Family Business

Civil engineer Simon Wong built a small family restaurant business into a HK$1 billion company

From the moment Simon Wong took over the family-run restaurant business, he has only one thing on his mind - change. Photo: Thomas Yau

Simon Wong Kit-lung is an executive director of restaurant management firm LHGroup. Under his management, the company has grown to 30 restaurants, including Banqueting House and Gyu-Kaku, and has more than HK$1 billion in annual turnover. Wong is the son of one of the company's founders.

Saturday, 25 January, 2014, 5:14am

'China's rich always ask how to keep wealth in the family', reveals Ariane de Rothschild

Ariane de Rothschild says that many Chinese clients felt at a loss about how to ensure that their second or third generations retained the family wealth. Photo: Felix Wong

Ariane de Rothschild, who ranks second only to her husband, Benjamin, at the legendary financial dynasty's Edmond de Rothschild Group, says rich Chinese friends and clients ask her the same question whenever she visits the mainland: how can you keep your family wealth for generation after generation? And how has the Rothschild family done that for centuries?

2 Dec 2013 - 11:22am 17 comments

The women of Asia's family-owned business are coming into their own

Breaking free

It is one of the ironies of Asia’s astonishing leap into modernity that it has been largely driven by one of the oldest ownership structures on the planet, the family firm, founded by men – and they are nearly all men – most of whom are or were deeply imbued with traditional Confucian precepts of filial duty, harmony and clearly defined gender roles.

8 Mar 2013 - 3:48am

Powering a positive family business unit

Illustration: Henry Wong

"Why am I working 60-plus hours a week to grow this business while my siblings share equally in the dividends but don't have the responsibilities I have?"

This is a question that Johnston Wang, chairman and CEO of his family's manufacturing firm, has asked himself many times.

2 Mar 2013 - 4:17am

Private thoughts on the business of Xi and the next generation

Xi Jinping. Photo: AP

Despite the positive headlines you may read in the state media, a good number of these businessmen are quite worried about the country's economic prospects and their own ability to keep and grow their wealth.

18 Feb 2013 - 9:11am 2 comments

Old family firms are ripe for the picking

It will be easier to stitch up a deal for garment factories because they are considered a sunset industry in Hong Kong. Photo: Bloomberg

Hong Kong family businesses are increasingly becoming targets of takeovers by institutional investors as the older generation of entrepreneurs retires, bankers say.

Hundreds of listed companies controlled by wealthy families may be taken private in the coming decade because they face operational difficulties or the younger generation is not interested in holding on to them.

9 Nov 2012 - 8:47am

The Week Explained: Family business

Here's one way to establish a clear line of succession and avoid conflict. Photo: Corbis

No one in Hong Kong needs to be told about the importance of family-run companies - more of them are listed here than on any other major stock exchange.

23 Sep 2012 - 11:58pm

Family planning for succession

William Ahern: links good governance and long-term family wealth. Photo: Edmond So

As Hong Kong entrepreneurs from the 1960s pass retirement age, their families are faced with the often difficult problems of succession. Liana Cafolla talks to both business experts and family therapists.

30 Apr 2012 - 12:00am

How to Bridge a great divide

'It's not fair, Dad. It's not fair, Mum.' This is one of the first complaints that young children make to their parents. And now it's a cry that's echoing through the boardrooms of Asia's family businesses, as these move towards next-generation leadership and ownership.

7 Jan 2012 - 12:00am

Planning for succession is crucial

It is unfortunate that a man as successful as casino mogul Stanley Ho Hung-sun should have to spend the last years of his life fighting his own offspring over how his business empire should be divided.

5 Nov 2011 - 12:00am

Helping to keep generations together

Some believe that work and family don't mix, but certain family-run businesses manage to make it happen, and many do so with the help of university training programmes designed specifically for the unique challenges that these companies may face.

19 Apr 2008 - 12:00am