Hongkonger proves to be a boon for shipping giant
When Kelvin Wong Tin-Yau joined red chip Cosco Pacific, the world's fifth-largest port operator and container leasing company, a decade ago it was a case of culture shock for the born and bred Hongkonger.
Mr Wong, now the company's executive director and deputy managing director, found his mainland colleagues had a different approach to business than 'go-getting' Hong Kong where all that matters was getting the best deal even if your colleagues did not agree with you. In the mainland, reaching consensus with everybody from the chief executive to junior management was paramount.
Still, under his watch the company has thrived, and won the Directors of the Year Award from the Hong Kong Institute of Directors in 2006.
Today's heavy demand for Chinese stocks - look at the crop of H shares and red chips currently planning share issues in Shanghai - is a far cry from the days in 1994 when Cosco Pacific first listed in Hong Kong. The share price dropped 19 per cent on its debut due to global economic uncertainty as well as lack of interest in Chinese stocks.
Now, the stock trades above HK$20, almost eight times its debut at HK$2.88.
The company is also now considering listing in the mainland.