50-50 Family Business Conference
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1 50-50 Family Business Conference From 50 to 100: Steps towards Successful Generative Family Enterprises Network Capital and Li & Fung Group: Four Generations of Leadership Competition Dr. Victor Zheng CUHK Hong Kong Institute of Asia-Pacific Studies CUHK, 10 December 2013
2 Introduction * Networking as consumption or investment? * Wedding banquet and birthday party are common social gatherings but can achieve different results * Sabrina Fung s wedding vs a Dutch teenage girl s birthday party CUHK Business School Center for Family Business Family Business Conference Copyright Victor Zheng
3 Network Capital for Enterprise Building and Control * Different nature of capital: economic capital, human capital, social capital, cultural capital and moral capital * Can facilitate certain actions of individuals who are within the structure (Coleman, 1990: 302). * Bourdieu s idea: social capital and cultural capital are in equal importance to economic capital affect social relations, life chances, social class, and more importantly, social reproduction. * Coleman s argument: social capital and cultural capital as resource. The way to cultivate the resource varies and is enforced through repeated exchange. Social class reproduces. CUHK Business School Center for Family Business Family Business Conference Copyright Victor Zheng
4 Network Capital for Enterprise Building and Control * Granovetter further proves that when weak-ties become well- established, the strength could be large. * He also argues that rational choice is embedded within social relation. Economic actions should be interpreted multidimensionally, i.e., including social factors. * Other scholars such as O. Williamson, N. Lin and R. Putnam also come to a similar conclusion. * Social capital brings far-reaching effect not only on daily life, social chances, but can be transmitted from generation to generation. CUHK Business School Center for Family Business Family Business Conference Copyright Victor Zheng
5 Network Capital for Enterprise Building and Control * Social capital and cultural capital are generic ideas which h cannot be used to distinguish i people from the same social group or with a similar background. * To borrow the concept of social capital and cultural l capital but with emphasis on personal network weaved by a particular person (family) the concept of network capital, a kind of idiosyncratic investment (Williamson, 1979: 242), is suggested for analysis/discussion. * Network capital is used to explain the growth, expansion, division and control of the Li & Fung Group, a globalised family-controlled firm based in Hong Kong. CUHK Business School Center for Family Business Family Business Conference Copyright Victor Zheng
6 Family and Business: Dynamic Forces for Development * Every family/business/individual is organised like a universe or cosmos. * There is a saying that every individual is at the centre of its little universe. * In the Chinese philosophy, there are two forces working inside: id yin and yang which can be seen as centrifugal tif and centripetal forces. CUHK Business School Center for Family Business Family Business Conference Copyright Victor Zheng
7 Family and Business: Dynamic Forces for Development * If centripetal force is more dominant, family members and/or business partners can work together e or live harmoniously ous to achieve e common goal. * If centrifugal force is more dominant, family members and/or business partners may find autonomy/interest hampered and mostly seek for splitting. * Siu-lun Wong s (1985) family business model emergent, centralization, segmentation and disintegration is one of the key explanations which has absorbed these two forces into consideration. * Li & Fung s story over one century clearly shows how the families solved these two forces without hampering business development and continuity. CUHK Business School Center for Family Business Family Business Conference Copyright Victor Zheng
8 A Brief History of Li & Fung: House United, House Divided * The firm was founded by Li To-ming and Fung Pak-liu in Guangzhou with equal share in * So they named it Li & Fung. * The major business was for export trade, especially porcelain to the US market. * Business grew well. * Established a branch in Hong Kong in the late 1910s. CUHK Business School Center for Family Business Family Business Conference Copyright Victor Zheng
9 AB Brief fhistory of fli&f Fung: House United, House Divided * In 1937, set up Li & Fung Limited in Hong Kong and moved their families and their major business to HK when the Anti-Japanese War broke out. In 1944, Fung Pak-liu died on a short stay in his hometown. * After the war, Li & Fung re-started t its business in Hong Kong. * But in 1946, Li To-ming sold all the shares and left. CUHK Business School Center for Family Business Family Business Conference Copyright Victor Zheng
10 AB Brief fhistory of fli&f Fung: House United, House Divided * Li & Fung became solely-owned owned by the second generation of the Fungs. * From the 1950s to 1970s, Li & Fung made an impressive growth. * In 1972, Li & Fung was listed as more third generation joined the firm. * In 1989, the company announced privatisation and became solelycontrolled by a single fang (a family branch). * In 1992, Li & Fung went public again after restructuring. * It grew at an astonishing pace through mergers and acquisitions. * In the turn of the new millennium, the four generation joined the company; another succession process started. CUHK Business School Center for Family Business Family Business Conference Copyright Victor Zheng
11 Cultivation and Transmission of the First Generation Network Capital * Why Li & Fung split and fell into the hands of the Fungs in 1946? * Given that Li To-ming was the chairman, one generation more senior, not to mention wealthier at the beginning. * Network capital is one of the explanations. * Fung Pak-liu was an old boy of Queen s College, the cradle of elites in Hong Kong, who once got the Morrison Scholarship and had spent one year in the US for further study. * Some hints to illustrate how network capital work. CUHK Business School Center for Family Business Family Business Conference Copyright Victor Zheng
12 Cultivation and Transmission of the First Generation Network Capital * A porcelain plate presented to Dr. G.H.B. Wright, by Fung Pak-liu * This plate was presented in the early 20 th century. * Wi Wright was the headmaster of Queen s College from 1881 to * It seemed to be an souvenir after a key event. CUHK Business School Center for Family Business Family Business Conference Copyright Victor Zheng
13 Cultivation and Transmission of the First Generation Network Capital * Fung Pak-liu was asked to join the Panama-Pacific International Exposition in San Francisco in * Chan Kam-tao, an old boy of QC, then Minister of Finance of ROC, was head of the Chinese delegation to liaise China s part on the fair. * After the event, Li & Fung got a big order and its trade expanded to Hong Kong. Thus, the business relied more on Pak-liu s personal network. CUHK Business School Center for Family Business Family Business Conference Copyright Victor Zheng
14 Cultivation and Transmission of the Second Generation Network Capital * Li & Fung became a business solely owned by the Fung family. * Under the sibling partnership, it went well after mid 1950s. * Brothers and sisters were assigned to different positions and departments. CUHK Business School Center for Family Business Family Business Conference Copyright Victor Zheng
15 Cultivation and Transmission i of the Second Generation Network Capital * Decided to go public in 1972 as more third generation members joined the company. * After listing, the company expanded further. * Internal conflicts appeared and one of the fangs suggested management buy-out (1989). * Since then, Li & Fung became solely owned by the second fang. CUHK Business School Center for Family Business Family Business Conference Copyright Victor Zheng
16 Family Tree of Fung Pak-liu Fung Kwok-fun Name not known (died young) Fung Kwok-hong Fung Mo-ying Fung Kwok-chor Fung Yuen-sang Fung Suet-sang Fung Mei-sang Fung Yim-sang Victor K.Fung Ng Chen yuan Spencer Fung Sabrina Fung Fung Hon-chu William K.Fung Fung Pui-hei hi Stephen Fung Terenece Fung Li Hing-yi Fung Pak-liu Fung Pui-kit Li Hing-wing Li Pui-ming Fung Lai-wah Fung Hon-hing Fung Hon-pong Fung Lai-sheung Fung Hon-yin Fung Lai-ngoi Name not known (died young) Name not known (died young) Fung Pui-ling Li Wing-hong Li Wai-ching Michael K. Fung Anthony K. Fung Bernard K. Fung John K. Fung Edmond K. Fung David Fung Peter Fung Lisa Fung Margaret Fung Ku Lit-to Ku Lit-mei CUHK Business School Center for Family Business Family Business Conference Copyright Victor Zheng
17 Cultivation and Transmission of the Second Generation Network Capital * Why the second brother of the second generation got the controlling power? * Network capital is still the key explanation as the second generation brothers and sisters had got similar human capital and economic capital. * Apart from running the family business, Fung Hon-chu once served in the Urban Council and Legislative Council. He also took up number of social or charitable positions. * Hence, he had accumulated the thickest network capital amongst the siblings. CUHK Business School Center for Family Business Family Business Conference Copyright Victor Zheng
18 Cultivation C lti ti and d Transmission T i i off the th p Third Generation Network Capital * In 1992,, the third generation g of Fungs, Victor and William, restructured Li & Fung and returned to the stock market. * The company expanded more impressively through a series of mergers and acquisitions. * Not only expanded the Hong Kong market, but went globally. * Below are some figures illustrating the drastic expansion. CUHK Business School Center for Family Business Family Business Conference Copyright Victor Zheng
19 Li & Fung s Sales and Profits, CUHK Business School Center for Family Business Family Business Conference Copyright Victor Zheng
20 Organisation Chart of Li & Fung King Lun Holdings Limited Fung Holdings (1937) Limited Li & Fung Limited (0494.HK) Fung Retailing Limited Convenience Retail Asia Limited (0831.HK) Trinity Limited (0891.HK) Branded Lifestyle Holdings Limited LiFung Kids (Holdings Limited) Toys R Us Asia CUHK Business School Center for Family Business Family Business Conference Copyright Victor Zheng
21 Li & Fung s Staff and Offices, CUHK Business School Center for Family Business Family Business Conference Copyright Victor Zheng
22 Cultivation and Transmission i of the Third Generation Network Capital * Apart from building economic capital and human capital, they also spent lot of their time on public services and voluntary works. * They see this as a way to accumulate network capital * The following are some of the key positions held by Victor Fung Hong Kong Trade Development Council Chairman Airport Authority Hong Kong Chairman Council of The University of Hong Kong Chairman Present Asia Advisory Board of Prudential Financial, Inc. (USA) Chairman Present Greater Pearl lriver Dlt Delta Business Council Chairman CUHK Business School Center for Family Business Family Business Conference Copyright Victor Zheng
23 Cultivation and Transmission of the Fourth Generation Network Capital * In the turn of the new millennium, the fourth generation members joined Li & Fung. * Succession process has been activated. CUHK Business School Center for Family Business Family Business Conference Copyright Victor Zheng
24 Cultivation and Transmission of the Fourth Generation Network Capital * Apart from building the next generation s economic capital and human capital, network capital started to be inculcated. * Will there be another splitting of the family business? CUHK Business School Center for Family Business Family Business Conference Copyright Victor Zheng
25 Discussion and Conclusion * Business growth clearly follows the pattern of: formation, division i i and recentralisation ti (control). * Unity and solidarity is strong when centripetal force is dominant. * Division appears when centrifugal force is dominant. CUHK Business School Center for Family Business Family Business Conference Copyright Victor Zheng
26 Discussion and Conclusion * For whatever force is dominant, Chinese family business puts a strong emphasis on family control, should it be full control or partial control (models1 and 2). * It is rare for Chinese family business to adopt separation of management and control (model 3) Model 1 Concentration of Management and Control Model 2 Partial delegation Model 3 Separation of Management and Control Shareholders Shareholders Shareholders Management Management Management CUHK Business School Center for Family Business Family Business Conference Copyright Victor Zheng
27 Discussion and Conclusion * When the centrifugal force is dominant, splitting may be avoided d through h pruning of the family tree so to achieve recentralisation. * For non-listed companies, sales of the controlling stake can arranged privately. * For listed companies, sales of the controlling stake can be by management buy-out. * For whatever way adopted, network capital seems to be a critical factor for enhancing control. CUHK Business School Center for Family Business Family Business Conference Copyright Victor Zheng
28 Discussion and Conclusion * As Li & Fung can settle family/business dispute by pruning the family tree, it has survived over a century and maintained its business vitality. Formation Competition and Recentralization Competition and Recentralization and Competition and 3 rd and growing g 1 st splitting and growing g 2 nd splitting growing g splitting? Family Management Business scale CUHK Business School Center for Family Business Family Business Conference Copyright Victor Zheng
29 Dr. Victor Zheng Victor Zheng, Ph.D., is currently Co-Director of the Centre for Social and Political Development Studies, Hong Kong Institute of Asia-Pacific Studies, The Chinese University of Hong Kong (CUHK). Victor received his Ph.D. from the University of Hong Kong and joined its Centre of Asia Studies in 2003 as Research Assistant Professor. His research interests include development and inheritance of Chinese family businesses and social indicators and social development in Hong Kong and Macao. Victor authored Chinese Family Business and the Equal Inheritance System: Unraveling the Myth and Gambling Dynamism: The Macao Miracle and published a number of papers in international academic journals. He also coauthored and edited a number of Chinese titles including 香港華人家族企業個案研究, 華人家族企業傳承研究, 家族企業與股票市場, 才德之間 : 華人家族企業與婦女, 香港大 老 : 周壽臣, 香港大老 : 何東, 香港將軍 : 何世禮, 何家女子, 婦女遺囑藏著的秘密, 一代煙王 : 利希慎, 香港赤子 : 利銘澤, 山巔堡壘 : 何東花園, 滙通天下 : 香港如何連結中國與世界, 香港身份證透視, 香港米業史, 香港股史, 澳門社會實錄, and 澳門 特區新貌. CUHK Business School Center for Family Business Family Business Conference Copyright Victor Zheng
30 References Bourdieu, P Distinction: A Social Critique of the Judgment of Taste. London: Routledge & Kegan Paul. Coleman, J.S Foundations of Social Theory. Harvard, MA: Harvard University Press. Fung, B.Y Years of Li & Fung: The Rise from Family Business to Multinational. Hong Kong: Joint Publishing (Hong Kong) Limited. (in Chinese) Granovetter, M The strength of the weak ties, American Journal of Sociology, Vol. 78, no. 6, pp Hutcheon, R A Burst of Crackers: The Li & Fung Story. Hong Kong: Li & Fung Limited. Li & Fung Limited. i Various years. Annual Report (including Interim Report). Hong Kong: Li & Fung Limited. Lin, N Social resources and social mobility: A structural theory of status attainment, in Breiger, R. (ed.) Social Mobility and Social Structure, pp Cambridge: Cambridge University Press. Putnam, R Blowing Alone: The Collapse and Revival of American Community. New York: Simon and Schuster. Williamson, O.E Markets and Hierarchies. New York: Free Press. South China Morning Post, 1 September CUHK Business School Center for Family Business Family Business Conference Copyright Victor Zheng
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