close

Вход

Забыли?

вход по аккаунту

?

Forbes Asia - April 2018

код для вставкиСкачать
Breguet La Marine
Équation Marchante 5887
B E I J I N G C A N N E S C H E N G D U D U B A I E K AT E R I N B U R G G E N E VA G S TA A D H O N G K O N G K U A L A L U M P U R L A S V E G A S L O N D O N L O S A N G E L E S
M A C A O M I L A N M O S C O W N E W Y O R K N I N G B O P A R I S S E O U L S H A N G H A I S I N G A P O R E TA I P E I T O K Y O V I E N N A Z U R I C H – W W W. B R E G U E T. C O M
PROMOTION
V3 GROUP:
FROM STRENGTH TO STRENGTH
Following the success of its lagship product OSIM massage chairs, the Singaporean retailer aims to become
Asia’s leading luxury lifestyle and wellness group through its portfolio of premium brands.
Starting with a small retail company that sold
household goods in 1980, an ambitious Singaporean entrepreneur has grown a business
that today spans a range of leading lifestyle
and wellness brands available in 24 countries
around the world.
Throughout the 1980s and early 1990s,
Ron Sim built a regional firm selling health
and wellness products in Hong Kong, Taiwan,
Malaysia and China after the recession in 1985
made it clear that he needed to grow beyond
the Singapore market to thrive.
The company, which was renamed OSIM
International in 1993, expanded rapidly
following the phenomenal success of its
Ron Sim, Chairman and
Chief Executive Oicer of V3
flagship line of OSIM premium massage
chairs. Over the years, the brand has crafted a
reputation for innovation across its comprehensive range of products, winning numerous industry awards for design and business
excellence, including the prestigious Red Dot
Design Award four times.
His entrepreneurial achievements have
also led to personal honors. In 2003, he won
Ernst & Young's prestigious "Entrepreneur of
The Year" award in Singapore. That same year,
Singapore-based The Business Times named
him “Businessman of the Year.”
The company survived the 1997 Asian
financial crisis and 2008 global financial crisis,
emerging stronger each time on the strength
of its brands and a commitment to financial
prudence.
With the OSIM product line providing a
solid foundation for the firm, Mr. Sim has
expanded his portfolio of brands through a
series of acquisitions over the past 15 years.
He renamed his company V3 Group in 2016.
The company's vision is to become Asia's
leading luxury group in the lifestyle and wellness business categories as well as aspirational brands.
Apart from OSIM in the lifestyle category,
V3’s portfolio also includes TWG Tea, in which
the group initially acquired a 35% stake in
2011 and subsequently upped its holding to
70% in 2014. TWG Tea has expanded to more
than 60 tea salons & boutiques worldwide,
and is now recognized as one of the finest
luxury tea brands in the world. To ensure the
quality of its products, TWG Tea tasters travel
thousands of miles across the globe every
year, sampling hundreds of teas in search of
the best harvests direct from the source.
In 2003, Mr. Sim acquired ONI Global, which
holds the exclusive franchise rights to the
GNC brand in Singapore, Malaysia and Taiwan.
Together with its subsidiary LAC, a wellness
brand that combines Eastern herbal ingredients and modern technology, ONI Global
helps customers improve their overall physical, mental and emotional wellness.
V3’s most recent investment is its 69%
stake in Futuristic, a Singapore company
that manufactures high-quality store fixtures
for leading global brands such as Victoria's
Secret and H&M. Given V3’s emphasis on store
design and delivering a premium retail experience, Futuristic is set to bring synergies by
offering valuable insight on trends and developments in branding and store presentation.
All of V3’s offerings enjoy strong brand recognition in their core markets and together
have a presence in more than 100 cities
worldwide. With continuous innovation,
high-quality products and focus on customer
experience, V3 has become a brand creator
and developer in lifestyle and wellness.
"You have to create and make that difference. Besides brand positioning, you have
to have good concepts, good design, good
material, at the right price," says Mr. Sim,
the Chairman and Chief Executive Officer
of V3.
It is a philosophy that is practiced at all the
group's brands, and one that will drive its continued success for years to come.
OSIM uInfinity Luxe
TWG Tea
CONTENTS — APRIL 2018
S PAGE 30
“AS PEOPLE’S
DISPOSABLE
INCOME GROWS
IN CHINA, THEY
ARE SPENDING
MORE ON THINGS
THAT WILL IMPROVE
LIFE QUALITY.”
—SU CHUNZI, 28, executive vice
president & partner, Flowerplus
VOLUME 14 NUMBER 3
12 | FACT & COMMENT // STEVE FORBES
New Fed head: same old, bad old.
30 UNDER 30
26 | ONWARD AND UPWARD
Our third annual list showcases young leaders who are creating a stir in the Asia-Pac region.
EDITED BY RANA WEHBE
27 | BRIAN IMANUEL (RICH BRIAN)
Indonesia’s rap prodigy climbs the charts.
28 | AMIRA GENEID
Her line of halal-compliant cosmetics fills a void for Muslim women.
29 | TU JIANYU & LIU TAO
Their fintech startup creates faster and clearer financial data.
30 | SU CHUNZI
Her subscription-bouquet company brings flowers to Chinese homes.
31 | KAZUO ISHIGAME
His eyes on the sky, he has created “an Airbnb for satellite antennas.”
32 | SHI XIAOGANG
His augmented reality goggles and glasses are used by Chinese bikers, engineers and police.
33 | ESTHER WANG
Her Rabbit Ray educational toy helps kids deal with their fears.
34 | SHRIYANS BHANDARI & RAMESH DHAMI
They convert old running shoes into footwear for India’s poor.
35 | TARA BAKER
Her wedding magazine caters to the LGBTQ+ community.
36 | FRANCISCO SERRA-MARTINS
COVER PHOTOGRAPHS:
MUNSHI AHMED FOR FORBES; IRWIN WONG FOR
FORBES; ROBERT GALLAGHER FOR FORBES;
STEFAN CHOW FOR FORBES (2)
His Sonder customizable keyboard is a no-brainer for multilingual users.
38 | 30/30 ALUMNI ON THE RISE
UNLESS OTHERWISE SPECIFIED, ALL TOTALS AND PRICES EXPRESSED IN OUR STORIES ARE IN U.S. DOLLARS.
4 | FORBES ASIA APRIL 2018
CONTENTS — APRIL 2018
VOLUME 14 NUMBER 3
COMPANIES, PEOPLE
14 | EVER SKYWARD
Hong Kong’s apartment math should work for moguls who bought HNA’s sites at Kai Tak.
BY ROBERT OLSEN
17 | MEET THE NEIGHBORS: PARK PENTHOUSES
Silas Chou is one of several billionaires living in Manhattan’s 1,004-foot-tall One57.
BY SAMANTHA SHARF
18 | BREAKING OUT
Apichart Chutrakul is pushing Thai property company Sansiri in unexpected directions.
BY RON GLUCKMAN
21 | INDIA’S VIRTUAL MALL-CUM-BANK
Paytm unifies small shops and runs circles around stodgy lenders.
BY HARICHANDAN ARAKALI (FORBES INDIA)
40 | THE 10Q: PAT GELSINGER
The VMware chief’s dire advice for U.S. CEOs: Digitize or die.
BY RICH KARLGAARD
S PAGE 18
“DISRUPTION IS
EVERYWHERE
THESE DAYS. YOU
HAVE TO CHANGE
WITH THE TIMES.”
—APICHART CHUTRAKUL,
CEO of Thailand’s Sansiri
48 | THE MAESTRO OF MERGERS
Billionaire Bradley Jacobs’ XPO Logistics is getting tuned up to deliver big profits.
BY ANTOINE GARA
50 | NEXT TYCOONS: FROM BELLHOP TO CEO
When Hong Kong’s Law family bought a hotel, Allen Law’s father gave him the keys.
BY JANE A. PETERSON
76 | GADGETMAN // BEN SIN
Nobody seems shocked by the $1,100 price tag for Huawei’s new P20 Pro.
MIDAS LIST
54 | VENTURE CATALYSTS
Frustrated by tech’s sufocating old boys’ club, a group of women in venture capital channel
emotion into action. Plus: Neil Shen tops the 17th annual Forbes Midas 100.
BY ALEX KONRAD AND BIZ CARSON
63 | THE NEXT FRONTIER
Jim Breyer looks at blockchain and other opportunities in China.
T PAGE 50
“I DARE TO DREAM
BIG.”
—ALLEN LAW, CEO of Hong Kong’s
Park Hotel Group
BY YUE WANG
TECHNOLOGY
64 | THE VACATION PREDICTOR
One of the world’s hottest apps, Hopper, monetizes artificial intelligence.
BY KATHLEEN CHAYKOWSKI
INVESTING
66 | MISTER 30%
Joe Edelman may be the world’s best hedge fund manager.
BY NATHAN VARDI
JAPAN’S 50 RICHEST
70 | RACE TO THE PINNACLE
A familiar name sits on the top of the list, but others are gaining on him.
BY KERRY A. DOLAN
FORBES LIFE
78 | BUILDINGS FOR EVERYONE
India’s Balkrishna Doshi wins a coveted architectural prize.
BY KARL SHMAVONIAN
80 | THOUGHTS
On change.
6 | FORBES ASIA APRIL 2018
FORBES ASIA
SIDELINES
Editor Tim W. Ferguson
Editorial Director Karl Shmavonian
Art Director Charles Brucaliere
Senior Editor John Koppisch
Wealth Lists Editors Luisa Kroll, Kerry A. Dolan
Photo Editor Michele Hadlow
Statistics Editor Andrea Murphy
Research Director Sue Radlauer
Online Editor Jasmine Smith
Reporter Grace Chung
Interns Prisca Ang, Anis Shakirah Mohd Muslimin
Editorial Bureaus
Beijing Yue Wang
Shanghai Russell Flannery (Senior Ed.); Maggie Chen
India Editor Naazneen Karmali
Contributing Editors
Bangkok Suzanne Nam
Chennai Anuradha Raghunathan
Hong Kong Shu-Ching Jean Chen
Jakarta Justin Doebele
Melbourne Lucinda Schmidt
Perth Tim Treadgold
Singapore Jane A. Peterson
Taipei Joyce Huang
Vietnam Lan Anh Nguyen
Columnist Ben Sin
Production Manager Michelle Ciulla
EDITOR-IN-CHIEF
Steve Forbes
FORBES MAGAZINE
CHIEF CONTENT OFFICER Randall Lane
EXECUTIVE EDITOR Michael Noer
ART & DESIGN DIRECTOR Robert Mansfield
FORBES DIGITAL
VP, INVESTING EDITOR Matt Schifrin
VP, DIGITAL EDITOR Mark Coatney
Changing of the Guard
W
hen Li Ka-shing
pulled back last
month from active
management of his corporate
empire, it was a symbolic moment felt all over Asia. Near 90,
he is probably the most identiiable face of the generation that
put regional business on the
global map ater the war years of
the mid-20th century.
Superman bids farewell to the daily grind.
hat cohort has begun passing
from the scene, but only ater a very long run. Indeed, of the top 10 names on each of
our 12 Asia-Paciic wealth lists, 28 are 80 or above. (Others of them have also retired
from day-to-day operations.) he average of these 120 listings is a ripe old 68.
Time is catching up with them, as it does with us all. hat’s one reason that some
years ago we began a feature called he Next Tycoons, to introduce the ofspring who are
likely to step into what are usually founders’ shoes. (Sometimes those are grandfathers’
shoes.) We continue the series on page 50 with Allen Law of the Park Hotel Group.
“Superman” Li’s charted succession, to his elder son, Victor, is ordered and traditional. (I could have predicted as much from spending time with the man for a 2007
cover article.) Not always do family sagas turn out so predictably, and of course that
can hold storytelling drama for us. Increasingly, the spotlight is moving to daughters,
one of the great Asian transitions of our era.
Each midyear, Forbes Asia assembles a big group of actual or prospective successors to discuss their ambitions and apprehensions. hese private Next Tycoon forums
are of the record, but they help inform me at least of the state of play in Asia’s notable
family enterprises, which I hope then makes for richer magazine material.
Ultimately, it’s the tycoons themselves, of any age, who make for interesting Forbes
copy. he “head knocker’s” life is oten mirrored in the business results. Li Ka-shing’s
remarkable rise will be a tough act to follow, and I don’t just mean for Victor.
VP, PRODUCT DEVELOPMENT Salah Zalatimo
VP, WOMEN’S DIGITAL NETWORK Christina Vuleta
ASSISTANT MANAGING EDITORS
Frederick E. Allen LEADERSHIP
Loren Feldman ENTREPRENEURS
Janet Novack WASHINGTON
Michael K. Ozanian SPORTSMONEY
DEPARTMENT HEADS
Mark Decker, John Dobosz, Clay Thurmond
Jessica Bohrer VP, EDITORIAL COUNSEL
B.C. Forbes, Editor-in-Chief (1917-54)
Malcolm S. Forbes, Editor-in-Chief (1954-90)
James W. Michaels, Editor (1961-99)
William Baldwin, Editor (1999-2010)
8 | FORBES ASIA APRIL 2018
Tim Ferguson
Editor, forbes asia
globaleditor@forbes.com
REUTERS/BOBBY YIP
FOUNDED IN 1917
CITATION
LONGITUDE
U. S . + 1 . 8 4 4 . 4 4 .T X TAV
|
INTERNATIONAL + 1 . 3 1 6 . 5 1 7. 8 2 7 0
|
CESSNA.COM/LONGITUDE
© 2018 Textron Aviation Inc. All rights reserved. Cessna & Design and Citation Longitude are trademarks or service marks of Textron Aviation or an ailiate and may be registered in the United States.
FORBES ASIA
READERS SAY
CEO/ASIA, FORBES MEDIA
PRESIDENT & PUBLISHER, FORBES ASIA
CONVERSATION
William Adamopoulos
THE KING HAS been dethroned.
Unstoppable delivery dauphin Jef
Bezos usurped reigning monarch
Bill Gates to claim the top spot
on our annual tally of the world’s
billionaires (March). With an eyewatering net worth of $112 billion,
Amazon’s founder also became the
first nominal centibillionaire we’ve
tracked over three decades. (Some
readers retain their fealty to the ancien régime: “Bill Gates forever #1,”
cheered Raquel Dunn on LinkedIn.) One prominent tapioca-haired
gadfly didn’t fare as well, shedding
$400 million of his former $3.5 billion fortune: “Entering politics has
had an ill efect on President Trump’s purse,” wrote the New York Daily
News’ Denis Slattery. Our profile of Malaysian billionaire Chen Lip Keong
and his casino in Cambodia (“The Accidental Casino Mogul,” p. 34) inspired
this retort on Facebook from Jo Priestley: “Yes, let’s congratulate him for
helping to keep Cambodians poor. Gambling is a horrendously addictive
habit that the Khmers really don’t need shoved down their throats!”
SENIOR VICE PRESIDENTS Tina Wee, Serene Lee
EXECUTIVE DIRECTORS Eugene Wong, Aarin Chan,
Janelle Kuah, James Sundram
DIRECTOR, CIRCULATION Eunice Soo
DEPUTY DIRECTOR, EVENTS & COMMUNICATIONS
Audra Ruyters
DEPUTY DIRECTOR, CONFERENCES Jolynn Chua
DEPUTY DIRECTOR, CIRCULATION Pavan Kumar
DEPUTY DIRECTOR, MARKETING & RESEARCH Joan Low
SENIOR MANAGER, CONFERENCES Quek Xue Wei
SENIOR MANAGER, EVENTS & COMMUNICATIONS Melissa Ng
SENIOR MANAGER, MARKETING & RESEARCH Chow Sin Yee
SENIOR MANAGER, AD SERVICES-DIGITAL Keiko Wong
OFFICE MANAGER/ASSISTANT TO THE CEO/ASIA
Jennifer Chung
AD SERVICES MANAGER Fiona Carvalho
CONFERENCE MANAGERS Clarabelle Chaw,
Cherie Wong, Isabel Wong
ASSISTANT MANAGER, MARKETING & RESEARCH
Gwynneth Chan
ADVERTISING EXECUTIVES
Angelia Ang, Sharon Joseph, Sabrina Cheung
CIRCULATION SERVICES
Taynmoli Karuppiah Sannassy, Jennifer Yim
FORBES MEDIA
CHIEF EXECUTIVE OFFICER Michael Federle
CHIEF FINANCIAL OFFICER Michael York
CHIEF REVENUE OFFICER Mark Howard
EDITOR-AT-LARGE/GLOBAL FUTURIST Rich Karlgaard
GENERAL COUNSEL MariaRosa Cartolano
THE INTEREST GRAPH
Our gambling story from the March issue hit the jackpot online:
How Malaysian “Accidental” Casino Billionaire Chen Lip Keong’s Cambodia Bet Paid Of
17,538 page views
PRESIDENT, FORBESWOMAN Moira Forbes
April, 2018
+(1)!ƫāąƫđƫ1)!.ƫă
FORBES ASIA (ISSN 1793 2181) is published monthly, except bimonthly in January/
February and July/August, with an additional special issue in October. FORBES
ASIA is printed at Times Printers in Singapore. Singapore MCI (P) 050/12/2017.
Malaysia KDN PPS 1411/01/2013 (022902).
All rights reserved. Title is protected through a trademark registered with the
U.S. Patent & Trademark Oice. Forbes Asia is a trademark of Forbes Asia.
Copyright © 2013 FORBES ASIA.
Anthony Tan’s Grab Hits $6 Billion Valuation as the Ride-Hailing Race Quickens
9,207
Football Crazy: Why a Chinese-American Investor Brought Moneyball to a Sleepy English Town
SUBSCRIBER SERVICE: To subscribe or order a back issue, change address or
inquire about other customer services, please contact:
“It’s not the
business I chose,
I planned or I
envisioned.”
9,128
FORBES ASIA: 501 Orchard Road, #08-02 Wheelock Place, Singapore 238880.
Web: www.forbesasiasubscription.com.
E-mail: subscribe@forbesasia.com.sg. Fax: +65 6836 3405. Phone: +65 6836
1652; +65 6836 9476
Indian Parliamentarian’s Business Born of War Reporting Puts Him in Billionaires Club
6,729
PRICES (one year): US$90.00 for Asia; US$150.00 for all other countries.
Where necessary, permission is granted by the copyright owner for those
registered with the Copyright Clearance Center (222 Rosewood Dr., Danvers,
Massachusetts 01923, USA) to photocopy articles owned by FORBES ASIA for
a flat fee of US$2.25 per copy per article. Send payment to the CCC stating the
ISSN (1793-2181), volume, first and last page number of each article copied.
Copying for other than personal use or internal reference or of articles or
columns not owned by FORBES ASIA without express written permission of
FORBES ASIA and/or the copyright owner is expressly prohibited.
To order reprints: call +1-212-620-2399, fax +1-212-206-5118 or e-mail to
reprints@forbes.com (minimum order 500). To request permission to
republish an article: call +1-212-620-2434 or fax +1-212-206-5118 or e-mail
permissions@forbes.com. Reprints reproduced by others are not authorized.
10 | FORBES ASIA APRIL 2017
Legendary Tycoon Robert Kuok on Trials and Tribulations in Shangri-La Hotels
6,495
Malaysia’s Richest: Fortunes of Country’s High Flyers Skyrocket
4,565
“The club is the
town’s biggest
asset. It’s a small
town, so the
football club is its
identity.”
“I would be
deceitful if I led
you to believe
that all Shangri-La
projects have gone
smoothly.”
FACT & COMMENT
“With all thy getting, get understanding”
NEW FED HEAD
SAME OLD, BAD OLD
BY STEVE FORBES, EDITOR-IN-CHIEF
THE FEDERAL RESERVE’S new chairman, Jerome Powell, recently presided
over his irst meeting of the Federal Open
Market Committee, which sets central
bank policy, most particularly the level of
interest rates. Powell looks to continue the
same destructive policy that has done so
much harm to the economy.
he episode underscores that our central bank won’t rid itself anytime soon of
its three fatal laws:
tćFCFMJFGJOGVOOZNPOFZUIBUJTBO
VOTUBCMFEPMMBS he Fed never resists when the Treasury
Department wants a weaker greenback, as happened in the
early 2000s under President George W. Bush. No country
does well with wobbly money. Our feeble dollar was the
foundation of the disasters of 2008–2009. A loating currency is as helpful as a watch or clock that can’t keep proper
time. It harms long-term investing, the crucial key to a
higher standard of living.
tćFCPHVTUIFPSZUIBUQSPTQFSJUZDBVTFTJOĘBUJPO One
newspaper commentator—relecting the predominant
thinking—said Powell faces the tricky task of increasing
unemployment while avoiding a recession. his fake holy
writ comes from the long-discredited Phillips Curve, which
posits that if you want low inlation, you must have higher
unemployment, and conversely, if oicials
desire more employment, they must engineer more inlation by undermining the
value of the currency. Hence all the jabber
about trying to achieve an inlation rate
of 2%.
t he belief that the Fed can guide the
pace of economic activity—and drive
the economy like one would an automobile. Its tool to do this is manipulating
interest rates. he fact that for more than
a decade our central bank has consistently
misjudged how the economy would perform has made
little impression on the way in which its personnel view the
world. he notion that a handful of Beltway-based economists can control an immense economy of hundreds of millions of people and millions of entities is so preposterous as
to defy belief.
Another thing: Why do conservatives meekly accept
the idea of Fed price controls on the cost of money? hey
understand the destructiveness of rent control yet accept
the Fed’s control of the price you pay to “rent” money from
a lender.
Perhaps Jerome Powell will someday surprise us and not
simply be an amiable time server. But that someday certainly is not now.
President McKinley: Architect of the American Century
Robert W. Merry (Simon & Schuster, $35)
So obscure is the popular perception of William McKinley,
the 25th president of the U.S., who was assassinated early
in his second term in 1901, that there was hardly a peep
of protest (other than some ritual denunciations from his
home state of Ohio) when in 2015 Barack Obama changed
the name of America’s highest mountain from Mount
McKinley to Denali. It didn’t help that this cautious, frockcoated and self-efacing politician was succeeded by the always dramatic and dazzlingly colorful heodore Roosevelt,
whose volcanic energy sharply contrasted with McKinley’s
12 | FORBES ASIA APRIL 2018
seemingly somnolent way of doing things.
Don’t judge a book by its cover, we were once taught,
and in no case has this been more true than in McKinley’s. His presidential record is impressive, yet the way
McKinley did things—methodically, cautiously and with
behind-the-scenes consensus-building—made it easy for
denigrators to portray him as following events instead of
shaping them. His leadership, Robert W. Merry points out
in this excellent, highly readable biography, was “more of
the hidden-hand variety.” As McKinley’s secretary of war,
Elihu Root, observed, the Ohioan “always got his way, in part
because he never cared who got the credit.”
During his ascent to the White House, McKinley came
to master the snake pit that was Ohio politics. Before and
during his presidency, he deftly outmaneuvered such political potentates as the seemingly invincible Speaker of
the House Thomas “Czar” Reed. Some historians portray
McKinley as the amiable puppet of industrial magnate and
political operator Mark Hanna.
In reality, while Hanna employed remarkably modern
methods to sway different groups of voters, McKinley was
the senior partner.
McKinley’s major achievements:
t8JOOJOHUIFQSFTJEFODZJO.D,JOMFZTFUUIFTUBHF
GPS3FQVCMJDBOQPMJUJDBMEPNJOBODFGPSUIFOFYUZFBST
just as Franklin Roosevelt would do for the Democrats in
the 1930s.
t)FQVUUIFDPVOUSZPOBQPXFSGVMQBUIUPQSPTQFSJUZCZ
adroitly ending the threat to the dollar’s integrity posed by
inflationists led by William Jennings Bryan, who wanted to
devalue the greenback by tying it to silver instead of gold.
The debilitating uncertainty over what would happen to
the dollar had been severely damaging to growth-creating
investment for several years.
t0VSEFDJTJWFWJDUPSZJOUIF4QBOJTI"NFSJDBO8BS
gave the U.S. new status as a global power. McKinley’s role
was crucial. Unlike such belligerent nationalists as Theodore Roosevelt and Henry Cabot
Lodge, McKinley was no Europeanlike imperialist. He knew it was
imperative for U.S. security that we
have a strong navy, a capable army
(which was in deplorable condition
when the war began) and bases
from which to project power, particularly in the Pacific, but McKinley had no lust for conflict, remarking that he’d seen enough piles of
bodies during the Civil War. He
worked hard diplomatically to get
Spain out of its ghastly colonial
war in Cuba without U.S. military
intervention, until our battleship
the U.S.S. Maine was blown up in
Havana Harbor, making conflict
between Washington and Madrid
unavoidable. McKinley then prosecuted the war vigorously.
After the war, the U.S. took
possession of Puerto Rico, Guam
and Wake Island. McKinley also
concluded that we had to take over
the Philippines until its people
were ready for self-government.
He rightly feared that if we stayed
away, other powers, such as Japan, would move in.
t"HBJOTUSFBMPQQPTJUJPO.D,JOMFZFOHJOFFSFEUIFGPSNBM
annexation in 1898 of Hawaii. Because of its proximity to
our West Coast, McKinley wanted to forestall any German
or Japanese interference there.
t.D,JOMFZBOEIJTIJHIMZDBQBCMFTFDSFUBSZPGTUBUF+PIO
Hay, saved China from suffering Africa’s fate of being
carved up by imperial powers. The Open Door policy
said, in effect, that outside powers could keep what they
had but, in essence, could take no more. What made the
approach credible was the U.S.’ rout of Spain, its seizure
of the Philippines and the now undoubtable power of the
growing U.S. Navy.
t.D,JOMFZCFHBOMBZJOHUIFHSPVOEXPSLGPSBDBOBMBDSPTT
Central America.
t"MUIPVHIBMJGFMPOHQSPUFDUJPOJTUXIPIBEQBTTFEBCJMMXJUI
higher tarifs soon ater he took oice, McKinley concluded
that this approach was now counterproductive, given the size
of the U.S. economy and the need for more trade with other
countries. Against formidable opposition within his own
party, McKinley began pushing reciprocal trade treaties, what
today we would call free-trade agreements. Beginning the
political groundwork to make this fundamental break from
the past enduring, McKinley hoped it would be one of the
hallmarks of his second term. Unfortunately, he was gunned
down before this could be done. One can only speculate as to
how diferent history would be had McKinley lived to wean
his party and, indeed, much
of the country from old-fashioned protectionism.
t8IJMF5IFPEPSF3PPTFWFMU
gained national fame for his
charge up San Juan Hill (actually Kettle Hill), McKinley
had the more formidable war
record. During the Civil War,
he exhibited extraordinary
bravery and organizational
skills, which enabled the then
teenager to rise from private
to major.
t.D,JOMFZTDIBSBDUFSXBT
exemplary. He was unfailingly
gracious to all, regard-less of
their status. When his wife fell
prey to debilitating illnesses
after the deaths of their young
daughters, McKinley was
remarkably attentive to her,
despite the intense pressures
of his professional life. When
he was fatally shot, he said to
his secretary: “My wife—be
careful how you tell her. Oh,
be careful.” F
APRIL 2018
FORBES ASIA | 13
FORBES ASIA
BILLIONAIRE BETS
EVER
SKYWARD
Hong Kong’s apartment math
should work for property moguls
who bought HNA’s sites at Kai Tak.
BY ROBERT OLSEN
T
wo of Hong Kong’s billionaire property moguls
have set new records with the loty prices they’ve
paid for land at the city’s former Kai Tak airport.
But in the world’s least afordable housing market, who’s to say they won’t come in for a smooth
landing?
Lee Shau Kee’s Henderson Land Development bought two
plots from the cash-strapped Chinese conglomerate HNA
Group for an eye-catching $2 billion in February. With a total
gross loor area, on buildout, of around 1 million square feet,
the transaction equates to $1,931 per square foot.
By the time of its completion in two to three years and taking into account that Henderson will be pitching a high-end
product, the units may sell on average for $4,076 per square
foot, according to a spokesman from the developer. hat’s because the majority of the apartments will have unobstructed views of Victoria Harbour, an added attraction for buyers
already willing to pay a premium to live in what the government plans as another Central Business District—its “CBD 2”
initiative. When completed, overall CBD 2 development (including the Kai Tak site) will span 58 million square feet of
14 | FORBES ASIA APRIL 2018
commercial space with numerous parks and venues for cultural and artistic performances along with an already operational cruise-ship terminal.
Henderson said that based on a total development cost of
just over $2,930 per square foot, it targets a proit margin approaching 30% on its project, consistent with its average de-
LARRY CHAN/REUTERS
Planespotting: Air traic was a part of daily life in Hong Kong for pedestrians and spectators prior to 1998.
velopment margin over the past four years.
Wheelock & Co., controlled by billionaire Peter Woo,
bought another parcel from HNA in early March for $810
million with a buildable gross loor area of 425,000 square
feet, which translates to $1,904 per square foot. he company
says it intends to expand an existing residential project called
Oasis Kai Tak, which has been priced on average at $2,887 per
square foot ater discount, according to reports. (he company points to a higher recent sale.) he cost of that site was
a modest $777 a square foot in 2014. Wheelock declined to
APRIL 2018 FORBES ASIA | 15
FORBES ASIA
comment further
it would retain a
on the transacrank as the world’s
tions.
most unafordWoo’s fortune is
able housing marestimated at $12.7
ket for the eighth
billion. He was
consecutive year,
the chairman of
according to DeWheelock and its
mographia Inmain subsidiary,
ternational’s latWharf Holdings,
est survey. he
until he stepped
strength of the
down in mid-2015.
city’s economy and
His son Douglas is
its low unemploynow at the helm.
ment rate despite
he Kai Tak
immigration presparcel is the largest
sures both conavailable land factribute to sustain
ing Hong Kong’s
strong demand for
iconic harbor,
new housing. Also,
and the governraw land is banked
ment estimates it
by the authoriOasis Kai Tak, a residential development by Wheelock Properties, is a taste of what’s to come.
will eventually be
ties—Kai Tak’s disfirm in Hong Kong.
home to 90,000 residents. It is targeting
posal being a notable exception.
Mainland companies that had been
investments in infrastructure that will
“Economics 101 tells us curtailing
snapping up Hong Kong properties at
shorten the commuting time between
supply in the face of decent demand
record prices were placed under new re- will produce rising prices,” says Peter
Kai Tak and the traditional Central disstrictions by Chinese authorities late
trict to 15 minutes and is ofering inChurchouse, chairman at Portwood
centives for the conversion of industrial last year that are intended to put a stop
Capital and a veteran analyst of Hong
to “irrational” overseas investments.
buildings in the adjacent areas to spur
Kong’s property sector. “The Hong
(HNA hasn’t commented on its Kai Tak
its growth into a commercial hub.
Kong’s government views land as a fisdisposal.)
Kai Tak closed as Hong Kong’s aircal tool with a policy of drip-feedBy contrast, Lee’s returns over the
port in 1998, but in the two decades
ing land onto the market at a rate that
years had earned him nicknames like
since, the seemingly choice developguarantees prices will remain high.”
“Hong Kong’s Bufett.” Lee’s fortune,
ment site has sat largely vacant even as
Although new-unit supply has
Hong Kong’s second biggest, soared last risen in recent years to about 15,000
much of the city has grown more dense
year to reach $31 billion, and yet Henfrom population growth and housing
to 17,000 completions per year in the
derson Land, the property developever more dear. Soil contaminated with
private sector, that is still well short of
er that makes up the bulk of his forleaked jet fuel and the government’s inlonger-term ranges of 24,000 to 29,000
tune, still looks undervalued by some
efficiency were blamed for the lag. Fiunits a year. Private sector housing supmeasures.
nally, the sales began in mid-2013, with
ply has not kept up with demographic
Hong Kong’s major property playan aggressive HNA joining the fray with
changes over the past two decades.
ers continue to trade at a discount of
bids that were more than double the
Churchouse also believes interaround 40% to 50% to their net asset
previous winning tenders. In all, HNA
est rates are unlikely to present much
values, and analysts say the trend is
scooped up nearly 50 acres in 2016–
downside risk because they shouldn’t
likely to continue.
2017 for $3.5 billion.
rise to levels seen ahead of previous big
Feared unsustainability of high
Under pressure from regulators and
corrections. “he point is that there is
housing prices, risk of government increditors, HNA has been selling down
not a lot of domestically generated risk
assets to reduce its debt load. he Hain- tervention and low shareholder payouts
in the housing market in Hong Kong,
are the main factors behind the disconan-based company also has unloaded
risk that could generate a severe crash
nect between Hong Kong’s residential
properties in London and Sydney along
of the likes we saw in the early 1980s
prices and property stocks, according
with global equity shares.
and following the 1997 Asian inancial
“HNA grew too fast. It’s grown fast- to Cusson Leung, JPMorgan’s head of
crisis,” he says.
property research.
er than their knowledge,” said Warut
So there ought to be enough lit for
Hong Kong’s average home pricPromboon, managing partner at
a irst-class takeof—of lats, this time—
es jumped 14.8% last year, ensuring that
Bondcritic, an Asian credit research
at Kai Tak. F
16 | FORBES ASIA APRIL 2018
SCMP / FELIX WONG
BILLIONAIRE BETS
FORBES
MEET THE NEIGHBORS
Park Penthouses
LEON NEAL/AFP/GETTY IMAGES; EMMANUEL DUNAND/AFP/GETTY IMAGES; COURTESY OF CHRISTIE’S; ILLUSTRATION BY HARRY CAMPBELL
NEW YORK real estate’s biggest mystery was solved in February when billionaire Michael
Dell was revealed as the buyer
who in 2014 paid a record
$100.47 million for a
penthouse in One57, overlooking Central Park. he building
is part of a wave of new supertall Manhattan residences—for
a time, One57 (1,004 feet) was
the tallest—fetching sky-high
prices. Dell isn’t the only billionaire to call One57 home,
and with investing billionaire
Lawrence Stroll putting his
85th-loor pad on sale, it’s still
possible to join this vertically
rareied group.
— Samantha Sharf
BUY, HOLD, SELL
Hockney’s Hot Hand,
High-Proof Heave-Ho
Expert advice on luxe investments far more fun
than diluted equity in some killer-app startup.
FLOORS 89 AND 90
OWNER: MICHAEL DELL
(Net worth: $24 bil)
Source: Dell computers
Purchase price (2014):
$100.47 million
Vitals: 6 bedrooms,
6 bathrooms, 10,923 sq. ft.
Price per sq. ft.: $9,198
FLOOR 85 (FOR SALE)
LAWRENCE STROLL
($2.7 bil)
Fashion investments
Purchase price (2014): $55.6 million
Asking price: $59 million
Vitals: 4 bedrooms,
4 bathrooms, 6,240 sq. ft.
Asking price per sq. ft.: $9,455
FLOOR 82
SILAS CHOU AND FAMILY
($2.4 bil)
Fashion investments
Purchase price (2014):
$56.1 million
Vitals: 4 bedrooms,
4 bathrooms, 6,240 sq. ft.
Price per sq. ft.: $8,987
FLOORS 75 AND 76
BILL ACKMAN
($1.1 bil)
Hedge funds
Purchase price (2015):
$91.5 million
Vitals: 6 bedrooms,
6 bathrooms, 13,554 sq. ft.
Price per sq. ft.: $6,759
AL BRENNER
JOHN REARDON
Director of MutualArt, a
International head of
comprehensive online art- watches, Christie’s New York
market information guide
BUY:
David Hockney
Last year marked
nearly six decades of
Hockney’s career; a
major retrospective
took his best-known
works to Paris, New
York and London. Buy
now or risk paying
much more later.
HOLD:
Richard Diebenkorn
In 2011, discovery of
many major forgeries
shook the art world.
Diebenkorn was
among the most-faked,
and his value has
plummeted. It might
be some time before
confidence returns.
SELL:
De Stijl
The 2017 centenary of
this Dutch movement
sparked big shows.
Themed auctions
at Christie’s and
Sotheby’s capitalized
on the moment, but it’s
doubtful interest will
endure through 2018.
ANDREA
ROBINSON
Master sommelier,
author and creator of
The One stemware
BUY:
Burgess Cellars
Reserve Cabernet
Sauvignon 2012
Red fruit and spice,
velvety texture and—
based on a recent
tasting spanning four
decades—built for
aging wonderfully.
BUY:
Vintage Breitling
Breitling, long the
sleeping giant of
vintage watches, is
waking up. Buy the best
you can find—especially
chronographs and splitsecond chronographs
from the 1940s and
’50s—before prices go
even higher.
HOLD:
Aging Beauties
Dial discoloration or
patina on a gold case
means a watch is aging
gracefully. If you have
an investment-grade
vintage example—say,
a Rolex Ref. 6034 from
the early ’60s—sit
tight. Every piece ages
uniquely, and if it’s
over-restored, it can’t
ever be replaced.
HOLD:
“Sleeper” Napa
Cabernets from 2011
Critically maligned,
the 2011 vintage
nevertheless yielded
stars across the price
spectrum: Louis
Martini, Antica,
J. Davies, Grgich Hills
and Dominus,
among others.
SELL:
Patek Philippe Nautilus
These retail for around
$25,000. Fortunate
enough to buy one?
You can nearly double
your money if you
sell it after you leave
the store. This watch
is being made in the
thousands; odds are
demand can’t hold.
SELL:
2005 High-Alcohol
(15% and Up)
California Cabernets
I own quite a few of
these, because we had a
2005-vintage baby, but
sadly they won’t make
it to her 21st birthday.
Wines from ’05 that
kept their alcohol in
check, however, should
do just fine.
APRIL 2018 FORBES ASIA | 17
FORBES ASIA
SANSIRI
Breaking Out
After 34 years, Apichart Chutrakul is pushing conservative Thai property company
Sansiri in unexpected directions. BY RON GLUCKMAN
18 | FORBES ASIA APRIL 2018
Connect the bots: “Disruption is everywhere
these days. You have to change with the
times,” says CEO Apichart Chutrakul.
he pounding music stopped abruptly, and half a dozen young
executives bounded onstage at Bangkok’s Jam Factory, bathed in colored spotlights.
hese weren’t corporate suits. Instead, they were an eclectic bunch: apostles for indoor
farming and co-working spaces, entrepreneurs who ran hip hotels, and the founder
and chief of trendsetting magazine Monocle, Tyler Brûlé. A staid hailand property
developer, Sansiri, had suddenly invested $80 million in their companies in a move to
diversify its business, and this was their coming-out party last November.
Many onlookers seemed bemused; this was a quantum shit for a company that
had never made an outside investment or strayed from its bedrock of residential real
estate. So its new strategy was guaranteed to generate considerable buzz. “Disruption
is everywhere these days,” Chief Executive Apichart Chutrakul told Forbes Asia aterward. “You have to change with the times.”
Still, it would be hard to ind another company in hailand that has so faithfully
followed the corporate dictum “Focus on what you do best.” Nobody knows this better
than Chutrakul, 57, who helped launch his family’s real estate company in 1984 and
has been at the helm through thick and thin—the 1994 merger with the property
division of the Lamsam family (which started Kasikornbank) and Sansiri’s stock listing in 1996, followed by the devastating Asian inancial crisis of 1997. Even ater a
painful reorganization, Sansiri never wavered from its devotion to residential property
development.
hat commitment has kept Sansiri in the top tier of hailand’s big residential developers. Last year it launched 14 projects, valued at $1.1 billion, a 24% increase over 2016. It
looks to be even busier this year, with 31 projects in the pipeline, worth $2 billion. According to analyst estimates compiled by Bloomberg, net proit is expected to top $102 million
this year, a 22.8% jump over 2017, on expected revenue of $979 million that would be 7.4%
higher than last year. Chutrakul owns at least a $13 million stake.
Sansiri’s success comes at a time when the industry is surging ahead despite ample
red lags. hailand’s economy has been battered in recent years by natural disasters
and political instability. A military government has ruled since a May 2014 coup, and
uncertainty intensiied ater the death of long-reigning King Bhumibol Adulyadej in
December 2016. Yet, as other sectors contracted, real estate has deied warnings from
analysts and continued to expand. Bangkok is awash in construction, with condominiums, luxury malls and office towers rising everywhere. Many projects boast not only
record-breaking price tags, but sizeable foreign investment.
One of the biggest Bangkok projects nearing completion is Icon Siam, a $1.7 billion riverside development that ranks among the biggest in hai history. It’s spearheaded by another CEO named Chutrakul—his wife, Chadatip Chutrakul, head of
shopping-mall giant Siam Piwat. hey met three decades ago, ater he returned from
studying in the U.S., and have one daughter. “We don’t really talk about our work,” he
insists. He prefers leaving business at the office, relaxing by watching a game of soccer;
he’s a longtime fan and player.
hey also don’t collaborate on projects. “Our businesses are diferent. Her busi-
APRIL 2018 FORBES ASIA | 19
LUKE DUGGLEBY FOR FORBES
T
FORBES ASIA
SANSIRI
ness is really shopping,” he says. Siam’s Chadatip is indeed best
known for her company’s high-end malls in the Siam district.
But her Icon project will ofer apartments at he Residences at
Mandarin Oriental’s 52-story tower and the 70-loor Magnolia
Waterfront Residences, and boasts big-name partners. Magnolia
Quality Development is chaired by hippaporn Ahriyavraromp,
daughter of Charoen Pokphand Group Senior Chairman
Dhanin Chearavanont. Magnolia and CP each have a 25% stake
in the project, while Siam Piwat has 50%.
Sansiri’s developments are not as grandiose, although its 98
Wireless is the most luxurious condominium project mounted
by the company. Located near Lumpini Park and some of the
major embassies, the 25-story building with only 77 spacious
units has commanded some of the highest prices paid for
residential property in Bangkok. In general, its projects appear
to be less risky than the megaprojects, involving only a fraction
of the capital, so it’s on the hook for less if conditions change.
he company also has a mix of diferent types of projects, so its
co-working space in hailand in May, while Farmshelf will be
tapped for Sansiri’s high-end projects later this year. Sansiri
President Srettha havisin says the investments weren’t as sudden as they seemed but followed about a year of planning and
review: “he it had to be right.”
Chutrakul is looking beyond hailand for customers, and
for good reason. Although political and economic worries have
scared away some foreign buyers, investment continues to low
from Asia and the Gulf. Sansiri estimates that 25% of its sales
go to foreign buyers, and 70% of those are from China. hat’s
partly because Sansiri has followed the money, opening offices
in Beijing, Shanghai, Guangzhou and Shenzhen. Hong Kong
accounts for about half its China sales; Sansiri opened an office
there in January. Another is planned for Dubai to serve the
growing Gulf market.
Part of it is simple logic. “Real estate tends to follow GDP,”
notes Chutrakul. “If the GDP grows, then business is good.”
Lately, hailand’s economy has rebounded, growing by around
3% a year, so Sansiri has been growing
by around 5%, “maybe a little more,” he
says. But in uncertain times, it doesn’t
make sense to be dependent on the same
buyers, he says.
Chutrakul learned some of the hardest lessons two decades ago, when the
inancial crisis swept the region, wiping
out vast tracts of wealth. Many companies went under, especially the ones that
had extended too much credit, such as in
banking and real estate. Sansiri sold of
its inventory, survived and was among
the irst hai companies to successfully
clear their debt and restart.
Foreign investors looded the region, buying up distressed
assets. By a fortuitous turn of events, Sansiri received an investment from Starwood Capital Group, which later assembled
one of the world’s biggest hotel portfolios. hey sent a young
employee to work with Sansiri: Amar Lalvani. Fast-forward
two decades, and he’s among the executives onstage at the gala
announcing the Sansiri investments. He’s now CEO of Standard
International. “I lived in hailand nearly two years, so really got
to know Sansiri,” he says, enthusiastic about collaborating again.
Chutrakul believes that the Standard brand could be exported to premier cities in Asia, perhaps with residential units
alongside. “here are lots of possibilities,” he notes. He also
wants to leverage the Monocle brand. Sansiri is far along with
planning for the irst Monocle residential building in hailand,
complete with a Monocle cofee shop and trendy Monocle
ittings. hat should open within a year, and Chutrakul says it
could work in other cities in Asia and beyond. “hese investments are just the start,” he says. “We invested a small amount
to get a window to the world.” Expansion and adding new technology are critical, even to established industries such as real
estate, he says. “Today it’s about survival. It’s not just proits, it’s
survival.” F
“WE INVESTED A SMALL AMOUNT TO
GET A WINDOW TO THE WORLD.”
EXPANSION AND ADDING NEW
TECHNOLOGY ARE CRITICAL. “TODAY
IT’S ABOUT SURVIVAL. IT’S NOT JUST
PROFITS, IT’S SURVIVAL.”
portfolio isn’t dominated by a single, giant project aiming to sell
units at sky-high prices.
Much of the growth for midrange property in Bangkok has
migrated along the expanding mass-transit lines and away from
the soaring land prices of the central districts. Sansiri partners with BTS Group—which built and operates the overhead
Skytrain—to erect condominiums along the new lines. A iveyear plan budgeted $32 billion for 25 projects. So far, a dozen
projects have been launched and have sold briskly. “It’s really
a no-brainer,” says Chutrakul. “We capture the middle market,
using BTS as an anchor. he results have been phenomenal.
Partnerships these days are important.” He adds that increasing
challenges demand lexibility and new strategies.
his was the catalyst for the decision to invest in six companies in November. he lion’s share was $56 million paid for a
35% stake in Standard International, a small hotel group with
famed properties in New York, Los Angeles and Miami. he
other investments: $12 million in JustCo, a Singapore-based
co-working group; $6.6 million in Hostmaker, a London-based
management company for Airbnb hosts; $6 million in Monocle;
and $300,000 in Farmshelf, which makes indoor-farming shelf
systems for urban dwellers who want a bit of greenery and to
grow their own vegetables for salads. JustCo will launch its irst
20 | FORBES ASIA APRIL 2018
FORBES ASIA
PAYTM
India’s Virtual
Mall-Cum-Bank
Vijay Shekhar Sharma’s Paytm uniies small
shops and runs circles around stodgy lenders.
BY HARICHANDAN ARAKALI
S
amsung Electronics sells its phones through about
150,000 authorized shops in India. And Paytm Mall,
through a collaboration with Samsung that started
in November 2017, is bringing all of them onto its
online marketplace, giving each one a QR code (matrix bar code), and the requisite training and support.
Paytm Mall is the recently formed e-commerce business
of One97 Communications, which was separated from its
parent to function independently a year ago. One97 Communications, based in Noida, operates the Paytm mobile wallet.
And with backing from China’s Alibaba Group and Japan’s
SotBank, billionaire founder Vijay Shekhar Sharma, 39, has
been expanding into online commerce, inancial services (including wealth management and insurance), as well as travel
and entertainment.
While Samsung is also popular on websites such as
Amazon and Flipkart, its massive oline distribution is its
strength. However, as online smartphone sales rose in India,
it was a challenge for the brick-and-mortar stores to match
e-commerce ofers. Getting onto Paytm Mall’s platform—
whether at an actual retail store or on the online app or
website, or even on Samsung’s own online storefront—means
that “the ofer is the same,” says Amit Sinha, a vice president
at Paytm and COO of its e-commerce business.
“he O2O strategy has been working wonders for us,” says
Sinha. O2O refers to “oline-to-online” because Paytm is
attempting to connect to the internet via its QR codes every
oline store it can reach. And not just with Samsung. Red
Tape, Khadim’s shoes—the latter particularly famous in Kolkata—and Lenovo laptops are among the many brands that
are beginning to tap Paytm Mall to boost their sales.
Sinha says the e-commerce business, which saw the formal
launch of the marketplace in April 2017, doubled its market
share to about 14% by November, helped in part by the $350
million-plus in sales in the 30 to 40 days through Diwali the
month before.
In 2017, One97 Communications restructured itself.
he mobile wallet service became part of the newly formed
Paytm Payments Bank, which in turn will lead the company’s
inancial services foray for consumers. And the e-commerce
part of selling various products and services—from train
and movie tickets to smartphones, air puriiers and washing
machines—became part of Paytm E-commerce, a separate
company that runs the Paytm Mall online marketplace and
mobile app.
“We are raising a large amount of money on the e-commerce side as we speak,” says Sharma. hat will make the
e-commerce business alone “doubly unicorn,” he adds, and
the entire company could be valued as high as $12 billion.
hat would top Flipkart’s value of $11.6 billion at the time of
the Bengaluru rival’s $1.4 billion fundraising in April 2017,
possibly making Paytm India’s most-valued startup. Paytm
Mall’s funding deal is expected to conclude soon, he says, but
doesn’t add details.
he funding, led by SotBank, is to the tune of $460 million, a person with knowledge of the transaction tells Forbes
India, and Paytm Mall will likely raise more money as well.
India’s retail scene comprises some 15 million shops, with an
overwhelming majority of those being run by individual owners.
hey lack scale and have limited inventories, Sinha points out.
Paytm plans to ofer them a way of eliminating these two obstacles, so that those mom-and-pop stores could do a lot more.
Paytm is digitizing them and training them to take orders
from consumers online and at the store. his means the
consumer gets “the same level of service,” Sinha says, that one
is used to at large retailers or on e-commerce sites. It includes
matching the discounts and ofers.
herefore, there will be millions of points of sale and ful-
APRIL 2018 FORBES ASIA | 21
FORBES ASIA
illment versus a few large warehouses that the big e-commerce sites have. “hat is the core belief that we are building
on, and early results have been really good,” Sinha says.
Paytm has over 300 million users, and the company
processes over 10 million transactions a day, says COO Kiran
Vasireddy. It has 6 million merchants on its network. “he
key is to reach out to every kind of small and large store to hit
10 million stores by the end of March 2019,” he says.
Loans, not just to consumers but also to sellers, form an
intrinsic part of the O2O business as well. Take the case of
Samsung phones, for instance. When each of the 150,000 stores
becomes an “endless aisle” for the consumer and the seller,
Samsung gets to know what is selling where, and deeper ana-
22 | FORBES ASIA APRIL 2018
lytics facilitate what comes next—quick on-the-spot loans.
Of the 150,000 stores, only a few thousand have ever been
able to ofer a loan to a consumer to purchase a fancy smartphone. his was because the traditional approach of banks
required a stafer to be physically present at the store and
ofer loans to the buyer, Sinha says.
With Paytm Mall’s network, each store can ofer the same
plan from the same seller “and the campaign goes live at the
click of a button,” he says. “It’s a deep and symbiotic relationship that we’re getting into with Samsung.”
he importance of the lending efort is underscored by the
fact that One97’s CFO himself is charged with running the
lending business as well.
SUMIT DAYAL
PAYTM
AMIT VERMA/FORBES INDIA (2)
The Paytm crew: “We are raising a lot of money on the
e-commerce side,” says founder Vijay Shekhar Sharma
(left); VP Amit Sinha (top) and CFO Madhur Deora.
Madhur Deora joined One97 and stepped into that position in 2016. As an investment-banking veteran, previously
at Citigroup, he already knew Sharma and had worked on the
company’s deals, including its important fundraising eforts.
“Oline merchant payments is one of the fastest-growing businesses at Paytm,” says Deora. herefore, the logic is: Whether
it’s a consumer who has a track record of honest purchases and
minimal returns, or a seller who has been doing “stable” business using Paytm, why should they not get attractive loans?
A 10,000-rupee loan (about $150) for a consumer or a
200,000-rupee loan (about $3,075) to a seller would not run
smoothly if done in the traditional way. A Paytm user, however,
already has a history of transactions on the platform, and the
digital platform is far more amenable to that quick loan, point
out Paytm officials. he story is the same when it comes to
the merchant. Paytm’s answer for now is to partner with large
NBFCs (non-banking inancial companies), which provide the
loans, and see their portfolio expand, while Paytm brings in the
tech platform. Paytm has also, in parallel, built the processes
to credit-score its customers and use other analytics for rapid
processing.
Much of 2017 was spent in building one other important
way in which to engage consumers right from when they
receive money from any source—be it their salary or that
quick bit of beer money borrowed from a friend. his was the
Paytm Payments Bank, which within ten months of going operational has already moved to ofer digital and tangible debit
cards to its customers. When its debit card was launched, “we
got orders from 800-plus cities,” says Renu Satti, the bank’s
CEO, who has worked with Sharma for over a decade, including the job of running HR operations.
hough currently most of the bank’s 180 million customers are those who were already mobile-wallet customers, the
bank’s convenience is pulling in new ones too. Unlike traditional banks, Paytm does not require its savings bank account
holders to maintain a minimum balance.
Besides, India’s payments bank rules place a 100,000-rupee
(just over $1,500) cap on the balance held in an account at a
payments bank at the end of a business day. Paytm is seeking
to turn that into an opportunity to ofer a simple wealthmanagement product by partnering with banks to which
excess cash could be moved for more attractive returns. For
now, one gets ixed deposits with IndusInd bank. On-demand
deposits will soon be started, Satti says.
Paytm Payments Bank is also competing with businesses like
Sodexo with corporate ofers. It has added more than 500 businesses that are giving Paytm’s digital-food wallets to employees,
she says. New packages on reimbursements are in the offing.
he bank will open 100,000 banking outlets along the
same lines it is building its O2O network. So nearby pharmacies and groceries will also become banking correspondents.
Salary accounts are expected to be ofered soon, as well. All
this doesn’t mean Paytm will rake in the money anytime
soon. “For players such as Paytm, it will take continuous investment to make the payments bank sustainable, because the
margins are thin in payments,” says Saurabh Tripathi, a senior
partner and managing director at Boston Consulting Group.
In addition, India as a market ofers its own challenges and
is no comparison to China, points out Tripathi, an expert in
banking and inancial services, who has advised clients on
large-scale change and digital innovation. It is still quite some
way away from being fully or even heavily digitized despite
the big changes over the last two years. Large parts of the
population are poor and digitally illiterate. “here is a huge
diference between India and China. China is so far ahead in
terms of digitization and prosperity,” he says. F
With Sayan Chakraborty. Adapted from Forbes India, a
licensee of Forbes Media.
APRIL 2018 FORBES ASIA | 23
PROMOTION
HANDA WATCH WORLD:
TIME FOR THE FUTURE
Last December international film star and HANDA Watch World ambassador Jackie Chan traveled
to Tokyo where he discussed his dreams to make the world a better place—and the journey to turn
them into reality—with fellow benefactor Harushisa Handa.
Jackie Chan was born in Hong Kong in 1954. At age seven he entered the China Drama Academy, a Peking opera school run by Master Yu Jim-Yuen.
For the next 10 years he studied classical opera, acrobatics, martial arts, acting and singing, cultivating the necessary talents to be the superstar
he would one day become. After graduation he distinguished himself as a skilled stuntman. By the time he reached his 20s he was a well-known
action star with a broad cinematic range that included directing, lighting and props.
Haruhisa Handa wears many hats. Not only
is he president of HANDA Watch World, a
chain of boutiques that specialize in luxury
watches, he is also a philanthropist and educator. When Jackie Chan first heard from a
friend that Handa is “fluent in eight languages
and well versed in Chinese opera and a dedicated philanthropist,” it piqued his interest.
One thing led to another and before he
knew it, the Hong Kong actor had agreed to
become the company’s ambassador. He then
flew to Tokyo for the sole reason of meeting
face-to-face with Handa at a HANDA Watch
World event where the two quickly realized
their common interests.
“Over several decades I’ve built about
30 schools for underprivileged children in
China,” says Chan. “In comparison, Mr. Handa
has built over 130 schools. It made me wonder what kind of person he was. Somehow
it doesn’t feel like we just met. It helps that
Mr. Handa is so personable. I’m excited about
working together on future projects.”
Worldwide Success
In the early 1980s Chan’s popularity soared
in Japan and throughout Asia, and by the
PROMOTION
end of the 1990s he was enjoying great
success with American and European audiences. Since 2010, Chan has been inundated
with requests to perform in China, but the
demanding schedule hasn't worn him down.
“I’m often asked if I’ll keep performing after
60. If I’m fortunate enough to be offered
more opportunities, then I just have to do it,”
he says, adding with a laugh that although his
enthusiasm should be waning, he’s actually
becoming more energized.
Celebrating Memories
In Chan’s busy life, how important is a watch?
“For me a watch is not just for telling time. It’s
for fashion and also for capturing memories,”
Chan says. “One of my dreams as a child was
to own a nice watch. My father, my godparents and others gave me watches as presents,
and I’ve bought watches to reward myself for
achievements. So each watch has its own
story. And since watches are small they don’t
take up much space, I can line them up and
reminisce about each story.”
Three Dreams
Chan says he has had three dreams. The first
one was realized in 2002 when he was given
his own star on the Hollywood Walk of Fame.
The second is ensuring children around the
world get an education and third is making
world peace a reality.
His first dream began when he launched
his acting career at age seven. His formal training in Peking Opera and martial arts paved the
way for success as an action star in his 20s. He
later found fame in Hollywood with hit movies
such as “Project A” (1983), “Police Story” (1985),
“Rumble in the Bronx” (1995) and “Rush Hour”
(1998), receiving numerous awards for his acting, directing and stunt work. His accomplishments were further recognized when he was
awarded an honorary Oscar in 2016.
Lifetime of Giving
To realize his second and third dreams, Chan
has been practicing philanthropy for more
than 30 years. In a 2007 interview with the
National Association of Professional Martial
Artists magazine, he told a story that speaks
volumes about his character:
“I once visited a children’s hospital bearing gifts. When a patient asked me what
was inside the wrapped present, I couldn’t
answer, as I had delegated all the shopping
to my staff. It was embarrassing that I didn’t
know. Overcome with guilt, I made sure to
personally shop for the children’s gifts before
I visited again the following Christmas.”
Chan and Handa speaking on stage at a HANDA Watch World event last December. HANDA Watch World
opened a new shop in February, its first store in Nagoya, The Banana Watch Shop. (Nishiki 3-5-14, Naka Ward,
Nagoya City, Aichi Prefecture TEL: 81-52-961-8163). In the Tokyo area, HANDA Watch World’s headquarters in
Nishi Ogikubo is called Tokei no Koibito Kissu wa Te ni Shite (“Wristwatch Lovers Kiss on the Hand”) and its
store in Kichijoji is named The Uchu (“Space”) Watch Store.
A powerhouse in the film industry, Chan
has created numerous monumental works,
by-products of his relentless determination
and knack for getting things done. He demonstrates the same determination in pursuing his two other dreams.
In 1988, Chan established the Jackie Chan
Charitable Foundation, donating mats and
other supplies to a martial arts school in
Moscow and another school in South Africa.
The foundation also holds lectures at U.S. and
Cambodian universities. More recently Chan
has been building schools in remote areas of
China through his Dragon’s Heart Foundation. He is a goodwill ambassador for UNICEF
and UNAIDS, and is a member of the American Red Cross National Celebrity Cabinet. He
also established the Jackie Chan Civil Aviation
Foundation in China, performs at charity concerts and speaks at events. In 2011, he organized a fundraiser to help victims of Japan’s
earthquake and tsunami victims.
Chan’s business interests are diverse as
well. In addition to owning a stuntman training school, he is co-owner of Nobu restaurant
in Beijing, and even has a chain of movie theaters named after him.
Follow Your Convictions
Chan routinely makes Forbes’ list of the
world’s highest paid actors. As one of Asia’s
most successful film stars, he shared his
secret to success:
“Whatever you do, let your conscience
guide you in following your convictions,” he
says. “Help as many people as you can. To me,
making a good movie is most important. If I
were preoccupied with making money, being
famous or winning awards, then awards and
money would never come. I think business is
the same. Focus on one thing and do it for
the people. If you try to cheat others just so
you can make quick money, you’ll end up
with nothing.”
Chan says his meeting with Handa was
meant to be.
“Mr. Handa has been successful in many
industries and has helped many people
through his philanthropy,” Chan says. “It is
because of this that we met. I feel like I’ve
made a new friend, which means I’m continuing to expand my circle of contacts, and I
think that’s wonderful.”
In hindsight it seems like this friendship
was inevitable. Together these kindred spirits will surely be a powerful force in helping
Chan’s dreams come true.
Contact information:
Misuzu Corporation
81-3-3247-5585
www.misuzu.com
FORBES ASIA
30 UNDER 30
ASIA’S CLASS OF 2018
In its third year, our annual 30 Under 30 Asia list
features young innovators in ten categories who
are reinventing their industries. Representing
24 countries across Asia-Paciic—including
Azerbaijan and North Korea for the irst time—these
inalists were selected from thousands of online
nominations, researched by our team of reporters
and vetted by a panel of A-list judges.
EDITED BY Rana Wehbe
REPORTING BY Ambika Behal, Kate Davies, Ying-Ying Lu, Elaine Ramirez, James C. Simms II, Carla Thomas, Glenda Toma, Yue Wang and Tania Willis.
THE BIRTHDAY CUTOFF TO MAKE THE LIST WAS DECEMBER 31, 1987.
26 | FORBES ASIA APRIL 2018
Entertainment & Sports
Seo-hyun Ahn, 14
South Korea
Actress
Sung Hyun Park, 24
South Korea
Golfer
Shila Amzah, 27 Malaysia
Singer
Anushka Sharma, 29
India
Actress
Emily Browning, 29
Australia
Actress
Seong-Jin Cho, 23
South Korea
Pianist
Brandon Ellis, 24
Australia
Football player
Kwang-Song Han, 19
North Korea
Football player
Yuzuru Hanyu, 23 Japan
Figure skater
Hu Ranran, 18 China
Filmmaker
Brian Imanuel
(Rich Brian), 18
Indonesia
Musician
Padmanabh Singh, 20
India
Polo captain, Indian
National Polo Team
Emily Song, 27 China
Business development
executive,
Creative Artists Agency
Bangtan Sonyeondan
(BTS), age 20–25
South Korea
K-pop band
Harley Streten (DJ
Flume), 26 Australia
Record producer
Sara Takanashi, 21 Japan
Ski jumper
Jain Kim, 29
South Korea
Rock climber
Katherine Langford, 21
Australia
Actress
Smriti Mandhana, 21
India
Cricket player
Ah Moon Marip, 27
Myanmar
Singer
Hideki Matsuyama, 26
Japan
Golfer
Momina Mustehsan, 26
Pakistan
Singer
Brian Imanuel
(Rich Brian), 18
P.V. Sindhu, 22 India
Badminton player
Ng On Yee, 27
Hong Kong
Snooker player
Shohei Ohtani, 23 Japan
Baseball player
Nathan Walker, 24
Australia
Hockey player,
Washington Capitals
Yip Pin Xiu, 26
Singapore
Paralympic swimmer
Young You, 13
South Korea
Figure skater
Sung-bin Yun, 23
South Korea
Skeleton racer
Zhou Qi, 22 China
Basketball player
JUDGES
Chatri Sityodtong
Singapore/Thailand
Founder and Chairman,
ONE Championship
Kris Wu
China
Music producer and actor
ROBERT GALLAGHER FOR FORBES
M U SICI A N I NDO NE S I A
Making the leap from his parents’ living room
to the cover of the Los Angeles Times, 18-yearold Brian Imanuel is arguably Indonesia’s bestknown export right now. Jakarta-born Imanuel,
who went by Rich Chigga before switching
to the more palatable Rich Brian, shattered
expectations when his satirical music video
“Dat $tick” went viral in 2016. “The first couple
of months were definitely overwhelming,” he
admits. With a bottomless bass voice coming
from a small frame, Imanuel surprised even hiphop heavyweights like Ghostface Killah with his
fluency and mature sound.
His first studio session was with Pharrell,
and the rap prodigy made the transition from
internet fame to legitimate recording artist in
only two years. His debut album, Amen, was
released in February and made him the first
Asian artist to reach No. 1 on iTunes’ Hip-Hop
Charts. Imanuel isn’t picking sides, though, when
it comes to American or Indonesian influences
on his art; he’d rather give credit to what really
built him: “It’s just mostly how I see hip-hop, and
how I see everything: through the lens of the
internet.” —Carla Thomas
APRIL 2018 FORBES ASIA | 27
Art & Style, Food & Drink
Adrian Agus, Eugenie Agus, 26, 24
Indonesia
Cofounders, Puyo
Edda Arnadottir Hamar, 28
Australia
Founder, Undress Runaways
Bhumika Arora, 30 India
Model
Miko Aspiras, 29 Philippines
Chef, Tasteless Food
Jackson Aw, 28 Singapore
Founder, Mighty Jaxx
Anjali Batra, 28 India
Cofounder, Food Talk India
Chen Peng, 26 China
Founder, Chen Peng
Nishanth Chopra, 24 India
Founder, Oshadi
Alissa Dinallo, 29 Australia
Founder, Alissa Dinallo
Kensuke Fujishiro, 30 Japan
Founder, Cift
Amira Geneid, 25 Malaysia
Founder & CEO, Zahara
Amrita Hepi, 28 Australia
Dancer, Amrita Hepi
Kimin (Gimin) Kim, 25 South Korea
Dancer, Mariinsky Ballet
Tao Liang (Mr. Bags), 25 China
Blogger
Vincent Lim, 29 Hong Kong
Cofounder, Lim + Lu
Honey Long, Prue Stent, 24, 24
Australia
Multidisciplinary artists
Greg McNamara, 28 Hong Kong
Founder, McNamara Art Projects
Stanislava Pinchuk, 29 Australia
Artist
Talita Setyadi, 29 Indonesia
Founder, Beau
Kouji Tajima, 27 Japan
Artist, Double Negative
Ricky Thien, 29 Australia
Cofounder, Calia
Wataru Tominaga, 30 Japan
Fashion designer
Dian Pelangi, 27 Indonesia
Creative director, Dian Pelangi
Pichaya (Pam) Utharntharm, 28
Thailand
Chef, The Table
Snow Xue Gao, 26 China
Founder, Snow Xue Gao
Shishi Yamazaki, 28 Japan
Artist
Heezy Yang, 27 South Korea
Artist
John Yuyi, 27 Taiwan
Artist
Zhang Jingna, 29 Singapore
Photographer
JUDGES
Ronald Akili,
Founder, PTT Family
Vivienne Tam,
Fashion designer
May Chow,
Founder and chef, Little Bao;
Happy Paradise
Cecilia Ho,
Founder and Executive Director,
Photo Macau
Archie Oclos, 28 Philippines
Artist
30 UNDER 30
Amira Geneid, 25
For a long time, Amira Geneid had been looking for a high-quality cosmetics brand that was also halal-compliant. She found
none and so three years ago decided to start one herself. After 18 months of research and development, Zahara was born.
Self-funded and with its products manufactured in Europe, Zahara boasts a line of cosmetics that is not just free of alcohol
and animal products, but also certified halal, meaning its production process and suppliers have been approved under Islamic
law. Some of its products, like the signature water-permeable oxygen nail polish, also aim for convenience, allowing Muslim
women to perform wudhu (the water cleansing act before prayer) properly without having to remove it.
With Muslims making up a quarter of the world’s population, products targeted for them “shouldn’t be a niche anymore,”
says Geneid. Zahara’s products are sold online in Singapore and Malaysia; its next step is to ofer worldwide shipping by the
end of the year—starting with Indonesia and Dubai, where it is partnering with local courier services. Geneid’s aim is for Zahara
to become an aspirational halal brand that can be used by Muslim women around the globe: “I want to show how beautiful
Muslim women can be—how beauty can be modest and be centered around faith, but it still can be inspiring.” —Rana Wehbe
28 | FORBES ASIA APRIL 2018
MUNSHI AHMED FOR FORBES
FOUNDER & CEO, ZAHARA MALAYSIA
Finance & VC
Akim Arhipov, 23 Singapore
CEO, Baasis ID
Bobby Bao, 29 China
Cofounder, Monaco
Wilson Beh, Winnie Chua, 27, 29
Malaysia
Cofounders, PolicyStreet
Saketh BSV, Yogesh Ghaturle, Sathya
Narayanan, Abhinav Pathak, 26, 23,
26, 24 India
Cofounders, Perpule
Myunghun Cha, 28 South Korea
Founder, Coinone
Hugo Chan, Huang Wei Ting, 29, 29
Hong Kong
Cofounders, Kingsferry Capital
Wendy Chan, 25 Hong Kong
COO, PassKit
Kate Crowhurst, 29 Australia
Financial capability oicer, ASIC
Nikhunj Jain, Ayush Varshney, 29,
25 India
Cofounders, NashVentures
Nikhil Kapur, 29 India
Principal, GREE Ventures
Iwan Kurniawan, Reynold Wijaya, 28,
29 Indonesia
Cofounders, Modalku
Louis Liu, Zack Yang, 24, 24
Singapore
Cofounders, FOMO Pay
Li Yao, 29 China
Executive director, Tsing Ventures
Liu Tao, Tu Jianyu, 28, 28 Hong Kong
Cofounders, MioTech
Loi Luu, Victor Tran, 26, 26 Vietnam
Cofounders, KyberNetwork
Patrick Lynch, 28 Philippines
Cofounder, First Circle
Varun Malhotra, 29 India
Vice president, Quona Capital
Clare Murray, 29 Australia
Strategy associate director,
LeapFrog Investments
Rorian Pratyaska, 26 Indonesia
Cofounder, PayAccess
Maxine Ryan, 25 Hong Kong
Cofounder, Bitspark
Pahrada Sapprasert, 29 Thailand
Director, 500 TukTuks (500 Startups
Thailand)
Yu Song, 29 China
Founder, CEC Data & Finance
Investment Management (Hangzhou)
Jackie Tan, 28 Singapore
Cofounder, fundMyLife
Stephanie Tang, 27 Taiwan
Managing director, Rookie Fund
Arun Venkatachalam, 28 India
Analyst, Habrok Capital Management
Soto Yamauchi, 16 Japan
Founder, One Financial
Yang Fan, 30 China
Founding partner, Finup Fintech Group
Zhang Chenxu, 29 China
Senior investment manager,
Peakview Capital
William Zhao, 28 China
Investment vice president,
Bertelsmann Asia Investments
Ryan Zhou, 23 Australia
Cofounder, CoinJar
THIERRY COULON FOR FORBES
JUDGES:
Kai-fu Lee, CEO, Sinovation Ventures
Madhur Deora, CFO and SVP, Paytm
Liu Genping, Partner, Vertex Ventures
Tu Jianyu, Liu Tao, 28, 28
CO FOUNDERS, MIOTECH H ON G KON G
Former banker Tu Jianyu and computer engineer Liu Tao met in Silicon Valley back in 2015. They had identified shortfalls in archaic
technology used by financial institutions and set out to make “software that can help better manage information,” says Tu.
Liu explains that he applies machine learning in their feeds: “When you have a lot of data, how you visualize it and how you
communicate this information to clients is even more important than having the information.” The challenge is too much aggregated
knowledge. “So much is left undigested,” Liu adds.
Banks have quants churning out algorithms, but Tu and Liu’s computers can do the same—faster and better. “We hate to say it,
but we’re taking away jobs from analysts.” MioTech has more than 20 clients in Hong Kong, Singapore and China. The fintech startup
has raised $8 million, led by ZhenFund and Li Ka-shing’s private investment arm Horizons Ventures. —Pamela Ambler
APRIL 2018 FORBES ASIA | 29
Retail & E-commerce
Vidit Aatrey, Sanjeev Barnwal,
27, 28 India
Cofounders, Meesho
Nik Mirkovic, Alex Tomic, 22, 24
Australia
Cofounders, HiSmile
Ian Ang, Alaric Choo, 25, 30
Singapore
Cofounders, Secretlab
Keyis Ng, 30 Singapore
Cofounder, Cafebond.com
Ankiti Bose, Dhruv Kapoor, 26,
27 India
Cofounders, Zilingo
Noppon Anukunwithaya,
Amornched (Taro) Jindaapiraksa, 29, 29 Thailand
Cofounders, TakeMeTour
Augustin Ceyrac, Tommaso
Tamburnotti, 29, 30 Hong Kong
Cofounders, Easyship
Josephine Chow, Lai Shanru, 29,
29 Singapore
Cofounders, ShopBack
Arjit Gupta, Karan Gupta,
Himesh Joshi, Rohit
Ramasubramanian, 29, 28, 29,
27 India
Cofounders, Zefo
Fransiska Hadiwidjana, 28
Indonesia
Founder, Prelo
Tushar Khandelwal, 29
Singapore
Cofounder, Voyagin
Li Xiaoya, 30 China
Cofounder, Huishoubao
Lin Hai, Liu Jieyi, 29, 28 China
Cofounders, Particle Fever
Stanislaus Mahesworo
Christandito Tandelilin, 27
Indonesia
Cofounder, Sale Stock
Kyrylo Medvediev, Olga
Oleinikova, 28, 29 Australia
Cofounders, Persollo
Krishnan Menon, Marshall
Utoyo, 28, 28 Indonesia
Cofounders, Fabelio
Ammar Roslizar, Ammar
Shahrin, 28, 29 Malaysia
Cofounders, ARBA Travel &
Tours
Bala Sarda, 26 India
Founder, Vahdam Teas
Adeel Shai, Adnan Shai, 30,
28 Pakistan
Cofounders, PriceOye
Dhruv Sharma, 26 India
Founder, GuestHouser
Nyha Shree, 28 Singapore
Cofounder, jumper.ai
Alexandra Spencer, 28 Australia
Realisation Par
Su Chunzi, 28 China
Partner, Flowerplus
Raeesa Sya, 28 Malaysia
CEO, Orkid Cosmetics
Gretta van Riel, 28 Australia
Founder, SkinnyMe;
Hey Influencers
Sanna Vohra, 27 India
Founder, The Wedding Brigade
Michael Wang, 28 China
Cofounder, YCloset
Jonathan Weins, 28 Malaysia
Founder, Dahmakan
Cordelia Xiao, 29 China
Founder, Xiaolusenlin, Abox
Xu XinMing, 28 China
CEO, Shi Lili
JUDGES
Allan Zeman, Founder and
chairman, Lan Kwai Fong
Hiroshi Mikitani, CEO, Rakuten
30 UNDER 30
Su Chunzi, 28
In 2015, Su, working as a Shanghai-based venture capitalist, met
executives from Flowerplus to discuss a potential investment in
the subscription-bouquet startup. Su liked the business model:
Customers pick from four plans (1, 3, 6 or 12 months; prices
range from roughly $20 to $700) and receive arrangements
weekly. Su was won over, so much so that she quit her VC job
and became a partner at the startup, which has since expanded
to 5 million users and over $100 million in sales.
The success of this subscription-based model has given Su
the idea for her next venture, Rouralism. The service, soon to
be launched, will deliver daily-use products such as underwear
and toilet paper. Su expects Rouralism to find a market among
China’s white-collar women, who are often too busy to do
household shopping. “As people’s disposable income grows in
China, they are spending more on things that will improve life
quality,” says Su. “This is driving spending on nonessentials such
as flowers and travels—and this is what we call a consumption
upgrade.” —Yue Wang
30 | FORBES ASIA APRIL 2018
STEFAN CHOW FOR FORBES
EXECUT I VE VI CE PR ESI DEN T & PA R T N ER ,
F LOW ER PLUS CHI N A
Enterprise Technology
Apurv Agrawal, Vikas Gulati,
Kanika Jain, Rishabh Ladha, 27, 28,
28, 27 India
Cofounders, SquadRun Solutions
Trishneet Arora, 25 India
Founder, TAC Security
Sadia Bashir, 29 Pakistan
Founder, PixelArt Games Academy
Chang Le, 29 China
Cofounder, SoundAI Technology
Chen Haoliang, 28 China
Cofounder, SpeakIn Technologies
Chen Zhen, 24 China
Founder, Qfeeltech
Deng Yaohuan, 29 China
CEO, Dorabot
Djoann Fal, Polpat Songthamjitti,
26, 27 Thailand
Cofounders, GetLinks
Kazuo Ishigame, 25
CO FOUNDER AND CO O, INFOSTELLAR
JAPAN
After seeing the success of Elon Musk’s SpaceX,
Ishigame was inspired to launch his own outer
space startup. During his mechanical engineering
program in college, however, he realized that
science and technology weren’t his strengths.
He dropped out in 2014 and helped expand a
consumer-to-consumer online sales platform,
which was sold in 2015. Despite his taste for
entrepreneurship, he dreamed of space: “My
question was, Why isn’t the space industry
considered cool in Japan? Why—with so many
people with the right skill sets—hasn’t Japan
developed space-related products and services
and sold them? Japan’s presence in the global
space sector is zero.”
Aiming to change this, Ishigame cofounded
Infostellar, a sharing service he calls “an Airbnb
for satellite antennas.” In September, investors
led by Airbus Ventures put $7.3 million in Series A
funding into the company, which was established
with two other cofounders, including aerospace
engineer and CEO Naomi Kurahara.
Infostellars’ cloud-based service, StellarStation,
allows ground station operators to make money
on their antennas by renting them out during
their long downtimes. An operator with one
antenna in Japan, for example, would only be
in contact 40 minutes a day with its station.
Ishigame reckons that’s up to a half-billion-dollar
market today. —James Simms
Huy Nguyen, 28 Vietnam
Cofounder, Holistics Software
Chanam Park, 28 South Korea
Founder, STEALIEN
Ashwin Ramesh, 27 India
Founder, Synup
Ren Shaoqing, 30 China
Cofounder, Momenta
Rory San Miguel, 26 Australia
Cofounder, Propeller Aero
Raghav Sarin, 20 India
Head, Sapiens X
Masahiro Shimizu, 26 Japan
Founder, ZEALS
Takumi Shimizu, 27 Japan
CEO, Refcome
Stephanie Sy, 29 Philippines
Founder, Thinking Machines
Feng Zongliang, 29 China
Partner, MetroDataTech
Wang Dong, Huan Xu, 27, 28 China
Cofounders, Qimai Tech
Jing Tianwei, 28 China
Cofounder, Ruff Internet of Things
Operating System
Yang Fan, 28 China
Founder, MiniVision
Kazuo Ishigame, 25 Japan
Cofounder, Infostellar
Jason Lee, 30 Malaysia
Expansion director for Australia and
New Zealand, NEM.io Foundation
Kong Miao, 27 China
Founder, ZHUGEIO
Toshendra Kumar Sharma, 28 India
Founder, Tosh Innovations Private
Zeng Yuan, 26 China
Cofounder, vzoom credit
Orion Zhao, 26 China
Cofounder, MokaHR
Zhao Yiyang, 30 China
Cofounder, Unisound
JUDGES
Yat Siu, CEO, Outblaze
Li Ping, 28 China
Cofounder, NewBornTown
Michael Du, Managing Director,
China Renaissance; Managing
Partner, Huaxing Growth Capital
Jaehyun Nam, 29 South Korea
Cofounder, Looxid Labs
S.D. Shibulal, Cofounder, Infosys
and Axilor Ventures
IRWIN WONG FOR FORBES
APRIL 2018 FORBES ASIA | 31
30 UNDER 30
Industry,
Manufacturing & Energy
Andrew Almack, 28 India
Founder, Plastics For Change
Yashraj Bhardwaj,
Yuvraj Bhardwaj, 18, 18 India
Cofounders, Zenith Vipers
Nikhil Bohra, 29 India
Founder, Krimanshi Technologies
Ian Buck, 28 Australia
Management consulting analyst,
Accenture
Anthony Chen, 29 Hong Kong
Director of strategic development
in Asia, Flexport
Sibabrata Das, Manoj Meena, 29,
29 India
Cofounders, Atomberg Technologies
Shailendra Dhakad, Rajesh Sagitla,
27, 28 India
Cofounders, Carmel Organics
Rahul Gayam, 29 India
CTO, Gayam Motor Works
Akito Gyoten, 29 Japan
Founder, Strobo
Shailesh Gupta, Sumit Dinesh
Ranka, 29, 27 India
Cofounders, Innov8
Masatoshi Honda, 26 Japan
Cofounder, Gra&Green
Dana (Xiaoxiao) Hou, 25 China
Cofounder, FarmFriend
Sang Hun Oh, Seung Bae Son, 26,
28 South Korea
Cofounders, Luxrobo
Reyhan Jamalova, 15 Azerbaijan
Founder, Rainergy
Yoan Casimir Joseph Kamalski, 28
Singapore
Cofounder, Hmlet
Yash Kotak, Sanvar Oberoi, Jahan
Peston Jamas, 28, 27, 28 India
Cofounders, Boheco
Shi Xiaogang, 27
FOUNDER & CEO,
BEI JI N G XLOON G T ECHN OLOGIES
CHI N A
In 2015, Shi Xiaogang founded
augmented reality (AR) startup Xloong
in Beijing. The company uses technology
that superimposes virtual information on
real-world views to make consumer and
enterprise gear for various uses.
Xloong’s sports goggles assist cyclists
with AR-based digital maps, and its
Techlens T2 glasses enable remote
equipment maintenance by scanning
machines and sharing real-time video
feeds with engineers, who examine the
feeds and input responses. “I believe
AR will replace PCs and smartphones to
become the next computing platform,”
says Shi.
Aided by government grants, Xloong
is making AR glasses for Chinese police,
which are expected to ship later this
year. The gear, which look like ordinary
spectacles, can recognize faces and
cross-reference them with profiles
on China’s national ID databases
to identify potential suspects.
If there’s a match, a red alert
is projected onto an oicer’s
real-world view, helping to
make an arrest. “Our focus is
on security and surveillance,”
says Shi. “There are millions
of police in China, and our
product can help them track
potential suspects more
eiciently.” —Y.W.
Aakriti Kumar, 29 India
Founder, Differniture Spaces
Liu Yifeng, 24 China
Founder, Beijing Sunlectric
Pranav Manocha, Ashutosh
Srivastava, 22, 22 India
Cofounders, We-Convert
Anu Meena, 24 India
Founder, AgroWave
Anjal Niraula, 28 Nepal
Managing director, Gham Power
Qiu Chunchao, 27 China
Suteng Innovation Technology
Nishith Rastogi, 30 India
Founder, Locus.sh
Ishrat Sahgal, 28 India
Founder, Mishcat Co.
Shi Xiaogang, 27 China
Founder, Beijing Xloong Technologies
Jasveer Singh, 29 India
Founder, QiK Rooms
Vinesh Sinha, 29 Malaysia
Founder, FatHopes Energy
Julius Tan, 29 Singapore
Founder, Electrify
Yan Buyi, Yao Jizhong, 29, 29 China
Cofounders, Microquanta
JUDGES
Romi Haan, CEO and President,
Haan Corp.
Paul Fang, CTO, Midea
Angie Lau, CEO, Clover Group
32 | FORBES ASIA APRIL 2018
STEFAN CHOW FOR FORBES
Tang Bowei, 28 China
Founder, Beijing Ewaybot Technology
Esther Wang, 30
FOUNDER, JOYTINGLE S I N G A P O R E
While volunteering at a children’s hospital, Esther Wang noticed the fear and
anxiety kids experience ahead of procedures involving needles. Using her design
background, the 29-year-old Singaporean went on to develop an educational toy
character called Rabbit Ray, whose function is to inform and reassure children
about things like injections, vaccinations and intravenous drips.
It may have taken four years in product development, but Wang’s eforts paid
of with Rabbit Ray now being used by leading hospitals in five countries and
available online for purchase by individuals. Rabbit Ray can also be utilized as a
tool to start diicult conversations about terminal illness and death. “These are
important conversations, but often we do not how to enter them,” says Wang,
who believes that by using the language of play, caretakers can create a friendly
and healthy way to talk about such topics. Wang, however, is not stopping
here. Her aim is to take part in making an impact in the health care sector. “I’m
constantly asking myself, ‘What is the next area in which you can touch a billion
lives and make health care more eicient?’” —R.W.
Health Care & Science
Abrahim Ali Shah, Asad Raza, 23,
23 Pakistan
CEO, CTO, Neurostic
Muhammad Shaheer Niazi, 17
Pakistan
Scientist
Jugal Anchalia, Abhishek Kumar,
26, 25 India
Cofounders, JustDoc
Duc Pham, 29 Vietnam
Cofounder, ViCare
Adrian Ang, 28 Singapore
Founder, AEvice Health
Gauri Angrish, 28 India
Founder, Caredose
Chen Kuan, 29 China
Cofounder, Infervision
Priya Prakash, 27 India
Founder, HealthSetGo
Nicole Seebacher, 29 Australia
Researcher, University of Sydney
Diva Sharma, 29 India
Inventor
Deepanjali Dalmia, 27 India
Founder, Heyday Care
Shing Yue Sheung, 23 Australia
Cofounder,
NAVi Medical Technologies
Dong Leiting, 30 China
Professor, Assistant dean,
Beihang University
Ryushi Shiohama, Yusuke
Sugomori, 29, 29 Japan
Cofounders, Micin
Dong Lin, 28 China
CEO, Sirui Jiankang
Prabhdeep Singh, 30 India
Cofounder, StanPlus Tech
Harris Eyre, 29 Australia
Cofounder, CNSDose
Duong Tong, 26 Vietnam
Cofounder, Homage
Rohan M Ganapathy, Yashas
Karanam, 26, 23 India
Cofounders, Bellatrix Aerospace
Esther ChunShu Wang, 30
Singapore
Founder, Joytingle
Kshitij Garg, 29 India
Founder, Healers at Home
Min Hao Wong, 29 Singapore
Founder, Plantea
Samuel Glatman, 29 Myanmar
Founder, Ko Shwe
Seonghoon Woo, 28 South Korea
Senior research scientist, Korea
Institute of Science & Technology
(KIST)
Dinesh Visva Gunasekeran, 25
Singapore
Founder, Visre
Sirawaj Itthipuripat, 25 Thailand
Neuroscientist, King Mongkut’s
University of Technology Thonburi
Hyungkook Jeon, 28 South Korea
Research professor, Pohang
University of Science & Technology
(POSTECH)
Masahiro Kasuya, Tatsuya Seki,
30, 30 Japan
Cofounders, Meltin MMI
Melissa Yu, 29 Taiwan
Founder, Havital HK Holdings
JUDGES
Sonny Vu, President and CTO,
Connected Devices—Fossil Group
Steve Monaghan, Chairman and
CEO, GenLife
Michel Birnbaum, Entrepreneur in
Residence, NTUitive
Liu Mingzhen, 27 China
Professor, University of Electronic
Science & Technology of China
MUNSHI AHMED FOR FORBES
APRIL 2018 FORBES ASIA | 33
Social Entrepreneurs
Kanchan Amatya, 23 Nepal
Founder, Sustainable Fish
Farming Initiative (SFFI)
Azizjon Azimi, 20 Tajikistan
Founder, TajRupt
Shriyans Bhandari, Ramesh
Dhami, 23, 22 India
Cofounders, Greensole
Viola Cheng, 29 Taiwan
Founder, Good Food Enterprise
Anand Chowdhary, Nishant
Gadihoke, 20, 17 India
Cofounders, Oswald Labs
Mathew D’Onofrio, 20 Australia
Founder, Nightlife First Aid
Carlo Delantar, 26 Philippines
Country director,
Waves for Water
Binish Desai, 24 India
Founder,
Eco-Eclectic Technologies
Hamza Farrukh, 24 Pakistan
Founder, Bondh-E-Shams
Muhamad Risyad Ganis,
Yohanes Sugihtononugroho, 25,
25 Indonesia
Cofounders, Crowde
Kento Hoshi, Mariko Hoshi, 25,
28 Japan
Cofounders, JobRainbow
Syed Faizan Hussain, 24
Pakistan
Founder, Perihelion Systems
Sajid Iqbal, 27 Bangladesh
Founder, Change
Suhani Jalota, 23 India
Founder, Myna Mahila
Foundation
Litia Kirwin, 30 Fiji
Founder, Loving Islands
Natalie Kyriacou, 29 Australia
Founder, My Green World
Lee Lin Swee, Lim Yuet Kim,
Ling Sook Shian, 24, 27, 25
Malaysia
Cofounders, The Picha Project
Li Tianchi, Sun Yue, 27, 28 China
Cofounders, Shenzhen Dianmao
Technology (Codemao)
Elaha Mahboob, 25 Afghanistan
Cofounder, Digital Citizen Fund
30 UNDER 30
Qin Yunquan, 28 Singapore
Cofounder, Kapap Academy
Ayman Sadiq, 26 Bangladesh
CEO, 10 Minute School
Ria Sharma, 25 India
Founder, Make Love Not Scars
Scott Stiles, 29 Hong Kong
Cofounder,
Fair Employment Agency
Ashleigh Streeter-Jones, Caitlin
Figueiredo, 24, 22 Australia
Cofounders,
Girls Takeover Parliament
Sam Waldo, 30 China
Cofounder, Mantra Eyewear
Rohit Nayak, 29 India
Cofounder, EcoAd
JUDGES
Paul Ronalds, CEO, Save the
Children Australia
Kevin Otsuka, 29 Japan
Founder, ABC Coffee Club
Sally Begbie, Director,
Crossroads Foundation
Sacheet Pandit, Nishan Chandi
Shrestha, Subash Shretha, 27,
28, 27 Nepal
Cofounders, Eco Cell Industries
Binod Chaudhary,
Philanthropist and Chairman,
Chaudhary Foundation
Shriyans
Bhandari, Ramesh
Dhami, 23, 22
CO FOUNDERS, GREENSOLE IND IA
Shriyans Bhandari and Ramesh Dhami
didn’t set out to be social entrepreneurs—
they did so by accident. The pair met
while training for marathons in Mumbai’s
Priyadarshini Park. While discussing their
concern about the environmental impact
of discarding a dozen pairs of running
shoes a year, they discovered that more
than a billion underprivileged people
have no access to footwear. This inspired
them to start Greensole.
Founded at the end of 2013, the
Mumbai social enterprise takes used
sneakers and converts them into sandals
that are then donated to hundreds of
thousands of beneficiaries across India—
especially schoolchildren from poor
backgrounds. “Donating shoes has
helped improve the attendance in rural
schools, indirectly impacting education
in villages,” says Bhandari.
So far, Greensole has tied up
with over 40 corporations, each
contributing $3 per donated pair,
enabling them to make 100,000
pairs a year. —R.W.
ATUL LOKE FOR FORBES
Aayushi KC, 28 Nepal
Founder, Khaalisisi Management
Seokjung Kim, Gina Park,
Minhyun Seong, 26, 25, 25
South Korea
Cofounders, Instinctus
34 | FORBES ASIA APRIL 2018
Media, Marketing
& Advertising
Crystal Abidin, 29 Singapore
Anthropologist, Jönköping University & Curtin
University
Gautam Raj Anand, 26 India
Founder, Hubhopper
Tara Baker, 29 Australia
Founder, Dancing With Her
Shobhit Banga, Supriya Paul, 24, 24 India
Cofounders, Josh Talks
Angel Chen, Jeffrey Effendi, 26, 27 Australia
Cofounders, DrawHistory
Anni Chen, 25 China
Founder, Kuaikan Comic
Chen Cong, 28 China
Founder, Dongqiudi
Riad Chikhani, 22 Australia
Founder, Gamurs Group
In Seo Chung, Sang Min Heo, Jang Won Lee, 20,
23, 24 South Korea
Cofounders, Mapiacompany
Ash Davies, 24 Australia
CEO, Tablo
Frederick Devarampati, Sri Charan Lakkaraju, 25,
28 India
Cofounders, stuMagz
Tara Baker, 29
FOUNDER & EDITOR IN CHIEF,
DANCING W I T H H E R AU ST RA L IA
GLENN HUNT FOR FORBES
Frustrated by the lack of representation
within the “heteronormative” wedding
industry, Tara Baker and her fiancée,
Arlia Hassell, decided to create a
wedding magazine catering to the
LGBTQ+ community. Starting initially
as a 20-page digital mini-magazine,
Dancing With Her was downloaded
over 4,000 times in the two weeks
after its launch, which encouraged
the development of the blog, social
media and print orders shortly after.
“With marriage equality being new in
Australia, I am hearing from wedding
vendors daily who are asking if they are
marketing in an efective and inclusive
way for LGBTQ, from photographers
to venues and
celebrants,” says
Baker.
But it’s not all
white dresses and
wedding cakes, Baker
explains: “I get to speak with lots of
people who are planning weddings
who are facing a lot of discrimination.
Sometimes people have the right
intention but the language they use
isn’t really inclusive.”
With wedding equality recognized
now in 40 countries, Dancing With Her
has developed a global readership of
85,000 people per month. “We share
personal things with our audience; it’s
important to us for them to know we
are two women in love, just like them.”
—Tania Willis
Jenny Guo, 27 China
Cofounder, LumiereVR
Jaden Harris, Alex Sumsky, 22, 22 Australia
Cofounders, Forever Network
Catherine Harry, 23 Cambodia
Founder, A Dose of Cath
Jeff Hendrata, Andrew Setiawan, 27, 23 Indonesia
Cofounders, Karta
Azhar Iqubal, Anunay Pandey, Deepit
Purkayastha, 25, 26, 26 India
Cofounders, Inshorts
Ji Fangyuan, 29 China
Founder, Ividea
Hyejin Kang, 28 South Korea
Video creator, Kids Works
Hyunsung Kim, Chanhoo Park, 21, 21 South Korea
Cofounders, Geekble
Li Hu, 28 China
Writer
Miron Mironiuk, 28 Hong Kong
Founder, Cosmose
Milan Reinartz, 29 Singapore
Founder, Postr Media
Bretman Sacayanan, 19 Philippines
Vlogger, Bretman Rock
Shwetal Shah, 25 India
Head of partnerships and outreach,
Erase All Kittens
Sam Stuchbury, 27 New Zealand
New Zealand founder, Motion Sickness
Krystal Sutherland, 27 Australia
Author, Penguin
Tang Ling, 23 China
CEO, Ink Labs Foundation
Tao Weihua, 28 China
Founder, Hangzhou Magua Network
Anshul Tewari, 27 India
Founder, Youth Ki Awaaz
Jiyoung Yang, 27 South Korea
Creator, YD TV
JUDGES
Akira Morikawa, President of NHN Corporation,
Former CEO of LINE
Caspar Schlickum, CEO-APAC, Wunderman
Armie Jarin-Bennett, President, CNN Philippines
APRIL 2018 FORBES ASIA | 35
Consumer Technology
Farid Ahsan, Ankush Sachdeva,
Bhanu Pratap Singh, 26, 24, 26
India
Cofounders, ShareChat
Dinesh Balasingam, 29 Singapore
COO, The Chope Group
Rishi Gaurav Bhatnagar, 26 India
Founder, Kaavadia
Nick Chang, 29 Australia
Founder, Honee
Chen Jingshu, Chen Yue
(Richard), Ye Hanzhong (Ayden),
29, 29, 29 China
Cofounders, VeeR VR
Rewaj Chettri, 22 India
Founder, NE Taxi
Derek Cheung, 27 Hong Kong
Founder, Hong Kong Esports
Honey Mya Win, Shwe Yee Mya
Win, 26, 23 Myanmar
Cofounders, Technoholic
Togo Ogi, 30 Japan
Cofounder, FunLife
Francisco
Serra-Martins, 28
Shunsuke Oyu, 29 Japan
Founder, Connehito
CO FOUNDER & CEO, SONDER DESIGN
AUST RA LI A
Cheonwoo Park, 26 South Korea
CEO, OP.GG
Want a customizable keyboard that can change
its display as you command? Australia’s Sonder
has just that. And for $110, you can get your
hands on one in August.
Cofounded in 2015 by Francisco SerraMartins and his twin brother, Filipe, the startup
developed a self-customized keyboard.
Using E-ink display—the technology used
by Amazon’s Kindle e-readers—it can switch
displays quickly, changing, for example, from
the Korean alphabet to English. “We have
significantly reduced costs associated with
printing keyboards for diferent countries,”
explains Serra-Martins. “This allows [companies]
to better target new customers.”
Sonder works directly with suppliers like
Foxconn as well as laptop brands. It also ofers
a stand-alone product directly to consumers.
Serra-Martins sees a future similar to that of
smartphones, in which this type of interface
“will become the new standard in keyboard and
notebook interface design.” —Y.W.
Ankit Prasad, 27 India
Founder, Bobble Keyboard
Francisco Serra-Martins, 28
Australia
Cofounder, Sonder Design
Sheng Jiarui, 26 China
Founder, MiniUS
Tan Ce, 27 China
CEO, Apin
Ravijot Chugh, Phalgun Kompalli,
29, 29 India
Cofounders, UpGrad
Eric Tao, 27 China
Founder, Holla
Hong Zhenye, 25 China
Founder, Ulandian
Arshan Vakil, 27 India
Kings Learning
Swapnil Jain, Tarun Mehta, 28,
28 India
Cofounders, Ather Energy
Zhu Xiaoxiao, 26 China
CEO, FitTime
Masa Kato, 24 Japan
CEO, Progate
JUDGES
Steven Ji, Partner, Sequoia
Capital
Asaph Kim, 27 South Korea
Cofounder, Kamibot
30 UNDER 30
Anna Fang, Partner, ZhenFund
Jinu Kim, Chanmin Woo, 27, 27
South Korea
Cofounders, Liner
Ui Young Kim, 28 South Korea
Cofounder, EastControl
Woong Hee (John) Lee, 29
South Korea
Founder, One Life One Technology
Leng Xiaokun, 25 China
Founder, Leju Robotics
Liu Wen, Zhang Yibo, 28, 29
China
Cofounders, Illume Research
Peter Marchiori, 26 Australia
Cofounder, Found Careers
JAMES HORAN FOR FORBES
Gaurav Munjal, Roman Saini,
Hemesh Singh, 27, 26, 25 India
Cofounders, Unacademy
36 | FORBES ASIA APRIL 2018
FOR MORE: WWW.FORBES.COM/30-UNDER-30-ASIA/2018
Forbes
Under 3O
Summit
Asia
Hong
Kong
July
16–18,2O18
Forbes Under 30 Summit Asia will bring together
some 300 young leaders, entrepreneurs and
gamechangers from Forbes' “30 Under 30 Asia”
lists, as well as CEOs, mentors, industry leaders,
investors and disruptors. The summit will feature
three days of motivating panels, tech demos,
networking, as well as a food and music festival.
Follow us @ForbesAsia | @ForbesUnder30
#Under30Summit | forbesunder30summitasia.com
Supporting Organizations
Supporting Sponsors
30 UNDER 30
ALUMS ON THE RISE
A look at how some of our previous list members are faring.
Siu Rui Quek
CO FOUNDER AND CEO, CAR O U S E L L
Quek, in Singapore, made our irst Asia list in 2016, thanks to Carousell, an eBay-like
online marketplace for buying and selling new and secondhand goods in Southeast
Asia that he cofounded with Lucas Ngoo and Marcus Tan. Speaking to Forbes recently, he says that they had “laid the foundations” at Carousell and are now focusing
on innovation.
“In the startup phase of our business, we were laser-focused on growth and our
mission to inspire the world to start selling,” he says. “We’ve been fortunate to have
investors that see the value we’re creating and have been willing to invest in growing this business with us.” And this backing—$40 million in a 2016 funding round
and more than $70 million in another last year—has given them conidence to keep
pushing boundaries. Quek says Carousell may soon start ofering a greater variety of
categories, including property and cars.
In the last quarter of 2017, Carousell reported 110 million listings—with 140
listings posted per minute—and 43 million items sold. It said users were spending as
much as 18 minutes on its app. Quek points to Carousell’s investment in artiicialintelligence-powered listings. “We see AI as the new frontier for the classiieds sector,
or classiieds 4.0, with its predictive and automated capabilities improving the overall
buying and selling experience.”
But he admits they’ve barely scratched the surface when it comes to convincing
people across Southeast Asia to buy and sell online: “We’ve built some amazing communities all across the region, a validation of the problem we’ve started to solve, but
now is when the real work starts.”
38 | FORBES ASIA APRIL 2018
Eric Gnock Fah
CO FOUNDER AND PRESIDENT
K LOOK T RAVEL
A travel enthusiast, Gnock Fah of Hong
Kong started Klook in 2014 as a Web
and mobile platform to book attractions,
tours, activities and other travel services
in Asia at exclusive rates. Ramping up
quickly, Klook has expanded to include
more than 150 global destinations. Last
year it raised $90 million from investors
including Sequoia Capital and Goldman
Sachs. “Our app and website now has
over 12 million visitors per month from
over 50 countries and regions looking
for travel activities,” says Gnock Fah,
who was featured on last year’s list.
Like Carousell’s Quek, Gnock Fah
says getting their backers to understand
Klook’s vision has been pivotal to continued success. “We’re thankful that our
investors are giving us the freedom to
work toward what we believe is best for
modern travelers,” he says.
He points to Klook’s foray into Europe
and North America. “We have broadened
our reach . . . more users coming from different countries with a diferent cultural
upbringing,” he says. “Klook will continue
to optimize and localize our user experi-
ence to serve more travelers worldwide.”
With this year’s 30 Under 30 Asia
event to be held in Hong Kong, Gnock
Fah is efusive in his praise for the city’s
improving climate for startups and
innovators. “he Hong Kong startup
community has been thriving in the past
few years,” he says. “With its inherent
diversity, Hong Kong attracts worldwide
talent and has formed a community that
is vibrant, globally minded and ambitious. “Hong Kong’s proximity to Shenzhen, China’s largest technology hub,
also provides abundant resources for
companies that are driving technological
innovation.”
Sharndre Kushor and Jamie Beaton
CO FOUNDERS, CRIMSON EDUCATION
Also 2017 honorees, New Zealand-based Beaton and Kushor
were recognized for their work with Crimson Education, an
online platform that helps students everywhere connect with
services including tuition for extracurricular tutoring and university admissions advice.
Describing business the past year as “phenomenal,” the pair
tells Forbes: “Each year our student results raise the bar, and
this year has been no exception. he Ivy League reported that
its recent early admissions round was the most competitive
ever. Despite this, 50% of our students who applied for early
admission to Harvard gained acceptance, despite the reported
14.5% admissions rate for early applicants. Crimson also supported 11 successful applications to Oxford and Cambridge,
despite Oxford receiving nearly 6 applications for each available
place.”
Ater securing $30 million from a series B funding round in
2016, Crimson—which started life as a Facebook page—is now
valued at more than $200 million, according to media reports,
backed by investors in the U.S. and China. “Our systems enable
us to capture relevant data on the student experience as well as
their individual progress, and allows us to make data-informed
decisions over the course of their program to ensure they
achieve the best outcomes—and have a blast doing so,” says
Beaton.
Would they have done anything diferently, in hindsight?
“As we have grown, the impact that our technology has had
on the quality of our service delivery and the student journey
has skyrocketed, and I see this continuing on into the distant
future,” says Beaton. “If only we had started just a little earlier,
who knows where we’d be right now.” —Paul Armstrong
APRIL 2018 FORBES ASIA | 39
FORBES ASIA
THE 10 Q
that ushers in the fastest technical evolution
that’s ever occurred in history.
AI amazes and frightens people. Why is AI coming at us so fast?
he foundations of AI have changed very
little in 30 years. he extraordinary pace of
change is that you now have data at scale
and computing at scale. he core ideas of
the AI algorithms haven’t been changed all
that much.
It’s really about hardware.
I can take those same crappy algorithms,
just run at such massive scale against such
extraordinary data sets, that I can now start
to produce interesting results. hat’s what’s
changed.
Are business leaders outside of traditional tech
thinking about this?
I hope so. It’s existential for every business.
he largest car company in the world,
Uber, owns no cars; the largest hotel company, Airbnb, owns no hotels. he ability
to harness digital assets at scale changes
everything. CEOs and boards need to ask,
“Okay, how do I use my assets, industry
position and these new superpowers?” If
they don’t, well, good luck. Someone will
knock them of.
It takes a strong CEO to tell a board, “We’re
going to transform, but you’ll hate the shortterm results.”
The pace of technological advancement has never been faster,
says VMware chief Pat Gelsinger, and every CEO in America
needs to seize the moment.
Is the progress of technology speeding or
slowing?
Both. Moore’s Law hasn’t stopped, but it’s
bending. We were on this doubling-everytwo-years curve. Now it’s more like doubling every three years.
Why?
bucks and a credit card, and I’ll give you
the world’s largest supercomputer for the
next two minutes, a larger supercomputer
than was ever assembled before. Entrepreneurs around the world can take advantage
of that.
What’s the meaning of your phrase “the four
superpowers of technology”?
Because going from 14-nanometer chips to
7 nanometers is hard. You’re getting close to he four superpowers are cloud, mobile,
physical limits. You need tons of capital to
IoT and AI. Cloud is supercomputing
manufacture them.
power at unlimited scale. Mobile is unlimited reach. IoT is unlimited access. AI is unBut you also said that technology progress is
speeding up.
rivaled intelligence. It really is the cascading
Now, in the cloud era, give me a thousand efect of those four things coming together
Before VMware, you spent 30 years at Intel.
What did you learn from the Intel founders,
Bob Noyce, Gordon Moore, Andy Grove?
Gordon is the humblest billionaire who ever
existed. One time my wife and I were at Macy’s, and I look up and there’s Gordon’s wife,
Betty, looking through the $1 bin [laughs].
The other two, Noyce and Grove, fought a lot.
How’d they put that aside?
If you were to watch Andy and Bob argue,
you’d say, “They’re going to kill each
other. They hate each other.” But Andy
loved the debate. Andy wanted somebody
with a point of view—and data to defend
it—and the willingness to defend that
point of view.
PAT GELSINGER SPOKE WITH RICH KARLGAARD, OUR EDITOR-AT-LARGE AND GLOBAL FUTURIST.
THIS INTERVIEW HAS BEEN EDITED AND CONDENSED. FOR THE EXTENDED CONVERSATION, VISIT FORBES.COM/SITES/RICHKARLGAARD.
40 | FORBES ASIA APRIL 2018
ERIC MILLETTE FOR FORBES
Digitize—or Die
What you say is “We’re going through a
three-year valley of death. If we don’t,
we’re going to get eaten alive.” If the CEO
goes to the board and it doesn’t support
him, then the CEO should think hard
about resigning.
SPECIAL ADVERTISING SECTION
JAPAN
1
JAPAN
IN AT THE GROUND LEVEL: J TRUST’S
UNIQUE STRATEGY IN THE ASEAN REGION
By focusing on retail and small business customers, J Trust has found success in a niche
market segment often overlooked by the other big foreign banks in the ASEAN region
Japan’s aging population and shrinking domestic market has compelled
Japanese companies to look abroad
for new opportunities. Like many
other Japanese inancial institutions, J
Trust is focusing its overseas efforts in
the fast-growing ASEAN region.
But while other major banks in
the region focus on mega projects,
providing credit lines ranging from
$10 million to $1 billion, J Trust has
found itself a niche market in microinancing and small business loans, a
strategy which, aside from generating healthy proits, is improving livelihoods at ground level.
In a developing country, irstmover foreign banks generally come
in to provide inancial support for
major industrial and infrastructure
projects. J Trust’s strategy involves
coming into a developing market at
a later stage than other players, targeting the retail and small business
customers that are not catered to by
the other big foreign banks.
“We target the populations and
we focus on personal consumer
credit products, which is something
that major banks don’t do. That is
why we do not look upon the major
banks moving into these locations as
competitors, but rather as potential
partners,” says Nobuyoshi Fujisawa,
President and CEO of J Trust.
“As a private consumer-focused
bank, our products will always be
about money. In places like Indonesia,
we focus on micro-inancing so that
people can buy agricultural equipment or supplies. Our actions are
aimed at increasing people’s everyday
living standards.”
Through its subsidiaries in the region, J Trust provides small loans averaging from just $200 to $300. For
small business customers that need
to buy expensive equipment, such
as agricultural machinery, it can offer
hire purchase and the loan amount is
up to $30,000, but that is generally
its top limit per client.
“Not having other banks addressing the consumer market means no
competition for us. Furthermore, J
Trust Indonesia does not only focus
on micro-inances, it also deals in cor-
Nobuyoshi Fujisawa,
President and CEO, J Trust
porate loans from roughly $1 million
to $5 million,” says Mr. Fujisawa.
“I expect to have an increase in the
number of banks and services across
South East Asia, while pursuing the
same business approach – microinancing individual clients and making people happy. Even though we
are different to the majority of other
banks, the inance industry is well
established, which makes differentiation hard to come by. This means that
in two years’ time, we cannot say that
something will be signiicantly different. We must move forward step-bystep and not lose focus.”
2
JAPAN
SPECIAL ADVERTISING SECTION
JAPAN INVESTS IN HIGH-QUALITY
INFRASTRUCTURE IN ASIA
The race to build
developing Asia has
begun. As China and
Japan battle for their share
of the trillions of dollarsworth of infrastructure and
construction contracts
over the coming years,
the latter is pledging
to build “high-quality”
infrastructure that will
stand the test of time
To maintain their growth momentum,
the developing countries in Asia need
$26 trillion between 2016 and 2030
(more than $1.8 trillion per year) to inance infrastructure projects in power,
transport, telecommunications and
water, according to a report by the
Asian Development Bank (ADB) released last year. Based on a study of 25
countries, the ADB estimates that total
infrastructure investments in developing Asia currently stands at around
$881 billion annually, leaving an annual funding gap of $819 billion that
needs to be illed by both public and
private investors.
More than half (56 percent) of the
money will be required for power
projects; 32 percent for transport; 9
percent for telecoms; and 3 percent
for water. East Asia, including China,
will need the largest chunk of the investment, just over $16 trillion; while
South Asia needs $6.35 trillion and
fast-growing South East Asia, $3.1 tril-
lion. The remaining $611 billion will be
required in Central Asia and the Paciic
Islands. These infrastructure investments are crucial for Asian countries
to drive economic growth and attract
foreign investment; and Japanese
companies engaged in construction
are well positioned to support Asia’s
infrastructure drive.
“I was in Indonesia recently, it took
three hours by car to travel 40 km. This
is nothing unusual, it happens every
morning and evening there,” says Mr.
Kotaro Hirano CEO of Hitachi Construction Machinery.
“I was also in India and the road
conditions there make the car shake
as you travel. Whenever I travel to
these countries I always speak to
the local government oficials. They
all mention that unless they improve
their infrastructure they cannot attract foreign investment.
“Therefore, in countries such as Indonesia, India or Thailand, they really
want to have eficient investments.
They aim to increase the eficiency
Project Team: Antoine Azoulay (Country Director);
Aline Ouaknine (Project Director); Alexandre Marland
(Editorial Director); Fabrizio F. Farina (Regional Director of
Institutional Relations); Jonathan Meaney (Chief Editor)
of their roads and infrastructures,
which represents a big business opportunity where our equipment is in
high demand.”
As the continent’s powerhouses,
Japan and China will be competing
for trillions of dollars-worth of infrastructure contracts over the coming
years. And while Japan knows it may
not be able to compete with China in
terms of quantity, it is focusing on selling itself as a developer of high-quality
projects and an alternative to Chinese
infrastructure development.
In 2015, Prime Minister Shinzo Abe
pledged to invest $110 billion in “quality” infrastructure projects across Asia
over 5 years. In November, following
the meeting of U.S. President Donald
Trump and Mr. Abe, Japan once again
reiterated its commitment to invest in
“high-quality” infrastructure in Asia, in
partnership with the United States.
Japan believes that its projects may
initially cost more than China’s, but are
built to stand the test of time – requiring less maintenance and repair and
#TheWorldfolio
#JapanTheWorldfolio
subsequently making them cheaper in
the long term.
“Traditionally within ASEAN, the initial focus was on getting projects done
for the lowest amount of money,” says
Mr. Joichiro Momii, Director and Senior
Advisor of Fuji Furukawa Engineering
and Construction (FFEC), which engages in the construction and maintenance
of power facilities and production
plants in the ASEAN region.
“Countries have been slowly realizing that such an approach is not a positive investment, as it does not produce
infrastructure that lasts. Therefore, we
are witnessing a shift towards developing high-quality infrastructure and that
is leveraging the potential for Japanese
companies to do well overseas within
the region.”
In Cambodia and Myanmar, FFEC is
offering overseas development assistance for construction projects, showcasing superior Japanese quality to two
of ASEAN’s least developed nations.
“The focus on knowledge transfer is key to the success of Japanese
investment overseas. Furthermore,
being perceived as bearers of highquality projects further reinforces the
advantages of Japanese investment,”
adds Mr. Momii.
“For example, an international construction company recently performed
a building infrastructure investment in
Cambodia, which turned out to be unsuccessful. Having realized the quality
standard of Japanese work, they ended up commissioning the construction
of a second local building project to
our company.”
Produced by The Worldfolio.
Forbes Asia magazine did not
participate in its preparation and
is not responsible for its content.
SPECIAL ADVERTISING SECTION
The majority of FFEC’s proits still
comes from Japan. However, it is
increasing investments and gaining
more market share in ASEAN countries
such as Thailand and Vietnam, where
it has had a long-standing presence.
Mr. Momii also wants to help more
Japanese companies enter Myanmar
and Cambodia, through the establishment of business-driven partnerships
with local companies, which otherwise
would be direct competitors. “This
represents a facilitating approach towards the establishment of enduring
relationships,” he says.
Civil engineering irm Raito Kogyo, whose main business is in slope
protection and stabilization, ground
improvement and soil-cement walls,
is another Japanese irm looking to expand its footprint in Asia as investment
in the region’s infrastructure increases
dramatically. It believes the technologies it has cultivated in Japan could
help to stabilize the infrastructure
built in Asian countries that are often
subjected to natural disasters, such as
earthquakes or flooding.
“We would like to contribute to
infrastructure development in Asia by
using our expertise in geotechnical engineering that we have built up over
the years,” says company president,
Mr. Kazuo Suzuki.
“Natural disasters, especially climate-related disasters, are becoming
more severe these days. Under these
conditions, we need to maintain various infrastructures such as roads, railroads, airports and ports, and keep
them safe. We have continued to
develop technologies in this ield for
more than 70 years, and now we have
technologies that can respond to various ground problems and disasters.
These are the technologies we believe
in the near future we can export to
Asian countries as they start to need
more of these things.”
Indeed, all structures need heavyduty paint to stand the test of time.
And Japan’s paint manufacturers are
also expanding in Asia, offering highquality products to support the durability of infrastructure projects.
Nippon Paint manufactures longlasting and heavy-duty coatings for
roads, steel works and bridges, marine vessels, oil and gas pipelines, industrial plants and automobiles. With
60 percent of its sales coming from
Asia, Nippon is poised to beneit from
the region’s construction and infra-
Q“We are witnessing a shift
towards developing highquality infrastructure and that
is leveraging the potential for
Japanese companies to do well
overseas within the region”
Joichiro Momii,
Director and Senior Advisor,
Fuji Furukawa Engineering
and Construction
structure spending bonanza over the
coming years.
“At Nippon Paint, we place quality and technology as key factors to
our success,” says President and CEO,
Tetsushi Tado. “To ensure the quality
of our products, we apply the requirements of the automotive industry to
all our market segments, contributing
to the creation of a trusted and reliable brand.
“China and the Asian countries
are the most important regions for us
because 45 percent of the demand
for paint and coatings comes from
the Asian region. We have four main
business segments: automotive, industrial, decorative, and marine coatings. We want to achieve growth in
every segment. So, if you ask which
one is most important, my answer
would be all of them.”
A developer of industrial, automotive, construction and decorative
coatings, Kansai Paint is another paint
company looking to strengthen its
presence in Asia, both in the B2B and
B2C segments.
“Asia is such a massive market that
it is impossible to treat all nations with
the same strategy. Since every country is at a different stage of development, we have learnt to cater for all
segments and stages,” says Kansai’s
president, Mr. Hiroshi Ishino.
“The success of our strategy resides
in creating strong local partnerships
while adapting to the customer’s demands. In India, we adopt a B2B and
a B2C approach. For the automotive
industry, in which we have been highly
successful, we have been able to rely
on our excellent partners.
“We are excellent suppliers, showcasing good products, good quality
and an amazing supply chain. Furthermore, we have the ability to customize
certain products to best it the needs
of our partners.”
Engineering irm Neuron is also
competing directly with Chinese competitors for contracts across South East
Asia. The company has two subsidiaries in the region: Neutex Advance Engineering in Malaysia and Rainbow
NEUTEX Engineering in Indonesia.
Neutex Advance Engineering manufactures piping components (such
as metal expansion joints), as well as
compressors and pumps for oil and
gas facilities. Its clients include Malaysia’s national oil company Petronas.
Neuron is one of the growing number
of Japanese SMEs looking abroad for
new opportunities.
“It is very rare for Japanese SMEs to
go out of the country. At the moment
in Malaysia and Indonesia we only
have outlets for sales. Nevertheless,
JAPAN
3
soon we would like to expand by having production lines in those countries
as well. We would like to set up satellite operations in these countries,”
says Shinichi Iwamoto, President of
Neuron Japan.
“With Neutex in Malaysia and Indonesia, right now we are dealing with
the gaskets, valves and related parts. In
these markets the competition is very
high. One strategy is to directly compete with the Chinese products. Of
course, we are the winners if we are
talking about high-quality products.
“However, that is not enough, we
want to include everything. For example, with the expansion joints, the
average product lifespan for Chinese
products is two years, whereas a Japanese product is 20 years. Furthermore,
we highly value the craftsmanship of
each of our employees in our R&D; this
is what separates us from our competitors in China.”
Across the world, the ‘Made in
Japan’ tag has signiied high quality,
durability and craftsmanship. Now
Japan hopes to come out on top in
the competition with China for construction contracts across Asia, by leveraging on the sterling reputation for
quality it has built over the decades.
4
JAPAN
SPECIAL ADVERTISING SECTION
TOKYO ENERGY & SYSTEMS SATISFYING ASIA’S
LOOKS TO POWER ASEAN
GROWING APPETITE FOR
HIGH-QUALITY
Due to high economic growth, demand for
ing energy landscape,” explains Tsutomu
electricity in the ASEAN region is projected
Kumagai, president of TES. “Furthermore,
to double by 2030, growing between 6
ASEAN has the potential to build the best
and 7 percent annually. This means big
electrical infrastructure in the world, using
opportunities for foreign investors in the
a large scope of energy sources towards
ASEAN power grid.
a more eficient supply
With 70 years of ex– fewer losses and betperience in the Japanese
ter productivity at lower
domestic market, Tokyo
operational costs.”
Energy & Systems Inc.
“Our competitive ad(TES) specializes in the devantage is that we imsign and construction of
plement infrastructural
thermal, nuclear and hyprojects that are sustaindroelectric power plants.
able over time. Thanks to
Bringing its expertise
our continued support
and Japanese-style attenservices, we supply the
Tsutomu Kumagai,
tion to high quality, TES
maintenance required
President, Tokyo Energy &
has set its sights on the Systems Inc.
to create long-lasting
ASEAN region, and has
projects. Energy systems
established two joint ventures in Thailand,
are not just about putting a power grid
SCI Enesys Co., Ltd. and TES Practicum Co.,
and support hardware in place. It is also
Ltd. The company wants to support the reabout making available to future local
gion in developing the most advanced and
operators solid tools and support serenergy eficient power grid in the world.
vices (in which there is no match in the
“The ASEAN market bears huge pomarket to the Japanese portfolio) that
tential, which derives from the large need
enable them to manage such infrastructo improve the management of its existture in a flexible and sustainable way.”
Faced with a shrinking domestic market, Japanese
companies in the food industry hope to leverage on
demand from Asia’s growing middle classes for high-quality
products, and the rapidly rising popularity of Japanese
cuisine throughout the region
Famed for its fresh and quality ingredients, Japanese cuisine, or Washoku, is
revered around the world. In 2013, Japan became only the second country
after France to have its cuisine added
to UNESCO’s Intangible Cultural Heritage list. As of the end of 2017, Japan
and France also top the list of the countries with the most Michelin three-star
restaurants – Japan is ranked irst with
28, while France has 27.
Not only delicious, Washoku is regarded as one of the healthiest cuisines in the world, and is the main
reason why the country’s 127 million
inhabitants enjoy one of the longest
life expectancy rates in the world and
why Japan enjoys exceptionally low
igures of obesity, as compared to other advanced nations such as Germany
and the U.S.
With the increasing global demand for healthy, fresh and quality
food increasing, it is no wonder that
Washoku’s popularity has grown
rapidly. According to a survey by Japan’s Ministry of Agriculture, Forestry,
and Fisheries (MAFF), in July 2015
the number of Japanese restaurants
across the world (excluding Japan)
was close to 89,000, a 60% increase
on the 55,000 registered in 2013, and
more than triple the 24,000 counted
in the 2006 survey.
Another survey conducted by the
Japan External Trade Organization
(JETRO) suggests that Washoku is oficially the world’s favorite cuisine. In its
survey, JETRO asked people in China,
Hong Kong, Taiwan, South Korea, the
U.S., Italy and France: “What is your
favorite cuisine when you go out to
eat in foreign restaurants?” In every
place except the U.S., Japanese cuisine
was the most popular answer. Around
a quarter of the people surveyed in
China, Hong Kong, and South Korea
chose Japanese food; while in Taiwan
it was a ifth.
The growing popularity of Japanese
food across Asia comes at the perfect
time for those in Japan’s private sector
who face demographical challenges at
home. With a declining domestic food
market, a result of Japan’s aging and
shrinking population, many Japanese
SPECIAL ADVERTISING SECTION
companies across all segments of the
food industry are looking to boost
their bottom lines by satisfying the
growing Asian middle class’ appetite
for high-quality and healthier food.
“Currently Asia is the fastest growing economic block in the world with
an expanding middle-income class,
which are ideal conditions for our
business,” says Masayoshi Mizuno,
President of Hokuto Corp.
“I do feel that within the Asian
region, Japan has a reputation and is
acknowledged for always producing
and delivering high-quality products
that are safe and secure. Hence, when
consumers are posed with the question whether to choose a cheaper
product or the safest one, I think they
would deinitely go for the latter option; that is one of Japan’s strengths in
order to gain customer’s trust.”
Hokuto Corp. is principally engaged in the manufacture and sale
of different varieties of mushrooms
such shitake and Bunashimeji, as well
as the sale of cultivating machinery,
wrapping machinery and materials,
as well as wrapping materials, containers and machinery for food and
other products.
“Concerning the manufacturing
of mushrooms and in terms of the
Asian people’s diet, they are more
focused on consuming mushroom
related products than other parts of
the world. Therefore, from that perspective, it is easier for us to enter the
Asian market,” adds Mr. Mizuno.
“One of our key strengths is our
ability to promote high-quality and
healthy products. Take the example
of the Bunashimeji: irst, we begin to
explain what it is, what are its qualities
and advantages, how it is prepared
and inally how it can be incorporated
into different dishes. Asian consumers
used this information, started to buy
more and incorporate them into their
meals.”
While companies like Hokuto are
bringing high-quality food to the
Asian market; Tiger Corp aims to
leverage on the growing demand for
high-quality kitchen wares from Asia’s
expanding middle-classes. One thing
Japan shares with the rest of Asia is a
love of rice; and Tiger Corp is one of
the world’s leading manufacturers of
rice cookers.
“From Japan´s perspective, Asia
has similar food habits to ourselves
and enjoys a preferable location; mak-
ing Asian countries a target market
with many beneits for Japan,” says
president, Yoshisato Kikuchi. “The
Asian market is seen as the market
with the most advantages because
of the close locality and similarities in
cuisine culture. Our rice cookers are
currently our most popular devices,
and we are currently focusing on new
innovations to further develop our
rice cookers.”
“We initially program our rice cookers to best suit the country for which
it is destined to be sold in. Customers
are then advised as to the different
uses of the rice cooker. For example,
some of our products can also cook
bread, oatmeal and brown rice. We
adjust our product’s features to suit
the choices and preferences of our
clients.”
Aside from popular rice cookers,
the company also makes a number
of other kitchen items such as thermal flasks, food containers and water
heaters. While Tiger no doubt faces
competition in the Asian market, Mr.
Kikuchi believes its competitive advantage is the high quality of its products,
which, much like the Japanese people, live longer than those from other
countries.
“Japanese food is increasingly becoming popular and it does enjoy a
healthy image. American people may
eat rice at a sushi restaurant but not
at home. The largest market for our
rice cookers is people with an Asian
background.
“There are a number of selling
points which make our products a better choice. To begin with, our products
have high-quality operations and are
produced using substantially higher
quality materials than lower priced
ones from competitors. The life expectancy of our products is simply longer.
“Since Tiger was founded some 94
years ago, we have always aimed at
creating new products that are either:
one, not currently available in the market; or two, that add higher value to
existing product. We have maintained
this value throughout our history.
While our industry has always been
highly competitive, we don’t consider
it important to compete in terms of
pricing. Instead, we believe in producing higher added-value products that
may be reflected in a slightly higher
price bracket. The popularity of our
products therefore adds to our company’s value.”
JAPAN
Q“Currently Asia is the
fastest growing economic
block in the world with an
expanding middle-income
class, which are ideal
conditions for our business.
One of our key strengths
is our ability to promote
high quality and healthy
products”
Q“The Asian market is seen
as the market with the most
advantages because of the
close locality and similarities
in cuisine culture. Our rice
cookers are currently our
most popular devices, and we
are currently focusing on new
innovations to further develop
our rice cookers”
Masayoshi Mizuno,
President, Hokuto Corp.
Yoshisato Kikuchi,
President, Tiger Corp.
5
6
JAPAN
SPECIAL ADVERTISING SECTION
MONOZUKURI & ACQUISITIONS:
THE RISE OF JAPANESE M&As
Faced with a shrinking domestic market, Japan’s international M&A activity has
0#KC4H0H)CK3H,"34'L0KC(' %0"0C)(G*+KC430((&1LC(DOC)034%0('342
L0C%3,"CI)*CH34CI3H'*0#KC4HI&(340((C4HK)* '2)*$'L}I)342342'L0'040'(*/
CKC40(0J&C,3'"1)C/'(+C4(L3K_+*4*!&-&)3`'*/C1'*)"¡**)(C1)*(('L0$*),H
While global M&A activity has been
slowing down, Japanese irms are
aggressively acquiring assets and
establishing subsidiaries overseas.
Japan Inc. has traditionally shied
away from international M&As. But
the dwindling domestic market and
aging population has forced them
to leave their comfort zone, leading
to a surge of M&A activity in recent
years in a bid to enhance competitiveness and growth.
In December 2012, Shinzo Abe
was elected as Prime Minister and
began implementing his Abenomics
agenda that, amongst other things,
encouraged Japanese companies to
internationalize. Since then, Japanese
irms have made a record of more
than $350 billion of overseas acquisitions. By value, Japan closed nearly
three times more outbound deals in
2016 – about $100bn worth – than
it did during the whole of the 1980s;
with overseas M&As accounting for
70 percent of total M&A activity. In
2017, M&As of foreign entities by
Japanese companies increased 5.7
percent to 672 deals, hitting a record
high for the fourth consecutive year.
Some Japanese companies have
been in the game longer than others, recognizing the potential for
business growth through international acquisitions a decade before
Abenomics was implemented.
The ALCONIX Group – a company that through its subsidiaries
and afiliates at home and abroad,
specializes in the trading and manufacturing of various non-ferrous
metal products, rare earths and
raw materials – adopted an international M&A strategy back in 2001,
after it merged with Mizuho Capital
following a management buyout.
Since then, the company has acquired assets in the U.S., Europe,
China and South-East Asia. Today
about 60 percent of ALCONIX’s
200-billion-yen annual turnover
comes from foreign trade, and that
igure is expected to increase in the
future.
“Having a core business background in trading, we started by acquiring trading companies and expanded the trading business. Then
in around 2009, we started acquiring manufacturing companies with
a special focus for the ones that
produced parts and components
from non-ferrous metals,” says Eiitsu Masaki, President and CEO of
ALCONIX Corp.
“In a matter of years, ALCONIX
has grown into one of the industry’s
major corporate groups. We believe
that this growth comes from our
successes in: one, conducting strate-
gic M&A; two, engaging in aggressive business investments; and three,
fostering and keeping employees
with highly specialized expertise.”
The move into acquiring manufacturing companies has really paid
off for the company. In its forecast
for FY2017 (the inancial year ending
on March 31, 2018), sales of manufacturing companies will represent a
mere 15 percent of the total gross
sales. However, the ordinary proit
from its manufacturing arm will account for 64 percent of total proit,
according to Mr. Masaki.
“This mirrors the success of purchasing manufacturing companies.
Despite the fact that the trading
component represents the majority
of our business, proits come essentially from manufacturing,” he adds.
Due to its proximity and high
potential market growth, SouthEast Asia has been a natural target
for Japan Inc. ALCONIX’s strategy
in the region has focused on buying manufacturing companies and
establishing factories, bringing the
qualities of Japanese Monozukuri
to its South East Asian neighbors.
“In South-East Asia, we understand that commodities trading is
not a sustainable business practice.
We therefore started working closer
with local communities – investing
Q“In a matter of years,
ALCONIX has grown into
one of the industry’s major
corporate groups. We believe
that this growth comes from
our successes in: one,
conducting strategic M&A;
two, engaging in aggressive
business investments; and
three, fostering and keeping
employees with highly
specialized expertise”
Eiitsu Masaki, President and
CEO, ALCONIX Corp.
in local manufacturing companies
and collecting the proits from the
products we forward them represents great business potential,” explains Mr. Masaki.
“The model we are implementing in South-East Asian countries
aims at lessening the importance
of Japanese production by promoting local domestic trade to increase
regional independence. From an
investor’s perspective, South-East
Asia is a reliable region for investments. At ALCONIX, our objective
is to spread the quality of our monozukuri to the region by educating
the local labor force.”
FORBES ASIA
FROM THE VAULT
Era of Greed:
March 11, 1985
BY ABRAM BROWN
FAST-FORWARD
Conqueror Carl
1985: Already one of America’s most feared corporate
raiders, Carl Icahn embarks on a high-profile but ill-fated
purchase of Trans World Airlines. By 1992 it’s bankrupt.
2018: With his TWA diiculties long behind him, Icahn—
restyled as an “activist investor”—is now the planet’s
73rd-richest person, with a net worth of $17 billion.
“IS THERE NO PLACE TO HIDE these days from those
ghouls who want to suck some corporate blood?” asked
Forbes editor Jim Michaels, introducing our cover story on
the boom in blockbuster buyouts. here had been just one
billion-dollar transaction in 1980: Seagram’s sale of Sun
Co. to Texas Paciic. In 1984 Wall Street put together 17
ten-igure deals, capped by Chevron’s $13.3 billion takeover of Gulf Oil (roughly $32 billion in 2018 money).
Fueling the frenzy: bank deregulation, undervalued
assets, antitrust leniency and companies newly lush with
cash thanks to 1981 tax-break legislation. Most important, perhaps, Wall Street was now lined with inanciers
experienced in handling these mega-acquisitions—irms
such as Drexel Burnham Lambert and Salomon Brothers. “People have learned to do things quickly,” observed
Charles Nathan, a Merrill Lynch executive. “It used to take
weeks to line up bank commitments. Now it can be done
in just a few days.”
Before long, the bankers and raiders would be the
ones wearing masks of anguish. he go-go decade’s highwater mark came in 1988, when bankers managed nearly
$100 billion (over $200 billion today) in leveraged buyouts. But the number of LBOs would fall by nearly 60%
the following year in the wake of a sot stock market and
increased regulatory pressure.
AMAZING AD
L TO R: WILF DOYLE/ALAMY; HANS VON NOLDE/AP; AP
Good Olds Days
SIGN OF THE TIMES
Competition Killed the
Video Stars
Sales of blank VCR tapes were
expected to double to more than 200
million units by 1986—but none of the
big manufacturers could make a profit
amid fierce competition. “We all see
this big carrot, and we’re all going after
it. . . . This is a war!” moaned Richard G.
Mueller, a 3M marketing manager.
General Motors’
Oldsmobile division
posted record sales
in 1985 for the third
straight year; its Cutlass
Ciera and Cutlass
Supreme, respectively,
ranked as the nation’s
fourth- and tenth-mostpopular models. Overall,
the Detroit giant’s
revenue increased 15%
to $96 billion (some
$227 billion today).
FROM THE EDITOR’S DESK
Brown-Bag Hunch
Deputy editor-in-chief Steve Forbes took a dim view
of the increasing prevalence of plastic bags in stores.
“The brown bag will stay,” he predicted in a small item
headlined “Those *!%!*!#* Plastic Bags.” He wasn’t
correct, exactly: Plastic would come to dominate
the end of the checkout line, but given the stuf’s
environmental impact, his instincts were right.
APRIL 2018 FORBES ASIA | 47
FORBES ASIA
LOGISTICS
The Maestro of Mergers
Billionaire roll-up artist Bradley Jacobs has spent more than $7 billion assembling a
sprawling logistics company. Now he’s tuning it up to deliver big proits.
BY ANTOINE GARA
D
ecades ago, Bradley Jacobs studied math and piano
(classical and jazz) at Bennington and Brown before dropping out to make money. Now the balding 61-year-old CEO of XPO Logistics invokes that
background to explain how he’s parlayed sequential
roll-ups in the gritty businesses of garbage collection, heavy equipment rentals and delivering stuf into a $2.6 billion net worth. “Anyone can buy a company. You just have to sign a contract and wire the
money,’’ he says. But conceiving how those acquired company parts
can be integrated into an organically growing entity takes a special
creative talent. “Even though I’m not writing a song [in integrating
companies], I’m thinking of ideas that are abstract. It’s a combination of math and music. I’m visualizing them as clearly as I possibly
can in space and time and then actually executing on them.”
If that sounds a tad highfalutin, consider this: In September 2011
Jacobs’ family investment irm ponied up $62.5 million to gain control of Express-1, a Michigan-based freight expediter doing $170
million in sales a year. He renamed Express-1 ater its XPO stock
symbol, moved its headquarters to Connecticut and over four years
spent more than $7 billion on 17 acquisitions. Today XPO’s stock
trades at $102, giving it a market cap of $12.3 billion, for a compound annual return of 38% under Jacobs’ watch. hat’s more than
double the S&P’s return and better than Amazon’s.
Jacobs’ stake is worth $2 billion, making up the bulk of his fortune, which includes a 50-acre Greenwich estate, a 17,000-squarefoot Palm Beach waterfront mansion just down the road from President Trump’s Mar-a-Lago, and a starter modern art collection with
works by Picasso, de Kooning, Calder and Lichtenstein.
Truth is, corporate roll-ups have a bad rep. Some operators have
overpaid, taken on too much debt or even cooked the books. Yet 14
of 16 analysts covering XPO rate it a buy, persuaded by Jacobs’ dealmaking smarts, his execution and his vision of an integrated logistics company that uses technology to capitalize on the growth of
e-commerce and the worldwide supply chain. Ater Jacobs’ acquisition run, XPO has strong positions in the U.S. and Europe in freight
brokerage, last-mile delivery (getting heavy goods like refrigerators
from warehouses to consumers), less-than-truckload shipping and
contract logistics (handling all of a company’s logistics). Last year it
netted $312 million ($2.45 per diluted share) on $15.4 billion in revenues. Free cash low increased 77% to $374 million in 2017, and
XPO projects it will top $600 million in 2018.
Signiicantly, ater leveraging up in 2015 to buy U.S. trucker Con-
48 | FORBES ASIA APRIL 2018
way and France’s Norbert Dentressangle, a top player in the more eficient European logistics market, Jacobs turned of the spigot and
returned to headquarters to focus on making the whole thing work.
Headquarters is a single-story uninished concrete building on the
edge of Greenwich, where glass walls mean employees can’t duck Jacobs’ view and “Results matter” slogans hang on conference room
walls. “Missing quarters to me is like termites. Where there’s one
there’s more,’’ Jacobs lectures. Matthew Adams, an analyst at Orbis
Investment Management, XPO’s largest outside shareholder, with
a $2 billion stake, says of the entrepreneur: “You have the inancial
sophistication of a great capital allocator, combined with someone
who’s also a true operator.”
Jacobs has hardly sworn of acquisitions; with XPO’s leverage reduced by half since 2015, he brags about having $8 billion in “dry
powder.” But these days he’s talking up organic growth and the
$450 million a year XPO is pouring into automation and technology. Of its 95,000 employees, 1,700 are tech professionals, including
100 data quants. “Anything we can automate, we are either automating already or we have on the drawing board to automate,” he says.
In addition to pricing algorithms, XPO has developed the Uberlike apps Drive XPO and Ship XPO, which allow truckers to pick up
loads and customers to see their cargo move in real time.
“Back in the 1990s I wrote reports saying FedEx is a technology company disguised as a transportation company. Today the same
could be said about XPO,’’ observes analyst Donald Broughton, who
tracks transportation companies at his own St. Louis-based irm.
FOR MOST OF HIS CAREER, Jacobs has been doing deals. His father
was a jeweler in Providence, but college dropout Jacobs was drawn
to the big proits being made in oil as prices spiked in the late 1970s.
He read up on oil brokers and then cold-called his way into the business, enlisting the legendary Ludwig Jesselson, head of commodity house Phillip Brothers, as a mentor. (Jesselson’s son is now XPO’s
lead independent director.) Eventually Jacobs moved to London
(where he met his oil-trader wife, Lamia) and made millions by securing oil from places like Russia and Nigeria and chartering ships
to transport it to Europe. By 1989, however, futures markets were
squeezing the proits of globe-trotting arbitragers like Jacobs, and he
returned to the U.S. to research his next venture.
Jacobs settled on waste hauling ater reading an analyst’s report
describing fat proits at Browning-Ferris. Looking for both talent
and inside dope, he interviewed dozens of industry managers. Two
Moving man: Bradley Jacobs has gone from oil brokerage to trash hauling to heavy equipment rentals to logistics.
“If you look at all my companies,’’ he says, “the theme is moving stuf from one place to another eiciently.”
JAMEL TOPPIN FOR FORBES
former Browning-Ferris execs told him the company had ignored
rural areas. Jacobs hired them and went on an acquisition tear, consolidating hundreds of mom-and-pop collectors with overlapping
routes in areas like southern Kentucky and Michigan. He took United Waste public in 1992 and sold it in 1997 (to what later became
Waste Management) for $2.2 billion, netting $120 million on his
original $3 million investment.
As that sale closed, Jacobs was working with investment bankers on his next roll-up play: heavy equipment rentals. He liked it, he
says, because it was not only a fragmented market but also a growing one, as companies switched from owning to renting equipment
like bulldozers, generators and scissor lits. He invested $35 million
and in December 1997 took United Rentals public. By March he
had raised a total of $285 million in two oferings, retaining a 42%
stake. Jacobs traveled the country tearing out Yellow Pages listings
to ind mom-and-pop rental shops to buy. Ater hundreds of deals,
URI passed Hertz to become the world’s largest equipment renter.
But in 2004 the Securities & Exchange Commission began investigating URI’s accounting practices. Two former top execs eventually
pleaded guilty to fudging the books from 2000 to 2002 to meet earnings forecasts. Jacobs was never implicated in wrongdoing, and in
July 2007 private equity irm Cerberus agreed to buy URI for $4 billion, or $34.50 a share, a 25% premium, plus the assumption of $2.6
billion in debt. Jacobs, then URI’s chairman, resigned and went of
to run his private investment company. Five months later, as credit
markets tightened, Cerberus lost its inancing and backed out of the
deal. URI’s stock eventually fell below $5; Jacobs himself wanted to
take URI private but couldn’t get the money. Yet since his departure
from URI, Jacobs’ vision for that roll-up has been vindicated: he
stock now trades at $180, for a market cap of $15 billion.
It took a bit longer for Jacobs to ind his next target industry. In
2011 he began assembling a team of logistics insiders to capitalize on
what he frames as a highly fragmented but growing $3 trillion global
market for moving goods. His thesis: Companies don’t want to own
their logistics headaches and will happily turn the worry over to
an outit like XPO that ofers everything from intermodal and fulltruckload shipping to partial-load shipping, distribution warehouses
and deliveries of heavy goods to a consumer’s door.
Jacobs purposely started out in a capital-light niche of the market. Freight brokers like Express-1 don’t own trucks; they’re middlemen connecting shippers with truckers. But that was only a beachhead for staging acquisitions. Ater lining up more inancing, Jacobs
snapped up 3PD, which gave him a presence in home deliveries and
installations; intermodal shipping outit Pacer; and contract logistics
leader New Breed, which has such blue-chip customers as Disney,
Boeing and Verizon. A big push now is cross-selling between units.
Jacobs says 94 of XPO’s 100 top customers buy multiple lines of service from it, up from 86 a year ago.
And if the economy turns? Say this for Jacobs: He gets the value
of improvisation. “In jazz, if you hit a wrong note, there’s no such
thing as a wrong note. hat’s the note, that’s the reality. You radically accept that, and you build on it,” he rifs. “Music is really business. . . . You have to be using all of your senses at the same time, and
you have to be dancing with the circumstances and evolving.” F
APRIL 2018 FORBES ASIA | 49
FORBES ASIA
ALLEN LAW
A GENER ATION E ME R GE S
From Bellhop
to CEO
Hong Kong’s Law family bought a hotel on a whim and now
boasts an entire chain, thanks to dad letting his son run the show.
BY JANE A. PETERSON
A
50 | FORBES ASIA APRIL 2018
portfolio will boast 16 hotels. Park Hotel owns 6 of them, holds
a stake in another and manages all of them. hey’re a mix of
luxury, upscale and midscale, and they’ll span 11 cities in eight
countries. “Our strength is unique,” he says. “We invest and
operate. We understand the entire cycle, A to Z.”
Allen says the group’s hotel revenue last year approached
$135 million, nearly 17% more than 2016. hat doesn’t include
revenue for the retail and food & beverage parts of the business, which he declines to disclose. He also won’t provide net
proit igures. But the hotels are certainly a valuable asset—
they account for nearly half of Kar Po’s estimated $5 billion in
wealth, which ranked him No. 18 on Forbes Asia’s list of Hong
Kong’s 50 richest in January.
Expansion and diversiication ramped up last year. Park
Hotel opened three hotels it manages: two in Singapore—the
upscale Park Hotel Farrer Park and its irst midscale venue,
the Destination Singapore Beach Road—and the luxury Grand
Park Kodhipparu Maldives resort, in which the group holds a
30% stake. Up next: the newly built Park Hotel Yeongdeungpo,
Seoul, which was set to open in 2017 but has been delayed until
the second half of this year, and upscale hotels in both Adelaide
MUNSHI AHMED FOR FORBES
llen Law was 24 and had just inished a bachelor’s degree in math and management at King’s
College London. He was planning to stay abroad
when his father, Law Kar Po, called with a tempting proposal: return home to Hong Kong immediately and run his newly purchased hotel. “Dad said, ‘We
know nothing about hotels and we are too old to learn,’ ” recalls
Allen. “I decided to take up the challenge. I lew back.”
hat was 2003, the middle of the SARs crisis, and Kar Po
had picked up the Park Hotel brand and its one 16-story hotel
at the bargain price of $67 million. he following months were
a blur for the younger Law as he embarked on a crash course
in hotel management, working two shits at the Park Hotel
Hong Kong in the heart of Kowloon’s Tsim Sha Tsui district.
He learned every job, beginning with the bellhop’s, and became
the general manager in 18 months. “In the beginning, you feel
thrown into the deep end of the ocean,” he says, his accent and
manner notably Cantonese. “But you learn how to swim.”
Now 38, Allen is chief executive of the family’s privately
held Park Hotel Group and passionate about the hotel business.
He and the group are based in Singapore and come 2019, the
“In the beginning, you
feel thrown into the
deep end”: Allen Law
at the Grand Park City
Hall in Singapore.
FORBES ASIA
ALLEN LAW
RULE OF LAW
and Melaka, which are scheduled to open by the end of next
year.
Meanwhile, Allen is hunting for more acquisitions, particularly in and around Singapore, which is already home to
roughly half the group’s annual revenue. “he next three years
look extremely positive,” he says, sipping a midmorning cofee
in a quiet corner of the luxury Grand Park Orchard, the group’s
crown jewel in the city.
Looking back, Allen sees his life as divided among his three
favorite places: Hong Kong, Singapore and the U.K., where he
moved for boarding school and now spends part of every summer. he split seems to feature in his thinking about where to
focus Park Hotel’s expansion. While Singapore and Hong Kong
are prime targets for growth, Law’s aspirations are wider. He’s
looking to manage and buy more hotels throughout the region,
including gateway cities in Japan and Australia. But also on
his radar: a hotel acquisition in London that could launch an
eventual European operation.
“I dare to dream big,” says Allen, his boyish face cracking
a smile. He credits his grandfather Law Ting-pong, the clan’s
founding tycoon, with that two-word mandate just before
his death in 1996 at age 84 (see box, above). “He told me, ‘Do
whatever your heart wants, but whatever you do, dream big.’ ”
In times of challenge, says Allen, he falls back on those words.
Expanding in Asia would take advantage of the rising hotel
revenue in the region that’s forecast for the next ten years as
more Asians join the middle class, boosting tourism and the
demand for rooms. hat includes midscale accommodations, a
52 | FORBES ASIA APRIL 2018
part of the market growing much faster than upscale segments.
To catch this wave of new travelers, particularly Millennials,
Park Hotel plans to roll out its midscale Destination brand in
major cities.
While Allen has a largely free hand in managing the business, hotel acquisitions are a family afair. “My father gets
involved only with major investments and divestments,” he
says, noting that his father, who serves as chairman, has never
vetoed a hotel purchase Allen wanted to make. Law Po, 69,
declined to be interviewed.
Allen recalls the early days in 2005 when the pair far outbid
local competitors to buy an old four-star hotel that became the
Grand Park Orchard. “We didn’t know anything about Singapore,” he says, thinking back to his arrival from Hong Kong
with just one suitcase. “he silver lining: We could look at the
property with fresh eyes and no baggage.”
What did the pair see? “A fantastic freehold property smack
in downtown,” he answers, adding that straightaway they could
see a clear upside. he retail space, which included a karaoke
bar and a Singtel shop, could be upgraded to generate enough
of a return alone to recoup their initial investment of $185
million. As for the rather tired hotel, when upgraded it would
be a draw for travelers aiming to stay in the heart of Singapore’s
shopping district, not far from the Central Business District
and a stone’s throw from the private Mount Elizabeth Hospital
& Medical Center.
Allen moved Park Hotel’s headquarters to Singapore in
2005, believing that it held more potential for expansion
CHU MING-HOI/SCMP
Filial commitments run deep for Allen Law, and he says he visits Hong Kong frequently
to spend time with his parents and many other relatives. A member of the family’s third
generation, Allen has two sisters and some 20 cousins. During his childhood, he recalls,
there were big family gatherings on Sundays where everyone spoke Cantonese. He said
the patriarch, Law Ting-pong, endowed his six children and their ofspring with the family’s
core value: “Do good business and then individually do good to society.”
Ting-pong was Allen’s first employer. As a teenager he spent summers working in the
family’s garment factory in New Kowloon and learning the business—from making yarn
to sewing clothes for top brands in the U.S. and Europe. He’s quick to point out that his
grandfather was a self-made tycoon. Ting-pong had come from China in his early 30s with
nothing and began as a gardener. He didn’t achieve material success until after decades of
hard work and some luck, eventually opening the factory and then starting Bossini International, a listed clothing-store chain.
Patriarch Law Ting-pong’s advice to his
Apart from chairing Park Hotel Group, Allen’s father, Law Kar Po, invests in non-hotel
grandson: “Whatever you do, dream big.”
properties and other assets as managing director of Lobo Investment. Allen’s older sister,
Wendy Law, a lawyer, is active in the family business, overseeing the clan’s real estate
investments.
Kar Po’s brothers carry on the family’s garment heritage. Elder brother Kenneth Lo runs apparel manufacturer Crystal International, which went public in November and supplies retailers such as Uniqlo and H&M. A younger brother, Ka Sing, and his wife own
67% of Bossini, and his wife is chairman.
Allen calls himself a “freethinker,” rather disconnected from organized religion but loyal to his family’s values and financial legacy.
“From day one I told myself, ‘I am the third generation, I won’t let the business fail,’ ” he says. “I need to protect and preserve wealth—
that’s always in the back of my mind.” —J.P.
than Hong Kong, and he’s lived there since. he government
had just announced initiatives to boost tourism, leading to a
number of hotel sites coming on the market. Within 16 months
Park Hotel had three Singapore projects in the works.
Walking through the Grand Park Orchard today, Allen
marvels at its transformation into a ive-star “cash cow.” He
points to the design features he selected—the subtle herringbone pattern that echoes through the halls and the colorful
glass chandeliers by American glass sculptor Dale Chihuly.
And at street level on Orchard Road, the hotel’s money-spinning retail podium teems with customers. Its newest tenant, an
Apple store, opened last spring in a space the size of four shop
fronts. Next door is the upmarket Abercrombie & Fitch retailer,
while around the corner near the hotel entrance, he Hour
Glass operates a luxury jewelry boutique.
But make no mistake; father and son don’t regard hotel
properties as family keepsakes. Rather, every hotel the group
owns is for sale at the right price, especially when it doesn’t
see any more value it can add and the market outlook isn’t
improving. “We are known to be business-driven,” says Allen,
noting that every asset is reviewed each year. “We never try to
catch highest or lowest price. If we’ve done all we can do, we let
someone else have it.”
Sensing a market peak for Singapore in 2013, the Laws sold
two of the three hotels they owned there, putting the proceeds
into Hong Kong residential property,
with a slice for the family’s charitable
arm. he Orchard Road hotel went to
a mainland Chinese bidder; Park Hotel
continues to manage it. While Allen
won’t disclose the price, he points to news
reports that note it was a record-breaking
igure of more than $900 million, setting
a new benchmark for Singapore of nearly
$1.2 million a room.
Before the sales the Laws had planned
to take the group public, but during nine months of preparation, market conditions changed and the portfolio’s value fell.
“We missed the right time and called it of,” says Allen, adding
that he and his father would again consider going public if the
opportunity looked promising.
Last year the Singapore press reported that Park Hotel
would entertain ofers for its last Singapore property, the
luxury Grand Park City Hall that also includes a retail podium.
Property agent Savills reportedly had it on the market for
around $740 million, or what could be a record $1.25 million a
room, which prompted speculation that the group was shiting
to an “asset-light” strategy.
Allen dismisses that characterization, while saying a
potential buyer now would be looking at an even higher
$1.37 million a room. Though he won’t discuss details,
he said Park Hotel began receiving unsolicited bids from
several players last summer that made a potential sale worth
considering, particularly because hotel renovations would
be finished this summer. “All properties are for sale,” he
stresses. “It’s a matter of price. That’s our take.”
Also on the market for several months last year, though
of the market now: the new Park Hotel Farrer Park in
Singapore’s Little India, owned by RB Capital since 2013
and opened last May. Beginning with the construction, RB’s
chief executive, Kishin RK, worked with Law to develop the
property, which, like the Grand Park Orchard, sits next to a
private hospital complex. “Allen thinks like an owner,” says
RK, citing what he says is Allen’s entrepreneurial spirit, attention to detail and keen eye for proitability. “It’s been a good
relationship.”
Networking is clearly important to Allen’s wider ambitions.
Hiring and retaining quality staf to build the brand is his No.
1 challenge, especially in China, where the group owns three
hotels. He regularly travels throughout the region to build
relationships with staf as well as with customers and partners.
Trips can last anywhere from two days to two weeks a month.
As for his leadership style, the former math major calls himself
“very meticulous” and prone to micromanaging. “Numbers
still talk to me quite well,” he says. “If I don’t look into the details, things may fall apart. I stress-test the system to make sure
everyone is on the ball.”
He also stresses what he regards as the company’s core
values of integrity and honesty. “If we think we can’t get the
business without corruption, we call it of,” he says, noting that
“THE MARKETS ARE HIGHLY VOLATILE,
AND IT’S DIFFICULT FINDING THE RIGHT
PROJECT. WE’RE WAITING. WE ARE LOW
RISK. WE’RE NOT IN A RUSH.”
in Indonesia and India, Park Hotel considers only management
contracts and does not invest in projects because it cannot
abide by local practices. “To me there’s 1,001 ways to make
money so why sacriice core values?”
Despite sticky relationship ties to Hong Kong—his parents
would like to see their son return home—Allen seems likely to
remain in Singapore, where he is a permanent resident and is
raising two young sons. His wife, Tan Shin Hui, granddaughter
of retired Singapore billionaire banker Wee Cho Yaw, heads
the group’s communications operation. hey were married in
2010. Will he become a Singapore citizen? He says he doesn’t
know, but then adds that to do so, he would have to give up his
two passports—Hong Kong and the U.K.
For now, he appears pleased with the status quo. He calls
Park Hotel “very healthy,” with cash reserves to deploy, but as
always, he and his father are exercising caution as they search
for the next property play. “he markets are highly volatile, and
it’s diicult inding the right project,” he says. “We’re waiting.
We are low risk. We’re not in a rush.” F
APRIL 2018 FORBES APRIL | 53
Venture
CREDIT TK
ANGERED AND FRUSTRATED BY TECH’S SUFFOCATING
CAPITALISTS ARE CHANNELING EMOTION INTO ACTION.
PROVIDE A BLUEPRINT FOR HOW TO TRANSFORM
54 | FORBES ASIA APRIL 2018
I N N O VAT I O N FA C T O R I E S
PHOTOGRAPHS BY JAMEL TOPPIN FOR FORBES
Catalysts
BY ALEX KONRAD AND BIZ CARSON
OLD BOYS’ CLUB, A GROUP OF ELITE VENTURE
THEIR WEAPONS—INVESTING AND ENTREPRENEURSHIP—
ANY CRUSTY INDUSTRY FROM THE INSIDE OUT.
APRIL 2018 FORBES ASIA | 55
A
ileen Lee stared at the email in her drats
folder for nearly a month, unsure what to
do. he summer of 2017 had been brutal for venture capital. One San Francisco
irm, Binary Capital, was evaporating as a
partner resigned over allegations of sexual
harassment. Accusations of inappropriate
sexual advances and afairs would soon
lead cofounders of two other prominent
irms—500 Startups and multibillion-dollar irm DFJ—to resign. Silicon Valley was
facing a reckoning, an early #MeToo moment, months before that scandal radiated out of Hollywood.
Over that July, Lee, a veteran venture
capitalist who ranks 97th on this year’s
Midas List, made the decision to take
a risk. Addressing a note to 23 women
she called the “breakfast club”—mostly friends in partner roles at other VC
irms—Lee proposed they team up to
help women enter the venture industry
and rise through the ranks. “hink we all
have the same feelings—that the stuf that
has recently been highlighted in articles
about the gender power dynamic, harassment and the lack of women in VC is just
not okay,” she wrote. “We have a window
to try and come up with changes for our
industry for the better.”
he 48-year-old Lee had paid her dues
in venture’s relationship-driven industry,
spending 13 years at storied irm Kleiner Perkins Cauield & Byers before found56 | FORBES ASIA APRIL 2018
Jess Lee, 35
PARTNER,
Sequoia Capital
$8 billion (est.)
Dia & Co, TuneIn
ASSETS UNDER MANAGEMENT:
NOTABLE DEALS:
After the “roller coaster” of building commerce site Polyvore and selling it to
Yahoo for $230 million, Jess Lee says that as an investor in “the sisterhood,”
she’s excited to back other female founders in turn. “I don’t have a problem
being known as someone who invests in girly things,” she says. “I think they
can make a lot of money.”
I N N O VAT I O N FA C T O R I E S
Kirsten
Green, 46
MIDA S LIST NO. 77
FOUNDER,
Ventures
Forerunner
ASSETS UNDER MANAGEMENT:
$300 million
Dollar Shave
Club, Jet.com, Glossier
NOTABLE DEALS:
It wasn’t until joining All
Raise that Kirsten Green
fully appreciated how much
she’d tolerated “microaggressions” throughout
her career, such as having
her advice ignored, being
talked over and constantly interrupted. “Everybody
knows it needs to change.
And plenty of people want
that change,” she says. “And
maybe it will because we
picked up this megaphone
and did something, and put
action behind it.”
8
1
7
2
4
3
9
6
5
12
10
20
11
15
13
22
16
14
21
18
17
19
23
27
24
25
28
26
1. Jennifer Carolan Reach Capital 2. Jocelyn Goldfein Zetta Venture Partners 3. Rebecca Kaden Union Square Ventures 4. Trae Vassallo Defy 5. Wayee Chu Reach
Capital 6. Maha Ibrahim Canaan 7. Kara Nortman Upfront Ventures 8. Dana Settle Greycroft 9. Stephanie Palmeri Uncork Capital 10. Eurie Kim Forerunner Ventures
11. Theresia Gouw Aspect Ventures 12. Patricia Nakache Trinity Ventures 13. Stacey Bishop Scale Venture Partners 14. Sarah Tavel Benchmark 15. Jenny Lefcourt
Freestyle Capital 16. Ann Miura-Ko Floodgate 17. Anu Hariharan Y Combinator 18. Renata Quintini Lux Capital 19. Mar Hershenson Pear VC 20. Shauntel Poulson
Reach Capital 21. Jodi Sherman Jahic Aligned Partners 22. Leah Busque Fuel Capital 23. Eva Ho Fika Ventures 24. Megan Quinn Spark Capital 25. Aileen Lee Cowboy
Ventures 26. Kirsten Green Forerunner Ventures 27. Jess Lee Sequoia Capital 28. Emily Melton DFJ. Not pictured: Amy Banse Comcast Ventures; Jennifer Fonstad
Aspect Ventures; Chian Gong Reach Capital; Dana Grayson New Enterprise Associates; Nairi Hourdajian Canaan; Jocelyn Kinsey DFJ; Katie Rae the Engine; Kristina
Shen Bessemer Venture Partners.
APRIL 2018 FORBES ASIA | 57
I N N O VAT I O N FA C T O R I E S
Aileen Lee, 48
MIDA S LIST NO. 9 7
FOUNDER,
Cowboy Ventures
ASSETS UNDER MANAGEMENT: $100
NOTABLE DEALS: Bloom
Rent the Runway
million
Energy, Dollar Shave Club,
Worried that she wouldn’t be taken seriously, Aileen Lee wore her MIT class ring and eyeglasses she
didn’t need for her first decade as a venture capitalist. “In the beginning, I had this feeling like I am not
worthy, that I should just do work and try to not get
fired,” she says. Now she’s looking to build a movement that “creates more than tweets,” namely, longterm change: “It shouldn’t feel like you’re walking into
Mad Men when you walk into a VC firm.”
Ann Miura-Ko, 41
MIDA S L I ST N O. 5 5
COFOUNDER,
Floodgate
$500 million
Lyft, Refinery29, Xamarin
ASSETS UNDER MANAGEMENT:
NOTABLE DEALS:
When Ann Miura-Ko joined Floodgate, a prominent founder who became
a Stanford professor told her to finish her Ph.D. “It will give you the credibility that you may not think you need,” she remembers hearing. Now Miura-Ko coaches women who are interviewing for jobs at venture firms.
“What I never wanted to be was a great female investor,” she says. “Does
that mean I invest in things I have a unique perspective on? Yes. Do I take
on female causes? Yes. Does it mean I want to be defined by that? No.
There’s a subtle difference.”
ing Cowboy Ventures in 2012. Cowboy
had only recently broken into the top tier
of venture capital and was in the midst of
investing its second fund of $60 million.
Leading an activist movement could be a
business risk. But she decided that if she
didn’t speak up then, she never would.
She hit “send” just ater 11 p.m. on
July 31. hirty minutes later, the irst re58 | FORBES ASIA APRIL 2018
sponse appeared in her inbox, from Sequoia Capital’s Jess Lee, who’d become
a partner in that blue-chip irm nine
months before. “In. Let’s do it,” she replied. “hank you for leading the charge,
Aileen. I’m happy to help organize/host/
be your logistics slave.” One by one, 20
other women on the email followed suit.
Tech investing is among the most
male-dominated industries in America.
he number of female partners in venture actually declined following the dotcom bust, falling from 10% in 1999 to
6% in 2014, according to a Babson College survey. hat number has rebounded to about 9% today, but at 74% of U.S.
venture funds there are no women decision makers; at 53% of the largest funds,
RANK Name /2017 RANK
PORTRAIT ILLUSTRATIONS BY LOUISE POMEROY FOR FORBES
T HE L I ST
there are no female investors at all. If Lee’s
group could ind a way to efect long-term
change in this old boy network, it could
serve as a model for hidebound industries
around the world.
She had one thing going for her. Four
women on her initial email blast rank
among the world’s most powerful venture
capitalists: Ann Miura-Ko (No. 55 on this
year’s Midas List), Kirsten Green (No. 77),
heresia Gouw (No. 89) and herself. And
there were also up-and-comers like Sequoia’s
Jess Lee, Union Square’s Rebecca Kaden and
Sarah Tavel from Benchmark. As champions
of entrepreneurial capitalism and free enterprise, these women knew that if they seized
the commanding heights—by funding more
female founders and mentoring more female investors—they would be impossible to ignore. Protesting the power structure
might generate one-day headlines. To catalyze change over a period of decades, they
needed to become the power structure.
Called All Raise, the group, now with
36 women, granted Forbes exclusive access
as they try to rewrite their industry’s playbook. he stated mission is to double the
percentage of women in VC partner roles
over the next ten years and increase total
VC funding to female founders from 15%
to 25% in ive years. All Raise was already
the invisible hand behind two of tech’s biggest diversity eforts in recent months: the
mentoring series Female Founder Office
Hours and a 700-startup pledge for diversity
called Founders for Change, featuring tech
billionaires like Instagram founder Kevin
Systrom and Dropbox CEO Drew Houston. Two startups have already secured funding because of All Raise. Education-savings service CollegeBacker raised $75,000
toward its seed inancing thanks to a meeting at the Female Founder event. Agentology, a fast-growing maker of real estate sotware, raised a $12 million round led by an
All Raise member acting on a tip from another. And through a private database of interested female tech leaders—dozens strong
and growing—these groups are not just rebutting irms that say they can’t ind women;
they’re acting as part of the change.
Ater months of secrecy, All Raise’s
members are going public. When Melinda Gates surveyed the industry to see who
had the most promising plans for diversity and inclusion, All Raise caught her eye.
FIRM
The Forbes Midas List ranks the top 100 tech investors in the world. We pick VCs on the number and size of exits over the past five years.
We count only exits above $200 million or private rounds valuing companies at $400 million or more. Neil Shen, seen on our 2014 Forbes
Asia cover (right), is
No. 1, thanks to investments that include Alibaba, Meituan Dianping,
JD.com and, recently,
an exit through online
lending platform Ppdai
Group, which raised $221
million in an IPO on the
NYSE in November 2017.
Notable Deal
1 Neil Shen /11
SEQUOIA CAPITAL CHINA
Alibaba
2 Bill Gurley /7
BENCHMARK
Uber
3 Jim Goetz /1
SEQUOIA CAPITAL
WhatsApp
4 Carl Gordon /8
ORBIMED
Acerta
5 Robert Nelsen /16
ARCH VENTURE PARTNERS
Juno Therapeutics
6 Mary Meeker /6
KLEINER PERKINS CAUFIELD & BYERS
Airbnb
7 Peter Fenton /3
BENCHMARK
he group is in talks with her personal ofice, Pivotal Ventures, to formalize its support. All Raise has commitments of $2 million from such supporters as Silicon Valley
Bank.
Like a startup itself, All Raise faces risk
as it builds on early success. Its volunteer
J.P. GAN
Picture
Perfect
His rapid rise to the
Midas List’s Top 10
comes from investments in pictureediting app Meitu
and e-commerce
platform MeituanDianping. —A. Knapp
Docker
8 J.P. Gan /30
QIMING VENTURE PARTNERS
Meitu
9 Douglas Leone /9
SEQUOIA CAPITAL
ServiceNow
10 Brian Singerman /5
FOUNDERS FUND
Stemcentrx
11 Eric Paley /31
FOUNDER COLLECTIVE
Uber
12 Mike Maples Jr. /20
FLOODGATE
Okta
13 Kui Zhou /25
SEQUOIA CAPITAL CHINA
New Dada
14 Roelof Botha /34
SEQUOIA CAPITAL
Square
15 Byron Deeter /39
BESSEMER VENTURE PARTNERS
Twilio
16 Scott Sandell /24
NEW ENTERPRISE ASSOCIATES
members will have to scale carefully and
avoid burnout while working within an industry known for its resistance to change.
Should they succeed, All Raise’s members
have the chance not just to open the eyes of
an industry but also to kickstart a transformation of American business, where shockingly only 6% of the biggest publicly traded
companies are led by women.
AT THE ALL RAISE February meetup in San
Francisco, Medha Agarwal rushes to thank
her cohost and fellow venture capitalist
Maha Ibrahim, a partner at Canaan who invests out of an $800 million fund.
For more than four hours, Agarwal and
92 other women hear stories from Ibrahim,
Aileen Lee, Miura-Ko and others, covering
everything from how to speak up in partner
meetings to when to switch irms. Agarwal,
a midlevel principal at Redpoint Ventures,
a $4 billion-in-assets shop in Menlo Park,
MuleSoft
17 Rob Hayes /21
FIRST ROUND CAPITAL
Uber
18 Dennis Phelps /45
INSTITUTIONAL VENTURE PARTNERS
Snap
19 Josh Kopelman /35
FIRST ROUND CAPITAL
Flatiron Health
20 Hans Tung /19
GGV CAPITAL
Musical.ly
21 Neeraj Agrawal /17
BATTERY VENTURES
Coupa
22 Joe Lonsdale /88
8VC
Wish
23 Xiaojun Li /13
IDG CAPITAL
Xiaomi
24 Xiao Ping Xu /72
ZHENFUND
Meicai
25 Jeffrey Jordan /18
ANDREESSEN HOROWITZ
Airbnb
APRIL 2018 FORBES ASIA | 59
RANK Name /2017 RANK
FIRM
Notable Deal
beams with excitement as she schemes how
to replicate All Raise’s network with peers
in her more junior role. “All of these senior
women have done so much of the heavy liting for us,” she says.
hrough the networks created at such
events, All Raise is building a support system for women like Agarwal that was missing from venture’s recent past. Former
Google Ventures partner Shanna Tellerman lasted only two years in
venture’s boys’ club. “I sat in
for the irst [partner] meeting and immediately felt
like something was of,” she
says. Tellerman let to found
home-design startup Modsy
and won’t consider a return
to VC unless irms change
their gender ratios.
he struggle to retain
women isn’t just a venture
problem. In tech, women
leave their careers twice as
oten as men, with 56% out by the time they
reach a midlevel role, according to a Harvard Business Review report.
In inance, that problem is exacerbated by irms’ struggles to bring new women
in. Historically, venture irms have blamed
the pipeline problem, infamously articulated
by VC billionaire Michael Moritz in 2015:
Firms would love to hire women, he argued,
but lack qualiied female candidates. “What
we’re not prepared to do is lower our standards,” he said.
he women at All Raise don’t buy it, and
they’re taking action. A work group that includes Miura-Ko and Stephanie Palmeri of
Uncork Capital, a irm with $305 million in
assets, has built a conidential database of
executive women outside of the VC industry who are privately interested in becoming
VCs. he work group is also tracking open
positions. It has received requests from ten
irms already and made 25 introductions to
women from the list. “We’re taking away the
question that you don’t know who to hire,”
says Rebecca Kaden, a partner at Union
Square Ventures, the New York irm known
for early bets on Tumblr and Twitter.
Another way to drive change: through
the customer. McDonald’s didn’t update its
menu until patrons voted for healthier options with their dollars, notes Jenny Lefcourt, a partner at Freestyle Capital, a seed60 | FORBES ASIA APRIL 2018
stage irm with $230 million in assets. More
recently, public outcry over school shootings pressured Walmart and Dick’s Sporting
Goods to change their rules on gun sales.
In venture capital the customers are the
entrepreneurs who take the checks, and
All Raise has been quick to seize on their
changing priorities. In January, Lefcourt
and Aileen Lee began recruiting founders
to talk publicly about emphasizing diversity
26 Tony Florence /75
NEW ENTERPRISE ASSOCIATES
Jet.com
27 Steve Anderson /4
BASELINE VENTURES
Stitch Fix
28 Bryan Roberts /58
VENROCK
10X Genomics
29 John Doerr /29
KLEINER PERKINS CAUFIELD & BYERS
Twitter
30 Sameer Gandhi /23
ACCEL
Dropbox
31 Rebecca Lynn /44
ALFRED LIN
What Shoppers Want
The former Zappos chief operating
oicer turned investor is on a hot
streak from big consumer hits. He’s
on the board of Airbnb, food-delivery app DoorDash and interiordesign website Houzz. All three have
raised massive amounts of capital in
the last year—$1 billion for Airbnb,
$535 million for DoorDash and $400
million for Houzz. —B.C.
CANVAS VENTURES
Lending Club
32 Alfred Lin /22
SEQUOIA CAPITAL
Airbnb
33 Anton Levy /26
GENERAL ATLANTIC
Alibaba
34 Scott Shleifer /59
TIGER GLOBAL MANAGEMENT
Despegar
35 Vinod Khosla /RETURN
KHOSLA VENTURES
Square
36 Deven Parekh /99
INSIGHT VENTURE PARTNERS
Yext
when it comes to hiring, boards of directors
and funding. Over the week of March 18,
more than 400 entrepreneurs looded social media with matching black-and-white
photos declaring their support, including
billionaire Airbnb
CEO Brian Chesky
and Warby Parker
co-CEO Neil Blumenthal.
he results were
immediate. At Patreon, the whitehot artist crowdfunding site, CEO
Jack Conte asked
its most recent investor, hrive CapiRAVI MHATRE
tal, to forgo a board
The Force Is
seat in favor of apWith Him
pointing an indeMhatre soars up the
pendent director
ranks from his investwho would add to
ment in enterprise
the board’s diversity.
software maker Mulehrive agreed, and
Soft, which Salesforce
the job went to Chiacquired in March for
$6.5 billion. He was also
cago Public Media
a major investor in Appchief Goli SheikDynamics, an enterprise
holeslami. At popsoftware firm bought
ular meditation app
by Cisco for $3.7 billion
Headspace, CEO
last year. —A. Knapp
Rich Pierson says he
37 Shailendra Singh /NEW
SEQUOIA CAPITAL (INDIA) SINGAPORE
PT Go-Jek Indonesia
38 Marc Andreessen /27
ANDREESSEN HOROWITZ
Samsara
39 Jeremy Liew /32
LIGHTSPEED VENTURE PARTNERS
Snap
40 Mitch Lasky /40
BENCHMARK
Snap
41 Jeremy Levine /54
BESSEMER VENTURE PARTNERS
Pinterest
42 Allen Zhu /84
GSR VENTURES
DiDi Chuxing
43 Lee Fixel /79
TIGER GLOBAL MANAGEMENT
Spotify
44 Jim Tananbaum /52
FORESITE CAPITAL
10X Genomics
45 Ryan Sweeney /60
ACCEL
Qualtrics
46 Ravi Mhatre /76
LIGHTSPEED VENTURE PARTNERS
AppDynamics
47 Hemant Taneja /70
GENERAL CATALYST
Stripe
48 Jonathan Silverstein /55
ORBIMED
Ascendis Pharma
49 David Cowan /65
BESSEMER VENTURE PARTNERS
Twitch
50 Matt Cohler /57
BENCHMARK
Tinder
RANK Name /2017 RANK
FIRM
I N N O VAT I O N FA C T O R I E S
won’t raise money from an allJEFF HORING
white-male irm ever again.
Data Diver
Headspace’s pledge is a
Horing, a Goldman Sachs and MIT
warning shot. But All Raise’s
alum, focuses on data, analytics and
partners—capitalists to the
enterprise software businesses. He’s
core—know that it’s more efput money into Wix, a platform for
fective to motivate with greed
building websites, and Shutterthan with fear. Without a distock—both are now public—and
in July led a $75 million Series D
verse partnership, they argue,
round for Darktrace, the cyberseinvestors run the risk of misscurity firm created by Cambridge
ing out on the next Katrina
University mathematicians. —I.B.
Lake, the founder and CEO of
e-commerce company Stitch
Fix. Lake has been lauded for reaching neara lot of conidence that what you’re choosing
ly $1 billion in revenue and taking her comto include is the right stuf,” she says.
pany public despite raising only $42 million
WHEN ALL RAISE’S members irst answered
in venture cash, but she says that wasn’t all
Aileen Lee’s call to action, Harvey Weinstein
by design. She would’ve have happily raised
still reigned in Hollywood and Matt Lauer
more money. Problem was, no one was ofruled the airwaves at NBC. So as industries
fering it. Lake says, “Let’s be honest, this was
like entertainment and media come to terms
the situation we were forced into, and we
with their own patterns of harassment and
made the best of it.”
sexism, All Raise has a head start.
Women-led businesses are one of the
fastest-growing segments
BETH SEIDENBERG
of entrepreneurship. Between 2007 and 2016
Rx for Success
the number of womSince joining Kleiner Perkins 13 years
an-owned businesses inago, Seidenberg, a physician and former
chief medical oicer at Amgen, has becreased 45%, according
come the firm’s in-house biotech expert.
to an American Express
Some of her big finds: Flexus Biosciences
report. But women still
(eventually acquired by Bristol-Myers
have only a small piece of
Squibb in 2015 for $1.25 billion) and rarethe VC pie. Female-codisease specialist True North Therapeutics (sold to Bioverativ for roughly $400
founded startups repremillion last year before Sanofi acquired
sented only 15% of capital
its new parent company). —I.B.
raised last year, PitchBook says. In a 2014 HarIn March, members pitched limited
vard study, men and women pitched the
partners—the institutions and endowments
exact same ideas for funding; men were far
that invest in VC irms—on creating their
likelier to get investment ofers.
own diversity plans. hey’re creating FeOne of All Raise’s solutions is to meet
male Founder Office Hours video sessions
founders earlier and get them support fastso founders anywhere can get access to the
er. Its most public efort so far has been
same support. And in the fall, they hope to
the popular series Female Founder Office
host a big conference for women across all
Hours, which matches women entrepreventure roles.
neurs and investors in one-on-one meetFor now they’re working ater-hours as
ings to share startup fears and fundraising
volunteers, but All Raise will have to evolve
tips. Since November, it has hosted events
in order to last. Burnout is a real concern
in New York, Boston, Los Angeles and San
when people are working what can feel like
Francisco (twice). At the irst two events
a second job, something Spark Capital’s
more than 800 women signed up for 80
Megan Quinn calls a “gender tax.” Enter Silslots. Ursula Mead, founder of North Caroicon Valley Bank and Melinda Gates. With
lina-based InHerSight, a job-ratings site for
the $2 million already pledged from inveswomen, turned around and made immeditors and more in the works, All Raise plans
ate changes to her pitch deck ater attendto hire an executive director and full-time
ing the February Office Hours. “It gives you
Notable Deal
51 Andrew Braccia /64
ACCEL
Slack
52 Yuri Milner /15
DST GLOBAL
Airbnb
53 Aydin Senkut /51
FELICIS VENTURES
Adyen
54 Jeff Horing /83
INSIGHT VENTURE PARTNERS
Darktrace
55 Ann Miura-Ko /77
FLOODGATE
Lyft
56 Gaurav Garg /48
WING VENTURE CAPITAL
FireEye
57 Jim Breyer /10
BREYER CAPITAL
Etsy
58 David Weiden /95
KHOSLA VENTURES
Instacart
59 James Mi /NEW
LIGHTSPEED VENTURE PARTNERS
Rong360
60 Frank Rotman /NEW
QED INVESTORS
Credit Karma
61 Erhai Liu /RETURN
JOY CAPITAL
Mobike
62 Beth Seidenberg /RETURN
KLEINER PERKINS CAUFIELD & BYERS
Flexus Biosciences
63 Fred Wilson /42
UNION SQUARE VENTURES
Coinbase
64 Hurst Lin /50
DCM
58.com
65 Jeffrey Lieberman /
RETURN
INSIGHT VENTURE PARTNERS
DeliveryHero
66 Klaus Hommels /RETURN
LAKESTAR
Spotify
67 Peter Thiel /12
FOUNDERS FUND
Palantir
68 Ben Horowitz /47
ANDREESSEN HOROWITZ
Okta
69 Joel E. Cutler /49
GENERAL CATALYST
Lemonade
70 Bryan Schreier /97
SEQUOIA CAPITAL
Dropbox
71 Todd Chaffee /61
INSTITUTIONAL VENTURE PARTNERS
Twitter
72 Kevin Comolli /36
ACCEL
SimpliVity
73 Yi Cao /NEW
SOURCE CODE CAPITAL
Bytedance
74 Jenny Lee /69
GGV CAPITAL
YY
75 Michael Eisenberg / RETURN
ALEPH
WeWork
APRIL 2018 FORBES ASIA | 61
RANK Name /2017 RANK
FIRM
I N N O VAT I O N FA C T O R I E S
Icarus producer David Fialkow and director
Bryan Fogel at the 2018 Oscars with
presenters Greta Gerwig and Laura Dern.
Oscar Meets
Midas
that not every new
general partner will
be a diverse candidate, we include
a diversity and inclusion review on
every discussion
of every position,”
says billionaire
LinkedIn cofounder Reid Hofman at
Greylock Partners.
JULES MALTZ
he women of
All Raise are coniIPOh!
dent that their inThree of Maltz’s investvesting success will
ments have gone public
in the past year: Dropbox
speak for itself in a
in March, Web marketing
sector driven by ifirm Yext in April 2017,
nancial return. To
and enterprise software
win, they’re doing
maker MuleSoft in March
2017 (Salesforce subseit together—a
quently bought MuleSoft
new mentality for
for $6.5 billion a year
women who have,
later). Another Maltz
up until the launch
investment, Slack, could
of All Raise, largely
soon IPO too. —K.C.
succeeded alone.
“I’m a capitalist. I
want to win the best deals. I want my irm
to win the best deals,” says Emily Melton, a
partner at DFJ. “But other than that I want
to also see my female colleagues win and be
successful, because I think that helps us all.” F
David Fialkow might have just scored the
cofounder and managing director (No.
82 on last year’s Midas List) took home
a golden statuette in March as a producer of Icarus, the Best Documentary Feature winner that exposed Russia’s secret Olympic doping program. Picking a
filmmaker and a founder requires a similar eye, he says. “You have to back great
founders before you have all the facts.
They need to be able to pivot to the opportunity and have a great and honest
story to tell,” says Fialkow, 59, who has
produced more than ten documentaries.
“Investors and producers both have to
manage highly creative, super-missiondriven people and give them resources,
direction and spot opportunities for success.” —Steven Bertoni
62 | FORBES ASIA APRIL 2018
REDPOINT VENTURES
APUS
77 Kirsten Green /98
FORERUNNER VENTURES
Dollar Shave Club
78 Quan Zhou /63
IDG CAPITAL
CreditEase
79 Roger Ehrenberg /NEW
IA VENTURES
The Trade Desk
80 Navin Chaddha /73
MAYFIELD FUND
Lyft
81 Ron Conway /43
SV ANGEL
Airbnb
82 Peter Levine /87
ANDREESSEN HOROWITZ
GitHub
83 Neil Rimer /NEW
INDEX VENTURES
Funding Circle
84 David K. Chao /RETURN
DCM
SoFi
85 Randy Glein /RETURN
DFJ GROWTH
Ring
86 Ted Schlein /90
KLEINER PERKINS CAUFIELD & BYERS
AppDynamics
87 Jules Maltz /NEW
INSTITUTIONAL VENTURE PARTNERS
Yext
88 Mamoon Hamid /86
KLEINER PERKINS CAUFIELD & BYERS
Slack
89 Theresia Gouw /74
ASPECT VENTURES
ForeScout
90 Steven Ji /66
SEQUOIA CAPITAL CHINA
Ganji
91 Rich Wong /53
ACCEL
newest status symbol in venture capital:
an Academy Award. The General Catalyst
76 David Yuan /RETURN
UiPath
SONALI DE RYCKER
To Russia
With Money
De Rycker, head of
Accel’s London office, earns her debut
spot thanks in part to
an early bet on Avito,
the Russian version
of Craigslist bought
by South African
conglomerate Naspers in 2015 for $2.7 billion.
De Rycker, a native of Bombay, India, has also
added stakes in Spotify and e-commerce startup
Wallapop to Accel’s portfolio. —K.C.
92 Asheem Chandna /28
GREYLOCK PARTNERS
AppDynamics
93 Jeff Crowe /71
NORWEST VENTURE PARTNERS
Spotify
94 Salil Deshpande /33
BAIN CAPITAL VENTURES
MuleSoft
95 Sonali De Rycker /NEW
ACCEL
Spotify
96 Young Guo /NEW
IDG CAPITAL
Meitu
97 Aileen Lee /NEW
COWBOY VENTURES
Good Technology
98 Ping Li /78
SPECIAL THANKS to TrueBridge Capital Partners of Chapel Hill, North
Carolina, for its wisdom and hard work in co-producing the Midas List.
LIST EDITOR: Alex Konrad. ADDITIONAL REPORTING: Igor Bosilkovski,
Biz Carson, Kathleen Chaykowski, Alex Knapp, Samar Marwan.
DATA SOURCE: PitchBook, Dow Jones VentureSource.
Go to FORBES.COM/MIDAS for complete coverage, videos and interviews.
METHODOLOGY: We rank VCs on the number and size of exits over the
past five years, with a premium on bolder and early-stage deals. We count
only exits above $200 million or private rounds valuing companies at
$400 million or more.
ACCEL
Heptio
99 John Vrionis /46
UNUSUAL VENTURES
AppDynamics
100 Jan Hammer /NEW
INDEX VENTURES
Robinhood
LEFT: ERIC MCCANDLESS/GETTY IMAGES
staf. A steering committee with deined responsibilities will allow some members, like
Aileen Lee and Jess Lee, to direct group efforts and others to take on more casual roles.
As has proved to be the case in other industries, success will be gradual. Forbes contacted 125 partners in 50 male-led venture
irms to ask their views about diversity and
hiring plans. Most didn’t respond. But leaders from 20 irms did. “While we recognize
Notable Deal
I N N O VAT I O N FA C T O R I E S
The Next Frontier for Jim Breyer:
China and Blockchain
BY YUE WANG
F
amed venture capitalist Jim Breyer made his fortune largely by investing in Silicon Valley. Now he
is increasingly looking East, where opportunities are beckoning in China.
he billionaire investor (No. 57 on
the Midas List), best known for his
early bet on Facebook, has a long history of investing in the Middle Kingdom. hrough a partnership with local
investment irm IDG Capital—an organization he irst got to know during
a 2004 trip to China and now serves as
lead strategic advisor—Breyer backed
Chinese tech powerhouses, including
ride-sharing irm Didi Chuxing and
smartphone maker Xiaomi. Today he is
looking closely at a number of potential
investments in areas including blockchain, health care and inancial services, allocating tens of millions of dollars a
year—or a third of Breyer Capital’s total
funds—to promising startups in the
world’s second-largest economy, he told
Forbes during a recent interview.
Of particular interest is blockchain,
the technology underpinning digital coin transactions that is essentially about building secured data storage across multiple computers. hough
China banned initial coin oferings
last year out of fear of illegal fundraising activities, it still “greatly supports”
blockchain-related research, said Hugo
Shong, a former journalist who founded
IDG China in 1993 and is Breyer’s longtime partner in the country. his translates into opportunities for coinvestments like the U.S. blockchain startup
Circle, which counts both Breyer Capital and IDG among its backers in a $60
million fundraising round in 2016.
Blockchain is having an impact on
health care in the U.S. by enabling better medical data collection and recordsharing. For example, startups like MedRec (which doesn’t have Breyer as an
investor) is tapping blockchain
technology to create a common
health care database that every
doctor and patient can access
no matter which service provider they use. Paige.AI, which landed $25 million in funding led
by Breyer Capital in February, is
combining blockchain and artiicial intelligence to develop computer models for early cancer diagnosis. his would be a major
asset in China as patient information there remains far more
fragmented among its one million health care facilities. Data
and diagnostic information isn’t
always shared efficiently and is
oten handwritten, making it
more difficult to track.
“A lot of underlying blockchain technologies in China have “Many of the best technology entrepreneurs and
uses in very speciic areas,” Brey- leaders I met are from China,” says Breyer.
er said. “Most of the early significant winners in blockchain will be in
goal is nurturing irms that can comthe areas of intech. At the same time, I
pete internationally, Shong says.
see opportunities in health care services
And Breyer knows where to look for
and payments in large.”
advice on Beijing’s policy whims. In adWhat’s more, China’s growing taldition to IDG, Breyer has built a relaent pool is a big attraction. Its universitionship with China’s Tsinghua Univerties are producing top-notch talents in
sity, where he sits on the advisory board
areas like blockchain and artiicial inof the School of Economics & Mantelligence. “Many of the best technoloagement. Other members include Chigy entrepreneurs and leaders I met are
na’s central bank governor Zhou Xiaofrom China, and are only increasing in
chuan and Alibaba founder Jack Ma,
terms of quality and the depth of innoas well as Apple CEO Tim Cook and
vation,” Breyer said.
Facebook’s Mark Zuckerberg. Last year,
Still, investing in the country is not
board members met Chinese president
without its challenges. Beijing has been
Xi Jinping to listen to his view on retightening capital controls over the
form, shortly ater Xi was given a secpast year, imposing more caps on the
ond ive-year term during an important
amount of money allowed outside the
party congress in October. “I spend lots
country as it seeks to stem cash outof time with Tsinghua leaders to unlows. Breyer, however, doesn’t worry
derstand their view of important initiamuch about this for now, as the current
tives,” Breyer says. “Many Chinese and
focus is helping the Chinese companies
U.S. long-term relationships tend to
he backed grow locally. But the ultimate
fracture, so I am very lucky.” F
APRIL 2018 FORBES ASIA | 63
Technology
The Vacation
Predictor
While many bank on AI paying of in the future,
one of the world’s hottest apps, Hopper, has
raised $84 million by monetizing it right now.
O
ne of the most cutting-edge travel apps in the
world makes its home in a decidedly old-fashioned setting: an active zinc factory in Montreal’s former garment district. Walking through
a maze of sputtering machines and chemical vats, Fred
Lalonde, founder and CEO of Hopper, the world’s fastestgrowing flight-booking app, explains why he has rented the
space since 2009. “As bad as this place looks, it was probably the smartest place to start a data center,” he says. The
building is powered by a hydrodam, part of a Canadian system that delivers a supply of cheap electricity and a perfect
match for an energy-hungry startup making a big-data bet:
that AI-driven recommendations can make travel more affordable and personalized than what people can craft for
themselves.
Unlike most other travel sites, which generally want
you to book right away, Hopper is predicated on patience.
“Think of an e-commerce site that tells you 70% of the time,
‘Don’t buy,’ ” says Sophie Forest, a partner at Brightspark
Ventures, the startup’s first investor. “Hopper is that anomaly.” Aimed primarily at the leisure-travel market, the app
uses a sophisticated algorithm to predict the best deals and
64 | FORBES ASIA APRIL 2018
times to fly and buy—alerting users at the optimal moment,
well before prices go up or down by specific amounts.
Since its launch in 2015, Hopper has become the most
formidable newcomer in an $800 billion flight market dominated by Expedia, Lalonde’s former employer, and Booking
Holdings (previously called Priceline), and now boasts more
than 20 million users.
In January, Hopper was the fourth-most-downloaded travel app in the U.S., after Uber, Lyft and Airbnb. The
120-person company, led by Lalonde, 44, and cofounder and
CTO Joost Ouwerkerk, 46, generated about $15 million in
revenue last year by selling flights, almost entirely through
push notifications.
Customers buy more than $1.5 million in flights per day
across more than 300 airlines, and give Hopper a $5-perticket fee (airlines pay a 1% to 4% commission). Hopper
says customers save an average of $50 per ticket and claims
its airfare forecasts are 95% accurate up to a year in advance.
Meanwhile, Kayak predicts flight prices only seven days out,
FRANCO VOGT FOR FORBES
BY KATHLEEN CHAYKOWSKI
TRAVEL
servers but began making deals to collect flight-price records and travel data.
In 2011, Series A funding enabled them
to build a long-term data center. By 2013
they had enough data to start building algorithms. Hopper.com launched the next
year.
Traffic soon flooded the website, but
people were interested only in one small section: flight forecasting. Lalonde realized users didn’t want to pick a destination until they knew flight costs and decided to shut down
the website to work exclusively on airfare prediction. His
other key directive: Hopper would exist only on mobile. In
2015, Hopper released its app.
Hopper has raised $83.6 million in venture funding from
firms such as Accomplice and Omers Ventures (the company was valued in late 2016 at about $300 million), and it’s
poised to become much larger. Purchases driven by AI—for
example, suggestions to travel on different dates or to different locations—now drive 25% of sales, up from 5% in
November. The AI knows, for example, that Hopper users
watching a flight from New York to Hawaii are more likely
to end up purchasing a flight to the Caribbean. Over time,
Lalonde expects AI to generate 75% of purchases.
“If I’m watching a trip for a family of four in Salt Lake
City in February, Hopper knows, ‘Oh, I want to ski,’ ” says
Jeff Fagnan, a partner at Accomplice. “What happens if I
shift you to Denver instead for $100 less? They’re changing
the whole supply-and-demand curve of the industry.”
Most users are spontaneous Millennials, like Morgan
Avery, 24, a retail coordinator in New York City. Avery started using Hopper after she snagged a $164 round-trip ticket from New York to L.A. She got an alert at dinner and purchased on the spot. “Hopper almost guarantees I get the
cheapest option,” she says. “It’s the worst thing to book a
flight and see the next week that it’s dropped $200.”
In late 2017, Hopper extended its forecasting and booking tool to hotels, likely an even larger business opportunity.
The app now offers over 200 hotels, typically sold at a 10%
to 15% discount in five major U.S. cities, and aims to make
hotels available in 15 more cities in the next six months.
Hopper’s flight deals, “Secret Fares,” debuted in January and enable airlines to fill lower-cost seats faster, allowing more time to sell last-minute and business-class tickets,
the main revenue driver for airlines. The tool sells seats at
roughly a 10% to 20% discount.
Today Hopper is focused on international growth (users
can buy flights in more than 160 countries) and adding hotels. Lalonde expects head count to double to more than 200
people by the end of 2018, mainly in data science, engineering and customer service. In a world that’s becoming more
isolationist, Lalonde thinks Hopper can make travel cheaper
and more convenient.
“Our AI is getting people to start shopping earlier and
buy things they didn’t know they wanted,” he says. “We’re no
longer just a better mousetrap.” F
Flight planners:
Cofounders Lalonde
and Ouwerkerk
envision Hopper
as an always-on
“leisure companion,”
automating how
people find new
activities locally and
on vacations.
and many competitors, such as Google, indicate whether
prices will go up but not whether a better deal is coming.
Experiments were part of Lalonde’s childhood in Quebec City, where his father, a biologist, regularly brought
home new computers, which Lalonde used to learn to program. Instead of attending college, he moved to Los Angeles
in 1993 to start an online airfare-ticketing company called
Travel Online before the launch of Expedia. Unable to raise
funding, he moved at age 23 to Montreal to be with his girlfriend (now wife), novelist Dominique Fortier. Soon after,
he built Newtrade Technologies, which replaced faxes between hotel reservation systems and booking sites with software; it was acquired by Expedia in 2002.
As an Expedia executive overseeing hotel products and
deals, Lalonde was struck that there weren’t better ways for
people to discover places, not just prices. In 2006 he left to
build a destination site, taking Ouwerkerk, Expedia’s product manager, with him. The journey was a long one: For
the first few years, they lacked the capital to build powerful
APRIL 2018 FORBES ASIA | 65
Investing
HEDGE FUNDS
Mr. 30%
Who’s the world’s best hedge fund manager? David Tepper? Stevie
Cohen? Try Joe Edelman, a wannabe psychologist with a bead on biotech
who has quietly built the best track record of the past two decades.
BY NATHAN VARDI
I
t’s late December and Joseph Edelman is onstage at the rootop
bar at Manhattan’s Dream Downtown hotel. With gin-infused
cucumber cocktails lowing and the Manhattan skyline glittering through the windows behind him, Edelman is strumming
his sunburst Fender Stratocaster and belting out a credible cover of
Elvis Costello’s “Pump It Up.” It’s Perceptive Advisors’ annual holiday party, and Edelman’s performance is something of a victory lap.
His lagship fund is up 41% net for 2017.
Hedge fund managers typically distinguish themselves in diferent ways—how much money they manage, the total amount of fees
they earn or their personal wealth. Edelman manages $3.8 billion,
serious money but far less than other, more famous hedge funds.
And while Edelman recently joined the three-comma club with a
$1.1 billion net worth, he is outranked by at least 45 other hedge
fund managers tracked by Forbes. Edelman’s Perceptive Life Sciences
hedge fund’s claim to fame is its astounding long-term performance.
Its annualized 30.2% net-of-fees return since its inception in 1999
is the best among all human-managed hedge funds—even beating
David Tepper’s Appaloosa Management’s 25% annual return since
1993. For Edelman it represents a more than 130-fold return.
“It is nothing short of extraordinary, and Joe has done it out of
the limelight,” says Leslie Lake, a longtime Perceptive Life Sciences investor who manages $1.5 billion of hedge fund investments at
Invus Financial Advisors. “Over 18 years it’s not random. here is
something in his DNA.”
At 62, Edelman is not well-known outside of the narrow area of
biotechnology investing. But in the world of clinical data and endpoints, he’s a rock star whose success has enabled him to charge
his limited partners a management fee of 3% of assets and 25% of
proits. He cares little about size: “I want a really good track record.
hat is my scorecard,” he insists. And he believes his edge is derived
mostly from his understanding of the idiosyncrasies of human
behavior.
As a teenager, Edelman spent summers in the company of famous scientists like two-time Nobel Prize winner Linus Pauling
while working at the laboratory of his father, Isidore Edelman, initially a professor at the University of California, San Francisco, and
eventually chairman of biochemistry and molecular biophysics at
Columbia University. “I learned to have an appreciation for the scientiic method. It’s a way of thinking, and a certain level of skepticism that you need,” Edelman says.
Ater studying psychology at UC San Diego, Edelman pursued
66 | FORBES ASIA APRIL 2018
a graduate degree in pharmacology but abandoned it in 1980 to
move to New York City with a vague notion of combining science
with business. He got his M.B.A. at New York University in 1987,
ater studying part-time while working as a bookkeeper at an actors’ union. His next stop: Wall Street, as a research analyst covering biotech.
Edelman struggled in that position, because he was unable to
form consistent opinions. He kept focusing on probabilities and
changing his mind. “I think the stock is going higher but not that
much—you can’t publish stuf like that on the sell side,” Edelman
says of his days at Prudential Securities.
What Edelman really wanted to do was manage money. He
took a job at a small hedge fund and then started Perceptive Advisors in 1999 ater he was able to raise $3.5 million from friends and
a hedge fund manager. His timing was perfect. In his irst year—in
the midst of a bubbly bull market that catapulted biotech stocks up
102%—Perceptive returned 129%.
With that gale-force wind at his back, Edelman has been buying
and shorting small-to-midsize biotech stocks ever since. As with
other funds devoted to the sector, his staf is stacked with doctors
and Ph.D.s in biological sciences. But there are a lot of scientiically trained geniuses parsing data on Wall Street these days. Edelman
claims his edge is his training in psychology. It’s why he named his
hedge fund Perceptive Advisors.
“Psychology is very important. here is perception and reality. Biotech stocks are driven by whether a drug works, if it will be
approved and if it will sell more than consensus,” Edelman says.
“hat’s an eight-year process. here are a few single days of events.
Everything else is a perception of that event.”
For Edelman it’s all about understanding the biases of market participants. He views the stock market like a poker game: “If
a hand is going well, that doesn’t mean you shouldn’t bet more as
subsequent cards are played, even though the ‘price’ of participating
has gone higher as the pot gets bigger,” he says.
He is obsessed with the idea of repeat surprise—that a negative
surprise is oten followed by more negative surprises and that positive surprises also occur in streaks. Edelman ofers his biggest position, Neurocrine Biosciences, as an example. Last year the company’s Ingrezza became the irst drug approved by the Food & Drug
Administration for the treatment of a movement disorder associated
with the long-term use of drugs for schizophrenia. Ingrezza’s irstquarter revenue came in much higher than anticipated, but analysts
JAMEL TOPPIN FOR FORBES
Perceptive Advisors’ Joseph
Edelman: using psychology
to stay one step ahead of
Mr. Market’s ticks.
still didn’t raise estimates enough for the remainder of 2017. Edelman observes that when analysts—bull or bear—are too low in their
expectations, they tend to stay somewhat conservative. Bears tend to
not raise projections very far unless they are willing to do a 180 and
turn bullish. In 2017 Neurocrine kept beating expectations.
Edelman doesn’t believe in buying low and selling high either.
“Only buy if the analysis indicates the stock is worth more and sell
if it’s worth less,” he says. “his may involve buying something back
at a higher price than where you sold it if new analysis or informa-
tion says it should go higher.” In the case of Neurocrine, Edelman
bought in at $5 and continued to buy it as high as $80. he stock
recently traded for $84.
“We are really focused on only looking forward,” Edelman says.
“You have to take your history with the stock out of the way.”
Another unique aspect of Edelman’s approach is the sheer number of positions in his portfolio—some 200—which makes his fund
more diverse than rival index ETFs like iShares Nasdaq Biotechnology fund. But there is a method to Edelman’s madness. “I don’t
APRIL 2018 FORBES ASIA | 67
Investing
HEDGE FUNDS
ALL IN WITH A HEDGE FUND MASTER
With some 200 positions, long and short, Perceptive Advisors is as big as some index funds. Yet Edelman’s top five holdings below
make up about a third of his portfolio.
NEUROCRINE BIOSCIENCES (NBIX), SAN DIEGO, CALIFORNIA Edelman says Ingrezza, the first drug approved for the treatment of
involuntary jerky movements associated with the use of antipsychotic medications, could also treat Tourette syndrome.
AMICUS THERAPEUTICS (FOLD), CRANBURY, NEW JERSEY Edelman has high hopes for the company’s treatment for Pompe disease, a
rare muscle-wasting affliction that kills infants, which combines an engineered enzyme replacement with a molecular chaperone.
GLOBAL BLOOD THERAPEUTICS (GBT), SOUTH SAN FRANCISCO, CALIFORNIA Edelman is bullish on Voxelotor for treating sickle-cell
anemia, a $5 billion global market. GBT is Perceptive’s biggest potential home run.
ALNYLAM PHARMACEUTICALS (ALNY), CAMBRIDGE, MASSACHUSETTS The company’s RNA-interference program includes a remedy
called patisiran, which aims to inhibit the activity of a gene connected to a rare disorder that attacks organs and the nervous system.
ZOGENIX (ZGNX), EMERYVILLE, CALIFORNIA The company is advancing the science of antiepileptic remedies by showing that target-
ing serotonin can be a game changer in maladies like Dravet syndrome epilepsy in children. Edelman expects its new drug, ZX008,
will work in other rare seizure disorders.
look at it as positions I like or don’t like. I think in terms of probabilities and express it in position sizes,” Edelman says.
About 80% of his positions are in biotech; the rest are primarily
in medical devices or specialty pharmaceuticals. A common theme
is that there must be some science involved. He avoids insurers and
has very few Merck-like big pharmas or big hospital chains. To beat
the market, Edelman goes “all in” on his good bets and folds when
necessary, carefully sizing each position to make them count in a
way that makes sense to him.
“We have a very strong team that knows how to igure out what
drugs are going to work, but what is unique is what Joe brings
to the table,” says Adam Stone, Perceptive’s chief investment oicer. “here are a lot of brilliant scientists running portfolios nowadays, but not experienced money managers who know how to size
a portfolio like Joe.”
In 2017 Edelman made a big bet on Alnylam Pharmaceuticals,
whose stock climbed 229% last year ater a late-stage trial revealed
one of its drugs inhibited the activity of a gene connected to a rare
nerve disorder. he trial showed that the drug, patisiran, could
stop transthyretin production in the liver and alleviate symptoms
in patients.
Edelman and his team had worked for months on patisiran,
and they were ready to spring into action late in 2016 when health
concerns arose over a diferent Alnylam drug, causing its stock to
plunge. Edelman believed patisiran had a good chance of working
safely and made Alnylam his biggest new position in anticipation
of the clinical results in September.
No doubt, much of Edelman’s track record can be attributed to
the excellent performance of health care and biotech stocks over
the past two decades. But Edelman has proved his mettle in down
markets as well. In 2016 biotech stocks plunged 21%, but six profitable short positions and two long home runs helped his fund return 3.8% net of fees. Last year Edelman doubled the performance
of the stocks in the Nasdaq Biotechnology Index, which returned
21%. Edelman has had only two down years—2008 and 2002.
For all his stock-picking wins, however, Acerta Pharma of Red-
68 | FORBES ASIA APRIL 2018
wood City, California, was a game changer. When Perceptive started taking a $20 million stake in the private company in 2013,
Acerta was developing a so-called BTK inhibitor for blood cancers like mantle cell lymphoma. In 2016 AstraZeneca swooped in
and bought a majority stake for $4 billion, turning Perceptive’s investment into $400 million. But Edelman didn’t sell “high.” If AstraZeneca exercises its option to buy the rest of the shares for $3 billion, Perceptive will score again.
Edelman oten inds success investing in orphan drugs used to
treat rare conditions. Part of the reason he sailed through the 2016
biotech crash was his big position in Sarepta herapeutics. he
company had been developing a drug for Duchenne muscular dystrophy, a form of the muscle-wasting disease that devastates young
boys. Sarepta was seeking accelerated FDA approval for a remedy,
eteplirsen, which costs roughly $300,000 a year.
Even though eteplirsen had shown promise in a small trial, the
FDA’s medical staf was skeptical. Edelman was surprised that the
market had discounted the clinical results, and he became convinced that top FDA oicial Janet Woodcock’s public comments
indicated she would back accelerated approval. “Parents were understandably going crazy, the drug was safe and there was a good
chance there was a beneit from it,” Edelman says. “Woodcock was
talking to the parents, and if you read her speeches she was more
liberal than the FDA’s neurological division.” In September 2016
eteplirsen recieved accelerated FDA approval, and Sarepta’s stock
soared.
Currently, Edelman’s highest risk-reward position is Global
Blood herapeutics. he California company is developing a drug
for sickle-cell anemia. he potential reward is huge because the
standard of care in sickle-cell disease, which oten includes blood
transfusions, doesn’t work well and has numerous adverse side effects. Edelman thinks it’s potentially a $5 billion global market.
Downside: It’s unclear whether Global Blood’s approach will actually work.
“I don’t want to be a hedge fund manager who doesn’t take
much risk,” Edelman says. “Otherwise, why I am doing this?” F
HOW DO YOU KNOW YOU CAN
TRUST THE NEWS?
Because we’ve covered the
story from every angle.
We’ve never taken sides in any
war, revolution or election.
We’ve reported the facts
whatever the obstacles.
And we always champion
the truth.
We’ve always asked the
difficult questions.
bbc.com
Japan’s 50 Richest
BY KERRY A. DOLAN
Race to the Pinnacle
A familiar name sits on the top of the list, but other titans gain on him.
70 | FORBES ASIA APRIL 2018
AKIO KON/BLOOMBERG
I
t was a good year for the superwealthy in Japan. he Nikkei
stock market rose 7% in the 12
months through late March, the
yen strengthened 6% against the
dollar and the country drew a record
number of foreign tourists. As a result,
80% of those on our list of Japan’s 50
Richest have larger fortunes than they
had a year ago. Some of the biggest
gains were in sotware, manufacturing,
retail and cosmetics. In total, Japan’s top
50 are worth $186 billion, up from $152
billion last year.
Masayoshi Son holds on to his spot as
No. 1 richest for the second year in a row.
Son’s telecom and investing irm Sotbank
made headlines for buying a signiicant
chunk of Uber at a discounted price in January. hen in late March, Uber announced
it would merge its Southeast Asian business
with Grab—a ride-hailing irm that also
counts Sotbank as an investor. His fortune
rose $1.5 billion to $21.9 billion as investors
sent shares of Sotbank higher.
he biggest gainer in dollar terms
was Takemitsu Takizaki, whose
Motor-man Shigenobu Nagamori jumped six places, to $5.5 billion.
fortune climbed an impressive $5.1
Germany’s Black Forest region. Noevir’s shares climbed some 60%
billion to $17.6 billion. His Tokyo-listed sensors irm, Keyence, is beneiting from increasing factory automation, which in the past year. he other newcomer, Eiichi Kuriwada, chairs SG
requires sensors to monitor the performance of machines and Holdings, parent of package delivery irm Sagawa Express. His late
father, Kiyoshi Sagawa, founded the delivery service in 1957.
robots. Sales growth is strong both in Japan and the U.S.
Notable drop-ofs include Naruatsu Baba, founder of
Another manufacturing fortune that soared belongs to
smartphone game maker Colopl, whose shares fell slightly, and
Shigenobu Nagamori, who at $5.5 billion is worth $2 billion
Kazuo Inamori, founder of manufacturing irm Kyocera. Its
more than a year ago. His irm Nidec makes motors and constock dove in the winter on woes in the solar business.
trol equipment for home appliances and industrial customers
Net worths are based on stock prices and exchange rates
and has operations in the U.S., Mexico, China and the U.K.
from March 23.
here are two newcomers this year. Hiroshi Okura founded
Reported by James Simms, Anis Shakirah Mohd Muslimin,
Tokyo-listed skincare and cosmetics irm Noevir Holdings, an
Angel Au-Yeung and Chloe Sorvino.
Avon-like direct-selling irm with products inspired by a visit to
THE LIST
1. MASAYOSHI SON
$21.9 BILLION
SOFTBANK AGE: 60
2. TADASHI YANAI
$19.3 BILLION S
FAST RETAILING
AGE: 69
3. NOBUTADA SAJI
$18 BILLION S
SUNTORY AGE: 72
4. TAKEMITSU TAKIZAKI
$17.6 BILLION S
KEYENCE AGE: 72
5. AKIRA MORI
$6.6 BILLION S
MORI TRUST
AGE: 81
6. SHIGENOBU NAGAMORI
$5.5 BILLION S
NIDEC AGE: 73
7. HIROSHI MIKITANI
$5.4 BILLION T
RAKUTEN AGE: 53
8. KEIICHIRO TAKAHARA
$5.2 BILLION S
UNICHARM
AGE: 87
9. AKIO NITORI
$4.8 BILLION S
NITORI AGE: 74
10. HIDEYUKI BUSUJIMA
$4.6 BILLION
SANKYO AGE: 65
11. YASUMITSU SHIGETA
$4.3 BILLION S
HIKARI TSUSHIN
AGE: 53
12. KOBAYASHI BROTHERS
$4.1 BILLION S
KOSE
13. MASAHIRO MIKI
$4 BILLION
ABC-MART
AGE: 62
14. MASATOSHI ITO
$3.9 BILLION
SEVEN & I HOLDINGS
AGE: 93
15. MINORU & YUJI OTSUKA
$3.4 BILLION S
OTSUKA
16. KAZUO OKADA
$3 BILLION S
UNIVERSAL ENTERTAINMENT
AGE: 75
ANDREU DALMAU/EFE/NEWSCOM
HIROSHI MIKITANI: USE MY CRYPTOCURRENCY
To help fuel sales at his e-commerce firm Rakuten, Hiroshi Mikitani joined the crypto craze in February, announcing plans
for a new currency, Rakuten Coin. It’s not so out of the blue. Rakuten established a blockchain research lab in 2016 and
briefly took Bitcoin payments in the U.S. Rakuten Coin, which has yet to be launched, will be linked to existing customers’
reward points and usage on Rakuten’s multiple e-commerce sites. “We have been preparing to do this for a long, long
time,” Mikitani said at a conference in February. “This is not something we just came up with.” —James Simms
17. CHANG-WOO HAN
$2.8 BILLION T
MARUHAN
AGE: 87
SUP MORE THAN 10% TDOWN MORE THAN 10%
ÌNEW TO LIST 3RETURNEE
APRIL 2018 FORBES ASIA | 71
Japan’s 50 Richest
BY ANIS SHAKIRAH MOHD MUSLIMIN
Tourism
Takeover
J
TAKAO YASUDA
His discount retailer Don Quijote posted 9% revenue growth in 2017, partly
fueled by demand from tourists. Popular products in some stores are
labeled in English, Chinese, Korean and Thai, and stores accept payment in
foreign currencies, including Chinese yuan and Thai baht.
NUMBER OF FOREIGN TOURISTS TO JAPAN:
28.7
MIL
32
MIL1
24
MIL
19.7
MIL
13.4
MIL
2014
2015
2016
2017
FORECAST FROM JTB CORP.
1
SOURCE: 2014–2017 FROM JAPAN NATIONAL TOURISM
ORGANIZATION.
72 | FORBES ASIA APRIL 2018
2018
MIWAKO DATE
The president of Mori Trust and her father, Chairman Akira Mori (No. 5,
inset), are broadening the company in hospitality, partnering with
America’s Hilton last year to build a hotel-and-timeshare resort on
tourist-friendly Sesokojima Island in Okinawa.
DON QUIJOTE: TREVOR WILLIAMS/WIREIMAGE/GETTY IMAGES; MIWAKO DATE; AKIO KON/BLOOMBERG
apan has become a tourism hotspot, growing
steadily over the past ive years. In 2017, a record
28.7 million tourists visited the island nation,
contributing nearly $40 billion to the economy,
nearly 18% more than in 2016, the latter according
to the Japan Tourism Agency. Most foreign tourists
hail from Asia, with two thirds coming from South
Korea, China and Taiwan. (To approach a common
language, Masatoshi Ito’s giant 7-Eleven chain in
Japan has reportedly started labeling prepared
foods in both English and Japanese.)
From 2011 to 2015, Japan’s tourism industry
grew 33% per year—one of the highest rates in
the world. Relaxed visa requirements for Asian
countries and the growth of discount airlines are
likely fueling the boom, says Takeshi Akagi, head
of research in Japan for real estate advisory irm
Jones Lang LaSalle. he Japanese government aims
to attract 40 million tourists by 2020, when Tokyo
will host the Summer Olympics.
hese companies owned or run by some of
Japan’s richest—and one tycoon who hasn’t yet
made the list—are already beneiting from or betting on the boom in tourism.
THE LIST
18. YUSAKU MAEZAWA
$2.7 BILLION
START TODAY
AGE: 42
19. YOSHIKO MORI
$2.6 BILLION
MORI BUILDING
AGE: 77
20. KINOSHITA FAMILY
$2.5 BILLION
ACOM
21. TADA BROTHERS
$2.4 BILLION S
SUNDRUG
22. TAKAO YASUDA
$2.35 BILLION S
DON QUIJOTE
AGE: 68
23. MASATERU UNO
$2.2 BILLION S
COSMOS PHARMACEUTICAL
AGE: 71
24. KATSUMI TADA
$2.15 BILLION S
DAISHO GROUP
AGE: 72
HIDEO SAWADA
Up-and-comer Sawada, worth an estimated $800 million, runs publicly traded travel agency H.I.S., which provides
package tours, operates two theme parks and 25 hotels and runs bus tours. H.I.S made headlines in 2015 when it
introduced its Henn na Hotel brand, stafed by robots like the one above.
25. SATOSHI SUZUKI
$2.1 BILLION S
POLA ORBIS HOLDINGS
AGE: 64
26. MASAHIRO NODA
SAWADA: TREVOR WILLIAMS/WIREIMAGE/GETTY IMAGES; HEN-NA HOTEL: RODRIGO REYES MARIN/AFLO/NEWSCOM; ABC SHOES: AKIO KON/BLOOMBERG
$ 1.9 BILLION S
OBIC AGE: 79
27. HIROKO TAKEI
$1.8 BILLION
TAKEFUJI
28. KANAZAWA BROTHERS
$1.7 BILLION S
SANYO BUSSAN
29. YASUHIRO FUKUSHIMA
$1.6 BILLION S
SQUARE ENIX
AGE: 70
30. CHIZUKO & MICHIO MATSUI
$1.55 BILLION S
MATSUI SECURITIES
AGE: 65
31. KENJI KASAHARA
$1.5 BILLION T
MIXI AGE: 42
32. KENTARO OGAWA
$1.45 BILLION S
ZENSHO HOLDINGS
AGE: 69
33. YASUAKI YAMANISHI
$1.4 BILLION S
IZUMI AGE: 71
34. NOBUTOSHI SHIMAMURA
MASAHIRO MIKI
Miki’s footwear retailer ABC-Mart said last year that it got a boost in sales from tourists to Japan,
most of whom came from China.
$1.37 BILLION
SHIMAMURA AGE: 92
SUP MORE THAN 10% TDOWN MORE THAN 10%
ÌNEW TO LIST 3RETURNEE
APRIL 2018 FORBES ASIA | 73
Japan’s 50 Richest
SATOSHI SUZUKI:
RINGING UP BEAUTY SALES
Tapping enthusiastic influencers to sell your cosmetics
and lotions can be a pretty good business. Satoshi
Suzuki’s firm Pola Orbis has some 46,000 “Beauty
Directors” peddling the company’s skin care creams
and antiaging treatments across Japan. Sales rose
nearly 12% to $2.2 billion last year. He’s betting on
boosting business with stores in China and Hong
Kong. Also gaining in the sector are new lister Hiroshi
Okura and the Kobayashi brothers, with their firm
Kose. “Chinese consumers are buying luxury cosmetics
products in stores, online, at airport duty-free shops
and abroad where they are traveling,” says Bolor
Enkhbaatar, analyst at Mitsubishi UFJ Morgan Stanley
Securities, who adds that Chinese tourists to Japan like
the lower prices, the bigger selection and the fact that
“they can be sure the products are not fake.”
ONLINE GAMES
Joining the Esports Wave
74 | FORBES ASIA APRIL 2018
KYODO/NEWSCOM; AKIO KON/BLOOMBERG
F
Konami’s football game series. In February, Konami was one of
orget muscles of steel. he hottest new sport globally
ive developers to award licensed professional gamers cash for
requires quick ingers and a screen. Esports—essentially
the irst time at an official Japanese esports tournament, before
competitive videogaming—has taken of, especially in
a reported crowd of 72,000 people.
North America, China and South Korea. Japan’s antigambling
Cygames, a subsidiary of Susumu Fujita’s (No. 36) game
laws stymied tournaments—until recently. In February the
maker CyberAgent, partnered with California-based esports
Japanese Esports Union, a merger of the country’s three largest
irm Next Generation Esports last year to run an esports comesports organizations, began issuing licenses to pro gamers to
petition in North America.
bypass the country’s strict laws.
Kenzo Tsujimoto, an up-and-comer worth almost $400
Young fans who grew up playing games online are willing
million, founded and chairs game irm Capcom, whose Street
to spend up to $100 or more to watch gaming competitions
Fighter-branded games have been popular in esports competiin person. hey also spend to buy special computer-gaming
gear for their desktops. he esports industry pulled in approxi- tions outside of Japan. Tsujimoto announced that 2018 will
be “eSports year one” for Japan. Other
mately $650 million in revenue worldwide
companies likely to pile on to the esports
in 2017, according to market research irm
craze include Yasuhiro Fukushima’s (No.
Newzoo. By 2020 that could surge to $1.4
29) game maker Square Enix, as well as
billion. More than half of esports’ most arpowerhouses like Nintendo and Sony.
dent fans are in the Asia-Paciic, and esports
“Japan’s inherent gaming culture
will be an official sport at the 2022 Asian
provides the perfect conditions for the sucGames to be held in Hangzhou, China.
cessful development of esports, now that
Videogame developer Konami—founded
obstacles to its growth have been lited by
by Kagemasa Kozuki (No. 37)—partnered
the government,” says Jurre Pannekeet, sewith esports irm eFootball.Pro last year
“Japan’s gaming culture provides
nior market analyst at Newzoo. —A.S.M.M.
to create a professional competition using
the perfect conditions for esports.”
THE LIST
35. KAZUMI IIDA
$1.35 BILLION 3
IIDA GROUP HOLDINGS
AGE: 78
36. SUSUMU FUJITA
$1.33 BILLION S
CYBERAGENT
AGE: 44
SHIGENOBU NAGAMORI:
THE FRENCH CONNECTION
37. KAGEMASA KOZUKI
$1.32 BILLION S
KONAMI HOLDINGS
AGE: 77
As Japanese automakers position
themselves for the future of electric cars,
Nagamori’s specialized motor manufacturer
Nidec is joining the scramble. Nidec inked
a deal late last year to build electric motors
for Peugeot’s parent company—in France.
Groupe PSA, which also owns the Citroen,
Opel and Vauxhall car brands, announced
the creation of a joint venture with Nidec’s
French arm, Nidec Leroy-Somer Holding, in
December. Nidec absorbed electric motor
maker Leroy-Somer in early 2017 as part of a
$1.2 billion acquisition.
38. HIROSHI OKURA
$1.3 BILLION Ì
NOEVIR HOLDINGS
AGE: 81
39. SOICHIRO FUKUTAKE
$1.28 BILLION
BENESSE HOLDINGS
AGE: 72
40. EIICHI KURIWADA
$1.2 BILLION Ì
SG HOLDINGS AGE: 71
40. YOSHIYUKI SANKAI
$1.2 BILLION
CYBERDYNE AGE: 59
TAKAFUMI HORIE
Aiming Higher
T
akafumi Horie knows all about lying too
close to the sun.
he entrepreneur briely achieved
billionaire status and appeared on the 2005 list
of Japan’s 40 richest before the stock price of his
internet company, Livedoor, cratered. he company delisted the following year. Horie spent
nearly two years in prison starting in 2011 for
securities law violations.
Now Horie, 45, with a net worth likely less than
$50 million, is reaching beyond earthly pursuits. In
2003 he founded Interstellar Technologies, a rock-
IMAGINE CHINA/NEWSCOM; KYODO/NEWSCOM
Horie (right) fortune has fallen to earth, but he
has lofty ambitions for his rocket company.
42. YOSHIKAZU TANAKA
$1.17 BILLION
GREE
AGE: 41
et company aiming to drastically lower the cost of
space-launch services. It is a work in progress. he
launch last year of its irst rocket intended to reach
space ended badly, with the rocket falling into the
ocean a minute ater litof.
Interstellar said in December that a fund manager, Rheos Capital Works, is the main sponsor
of a second light, now set for sometime in April.
he irst launch attempt was inanced primarily
through crowdfunding, with a target of $256,000.
(For about a hundred grand, a donor could push
the launch button.) Horie has said costs need to
come down to the aerospace equivalent of a Honda
Super Cub moped— which costs about $2,500—to
make satellite launches more accessible. He aims to
put small satellites into orbit by 2020 and eventually develop a rocket for asteroid exploration.
Crowdfunding and six-igure budgets are a
far cry from Horie’s halcyon days over a decade
ago: Besides his brief lirt with billionairedom
then, he also ran for parliament with the backing of Japan’s then-prime minister—unsuccessfully. But for Horie, it’s clear that not everything
has come back down to earth. —J.S.
FOR METHODOLOGY AND ALL BIOS, GO TO FORBES.COM/JAPAN
43. YOSHIKO SHINOHARA
$1.15 BILLION
TEMP HOLDINGS
AGE: 83
44. SHOJI UEHARA
$1.1 BILLION
TAISHO PHARMACEUTICAL
HOLDINGS
AGE: 90
45. HIROSHI ISHIBASHI
$1.05 BILLION
BRIDGESTONE
AGE: 71
46. HAJIME SATOMI
$1.04 BILLION S
SEGA SAMMY HOLDINGS
AGE: 76
47. MASAYUKI ISHIHARA
$1.03 BILLION T
HEIWA AGE: 69
48. YOICHI & KEIKO ERIKAWA
$1 BILLION
KOEI TECMO HOLDINGS
49. MASATOSHI KUMAGAI
$970 MILLION 3
GMO INTERNET
AGE: 54
50. HIROKAZU SUGIURA
$960 MILLION S
SUGI HOLDINGS AGE: 67
SUP MORE THAN 10% TDOWN MORE THAN 10%
ÌNEW TO LIST 3RETURNEE
APRIL 2018 FORBES ASIA | 75
TECHNOLOGY
BEN SIN // GADGETMAN
THERE WERE NUMEROUS signs at
though the overall revenue figure of $8.7 billion
Huawei’s recent launch event of its P20
is small.
flagship phone series to suggest that the
Until 5G kicks in in a year or so—which Hu
Chinese tech and telecommunications
says Huawei is on the verge of achieving—the
giant has made it as a premium consumer company’s fastest growing and most visibly
electronics brand: The launch was held
prominent area is its smartphones. Despite
at the picturesque (and obviously not
having virtually no market in the U.S., Huawei
cheap to rent) Grand Palais in Paris; more surpassed Apple as the second-biggest phone
than 2,000 members of the media were in brand in the world by units shipped, and the
attendance; Huawei billboards were plas- company’s bold strategy to ditch the mid-tier or
tered all over Europe; and, perhaps most
entry-level market and focus on premium (eximportant, the lack of surprise, shock or
pensive) smartphones seems to be paying of.
disappointment over the over-$1,100 price tag of the P20 Pro.
This year marks Huawei’s 30th birthAttendees—tech insiders, mostly—expected the top-end model of
day, and the company, following the general
Huawei’s smartphones to be priced at (or even higher than) the iPhone
Chinese idea that age 30 is when a boy truly
or Samsung level. And why wouldn’t they? Despite recent U.S. market
becomes a man, is looking for new growth. “As
issues, Huawei phones are well received by tech writers and are, apparwe look to 2018, emerging technologies like the
ently, selling well.
Internet of Things, cloud computing, artificial
In an annual business report meeting with journalists (including
intelligence and 5G will soon see large-scale
myself ) held in late March at the company’s Shenzhen headquarters,
application,” explains Hu. “Throughout this
Huawei announced that its total revenue grew 15.7%, to $92.5 billion,
process, Huawei will . . . pay special attention
in 2017. More impressive, net profit grew 28.1%, to $7.3 billion, a huge
to the practical challenges that our customers
improvement over 2016’s 0.4% rate.
face as they go digital. Our job is to help them
Huawei’s Deputy Chairwoman and Chief Financial Officer Sabrina
overcome these challenges and achieve busiMeng, along with CEO Ken Hu, told reporters there are two factors
ness success. Ultimately, we aim to bring digital
that explain how the company managed to bump up net profits and net
to every person, home and organization for a
profit margins at a rate higher than total revenue growth: The company
fully connected, intelligent world.”
became more efficient at growing smartphone sales. “In 2016, one of the
Considering the lengths to which the U.S.
biggest areas that dragged consumer business group profits down were
government has gone to prevent Huawei
the high cost of components,” said Meng. “So we developed a better sup- from entering its market, it doesn’t appear
ply management chain and improved our working
the company’s ambitious
relationships with vendors.”
vision will include the U.S.
Hu, meanwhile, added that whether it’s brand
for now. Huawei will likely
image with consumers or phone units sold, the
ramp up eforts in Europe
company saw significant improvements in 2017.
and Latin America—but
According to data released to the media, Huawei
as long as the company is
and sub-brand Honor combined to sell 153 million
shut out of the country still
handsets in 2017, generating $37.85 billion in sales.
responsible for the most
The privately owned Chinese company’s bread
high-end phones sold,
and butter, however, is network equipment, which
Huawei will have a hard
generated roughly $47 billion over the past year,
time achieving its ambithough its 3% growth percentage is tepid compared
tious goal of becoming
with years past or Huawei’s other departments.
number one.
Huawei also saw a 35.1% growth in its enterprise
But is No. 2 really that
The P20 Pro comes with a $1,100 price tag.
business unit, which handles cloud and data,
bad? F
BEN SIN IS A HONG KONG-BASED CONTRIBUTOR TO FORBES.COM WHO WRITES ABOUT CONSUMER TECH.
76 | FORBES ASIA APRIL 2018
THOMAS KUHLENBECK FOR FORBES (TOP); MARLENE AWAAD/BLOOMBERG
HUAWEI’S ASCENT
Be Inspired by Asia’s
Most Successful Business Leaders
SUBSCRIBE NOW!
www.ForbesAsiaSubscribe.com
Or Scan QR Code
Save up to 65% off newsstand price. PLUS get a free digital subscription!
Forbes Life
Buildings for Everyone
Unlike some of his glitz-and-glamour colleagues, Balkrishna Doshi
creates works for the common folk to enjoy and to live in.
BY KARL SHMAVONIAN
I
The Amdavad Ni Gufa gallery houses the work of Maqbool Fida Husain.
78 | FORBES ASIA APRIL 2018
Aranya Community Housing provides afordable housing for 80,000 people.
HUGO AYMAR/HAYTHAM-REA/REDUX (TOP)
n early March, Balkrishna Doshi was
Writes Doshi of his award: “My works
announced as the winner of the 2018
are an extension of my life, philosophy
Pritzker Architecture Prize, the irst
and dreams trying to create [a] treasury of
Indian to win the prestigious award.
the architectural spirit. I owe this prestiDoshi, 90, though not well-known outside
gious prize to my guru, Le Corbusier. His
of India, worked with 20th-century-architeachings led me to question identity and
tecture giants Le Corbusier and Louis Kahn.
compelled me to discover new regionally
He is also an educator and an urban planner.
adopted contemporary expression for a sushe Pritzker jurists wrote of the winner:
tainable holistic habitat.”
“Over the years, Balkrishna Doshi has alhe award was created in 1979 by the
ways created an architecture that is serious,
Pritzker family of Chicago—who made their
never lashy or a follower of trends. With
fortune in the Hyatt Hotels chain. he Pritza deep sense of responsibility and a desire
ker website states that the prize is given “To
“My works are an extension of my life”:
to contribute to his country and its peohonor
a living architect or architects whose
Balkrishna Doshi, winner of the Pritzker.
ple through high-quality, authentic archibuilt work demonstrates a combination of
tecture, he has created projects for public administrations and
those qualities of talent, vision and commitment, which has
utilities, educational and cultural institutions, and residences
produced consistent and signiicant contributions to humanity
for private clients, among others. Doshi is acutely aware of the
and the built environment through the art of architecture.”
context in which his buildings are located. His solutions take
Doshi will formally receive the award in May at the Aga
into account the social, environmental and economic dimenKhan Museum in Toronto. (All of Doshi’s projects pictured here
sions, and therefore his architecture is totally engaged with
are in Ahmedabad, India, with the exception of Aranya, which is
sustainability.”
in Indore, India.) F
BALKRISHNA DOSHI
Doshi is founder, architect and teacher at the Centre for Environmental Planning & Technology.
Kamala House, Doshi’s home, is named after his wife.
Doshi worked on Louis Kahn’s indian institute of Management.
Residences built for the Life Insurance Corp. feature terraces for the smaller units.
Premabhai Hall: “A good theatre...is the extension of the most active and creative part of a city. It is a place where all artists meet and recreate a new image of life.”
APRIL 2018 FORBES ASIA | 79
THOUGHTS ON
Change
“Let reality
be reality. Let
things flow
naturally
forward in
whatever way
they like.”
—MALCOLM X
—LAO TZU
“A man of destiny knows
“Change is inevitable.
In a progressive country, that beyond this hill lies
change is constant.”
another and another.
—BENJAMIN DISRAELI
“THE HISTORY OF THE
WORLD IS NONE OTHER
THAN THE PROGRESS
OF THE CONSCIOUSNESS
OF FREEDOM.”
“WITHOUT
DEVIATION
FROM THE
NORM,
PROGRESS
IS NOT
POSSIBLE.”
—FRANK ZAPPA
“A step backward
after making a wrong
turn is a step in the
right direction.”
—KURT VONNEGUT
The journey is never
complete.”
—F.W. DE KLERK
“Slide the weight from
your shoulders and
move forward.”
—G.W.F. HEGEL
—BARBARA KINGSOLVER
“THERE IS NOTHING STABLE
IN THE WORLD; UPROAR’S
YOUR ONLY MUSIC.”
—JOHN KEATS
“IF YOU WANT TO CHANGE
ATTITUDES, START WITH
A CHANGE IN BEHAVIOR.”
—KATHARINE HEPBURN
“It is not only by the
questions we have
answered that progress
may be measured, but
also by those we are
still asking.”
“ ‘CHANGE’ IS SCIENTIFIC,
‘PROGRESS’ IS ETHICAL.
CHANGE IS INDUBITABLE,
WHEREAS PROGRESS IS A
MATTER OF CONTROVERSY.”
—BERTRAND RUSSELL
FINAL
THOUGHT
—FREDA ADLER
“IDLE TO
PRETEND WE
HAVE LOST
PARADISE. WE
NEVER HAD IT; IT
IS STILL TO MAKE.”
“YOU OVERPOWER THEM
ONCE FOR ALL, AND THEY
ARE GONE; YOU CHANGE
THEIR COUNTENANCE AND
SEND THEM AWAY.”
“Our future lies
in continuing
to look up,
continuing to look
out, continuing
to probe for the
pie in the sky.
It’s there.”
—SUSAN ERTZ
—JOB 14:20
—MALCOLM FORBES
SOURCES: MALCOLM X SPEAKS; THE TIMES BOOK OF QUOTATIONS;
UNPOPULAR ESSAYS, BY BERTRAND RUSSELL; SISTERS IN CRIME, BY FREDA ADLER;
PHILOSOPHY OF HISTORY, BY G.W.F. HEGEL; THE POISONWOOD BIBLE, BY BARBARA KINGSOLVER;
ANGER IN THE SKY, BY SUSAN ERTZ; PLAYER PIANO, BY KURT VONNEGUT.
80 | FORBES ASIA APRIL 2018
ROBERT PARENT/THE LIFE IMAGES COLLECTION/GETTY IMAGES; DE AGOSTINI/BIBLIOTECA AMBROSIANA/GETTY IMAGES; SONY PICTURES CLASSICS/NEWSCOM; CLARENCE SINCLAIR BULL/JOHN KOBAL
FOUNDATION/GETTY IMAGES; AGENCE OPALE/ALAMY; NEWSCOM; JACK MITCHELL/GETTY IMAGES; BILDAGENTUR/GETTY IMAGES; ARTUR WIDAK/GETTY IMAGES; POPPERFOTO/GETTY IMAGES
“Usually when
people are sad,
they don’t do
anything. They
just cry over
their condition.
But when they
get angry, they
bring about a
change.”
Документ
Категория
Журналы и газеты
Просмотров
0
Размер файла
10 926 Кб
Теги
forbes, journal
1/--страниц
Пожаловаться на содержимое документа