Four students from the Hong Kong Baptist University (HKBU) had the honour of ringing the opening bell at the Nasdaq stock exchange in New York on May 2 as they had defeated four other universities in the grand final the Global Investment Research Challenge. Team member Angela Yuen Lai-ling said ringing the bell was not something that could be bought with money. 'It was very special and meaningful,' she said. The team members were also given a tour of the New York Stock Exchange. Ms Yuen, team leader Andy Chau Man-tai, and teammates Amy Lee Lai-yee and Zhang Wen-wei provided a thorough and convincing analysis of the future development of China Mobile Limited (CML). They especially explored the possible impact of the restructuring of China's telecommunication industry on CML, concluding that CML's stock would be undervalued at the same price. The grand final was held on May 1 at the headquarters of media company Thomson Reuters. Among the contestants were teams from the University of New Brunswick of Canada, Universidad Carlos III de Madrid of Spain, University of Houston and Rutgers Business School from the United States. Each team was given 10 minutes to present its analysis and a further 10 minutes for questions and answers. Their goal was to come up with an accurate buy rating for the company. 'We were the only team of undergraduates - the others were MBA students and some of them had worked in investment banks before. The judges credited us for our brilliant team work,' Ms Yuen said. The Global Investment Research Challenge was first organised in 2007 by the Chartered Financial Analyst CFA Institute. This year it drew more than 300 students from 80 universities. The Hong Kong team had won the local round of the competition last September, which involved eight tertiary institutions and three mainland universities. They advanced to the regional round and bested undergraduates and MBA students from Singapore, Indonesia and India. 'This has been an invaluable experience for the students,' said Alexander Fung Kwok-wah, the Hong Kong Baptist University team's faculty adviser. 'They approached their analysis from a different angle, and stuck to their guns to defend their recommendation through some vigorous questioning from the judges throughout all levels of this competition.'