategies that are capable of adapting to changing markets and profitability. Is it possible for these corporations to develop new and powerful insights from smaller firms?

The Toyota Motor Corporation’s philosophy and business strategy, known as the “The Toyota Way” is globally recognized as an industry leader, and its managerial values and business methods are regarded as benchmark practices, guiding the processes and strategies of organizations worldwide, e.g., Toyota’s Kanban method, of inventory control which facilitates just-in-time manufacturing, is seen as the optimal approach to inventory control.

Founded in Japan in 1937, the company grew rapidly. But a series of issues, resulting in a drop in vehicle sales and profitability left Toyota’s president, Akio Toyoda, considering how the company could find a more sustainable way of growing and how to incorporate this new philosophy into its existing business model.

Toyoda is now a strong advocate for an alternative philosophy known as the “Nenrin or tree ring” strategy. He credits a small company, Ina Food, which makes agar, a traditional ingredient in Japanese food, as the source of Toyota’s ongoing success.

Finding inspiration in Ina Food’s 55 years of sustainable growth and profit, Toyoda now follows many of its key initiatives.

The corporate giant has become one of the largest corporations globally, while still promoting the virtues of slow and steady growth on an ongoing basis.

Huawei at a Crossroads: Reacting to the US Equipment Ban

Huawei Technologies Co. Ltd. (Huawei) was the world’s largest telecommunications equipment provider, and was widely acknowledged to be the leader in developing fifth generation (5G) mobile network systems.  In 2018-2019, the US government took a series of steps to restrict Huawei’s business with the US government and US companies, citing security concerns.   Huawei needed to craft a response that would minimise damage to its financial position, protect its leading position in 5G equipment, and allow it to continue to expand its overall business.

Walmart China: Challenging Alibaba’s New Retail

Walmart miscalculated when it entered China using its “Every Day Low Prices” strategy. It struggled with value proposition, local regulations, staff incentive schemes, logistics, and significant economic and cultural differences between regions. After two decades it developed successful operations in China. With Chinese led disruption labelled as “New retail,” that meant full integration between online and offline commerce, Walmart had to ensure its continued success in this new environment.

Tencent Music Entertainment Group: Melding Music with Social Experiences

In November 2019, almost a year after it went public, Tencent Music Entertainment Group (“TME”) announced its third quarter financial results.  Market investors had had high expectations for TME since it was the strategic music arm spun out by Tencent Holdings Limited (“Tencent”), one of the world’s most valuable technology, gaming and social media companies. When TME made its debut on the New York Stock Exchange in late 2018, many individual investors were mystified by its “music-centric social entertainment” business model.

Was it just the Chinese version of Spotify, which operated the world’s most popular music app? Or was it a truly different business model which might generate more lucrative and diversified business revenue than its international counterparts? Some market analysts and investors also wondered if TME presented a more attractive investment opportunity than similar music streaming platforms in the world, including the global leader Spotify.  As the global and domestic market became more competitive, how could TME sustain its competitive advantage by leveraging its synergies with Tencent’s dominant position in social networking? Would TME’s atypical music and social entertainment business model be easily replicated by its industry rivals or adopted beyond the music industry? What role would music streaming platforms play in driving the growth of the music industry and how would it affect the ecosystem of the global entertainment industry?

Can Blockchain Help Château Lafite Fight Counterfeits?

Château Lafite Rothschild produces some of the world’s most expensive wine, making the product an attractive target for counterfeiters. Fighting these counterfeiters has proven difficult for Château as the traceability in the wine supply chain is insufficient and stakeholders have different interests and capabilities in identifying fake wine. As traceability is the key to preventing counterfeit wines from entering the wine supply chain, how to use advanced technologies to fight counterfeiters has received increasing attention.

Besides existing technologies such as barcodes, Quick Response Codes (QR codes), Radio Frequency Identification (RFID), and Electronic Product Codes (EPC), blockchain as an emerging technology has also come into play. The case provides an opportunity for students to understand the benefits and limitations of using different technologies, especially the emerging blockchain technology, to improve traceability in the supply chain. Students will learn how to assess the feasibility of using blockchain in supply chain management and discuss different blockchain strategies.

Negative Interest Rates: The Bank of Japan Experience

Despite Prime Minister Shinzo Abe’s new economic strategy, known as “Abenomics,” being enacted in 2012, Japan’s deflationary spiral continued.

In an effort to stimulate economic growth, early in 2013, the Bank of Japan (BOJ) stepped in, using quantitative and qualitative monetary easing (QQE) with the aim of achieving an inflation target of 2% in two years. At that time, the short-term prime interest rate was 1.475% per year. Could an unconventional monetary policy work?

Despite all efforts, Japan’s economy remained weak. On 20 January 2016, the BOJ’s governor, Haruhiko Kuroda, held a policy meeting in Tokyo, where the decision was made to introduce QQE with a negative interest rate.

India's Alibaba: IndiaMART's Network Effects

Dinesh Agarwal and Brijesh Agrawal (“DA & BA”) established IndiaMART with around US$1100 savings in 1996. By 2014, IndiaMART.com was “India’s largest online marketplace for Small & Medium Size Businesses”. Its revenue for the year ended March 2014 reached US$32 million. “The company offered a platform and tools to over 1.5 million suppliers to generate business leads from over 10 million buyers… (It had) over 2600 employees located across 40+ offices in the country”. In keeping with its growth plans, the company evaluated various capital raising activities from time to time, including public or private placement opportunities. Factors that would benefit the company’s valuation included a strong track record of year-on-year growth, a sustainable revenue base from diversified product categories, a strong, large and active user base as well as a solid conversion rate of buyer-leads to revenue dollars for its suppliers. The downside, though, was that the company had not been generating operational profits for five years since 2010. From scratch to US$32 million revenues, DA & BA led the company’s many evolutions; what were the major considerations in building the present business model? How did they ensure the development of strong networks in every product category of the multiple-sided platform? One criticism of IndiaMART’s weakness was easy replicability – what was the founders’ response to mitigating risks presented by this weakness? What should IndiaMART do to attract a fair valuation?

https://www.acrc.hku.hk/Case/Detail/942

The Internet of Things (IOT): Shaping the Future of E-Commerce

Besides computers, tablets and mobile phones, what other items in your home could be connected to the internet? The answer might be far more than you imagine: refrigerators, cupboards, coffee machines, washers and many other household appliances. In March 2015, Amazon, the global e-commerce giant, unveiled to its selected Prime members a wi-fi connected Amazon Dash Button that could be attached to home appliances and allowed consumers to make online orders automatically simply with the push of a button. This innovation eliminated regular e-commerce shopping steps and made speedy and convenient online shopping possible. In July 2015, Amazon brought this Dash Button to all its Prime members for US$4.99 each, accelerating the implementation and adoption of the Internet of Things (“IoT”) in the e-commerce sector. The IoT was defined as a worldwide information infrastructure in which physical and virtual objects were uniquely identified and connected over the internet. These inter-connected devices generated and communicated big data dynamically, enhanced operational efficiency and created new business opportunities for various industries. The e-commerce sector was no exception to the booming IoT development trend. The IoT would expand the scope and depth of e-commerce by linking people, smart devices and objects that were offline in the current e-commerce business model, generating unprecedented big data on product performance and on customer behaviour and experience, involving more communication and action, and ultimately shaping the future of e-commerce. How would the IoT change current e-commerce models? What business transformations could companies undergo to integrate the IoT with existing e-commerce platforms and create new business models and competitive advantages?

https://www.acrc.hku.hk/Case/Detail/936

Uniqlo: A Supply Chain Going Global

In less than 20 years, Uniqlo has become the leading fast-fashion retailer in Japan and a strong player in other Asian countries like China, Korea and Taiwan. Since 1998, the company has expanded sales at double-digit rates, thanks to an aggressive pricing policy combined with a high level of quality, a mix that proved hard to resist for Asian customers. Key to Uniqlo’s strategy and success was an agile supply chain inspired by the “fast-fashion” model pioneered by Inditex and also utilized by H&M, the two largest fashion retailers in the world. While Uniqlo demanded competitive prices from its suppliers, it also offered them continual technical assistance in developing and perfecting their manufacturing techniques, and supported them with a high flow of orders. Nineteen ninety-eight was an important year for Uniqlo, as the opening of a flagship store in one of the hottest fashion districts of Tokyo projected the brand in Japan at a national level. At product level, a partnership with Toray, one of the world’s leading producers of composite and synthetic fibers, resulted in garments that had performance and properties no natural material could match. Working with Toray forced Uniqlo to refine its supply chain further, that became “just-in-time,” mimicking that of other highly competitive Japanese companies. With an efficient but regional supply chain, Uniqlo faced rising manufacturing costs in China and was experimenting with new supply chain models in low-cost locations like Bangladesh. Uniqlo’s supply chain had proved effective in the Asia Pacific region, but could the same model be scaled worldwide? Was the low growth rate Uniqlo experienced in the US, and particularly Europe, also due to the limitations of its current supply chain?

https://www.acrc.hku.hk/Case/Detail/949

Besides computers, tablets and mobile phones, what other items in your home could be connected to the internet? The answer might be far more than you imagine: refrigerators, cupboards, coffee machines, washers and many other household appliances. In March 2015, Amazon, the global e-commerce giant, unveiled to its selected Prime members a wi-fi connected Amazon Dash Button that could be attached to home appliances and allowed consumers to make online orders automatically simply with the push of a button. This innovation eliminated regular e-commerce shopping steps and made speedy and convenient online shopping possible. In July 2015, Amazon brought this Dash Button to all its Prime members for US$4.99 each, accelerating the implementation and adoption of the Internet of Things (“IoT”) in the e-commerce sector.

The IoT was defined as a worldwide information infrastructure in which physical and virtual objects were uniquely identified and connected over the internet. These inter-connected devices generated and communicated big data dynamically, enhanced operational efficiency and created new business opportunities for various industries. The e-commerce sector was no exception to the booming IoT development trend. The IoT would expand the scope and depth of e-commerce by linking people, smart devices and objects that were offline in the current e-commerce business model, generating unprecedented big data on product performance and on customer behaviour and experience, involving more communication and action, and ultimately shaping the future of e-commerce.

How would the IoT change current e-commerce models? What business transformations could companies undergo to integrate the IoT with existing e-commerce platforms and create new business models and competitive advantages?

A Sought-After Visa For Entering China's Electronic Payment Market and Strategies Beyond

Visa’s China strategy was challenged by the Chinese monopoly, China UnionPay Company (“CUP”), on all fronts after a few short cooperative years. Visa countered CUP’s competitions by scaling the disputes up on the WTO level. What were the implications of Visa’s history of monopoly and where would the disputes between two global monopolies lead?

https://www.acrc.hku.hk/Case/Detail/919

Please go to ACRC for more details​

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