IN just 40 years, Hongkong has against all odds developed from a relatively obscure entrepot into a thriving industrial and financial economy. So, what made our society so successful today? Providing the answers to this question at the Baptist Lui Ming Choi Secondary School's speech day was Mr Lo Wai-kwok, winner of the 1992 Young Industrialist Awards as well as the 10 Outstanding Young Persons Selection. ''Hongkong's strategic geographical position and the political and economic environment gave us the prerequisites for success,'' said Mr Lo. ''Equally important is the efforts of Hongkong people, thanks to their talent and diligence.'' He said the school's Form 5 graduates would soon experience a momentous historical milestone in 1997. They should make use of such an opportunity to help Hongkong achieve further success. ''To face the many challenges, you have to prepare yourselves,'' he said. Mr Lo suggested the ''3Cs'' concept for the graduates. The 3Cs are ''Challenge'', ''Change'' and ''Charge''. No matter where the graduates would be heading after their graduation, Mr Lo hoped that they would tackle their tasks enthusiastically with the 3Cs. In his report, principal Mr Cheng Cho-chak said the organisation of clubs and societies was becoming more and more the responsibility of students. ''This year, it was found that many of the activities were organised, planned and promoted by senior formers,'' the principal said. Mr Cheng said student problems are becoming more and more complex. He said the spirit of ''combining activities and counselling together'', introduced by the school, should still be kept and reinforced. A number of awards and scholarships were presented for academic achievements and outstanding extra-curricular performance. The most outstanding graduate, Leung Yun-shing, received loud applause for his impressive results in seven subjects. He was awarded the best subject and conduct prizes. However, winning the biggest applause was not the students, but teachers Mr Tong Ying-kit, Mr Wong Kam-hung and Ms Tsang Kit-mei, as well as school amah Ms Lee Yuk-mui. They were presented with the 10-year service awards.