CHE JIANXIN
Along the way, Che developed a passion
THE LIST
for reading as a way of gaining insights, and
Work Is Life claims he has read more than 1,000 books.
1.
No surprise, he adheres to the Chinese
JACK MA
FURNITURE MAKER Red Star Macalline expression, “Books hold golden houses and $38.2 BILLION S
chairman Che Jianxin grew up in a farm things as beautiful as jade.” ALIBABA GROUP AGE: 55
family in eastern China. Now one of China’s Work is Life is a compilation of three of
richest men, he has amassed wisdom that Che’s earlier Chinese-language books, The 2.
MA HUATENG
has compiled into an English-language book, Philosophy of Growth, The Philosophy of Living
$36 BILLION S
Work Is Life, published earlier this year. and The Philosophy of Life. While many new TENCENT AGE: 48
Che, 53, ranks No. 64 on this year’s list with titles are about Chinese tech entrepreneurs,
an estimated net worth of $4.7 billion, up from Che’s advice comes from his experience 3.
HUI KA YAN
$4.25 billion last year. Che began his career as running an old-school furniture business.
$27.7 BILLION T
a carpenter in a city east of Nanjing, pursu- Attitude, according to Che, is a key de- CHINA EVERGRANDE AGE: 61
ing a trade over education because he felt it terminant of success in business and life. “A
offered a better long-term future. He recalls person with a positive attitude is in it to win 4.
early in his career being insulted by a building it; he or she sees the hopeful, positive and SUN PIAOYANG
$25.8 BILLION S
guard because he made affordable furniture. useful side of things,” Che writes. “A person
JIANGSU HENGRUI MEDICINE
“Thanks to my obsession with work and stub- with a strong desire to win will be motivated AGE: 61
FORBES CHINA born persistence, I managed to become a very to think of many different ways to win.” YANG HUIYAN
5.
skilled idiot, and later, a hard-working idiot
Successful individuals, Che says, avoid
with a positive attitude,” he writes.
being weighed down by past successes or fail-
$23.9 BILLION S
ures. “We need to constantly push past COUNTRY GARDEN AGE: 38
our own fixed ways of thinking. We
need to have the courage to ignore our 6.
past and dare to believe in the innova- HE XIANGJIAN
$23.2 BILLION S
tion of the future,” Che says.
MIDEA AGE: 77
Hence, future results depend on
planning today. “The person you are 7.
today is the result of the hard work COLIN HUANG
you put in yesterday. The person you $21.2 BILLION S
PINDUODUO AGE: 39
will be tomorrow is the result of the
choices you make today,” he says. 8.
Forward thinking is also impor- WILLIAM DING
tant in business, says the billionaire. $17.2 BILLION S
NETEASE AGE: 48
“What is the essence of managing a
company?” he asks. “In the business 9.
world, we cannot do business for QIN YINGLIN
today, we have to do business for to- $16.6 BILLION S
morrow. What is tomorrow? Tomor- MUYUAN FOODSTUFF
AGE: 54
row is the day that we have planned
according to our own vision.” 10.
Failure to plan is a trap in business ZHANG YIMING
and life, Che believes. He uses a gar- $16.2 BILLION S
BEIJING BYTEDANCE AGE: 35
dening analogy: the best way to pre-
vent weeds is to have positive goals.
11.
“If you want to remove the weeds in a WANG WEI
field, you must densely plant [in busi- $14.3 BILLION T
ness and life] with crops—plant life SF EXPRESS AGE: 49
goals to which we are committed.”
12.
Otherwise, he says, “weeds will keep LI SHUFU
growing until it is impossible to get $12.9 BILLION T
rid of them.” —RF GEELY AUTOMOBILE AGE: 56
SUP TDOWN WXFLAT ÌNEW TO LIST 3RETURNEE NOVEMBER 2019 FORBES ASIA | 47
China’s Richest
RICHARD LIU
THE LIST
Facing Up To Challenges
13.
PANG KANG
$12.6 BILLION S
FOSHAN HAITIAN FLAVORING
& FOOD AGE: 63
14.
WANG JIANLIN
$12.5 BILLION T
DALIAN WANDA GROUP
AGE: 65
15.
ZHANG ZHIDONG
$12.2 BILLION S
TENCENT AGE: 47
16.
FAN HONGWEI
$11.7 BILLION S
HENGLI PETROCHEMICAL
AGE: 52
17.
WU YAJUN
$11.6 BILLION S
LONGFOR GROUP RICHARD LIU founded and runs JD.com, one In an Oct. 16 statement, rating agency
AGE: 55
of the world’s largest e-commerce sites, with a Moody’s said JD’s “growing and significant
market capitalization of $45 billion. He owns scale of operations in China’s e-commerce
18.
HUI WING MAU 15%, making him worth $6.75 billion and market,” along with its “unique business
$10.3 BILLION S ranked No. 40 on the list. He shares ownership model featuring end-to-end e-commerce ful-
SHIMAO PROPERTY AGE: 69
with some notable investors, including Tencent, fillment and delivery capability.” The company,
with 18%, and Wal-Mart, with 10%. The com- Moody’s said, has a “track record of profit
19.
LIU YONGHAO pany also has a portfolio of its own investments, margin improvement and reducing exposure
$10.1 BILLION S including online fashion retailer Farfetch. to consumer loans.” On the downside, though,
NEW HOPE GROUP AGE: 68 In China, Liu is facing tough competi- it noted: “JD.com’s issuer rating is constrained
tion in e-commerce from startup rivals such by the execution risks of the development of
20.
SUN HONGBIN as Pinduoduo, led by Colin Huang (worth its in-house logistics network, and acquisi-
$10 BILLION S $21.2 billion), and the growing popularity tions pose heavy capital requirement.”
SUNAC CHINA AGE: 56 of platforms that combine e-commerce with Investors have focused on the positive. JD’s
social media. Nasdaq-listed stock has bounced back from
21. Liu, 45, has been working to strengthen a low of about $20 last October to above $30
WANG WENYIN
$9.2 BILLION T JD.com. One area has been improving its in recent days (although still down from an
AMER INTERNATIONAL GROUP financials, led by cost-cutting. The company all-time high of $50.50 in February 2018).
AGE: 51 reported a net profit of $88 million in the UBS, which does investment banking for JD,
second quarter of 2019 compared with a loss sees more good news ahead, and forecasts the
22.
LI YONGXIN of $316 million a year earlier. stock to be $42 by year-end. —RF
$9.1 BILLION Ì
OFFCN EDUCATION TECHNOLOGY
Regrettable Incident
AGE: 43
Liu has put a regrettable incident behind him. In August last year, he was taken into custody after alleged
sexual misconduct in the U.S. state of Minnesota. He was later released without being charged, and prosecu-
23.
TSE PING tors said in December that the case was being dropped. In a statement he posted later on social media, Liu BILLY H.C. KWOK/BLOOMBERG
apologized, saying that “My interactions with this woman…have hurt my family greatly, especially my wife.
$8.9 BILLION S
I feel deep regret and remorse, and I hope she can accept my sincere apology.” He also vowed to renew his
SINO BIOPHARMACEUTICAL
dedication to building JD.com.
AGE: 67
48 | FORBES ASIA NOVEMBER 2019
YU MINHONG 24.
XU SHIHUI
Wealth of Knowledge DALI FOODS AGE: 61
$8.8 BILLION T
25.
YU MINHONG, chair- LEI JUN
man of New Orien- $8.7 BILLION T
XIAOMI AGE: 49
tal Education and
Technology Group, 26.
the largest provider of GONG HONGJIA
education services in $8.6 BILLION S
China, is doing well HANGZHOU HIKVISION
DIGITAL TECHNOLOGY AGE: 54
despite not making the
top 100. Yu, 57, saw 27.
his fortune climb 70% LI XITING
from last year’s list, to $8.55 BILLION S
SHENZHEN MINDRAY BIO-
$3.18 billion, as New
MEDICAL ELECTRONICS AGE: 68
Oriental’s New York-
listed shares more than 28.
doubled in the past MA JIANRONG
year to a record. He $8.5 BILLION S
SHENZHOU INTERNATIONAL
barely missed making AGE: 55
the top 100 in China,
as the minimum net 29.
worth is $3.2 billion. XU HANG
$8.45 BILLION S
New Oriental caters
SHENZHEN MINDRAY BIO-
to China’s age-old MEDICAL ELECTRONICS AGE: 53
hunger for education.
Rising incomes and 30.
ZHANG JINDONG
demand for skilled
$8.3 BILLION S
labor has made China SUNING AGE: 56
one of the world’s
largest markets for 31.
private-sector educa- ZONG QINGHOU
$8.2 BILLION T
tion. Spending on
HANGZHOU WAHAHA AGE: 74
vocational education
alone will grow almost 32.
7% annually through SHI YONGHONG
2022 to $151 billion, $7.8 BILLION S
HAIDILAO INTERNATIONAL
according to consul- AGE: 50
tancy Frost & Sullivan.
Yu studied in the 33.
late 1980s to become ZHANG BANGXIN
$7.7 BILLION S
an English teacher at China’s Peking University before starting New Oriental in 1993. New
TAL EDUCATION AGE: 39
Oriental went public in 2006 and today is the largest provider of private educational services
in China in terms of students, programs and geographic reach. 34.
New Oriental’s net profit in the three months ending in August rose 70% to $209 million, AIER EYE HOSPITAL AGE: 54
CHEN BANG
$7.65 BILLION S
as sales rose by a quarter, to $1.1 billion. The company had 2.6 million students at the end of
ASKA LIU/FORBES CHINA August, up 50% from a year earlier. $7.6 BILLION T
Yu is also a philanthropist, and last year gave the equivalent of $8 million in cash for
35.
education, helping Yu earn a spot on Forbes China’s annual list of China’s top philanthropists.
ROBIN LI
“Educational gaps are widening in China,” he told Forbes China earlier this year, and he hopes
BAIDU AGE: 50
to help close them. —Sky Huang
SUP TDOWN WXFLAT ÌNEW TO LIST 3RETURNEE NOVEMBER 2019 FORBES ASIA | 49
China’s Richest
Week sporting a Bosideng
THE LIST “To survive, you
had to create down jacket that has put
the product and Bosideng on the same
36.
create a brand,” level as international
DANG YANBAO says Gao.
$7.5 BILLION S brands Canada Goose
NINGXIA BAOFENG ENERGY and Moncler.
AGE: 46 Last year, shoppers
lined up in front of
37.
KEI HOI PANG Bosideng’s flagship store
$7.4 BILLION S along Shanghai’s posh
LOGAN PROPERTY AGE: 53 Nanjing Road in hopes
of buying limited edi-
38.
WANG XING tion jackets designed by
Tim Coppens, Antonin
$7.35 BILLION S
MEITUAN DIANPING AGE: 46 Tron and Ennio Capasa
that debuted at New York
39. Fashion Week. That in-
CAI KUI
$6.8 BILLION S ternational splash helped
LONGFOR GROUP boost revenue in the year
AGE: 56 ending March 31 by 17%
to roughly 10 billion yuan
40. ($1.5 billion), with net
RICHARD LIU
$6.75 BILLION S profit rising 59% to 981
JD.COM AGE: 45 million yuan.
Bosideng’s performance
41. has turned Gao, 67, into
NIE TENGYUN
one of the biggest gain-
$6.5 BILLION S
YUNDA HOLDING AGE: 43 ers on this year’s list with
an estimated net worth of
42. $4.35 billion compared
CEN JUNDA with $1.4 billion a year ago.
$6.4 BILLION S
Bosideng’s share price—
HANSOH PHARMACEUTICAL
GROUP AGE: 55 and Gao’s fortune—has
even withstood an attack in
43. June by short seller Bonitas
JIANG RENSHENG Research, citing “fabricated
$6.2 BILLION S
CHONGQING ZHIFEI profits.” Bosideng denied
GAO DEKANG
BIOLOGICAL PRODUCTS Bonitas’ claim, and the market made its judg-
AGE: 66 ment: shares have doubled since.
Up on Down
44. It’s been a long road: Gao first appeared
ZHOU QUNFEI on the list in 2005 with a fortune (in today’s
$6.1 BILLION S BOSIDENG, one of the world’s biggest mak- dollars) of $100 million. Gao’s ups and downs
LENS TECHNOLOGY ers of down jackets, was struggling in the first have tracked the vicissitudes of China’s in-
AGE: 49
half of 2017. Sales and profits were slumping, creasingly affluent consumers. After learning
inventories piling up and its Hong Kong-list- from his father how to sew, Gao set up his first
45.
ZHANG FAN ed shares trading at eight-year lows. “I knew apparel business with a team of 11 villagers in
$6 BILLION S there was a problem, but I didn’t know what 1975, when Chairman Mao was still alive.
GOODIX AGE: 53
the problem was,” says founder and chairman In 1991, the group’s factory was formally
Gao Dekang. established. In 1994, he restructured the
46.
LIU YONGXING Fast forward to mid-October: Bosideng’s business, naming it “Bosideng” because it
$5.95 BILLION S Hong Kong-listed shares have tripled from a sounded like Boston, a U.S. city of knowl-
EAST HOPE GROUP year earlier. In October supermodel Kendall edge. “People heard the name of the brand, FORBES CHINA
AGE: 71
Jenner walked the runway at Milan Fashion and thought it was foreign,” he says.
50 | FORBES ASIA NOVEMBER 2019
One of his earliest hurdles was convinc- yuan,” Gao says. Bosideng’s products are also 47.
ing state-owned department stores to sell his gaining appeal abroad. “Our products have ZENG FANGQIN
$5.9 BILLION S
jackets. “At the start of China’s reforms, no their own special characteristics, Chinese
LINGYI TECHNOLOGY
one had experience, and you had to figure style and Chinese genes,” he says. AGE: 53
out how to do the business,” Gao says. “To Bosideng has not neglected licensed
survive, you had to create the product and products. In 2016, it launched a series of 48.
create a brand.” Disney products and also manufactures ROBIN ZENG
$5.85 BILLION Ì
“I had the courage to gamble,” he says. down products under contract for brands
CONTEMPORARY AMPEREX
Bosideng’s sales rose with increased con- such as Adidas, Columbia, North Face and TECHNOLOGY
sumer spending, and Gao took Bosideng Tommy Hilfiger. Despite Bosideng’s flashy AGE: 50
public on the Hong Kong Stock Exchange in new identity, Gao says he feels the same rush
49.
2007. By 2010, Bosideng was in as many as of success he remembers from earlier in his
CHAN LAIWA
10,000 stores. By 2016, sales declined to 5.7 career. “This is where hot products come $5.8 BILLION WX
billion yuan from 9.3 billion yuan in 2013, from,” he says. —RF FU WAH INTERNATIONAL
and net income dropped by 74% to only 281 AGE: 78
million yuan.
50.
Gao responded by reinventing Bosideng, GUO GUANGCHANG
overhauling everything from supply chains $5.79 BILLION T
to sales channels. “This was the second time I FOSUN AGE: 52
had to start again in business,” he recalls. The
key was to rejuvenate the brand, he says. “We 51.
LIANG WENGEN
used to sell to older people but now we sell to $5.78 BILLION S
younger people,” says Gao. SANY HEAVY INDUSTRY
Gao hired international designers to im- AGE: 62
prove styling to better compete with popular
52.
imported brands. He had French designer
YAO ZHENHUA
Thomas Clement design Bosideng’s new $5.75 BILLION T
flagship store in Shanghai. To improve sales, BAONENG GROUP
Gao shifted focus from department stores to AGE: 49
upscale shopping malls, cutting Bosideng’s
53.
store presence in half and closing its strug- DING SHIZHONG
gling menswear line, Bosideng MAN. $5.6 BILLION S
Bosideng also turned increasingly to ANTA SPORTS
AGE: 48
e-commerce. The company in 2018 formed
a partnership with Alibaba. It also worked 54.
with New York Fashion Week. Like its ac- WANG ZHENHUA
Supermodel Kendall Jenner (front) walked the
complishments in Milan this year, Bosideng runway at Milan Fashion Week sporting a Bosideng $5.55 BILLION S
last year attracted an audience in New York down jacket. FUTURE LAND DEVELOPMENT
AGE: 57
that included actress Anne Hathaway, actor
Jeremy Renner and entrepreneur Wendi 55.
Deng Murdoch. Celebrity model Alessandra HUANG CHULONG
Ambrosio walked the runway in a Bosideng $5.54 BILLION S
GALAXY AGE: 60
coat, a debut streamed live in China, where
consumers on Alibaba’s Taobao snapped up
56.
the latest in Bosideng’s collection. Bosideng DING SHIJIA
used the same strategy this year in Milan $5.5 BILLION S
with Jenner on the runway in front of an au- ANTA SPORTS AGE: 55
dience that included actress Nicole Kidman,
57.
fashion blogger Chiara Ferragni and Vogue WANG WENXUE
Italia editor-in-chief Emanuele Farneti. $5 BILLION S
Bosideng’s latest designs don’t come CHINA FORTUNE
BOSIDENG cheap. “In the past we didn’t know that we Hollywood superstar Nicole Kidman (right) with LAND DEVELOPMENT
AGE: 52
could sell down fashion for 10,000 to 20,000
super fashion blogger Chiara Ferragni at the show.
SUP TDOWN WXFLAT ÌNEW TO LIST 3RETURNEE NOVEMBER 2019 FORBES ASIA | 51
China’s Richest
THE LIST
58.
WANG YUSUO
$4.95 BILLION S
ENN AGE: 55
59.
LIN LI
$4.9 BILLION S
SHENZHEN LIYE GROUP
AGE: 56
60.
YAO LIANGSONG
$4.82 BILLION S
OPPEIN HOME AGE: 55
61.
CHEN DONGSHENG
$4.8 BILLION S
TAIKANG LIFE INSURANCE
AGE: 61
62.
FRANK WANG
$4.79 BILLION T
DJI AGE: 39
63.
ZHOU HONGYI
$4.75 BILLION S
QIHOO 360 TECHNOLOGY
AGE: 49
64.
CHE JIANXING
$4.7 BILLION S
RED STAR MACALLINE
AGE: 53 HUI KA YAN
Ignition Switch
65.
LI GE
$4.66 BILLION S
WUXI BIOLOGICS AGE: 52 AS CHINA’S PROPERTY market runs out of China Evergrande to service its nearly 1.8
steam, China Evergrande Group founder Hui trillion yuan ($248 billion) in debt, roughly a
66. Ka Yan has an ambitious plan for his highly fifth of which needs to be repaid or refi-
LAI MEISONG
$4.6 BILLION S indebted property company to become a lead- nanced in the next year as credit tightens in
ZTO EXPRESS ing global maker of electric vehicles (EV). China’s cooling economy. Concerns among
AGE: 48 “China is poised to become a world investors about how Evergrande will man-
leader in the production of new energy age its debt have sent shares of the Hong
67.
ZHANG JINMEI vehicles,” Hui said at a September ceremony Kong-listed group tumbling roughly 40%
$4.5 BILLION T in Shenzhen marking a new partnership with from their peak in March this year. That’s
WANXIANG five global auto firms to jointly develop new helped send Hui’s own net worth down 10%
energy vehicles. “The agreement allows Ever- to $27.7 billion. Hui declined to comment
68. grande New Energy Vehicle Group to become for this article.
GAO DEKANG
$4.35 BILLION S a major force in this development.” Evergrande aims to reduce its debt by, PAUL YEUNG/BLOOMBERG
BOSIDENG INTERNATIONAL The trouble for Hui is that EV sales in among other things, strengthening sales
HOLDINGS China are slumping as property prices show and accelerating collection of accounts
AGE: 67
signs of wilting. That makes it harder for receivable, according to a company spokes-
52 | FORBES ASIA NOVEMBER 2019
69.
person who asked not to be named. And Evergrande’s debt payments, mean- WANG LAISHENG
$4.33 BILLION S
Evergrande never seems to want for willing while, are looming. The company promised
LUXSHARE PRECISION INDUSTRY
lenders. This year alone, Evergrande tapped shareholders in 2017 it would slash its debt AGE: 54
the offshore bond market for $6.7 billion, below 100% of equity; its debt-equity ratio is
making it this year’s largest corporate issuer now over 150%, with roughly 20% of that, or 70.
of debt in Asia outside Japan, according to 376 billion yuan, due in the next year. “With QIU GUANGHE
$4.3 BILLION S
Thomson Reuters. the ongoing investment in the EV business,
ZHEJIANG SEMIR GARMENT
Hui, 61, started Evergrande in 1996 and Evergrande’s short-term debt position, rather AGE: 67
built it into the country’s second-largest de- than seeing a meaningful improvement, actu-
veloper by sales. In 2010, he made the China ally got a bit worse over the course of the first 71.
WANG LAICHUN
Rich List for the first time with an estimated half,” says Christopher Yip, senior director at
$4.29 BILLION S
$4 billion fortune. Just two years ago, a four- S&P Global Ratings. LUXSHARE PRECISION INDUSTRY
fold increase in Evergrande’s stock sent Hui’s Even if Evergrande taps the 207 billion AGE: 52
net worth to a peak of $45.3 billion, making yuan ($29 billion) in cash and liquid assets it
him the richest person in Asia. Hui is also had as of June, it still faces a sizeable refi- 72.
a notable philanthropist. He and his busi- nancing burden. And analysts say funding is YU RENRONG
$4.28 BILLION S
ness gave away $590 million to poverty relief likely to get tougher. Growth in new home WILL SEMICONDUCTOR
efforts in 2018, earning him the top spot on prices stalled in September to 0.5%, its lowest AGE: 53
Forbes China’s 2019 philanthropy list. annual increase since February. Evergrande
Evergrande’s move into EV got off to in August reported a roughly 24% decline in 73.
LI LIUFA
a bumpy start. After initially agreeing in first-half revenues, to 227 billion yuan, while $4.22 BILLION S
2017 to pay $2 billion for a 45% stake in profit attributable to shareholders more than CHINA TIANRUI AGE: 62
U.S.-based EV startup Faraday Future, halved, to 15 billion yuan. “They are more
Evergrande’s Hong Kong-listed healthcare aggressive than their peers in lowering prop- 74.
ZHENG SHULIANG
unit, Evergrande Health, in January took a erty down-payments or offering installments
$4.21 BILLION Ì
smaller, 32% stake for a lower valuation of to consumers,” says Danielle Wang, head of CHINA HONGQIAO
$800 million. China property research at DBS Bank. “Such AGE: 73
Evergrande Health, which is 75% owned financing will make it slower to get cash, and
by Evergrande Group, has gone on to invest I don’t think the company can deleverage by 75.
CHENG XUE
a total of $3.6 billion in various EV-related a large margin towards year end.” $4.15 BILLION S
businesses, including a battery maker, a Complicating Evergrande’s situation is FOSHAN HAITIAN
motor maker and an auto sales network. In that a sizable portion of its debt—roughly FLAVORING & FOOD
AGE: 49
January it paid $930 million for a 51% stake $20 billion worth—is in U.S. dollars, which
in National Electric Vehicle Sweden, which have gained roughly 3% against the yuan so 76.
has plants in Sweden and China. far this year. When Evergrande in April sold WANG WENJING
Earlier this year, Evergrande Health $400 million in five-year bonds, it had to $4.1 BILLION S
reported owning five car factories and wants offer buyers 10.5% in annual interest. “Ev- YONYOU SOFTWARE
AGE: 54
to hire as many as 8,000 people globally for a ergrande has been good at raising financing
new EV research institute. “It seems that they through one means or another,” Stevenson 77.
want to be in every part of the EV industrial says. “They do seem to be ready to offer very WEI JIANJUN
chain,” says John Zeng, a Shanghai-based high yield, if they have to do so.” $4.05 BILLION S
GREAT WALL MOTORS
director at market research firm LMC Au- Hui keeps chasing his EV dream. In Sep-
AGE: 55
tomotive. “But there is a big question mark tember, he was in Italy meeting with execu-
over whether the company can successfully tives from Pininfarina working on design 78.
integrate so many different parts together.” proposals. He was also briefly in Germany LI WA
Just as Evergrande was ramping up, the same month, holding a banquet for 60 $4.03 BILLION S
EXCELLENCE GROUP
though, Beijing in March started cutting auto executives attending a local trade show.
AGE: 53
subsidies on EV purchases, saying it wanted Evergrande’s spokesperson, in an emailed
to promote genuine innovation. Sales have statement, said the company aims to become 79.
since suffered, falling 20% in the third quar- the world’s largest EV maker in the next three WANG CHUANFU
ter from a year ago, according to the China to five years and sell as many as 5 million $4 BILLION WX
BYD AGE: 53
Association of Automobile Manufacturers. vehicles within the next decade. —Yue Wang
SUP TDOWN WXFLAT ÌNEW TO LIST 3RETURNEE NOVEMBER 2019 FORBES ASIA | 53
China’s Richest
THE LIST WEALTH CREATION
Private Prosperity
80.
ZHU BAOGUO
$3.95 BILLION S
JOINCARE PHARMACEUTICAL Private businesses dominate China’s growing services sector,
AGE: 57
providing a bulwark against the trade war.
81.
DU WEIMIN BY YUWA HEDRICK-WONG
$3.9 BILLION S
SHENZHEN KANGTAI THE PRIVATE SECTOR has been indispens- created by the trade war are equivalent to a
BIOLOGICAL PRODUCTS able to China’s economic success over the past stress test, and China’s private businesses, with
AGE: 55
45 years. As Nicholas Lardy at the Peterson their more efficient operations and strong
82. Institute for International Economics docu- bottom-line focus, have outperformed their
ZHANG HONGWEI mented in his 2014 book Markets Over Mao: state-owned counterparts in an increasingly
$3.8 BILLION S The Rise of Private Business in China, the stormy global market.
UNITED ENERGY
private sector has been the primary source of China’s SOEs are pampered with preferen-
AGE: 64
growth in both productivity and employment, tial treatment, including easy access to credit,
83. and powered China’s transformation into a subsidies, licenses and implicit loan guarantees.
PAN ZHENGMIN manufacturing powerhouse. Today, private From this perspective, the playing field is still
$3.73 BILLION T
businesses are blazing new trails in the service decidedly tilted in favor of SOEs. However, new
AAC TECHNOLOGIES
AGE: 49 sector, and most significantly in China’s conditions have emerged in China’s rapidly
world-leading digital economy. Intriguingly, evolving domestic economy that are advanta-
84. the trade war is also giving China’s private geous to private businesses as well. China’s
CHU MANG YEE business sector a powerful boost. domestic consumption has achieved critical
$3.7 BILLION S
The dynamism and competitiveness of mass in the decade since the global financial
HOPSON DEVELOPMENT
AGE: 59 China’s private sector are key reasons the trade crisis, enabling private businesses to rapidly
war has not led to the widely expected collapse grow. The benefits of China’s massive consumer
85. of China’s exports. In the nine months ending market are magnified by the speed and scope
DONG WEI
in March—a period that saw a major escala- of the country’s urbanization. Megalopolises
$3.69 BILLION S
JIANGSU HENGRUI MEDICINE tion in the trade war between China and the made up of dozens of cities with tens of mil-
AGE: 48 U.S.—exports by China’s private sector grew lions of residents are emerging, underpinned by
by an average of 15% a year, even as exports efficient transportation and communications
86. by China’s state-owned enterprises (SOEs) infrastructure and connectivity.
QI SHI Each of these massive urban markets is
$3.65 BILLION S shrank, according to an August analysis by
EAST MONEY INFORMATION Aletheia Capital. The tough market conditions made up of Chinese consumers with rising
AGE: 49
87.
FENG HAILIANG
$3.6 BILLION S
HAILIANG GROUP
AGE: 59
88.
WANG LIPING
$3.55 BILLION S
JIANGSU HENGLI HIGH PRESSURE
OIL CYLINDER
AGE: 53
89.
LIN ZHONG
$3.45 BILLION S STR/AFP/GETTY IMAGES
CIFI HOLDINGS GROUP
AGE: 51
The new Beijing Daxing International Airport is expected to become one of the busiest in the world.
54 | FORBES ASIA NOVEMBER 2019
discretionary spending power, who are digi- ing off-balance-sheet to skirt lending limits or 90.
tally mobile, eager to embrace new technology disguise their true exposure to borrowers. The AN KANG
$3.44 BILLION S
and willing to try new products and services. government’s intent is clear: banks are not to
HUALAN BIOLOGICAL
They make perfect partners to the entrepre- neglect private businesses. ENGINEERING
neurial startups populating China’s service More private sector support does not mean AGE: 70
economy with innovations customized for the Beijing will leave SOEs entirely at the mercy
urban middle class. of market competition. SOEs will continue to 91.
HUANG RULUN
China’s private businesses have a powerful dominate industrial production, as reflected in
$3.4 BILLION T
advantage over SOEs in sectors where SOEs President Xi Jinping’s “Make in China 2025” CENTURY GOLDEN RESOURCES
have traditionally dominated, including bank- program, which identifies ten industrial and AGE: 68
ing, healthcare and telecommunications— technology sectors that China aims to become
92.
agility. Consumer demand in these sectors is world leader by 2025.
ZHANG JIN
evolving faster than SOEs can effectively react. But private businesses increasingly domi- $3.39 BILLION T
Despite their privileged position—indeed nate services, a sector that is fast becoming CEDAR HOLDINGS
because of the shelter they’ve enjoyed—SOEs the most important driver of the economy. AGE: 48
are less efficient and much slower in adapting Accordingly, China’s capital intensity is steadily
93.
to customers’ new needs and preferences. declining because services require less capital ZHOU JIANPING
The success of China’s private businesses at than manufacturing. In turn, this means a $3.34 BILLION T
home is a key factor in their success in export higher proportion of economic output goes HLA AGE: 59
markets. They are able to leverage the scale and into workers’ pockets, increasing household
efficiency of their domestic operations to com- spending power. The government has also 94.
FANG WEI
$3.32 BILLION T
FANGDA INTL. INDUSTRIAL
CHINA’S PRIVATE BUSINESSES, WITH THEIR MORE EFFICIENT INVESTMENT
OPERATIONS AND STRONG BOTTOM-LINE FOCUS, HAVE AGE: 46
OUTPERFORMED THEIR STATE-OWNED COUNTERPARTS. 95.
ZHANG TAO
$3.31 BILLION S
pete overseas with low prices and rapid innova- been raising minimum wages in recent years, MEITUAN DIANPING
AGE: 47
tions. The fact that it is harder for them to access particularly in second- and third-tier cities. All
credit than for SOEs makes private businesses of this is helping to supercharge consumer de- 96.
more efficient in deploying investment capital. mand, making the service sector an even more JASON JIANG
This export resilience has been noticed in promising and profitable arena for China’s $3.3 BILLION T
FOCUS MEDIA
Beijing, which is helping the private sector. private businesses.
AGE: 46
In July, Premier Li Keqiang announced that Could China’s slowing economic growth
the government would lift ownership caps on dampen the rise of its private businesses? Not 97.
foreign ventures in China and further open at all. The media is filled with alarmist head- YU HUIJIAO
the market. These new policies mean Beijing lines about China’s growth being the lowest $3.27 BILLION S
YTO EXPRESS AGE: 53
must work harder to promote China’s own in decades. This takes things completely out
private businesses. SOEs will have a tough of context. With a $10,000 per capita GDP, 98.
time competing against foreign entrants, but China is now a solidly middle-income country. LIN BIN
Beijing is counting on China’s private busi- The historical growth pattern of countries at $3.24 BILLION T
XIAOMI AGE: 51
nesses to hold their own. a similar per capita GDP level is 3-4% annual
The first step is leveling the financial play- growth in real GDP. Between 2005 and 2017,
99.
ing field. Last December, the People’s Bank of China’s real GDP grew at an annualized rate of XU JINGREN
China, the central bank, introduced lending 9.1%, according to the IMF. Even as its growth $3.23 BILLION T
facilities that offer lower rates for private com- rate drops to 6%, China remains a high-growth YANGTZE RIVER
PHARMACEUTICAL
panies, and small and midsized enterprises. outlier among middle-income countries. The
AGE: 75
This step complements the formalization of private business sector in China is taking off,
the so-called “shadow” lending to private busi- and with it, a whole new chapter of wealth 100.
nesses and SMEs that banks have been mak- creation will unfold. F MICREE ZHAN
$3.22 BILLION T
BITMAIN AGE: 40
FOR THE FULL LIST, GO TO FORBES.COM/CHINA
SUP TDOWN WXFLAT ÌNEW TO LIST 3RETURNEE NOVEMBER 2019 FORBES ASIA | 55
PROMOTION
LUXURY LIVING ON
THE RIVER OF KINGS
Mandarin Oriental, Bangkok has been synonymous with excellence in luxury and service for more than 140 years.
The hotel has been called home by the best and brightest of authors, artists and A-list celebrities.
Actual Image
ICONSIAM Superlux Residence is proud With the opening of The Residences provides everything required for a new
to announce the launch of The Residences at Mandarin Oriental, Bangkok, located standard of luxury living realized through
at Mandarin Oriental, Bangkok. This proj- diagonally across the Chao Phraya River its pioneering vision.
ect marks the hotel group’s seventh resi- from the hotel, you can enjoy a more per-
dence project worldwide and its first in manent stay under this iconic brand. As A Harmony of Modern
Southeast Asia. The newly unveiled proj- the most recent addition to the innova- and Traditional
ect offers unparalleled luxury accommo- tive ICONSIAM megacomplex—a new The Residences are comprised of 146
dation coupled with the renowned style, landmark addition to Thailand’s capital, exclusive units and amenities across 52
service and excellence for which Mandarin which plays host to The Residences— floors, designed by renowned Joyce Wang
Oriental is known. Magnolia Development Corporation Studio, which has put its unique stamp on
landmark luxury hotels, residences and
restaurants in major cities, including Las
Vegas, Vancouver, Shanghai and Hong
Kong. This latest project, the studio’s first
in Bangkok, secured the South East Asia
Property Awards 2016 for best residential
interior design.
The building itself—one of the tallest
in the city—with its grand entrance and
lobby, was inspired by traditional Bangkok
architecture as well as the form of the Chao
Phraya River, which teems with traditional
and modern life beside the Residences.
Great attention to detail has been paid
throughout the property, with top-quality
wood, stone and metal structures designed
Actual Image and built in concert with space and light.
PROMOTION
The lavishly designed structure is taste-
fully decorated with selected antiques, cus-
tom artworks and the finest local artisanal
crafts, all handpicked to blend harmoniously
with the building’s architectural style.
Much more than an architectural and
artistic showpiece, the Residences were
carefully conceived to foster a sense of
community with social spaces and other
beautiful communal areas open to all resi-
dents, including more than 1,600 square
meters of gardens.
It all starts on the ground floor, with the
impressive Grand Residential Lobby, the
Chao Phraya Lounge (also available for pri-
vate functions) and the Mandarin Gallery Actual Image
lounge area.
The 4th and 5th floors are dedicated to The 2-bedroom units range from 128 to Since its opening, ICONSIAM has changed
the River Clubhouse facilities, featuring the 165 square meters, while 3-bedroom units perceptions of what constitutes the city
River Terrace with an outdoor lawn area are of 222 to 228 square meters. Both con- center of present-day Bangkok, by bring-
and sunbathing deck, an outdoor infinity figurations include generously sized bed- ing vibrant life back to the banks of the
pool, jacuzzi, sauna and steam room, and rooms and central living areas. river where the city was originally founded.
barbecue terrace, as well as the Garden Ultra-luxury penthouses range from While being easily accessible by road, river
Loft dining area and kitchen. For the kids, a 385-square-meter residences to two- and rail, the upcoming gold line monorail
children’s pool and an indoor and outdoor story, 710-square-meter units, featuring link, scheduled to open next year, also
playroom are on offer. private lifts and spectacularly large liv- offers an alternative route to the location.
Other facilities to keep the family pleas- ing spaces, with ceilings more than three The 20-acre site features spectacular
antly engaged include a golf simulator and meters high, natural light and incredible water and fire installations along 400 meters
a game room, as well as a private fitness and views of the river and the Thai capital of parkland riverfront, where the public can
wellness studio and a fully equipped gym. far below. relax and watch the river flow. Here, modern
On the 36th floor is the Sky Pavilion, which A range of amenities are available to international lifestyle joins hands with Thai
includes the Oriental Salon, a formal lounge residents, such as around-the-clock con- tradition. This pioneering 10-story space
and the Siam Salon function room (also avail- cierge services provided by trained Man- provides the best the country has to offer,
able for private functions). darin Oriental staff. Owners are invited and since its opening late last year has been
to join the Residences Elite Programme attracting countless local and international
Luxury Residences to Suit to enjoy bespoke benefits while at home, visitors to shop and enjoy Thai culture.
Your Lifestyle and VIP recognition and benefits while Offerings include movie and live the-
Each freehold condominium unit has been staying at any Mandarin Oriental property aters, a full range of international brand
designed to enhance its inhabitants’ life- around the world. shops across 525,000 square meters of
style and privacy. There is a selection of Located on the banks of the Chao Phraya retail floor space, an indoor floating mar-
varying dimensions and layouts, all fea- River, the THB54 billion (US$1.8 billion) ket, a mind-boggling selection of local
turing uninterrupted views of the Chao ICONSIAM megacomplex has broken new and international cuisine, and the River
Phraya “River of Kings.” All units are avail- ground with its dining, entertainment, lei- Museum, a joint venture with the Ministry
able fully furnished. sure, cultural and shopping opportunities. of Culture’s Fine Arts Department. The
enormous complex includes the Magnolia
Residences as well as a Hilton hotel.
And now, with The Residences at Man-
darin Oriental, Bangkok, the ICONSIAM
project is complete; a comprehensive lux-
ury lifestyle is available entirely onsite that
caters to residents’ needs and desires.
For more information about
The Residences at Mandarin Oriental,
Bangkok, please visit:
www.moresidencesbangkok.com
Sales Representative Contact:
Tel: +66 2 012 4555
Actual Image Email: [email protected]
Tala founder Shivani Siroya
at her startup’s headquarters
in Santa Monica, California.
She uses cellphone data to
establish creditworthiness for
people rejected by banks in
the developing world.
F I N A N C E ’ S
F I N A L F R O N T I E R
H O W T H E R A C E T O P R O V I D E
T H E B A S I C T O O L S O F C R E D I T
A N D S AV I N G S T O T H E P L A N E T ’ S
1 . 7 B I L L I O N U N B A N K E D W I L L
T R A N S F O R M L I V E S , M A K E T H E
W O R L D R I C H E R A N D L AY T H E
C O R N E R S T O N E O F S O M E O F T H I S
C E N T U R Y ’ S N E W F O R T U N E S .
JAMEL TOPPIN FOR FORBES BY JEFF KAUFLIN AND SUSAN ADAMS
NOVEMBER 2019 FORBES ASIA | 59
→ Two years ago, Amylene Dingle lived with her
husband and 7-year-old daughter in Payatas,
an impoverished Manila neighborhood with
the largest open dump site in the Philippines.
Her husband worked on the security staff in a government may have accounts but struggle to make ends meet, racking
building, earning 4,000 pesos a week, the equivalent of $80. up steep fees when checks bounce and resorting to high-in-
She had always wanted to start a business, but she was unem- terest alternatives like payday loans. Traditional banks alone
ployed, had no money saved, no credit history and couldn’t could boost annual revenue by at least $380 billion if they
get a credit card or a bank loan. turned all the unbanked into customers, according to a 2015
Dingle’s fortunes took a dramatic turn after she responded Accenture report.
to a Facebook ad for Tala, a startup in Santa Monica, Califor- The multiplier effects are staggering. The GDP of emerg-
nia, that makes small loans through a smartphone app. After ing-market countries would surge $3.7 trillion by 2025, or
granting Tala access to her phone, through which the app 6%, if they adopted a single innovation—switching from cash
cleverly parses mobile data to assess a borrower’s risk, she got to digital money stored on cellphones, McKinsey estimated in
a 30-day, $20 loan. She paid 15% interest and used the money 2016. Diego Zuluaga, an analyst at the Cato Institute’s Center
to buy cold cuts, hamburgers and hot dogs. She marked them for Monetary & Financial Alternatives, has studied the likely
up 40% and sold them door-to-door, earning $4 in profit after effects of full financial inclusion: “If we were to give the un-
paying back the interest and a small processing fee. banked and underbanked in the developing world the same
Today Tala lends Dingle, 42, $250 a month for her now kind of access to credit and investments that we have in rich
thriving food business. Her $70 in weekly profits have nearly countries, you could easily create an additional $100 trillion
doubled her family’s income and funded their move to a in financial assets over the next 50 years.”
two-bedroom home in the quiet, clean Batasan Hills district Tala founder Siroya was raised by her Indian immigrant
of Quezon City. Tala is thriving, too. Founded in 2011 by parents, both professionals, in Brooklyn’s gentrified Park
Shivani Siroya, a 37-year-old former Wall Street analyst who Slope neighborhood and attended the United Nations Inter-
had worked at the United Nations, it has raised more than national School in Manhattan. She earned degrees from Wes-
$200 million from top U.S. investors, including billionaire leyan and Columbia and worked as an investment banking
Steve Case’s Revolution Growth fund. With estimated 2019 analyst at Credit Suisse and UBS. Starting in 2006, her job
revenue of more than $100 million, Tala is valued at close to was to assess the impact of microcredit in sub-Saharan and
$800 million. West Africa for the UN. She trailed women as they applied
Companies like Tala are at the forefront of the race to de- for bank loans of a few hundred dollars and was struck by
liver rudimentary financial services to the 1.7 billion people how many were rejected. “The bankers would actually tell me
on the planet who lack even a bank account. Providing them things like, ‘We’ll never serve this segment,’ ” she says.
with the basics of credit, savings and insurance is one of the Where banks saw risk, she saw opportunity. For the UN,
great challenges and opportunities of the century. With ac- she interviewed 3,500 people about how they earned, spent,
cess to the financial system, people can buy a car or a home. borrowed and saved. Those insights led her to launch Tala:
They don’t have to resort to loan sharks if they face a medical A loan applicant can prove her creditworthiness through the
emergency. They are happier. They live longer. They are more daily and weekly routines logged on her phone. An applicant
productive, and their increased productivity will help lift is deemed more reliable if she does things like regularly
their nations out of poverty. Serving the unbanked will gen- phone her mother and pay her utility bills on time. “We use
erate some of tomorrow’s largest fortunes. It is both capital- her digital trail,” says Siroya.
ism’s moral imperative and the route to one of the most sig- Tala is scaling up quickly. It already has 4 million custom-
nificant untapped markets. ers in five countries who have borrowed more than $1 billion.
While the unbanked pay for everything in cash, an even The company is profitable in Kenya and the Philippines and
larger swath of people, the more than 4 billion “underbanked,” growing fast in Tanzania, Mexico and India.
60 | FORBES ASIA NOVEMBER 2019
afael Villalobos Jr.’s parents live
in a simple home with a metal
Rroof in the city of Tepalcatepec
in southwestern Mexico, where half the
population subsists below the poverty
line. His father, 71, works as a farm la-
borer, and his mother is retired. They
have no credit or insurance. The $500
their son sends them each month, saved
from his salary as a community-college
administrator in Moses Lake, Wash-
ington, “literally puts food in their
mouths,” he says.
To transfer money to Mexico, he
used to wait in line at a MoneyGram
kiosk inside a convenience store and
pay a $10 fee plus an exchange-rate
markup. In 2015, he discovered Remit-
ly, a Seattle startup that allows him to
THE PHILIPPINES MEXICO
make low-cost transfers on his phone
Population: 106.7 million Population: 126.2 million
GDP: $330.9 billion GDP: $1.2 trillion in seconds.
66% UNBANKED 63% UNBANKED Immigrants from the developing
Amylene Dingle nearly doubled her Rafael Villalobos Jr. (at right) uses world send a total of $530 billion in re-
family’s income thanks to a loan from Remitly to send money to his parents in mittances back home each year. Those
Santa Monica-based microlender Tala. Mexico, saving on fees and time.
funds make up a significant share of
the economy in places like Haiti, where
remittances account for more than a
quarter of the GDP. If all the people
who send remittances through tradi-
tional carriers, which charge an average
7% per transaction, were to switch to
Remitly with its average charge of 1.3%,
they would collectively save $30 billion
a year. And that doesn’t account for the
driving and waiting time saved.
Remitly cofounder and CEO Matt
Oppenheimer, 37, was inspired to start
his remittance service while working
for Barclays Bank of Kenya, where he
ran mobile and internet banking for a
year starting in 2010. Originally from
Boise, Idaho, he earned a psychology
degree from Dartmouth College in
Hanover, New Hampshire and a Har-
vard M.B.A. before joining Barclays in
London. When he was transferred to
Kenya, he observed firsthand how re-
UNITED STATES KENYA
Population: 327.2 million Population: 51.4 million mittances could make the difference
GDP: $20.5 trillion GDP: $87.9 billion between a home with indoor plumbing
7% UNBANKED 18% UNBANKED
and one without. “I saw that $200, $250,
Bojangles’ assistant manager Dixie Moore In Gachie, Kenya, Dorcas Murunga
avoids bounced checks and gets paid used to struggle to put money aside. $300 in Kenya goes a really, really long
faster with a Walmart-branded debit card Then she discovered M-Pesa’s locked way,” he says.
from Green Dot. savings service. Oppenheimer quit Barclays in 2011
and together with cofounder Shivaas
NOVEMBER 2019 FORBES ASIA | 61
→ Where banks saw risk, she saw opportunity.
Gulati, 31, an Indian immigrant with a master’s in IT from The spark for M-Pesa (pesa means money in Swahili), the
Carnegie Mellon, pitched his idea to the Techstars incubator first mobile money provider in Africa, came in 2003 from
program in Seattle, where they met Josh Hug, 41, their third Nick Hughes, a Vodafone executive who managed a five-per-
cofounder. Hug had sold his first startup to Amazon, and his son team tasked with creating wireless products with a social
connections led them to Bezos Expeditions, which manages impact. Hughes’ idea: set up a digital money-transfer system
Jeff Bezos’ personal assets. The fund became one of Remitly’s that would operate through personal cellphones.
earliest backers. To date, Remitly has raised $312 million and Since M-Pesa launched in 2007, it has exploded in size
is valued at close to $1 billion. and popularity. Kenyan taxi drivers complain when riders try
Oppenheimer and his team can keep fees low in part be- to pay in cash. Ninety-six percent of Kenyan households now
cause they use machine learning and other technology to bar transact through M-Pesa. Before M-Pesa, only 27% of Ke-
terrorists, fraudsters and money launderers from transferring nya’s then 38 million people had bank accounts. Kenya’s pop-
funds. The algorithms pose fewer questions to customers who ulation has since risen to 51 million, and 83% have checking
send small sums than they do to those who send large amounts. or savings accounts. The service has spread to eight countries,
Remitly transfers $6 billion a year, serving senders in 16 including Egypt and India. Sending less than 50 cents is free.
countries, including the U.S., Australia and the U.K., and re- M-Pesa charges 1% to 2% for larger amounts. Through its
cipients in 45 nations. In the first half of 2019 it added 15 re- various subsidiaries, M-Pesa generates some $840 million in
ceiving countries, including Rwanda and Indonesia. The annual fees for Vodafone.
company is not yet profitable, but last year estimated revenue The adoption of M-Pesa has had a tremendous impact on
came to $80 million. Oppenheimer sees a huge growth op- Nairobi’s startup scene. Durable-goods providers have intro-
portunity. Fewer than 1% of the world’s 250 million immi- duced pay-as-you-go plans that bring in millions of new cus-
grants are Remitly customers. tomers. For example, three-year-old Deevabits, based in Nai-
robi, sells $80 home solar systems in remote villages with no
n 2012, Dorcas Murunga lived in Gachie, a crime-ridden access to electricity. All its customers use M-Pesa to make an
neighborhood on the outskirts of Nairobi. She earned $80 initial deposit. They pay the remainder through M-Pesa in
Ia month babysitting and cleaning houses, and her hus- 50-cent daily increments over eight months. “The presence of
band made $120 installing elevators. He covered most of M-Pesa has transformed how business is done in Kenya,” says
their expenses while she struggled to save money. Whenever Deevabits founder and CEO David Wanjau, 32. “We couldn’t
she had cash, she says, she spent impulsively on clothes, junk operate without M-Pesa.”
food and alcohol. She managed to put aside the $5 minimum
balance required to open a savings account at Equity Bank ixie Moore used to strain to make paychecks last to the
of Kenya, but she had a hard time coming up with the $3 end of the month. A 25-year-old single mother with
monthly fee. To make a deposit, she took a bus an hour each Dtwo small children, she earns $12.25 an hour as an as-
way and waited in line for an hour at the bank. She closed the sistant manager at a Bojangles’ fast-food restaurant in Canton,
account after just one year. Georgia. In 2011, she was paying $30 a month for a Wells
Like most Kenyans, Murunga was already using M-Pesa, Fargo checking account, but when a bounced check and mul-
a service created by Safaricom to send money via text mes- tiple overdraft fees left her with a $1,200 negative balance, she
sage. In 2012, Safaricom, a subsidiary of British telecom giant lost the account. She regularly paid up to $6 to get her pay-
Vodafone, introduced M-Shwari, a savings account and loan checks cashed. “I was stuck between a rock and a hard place,”
service it integrated into M-Pesa. Two years later, it started she says. Then a friend told her about MoneyCard, a Walmart-
offering an account that locked up a customer’s funds for a branded product offered by Pasadena, California–based Green
fixed period at a fixed interest rate. Dot, the largest provider of prepaid debit cards in the U.S. Now
Determined to improve her finances, Murunga committed her employer deposits her paychecks directly onto the card,
to saving $1 a day through her locked account. When she got and she uses it to pay for everything from groceries to dentist
the urge to buy vodka or a pair of shoes, she says, she’d make appointments. “It has really been a blessing,” she says.
deposits through her phone instead. She cut her spending Green Dot offers a financial lifeline to people like Moore.
by two thirds, to $10 a week. By 2016, she was saving $300 a Until she started using the card two years ago, hers was
year. She had started a business making handbags, and the among the 7% of American households—representing some
savings helped pay for design courses. She has invested in real 14 million adults—that get by entirely on cash. Founded in
estate with her husband and says she spends more than $200 1999 by a former DJ named Steve Streit, the company initial-
a year helping friends and family. ly focused on teenagers who wanted to shop online. But see-
62 | FORBES ASIA NOVEMBER 2019
THE UNBANKED MASSES
IN ABSOLUTE TERMS, INDIA AND CHINA HAVE THE MOST PEOPLE WITHOUT BANK ACCOUNTS. IN PER CAPITA TERMS, PAKISTAN AND
CAMBODIA ARE AMONG THE COUNTRIES WHOSE CITIZENS HAVE THE LEAST ACCESS TO FINANCIAL TOOLS.
1 million
10 million
100 million
200 million
SOURCE: GLOBAL FINDEX DATABASE.
ing a larger opportunity, in 2001 Green Dot shifted its focus Square’s Cash App are signing on millions of customers.
to adults who were using the card because they had bad cred- Harvard Business School professor Michael Chu, a for-
it or couldn’t afford commercial bank fees. mer partner at KKR who cofounded Mexico City-based
One advantage of cash cards: When users spend all the Compartamos, Latin America’s largest microfinance lender,
money on their card, it’s like running out of paper cash. They says the opportunity to serve the underbanked in the U.S. is
avoid overdraft fees that can run as high as $35 for a single “huge.” But paradoxically, the richest nation on earth poses
infraction. The cards also make it possible for users to buy some of the greatest barriers to financial-inclusion innova-
online. Streit, 57, says that nearly 40% of Green Dot’s 5 mil- tors. A patchwork of state laws intended to protect borrowers
lion customers were previously unbanked. from predatory lenders and federal laws that guard against
In 2007, he struck a deal with Walmart that was a boon money laundering requires startups to navigate through a
for the chain’s then 130 million customers: a cash card with maze of red tape.
a monthly fee of just $3 (today it’s $5). That’s down from the Another problem: The technology that transfers funds be-
nearly $8 monthly fee paid by users who bought their cards at tween U.S. financial institutions is old, slow and expensive.
stores like CVS. The surge in Walmart card sales helped make While M-Pesa zips mobile money across Kenya in seconds at
up for the shortfall from the lower monthly charge. virtually no charge, an electronic fund transfer from Miami
In 2010, Streit took the company public. Though Green to New York can take two days and cost as much as $40.
Dot generated revenue of $1 billion last year, its stock slid But in the grand scheme these are minor obstacles. The Fed
40% this past August as it lowered its revenue expectations, has promised to build a new and improved U.S. transfer system
citing the increase in well-funded competitors entering by 2024. Entrepreneurs will lobby—or innovate—their way
the market. But bad news for Green Dot is good news for around the bureaucratic barriers. After all, there are billions of
America’s unbanked. Smartphone-based cash offerings from dollars to be made—and countless lives to improve. F
venture-backed startups like Chime, a six-year-old digital
bank based in San Francisco, and digital-payment company Additional reporting by Anna Corradi.
NOVEMBER 2019 FORBES ASIA | 63
PROMOTION
HONG KONG:
A BEACON FOR MEETINGS AND EVENTS
The city retains its status as a leading center for conventions and exhibitions.
An aerial night view of Hong Kong.
For companies looking to expand their awards—despite intensifying competi- super-connector with local trade partners
business into Asia, Hong Kong has long tion in the region—for its service excel- to assisting with hotel bookings and bid
made sense as a good first step. With a lence, professionalism and experience in proposals, to coordinating hospitality and
common law framework and well-devel- hosting world-class events. The HKCEC trade offers, to even arranging dedicated
oped infrastructure, Hong Kong offers is now home to three of the world’s larg- immigration counters at Hong Kong Inter-
fertile ground as firms pursue reach across est, and five of Asia’s biggest, trade national Airport for mega MICE events.
the region. exhibitions. World-class fairs such as Art Their experience ensures highly tailored
Its accessibility—the Special Adminis- Basel Hong Kong, Vinexpo Hong Kong meetings and events move flawlessly
trative Region is within a five-hour flight and Cosmoprof Asia populate HKCEC’s from vision to reality.
for half of the world’s population—is packed calendar. The 2019 Index of Economic Freedom
unparalleled. A number of international Having scooped more than 50 major has ranked Hong Kong the world’s freest
businesses base their regional operations awards in the space of 14 years, Asia- economy for the 25th consecutive year. In
out of Hong Kong, providing abundant World-Expo has emerged as a leading 2018, Hong Kong was awarded “World’s
opportunities for networking and connec- exhibition and convention venue in Asia, Leading Business Travel Destination”
tivity. And its top-class convention and hosting a high-profile and diverse roster, and “Asia’s Leading Meetings and Con-
exhibition spaces are some of the most including the Global Sources Trade Fair, ference Destination,” at the World Travel
attractive and well-run in the region. No the Hong Kong Masters equestrian event, Awards, and “Best City for Meetings in
wonder Hong Kong has for decades been Asia Pacific Life Insurance Congress 2019 Asia” by Smart Travel Asia. The numbers
recognized as Asia’s leading destination and Hong Kong Fintech Week 2019. illustrate Hong Kong’s attraction as a pre-
for meetings, exhibitions, conferences The Hong Kong International Trade mier MICE destination. In total, 2.3 million
and events, an industry commonly known and Exhibition Centre in Kowloon Bay visitors participated in “trade” and “trade
as MICE. brings a third impressive option to this and consumer” exhibitions in 2018, and
As Hong Kong’s reputation as the vibrant mix, as well as six-star hotels with more than 69,000 exhibiting companies
region’s go-to destination for MICE their own cutting-edge conferencing came to Hong Kong to strengthen their
events soared, the range of exceptional facilities. Add to this the work of a dedi- business opportunities.
venues to hold them has morphed. cated event-planning partner, Meetings Hong Kong’s global free port continues
The Hong Kong Convention and Exhi- and Exhibitions Hong Kong of the Hong to thrive on the free flow of goods, ser-
bition Centre (HKCEC) remains the Kong Tourism Board. Members work vices and capital, and the city remains a
choice venue for international events tirelessly to aid organizers in designing rock-solid destination for those wishing to
and consistently wins “Asia’s Best” smooth-running events, from being a host outstanding exhibitions and events.
Package Deal • • A S I A •
Lai Chang Wen’s Ninja Van is filling A L U M N I •
the logistics gap for the e-commerce boom.
BY PAMELA AMBLER
ackages are piled higher than That proposal is now Ninja Van. Its tomers. The same goes for freight space.
people at Ninja Van’s biggest value proposition is providing a more “We are the biggest purchaser of air
sorting center at a freight facili- effective way for Southeast Asia’s small cargo across Indonesia,” says Lai.
Pty near Singapore’s Jurong port. and midsized enterprises to deliver With as much as 70% of its transac-
Southeast Asia’s big e-commerce oper- their products as e-commerce in the re- tions still cash on delivery, Ninja Van
ator, Shopee, has just finished its “9/9” gion explodes. Over 150 million South- processes more than a billion dollars in
online shopping sale and says it got a east Asians are now buying and sell- payments a year. While processing those
record 17 million orders in one day. ing online, triple the number from payments, it’s sitting on a massive pool of
Ninja Van now has the task of deliver- 2015, according a recent report by Bain, liquid capital. “There’s opportunity there
ing most of those orders. “We spend Google and Temasek. “What Ninja Van to extend some level of working capital
months preparing for how much capac- has shown in the last four or five years financing to bridge that gap,” says Lim.
ity they require, making sure that we is the ability to grow the business three- Grab’s investment in Ninja Van
change our processes and have enough fold year-on-year,” says Lim. is the culmination of an ongoing
drivers,” says Ninja Van’s 32-year-old Ninja Van is one of a slew of com- discussion about collaboration. “We
founder Lai Chang Wen. panies offering logistics services for e- kept finding ways to work together,”
Today, Ninja Van delivers on average says Lai, who first started talking with
one million parcels a day around the re- Grab’s cofounder Anthony Tan four
gion, deploying some 20,000 full-time “We are the biggest years ago about merging their fleets to
delivery staff, who are dubbed ninjas. purchaser of air cargo improve efficiency.
Ninja Van’s sales in 2017 rose 9% from The two eventually decided that hav-
a year ago to $13 million and Singapor- across Indonesia.” ing separate, specialized fleets was more
ean Lai was inducted into Forbes 30 efficient than a combined one, but they
Under 30 Asia in 2016. have developed a special partnership.
Ninja Van has so far raised $140 mil- Grab customers can access Ninja Van on
lion from a group of investors that in- commerce deliveries such as Lalamove, Grab’s app depending on the kind of de-
cludes B Capital and super app Grab. GoGoVan and UrbanFox. Compet- livery. Grab deploys its drivers for on-
“They’ve really been a leader in last- ing on cost, speed and reliability isn’t demand pickups and deliveries, but of-
mile delivery. They are today, we be- enough, Lai says. Ninja Van also works fers Ninja Van as a discount option for
lieve, the best service in terms of deliv- with SMEs to cut costs and expand less urgent, next-day courier service to
ery rates. Everything they’ve achieved their markets. Ninja Van in Septem- SMEs. Grab has already integrated Ninja
using technology is driven to increase ber introduced a program in Indone- Van into its service offering in Indonesia
customer satisfaction,” says B Capital sia called Ninja Academy that teach- and the Philippines, and plans to do so
cofounder Eduardo Saverin, who is a es SME owners about social marketing, in Vietnam later this year.
director on the company’s board (and inventory management, procurement Lai, meanwhile, spends much of
cofounder of Facebook). and sales strategy. “A big part of the his time now in Malaysia and Indone-
Lai cofounded Ninja Van in 2014 question around Ninja Van is how do I sia, where Ninja Van launched in 2015.
after a stint as a derivatives trader at evolve my customer base to enable the “The landscape is very exciting right
Barclays and then setting up Marcella, long tail of commerce,” says Saverin. now, comprised of a lot of small mer-
a custom menswear shop based in Sin- Ninja Van also mines its data to find chants selling on marketable channels,”
gapore. Monk’s Hill Ventures Managing hidden efficiencies. For example, when Lai says. But the real prize, he says, lies
Partner Lim Kuo-Yi remembers passing multiple merchants are buying the same beyond Southeast Asia. “There’s a lot SEAN LEE FOR FORBES ASIA
on Lai’s pitch to invest in Marcella, but raw material or product, Ninja Van can more global flow,” he says. Lai won’t
was intrigued by Lai’s proposed solu- then broker a deal to buy in bulk for name any potential partners, but says
tion to the firm’s delivery hurdles. a lower price on behalf of several cus- the U.S. is “definitely a target.” F
66 | FORBES ASIA NOVEMBER 2019
Lai Chang Wen
STRATEGIES
Global
Local
Shunee Yee’s Csoft is helping
international firms grow in China
despite the trade war.
BY KYLE MULLIN
Shunee Yee in Boston.
68 | FORBES ASIA NOVEMBER 2019
hunee Yee runs a Beijing-based vices include helping translate the tech-
company called Csoft, which nical language of clients’ manuals, in-
among other things, offers lo- terfaces, operating systems, software
Scalization services for interna- and more. Localization goes well be-
tional companies looking to enter the yond word-for-word translation. “You
market in China. At its most basic, local- can highlight a product’s particular
ization is translation of a company’s ma- functionality in one market,” says Yee,
terial from one language to another. At “but it might be different in another due
its most advanced, localization adapts a to cultural differences.”
company’s product or service to appear One promising area is pharmaceuti-
to be as local as possible in that market. cals, where Csoft is seeing especially ro-
Csoft’s rapid growth underscores bust growth for localization services.
that there are still opportunities for China’s spending on healthcare is al-
international companies in China ready the world’s second-largest after the
despite the U.S.-China trade war. Yee U.S., at $751 billion in 2017 and forecast
founded it with virtually no capital in to hit $1.2 trillion next year. Driving that
2003, and says the privately held Csoft’s growth is China’s increasing prosperous,
revenues have climbed 20% a year on but aging, population, which can afford
average to $39 million last year. Csoft’s more advanced healthcare.
list of clients includes Caterpillar, Yet China’s pharmaceutical industry
Facebook, General Electric and Sony. remains behind its U.S. counterpart,
Yee, a citizen of China, grew up in according to Yanzhong Huang, a senior
an academic household. Her father was fellow for global health at the Council
assistant dean at China’s Nanjing Uni- on Foreign Relations in New York. The
versity in 1986 when he joined a land- country has no giant drug companies
mark academic delegation to the U.S., with massive R&D budgets like Pfizer
visiting then-Vice President George W. or Merck. Most Chinese drugmakers
Bush at the White House and then fel- are small makers of generics, Huang
low academics at Johns Hopkins, an en- says. “They don’t have the incentive
counter that culminated that year in to spend money on developing new
the Hopkins-Nanjing Center for Chi- drugs,” he says.
nese and American Studies. “The fam- To fill the gap, Beijing has been
ily I grew up in was full of scholars. streamlining its process for approval of
They talked about books, not money,” imported drugs, including a move in
says Yee. After getting a bachelor’s de- 2017 to accept clinical trials conduct-
gree from Nanjing Normal University ed abroad to eliminate the decade-long
and master’s from Rhode Island College wait to duplicate them in China. Csoft
in Providence, she decided to enter the is helping North Carolina-based clin-
world of business, not academia. ical research company Pharmaceuti-
In 1994, Yee took a job outside Bos- cal Product Development, for example,
ton at a multilingual localization com- localize its documentation for China’s
pany that in 2000 sent her to Beijing drug regulator, the National Medical
to set up its China office. The compa- Products Administration.
ny pulled the plug when the China of- China’s appetite for imported phar-
fice didn’t live up to expectations. But ma has so far remained immune to the
Yee, then pregnant with her son, saw trade war between China and the U.S.
potential, so she stayed and set up Csoft That trend has prompted Yee to focus
in her Beijing apartment. “I’d never
Csoft more squarely on the sector: she
DOUGLAS LEVY FOR FORBES ASIA wasn’t that entrepreneurial,” Yee says, back to Boston, which is a hub for bio-
relocated in late 2018 with her family
planned to start my own company, I
but “it was time to take matters into my
tech in the U.S. “Regardless of trade
own hands, and work for myself.”
tensions or politics, disease doesn’t
have borders,” she says of her bet on
Now headquartered in Beijing with
biotech. “People around the world all
offices in eight cities across China,
need good drugs.” F
Japan, the U.K. and the U.S., Csoft’s ser-
NOVEMBER 2019 FORBES ASIA | 69
STRATEGIES
Not A
Toy Story
Brian Goldner’s Hasbro now
manufactures stories, not just
Monopoly boards and G.I. Joes.
That’s why it’s trouncing the
competition—and just spent
$4 billion on a pig named Peppa.
BY MATT PEREZ
t’s Friday night and The Uncom- managed to eke out a profit of $220
mons in Manhattan’s Greenwich million on revenue of $4.6 billion.
Village is running at full tilt. A few That same year, its archrival Mattel lost
Idozen people—kids, college stu- $531 million on revenue of $4.5 billion.
dents, adults—fill every corner of the Under his leadership, Hasbro shares
meandering space that’s part café, part have returned twice that of the S&P
game shop. Seated shoulder to shoulder, 500, hitting a record high in July. In all,
they fill the room with the sounds of Goldner’s performance has been good
Magic: The Gathering, the 26-year-old enough to earn him the 96th spot in
collectible card game owned by Hasbro, our first ever ranking of America’s most
the world’s most valuable toy company. innovative corporate leaders.
In an age of Fortnite, League of He is not resting on his laurels.
Legends and stadium-filling esports Goldner made a huge move, spending
tournaments, the chatter seems to $4 billion in late August to buy Enter-
come from another time. Players arm tainment One. The Toronto-based film
themselves with decks of 60 cards, each and TV production company is known
one featuring a deadly fantasy creature mostly for owning Peppa Pig and PJ
or a fiendish spell, with 20,000 unique Masks, cartoon favorites of the pre-
cards up for grabs. It’s easy to learn school set. The two properties pull in
but infinitely deep. More importantly almost $2.5 billion of retail sales and
for Hasbro CEO Brian Goldner, it has are a nice addition to Hasbro’s My Little
a rabid, and profitable, following. In Pony and Play-Doh. Better yet, Peppa
total, some 38 million people have Pig and PJ Masks are not only beloved
played Magic since its release in 1993, stories, they also represent the potential
and in 2017, the game accounted for for future Hasbro toy sales. As Goldner
an estimated $500 million in sales, can attest after his flopping with movies
according to KeyBanc Capital Markets. based on Battleship and Jem and the
“We’ve always been a management Holograms, it’s much easier to start
team that’s taken the longer view,” says with a great story than with a great toy.
the 56-year-old Goldner, who joined Back when Goldner joined the com-
the Rhode Island-based company in pany, stories weren’t Hasbro’s business.
2000 as the head of toys and games, and They manufactured toys, and revenue
took over as CEO in 2008. “Any moves was increasingly reliant on outside ideas,
we make in the future, it’s with an eye like licensing Pokémon, and tethered
to where the consumer and audience to a holiday shopping season that left
is going to be in three to five years, not managers holding their breath until
three to five weeks.” Thanksgiving in late-November, when
Goldner has built his career both sales began to pick up steam.
by carefully stewarding old franchises “People were asking, ‘Why is that es-
like Magic and Dungeons & Dragons sential?’ and ‘Does that add more vol-
and by turning toys like My Little Pony atility?’ ” Goldner says. “You actually
and Transformers into television and have more volatility when you’re relying
movie stars. Goldner calls it the “brand on other people to provide you all the
blueprint” strategy: Nurture your own entertainment for your portfolio.”
brands, build audiences around them Goldner, after being named COO,
and push them onto riskier, but more tapped Transformers as a place to prove
lucrative, platforms. it. The line of miniature cars that can
AARON KOTOWSKI FOR FORBES pushing all of that messy, low-margin been a huge hit with kids since the mid-
be converted into bipedal robots had
He sold off Hasbro’s factories,
manufacturing work onto third parties.
1980s, thanks in part to a popular televi-
sion cartoon. Goldner turned his sights
Revenue hit a record $5.2 billion in
to a much bigger screen. Attach charac-
2017, the year before Toys “R” Us died
ters like Optimus Prime to a Hollywood
and Hasbro saw a 12% drop in revenue.
blockbuster and things could really soar.
Even in that annus horribilis Hasbro
NOVEMBER 2019 FORBES ASIA | 71
STRATEGIES
Even in that annus horribilis Hasbro The rise of social media helped Has-
bro turn the game Pie Face, a 1960s
managed to eke out a profit of $220 throwback, into what market research-
er NPD says was Hasbro’s bestsell-
million on revenue of $4.6 billion. ing toy in the U.S. in 2016, due to viral
videos, like one of a grandfather and
grandson having laughing fits, which
drew 205 million views on Facebook.
Steven Spielberg got it. A fan of the show for it today. A push to make G.I. These new efforts are funded in part
toys, the billionaire director signed Joe into a movie star made for decent by a 2014 coup that saw Hasbro steal
on to produce the movie, and would box-office sales but didn’t move the the license to produce Disney Prin-
spend planning meetings carefully needle on sales of the action figures. cess toys from Mattel. Euromonitor es-
positioning the action figures on a Other films just tanked. And the timates the rights brought in $441 mil-
table and taking shots with his phone company has suffered repeated black lion for Mattel in 2014. Despite the
as they talked. The film was directed eyes with efforts to further exploit new emphasis on owning its own intel-
by Michael Bay and debuted in 2007, Monopoly, arguably it’s most iconic lectual property, Hasbro hasn’t aban-
with Goldner and Spielberg as execu- property, including a recent attempt to doned the licensing game. Third-party
tive producers. It did $710 million in create a socialist-themed version of the partnerships, including Disney’s Mar-
global ticket sales and increased Trans- canonical board game of capitalism. vel and Star Wars franchises, make up
formers toy sales by a factor of five. But then there’s Magic, which 21.5% of Hasbro’s revenue.
Goldner was named CEO the follow- Goldner’s team has rejuvenated in And things are far from perfect in
ing year. conjunction with Wizards of the the toy industry, which NPD reck-
The son of an electronic engineer Coast, the Hasbro subsidiary based ons generates $90.4 billion in annu-
and teacher turned investor, the Long outside of Seattle that also oversees al sales. Not only is Toys “R” Us a shell
Island native is a boundlessly energetic Dungeons & Dragons. The card game of its former self—the struggling retail-
self-labeled geek who can flip conver- had its best year in 2018, fueled by an er remained an important sales chan-
sations seamlessly between everything expansion into digital that began with nel even in the era of Amazon—but the
from building radios to canoeing. He is Magic: The Gathering Arena, a free- threat of Chinese tariffs is making 2020
no stranger to adversity. Just as things to-play videogame that some feared look uncertain. Hasbro currently out-
were starting to click at Hasbro, he was would cannibalize the core tabletop sources about two-thirds of its manu-
diagnosed with prostate cancer, which product. So far, those fears have proved facturing to companies in China.
he revealed to investors he’d been treat- unfounded. Still not officially launched So the move into media could prove
ed for in 2014. A year later, his adult and lacking a mobile version, its soft prescient. The streaming wars are pick-
son died of an opioid overdose. launch has significantly boosted its ing up and players like Netflix, Hulu
By buying Entertainment One, he’s audience on Amazon’s game streaming and Disney+ are all on the hunt for
just taken on a hefty new challenge. platform, Twitch, and viewership is up fresh properties. Goldner says the ac-
Hasbro shares plummeted when the 120% year over year. quisition will help Hasbro create con-
deal was announced, some saying he KeyBanc Capital Markets analyst tent out of its smaller properties, while
overpaid for two preschool proper- Brett Andress estimates the free version bigger brands will still get the Hol-
ties and others focused on the risks of Arena will have almost four million lywood touch, including Transform-
of owning a media company outright, players by year-end, a promising step ers films, which are produced by Par-
rather than hiring one to tell your sto- toward bringing lapsed players back to amount under a five-year deal signed
ries. Entertainment One’s content li- the game. An animated Netflix spinoff in 2017.
brary, worth $2 billion, also comes with series from Joe and Anthony Russo, the Stephanie Wissink at Jefferies es-
adult-skewing properties that don’t duo behind the Avengers: Endgame, is timates the acquisition could boost
lend themselves to selling more toys, in the works. Hasbro revenue by more than $1 bil-
such as TV shows Criminal Minds and The Transformers films are also lion and operating income by more
Sharp Objects. thriving, with two sequels pulling in than $200 million. “People are look-
There is reason for skepticism. In $1 billion each worldwide. A televi- ing for high quality content that has
2009, Hasbro invested $300 million sion series, My Little Pony: Friendship great story and canon and charac-
in Hub, a children’s TV network that Is Magic, became a massive hit among ters,” Goldner told Forbes the day after
was a joint venture with Discovery children and, surprisingly, older view- it was announced. “We of course have
Communications, and has little to ers, known as “bronies.” that in spades.” F
72 | FORBES ASIA NOVEMBER 2019
PROMOTION 1
FORBES GLOBAL CEO CONFERENCE
TRANSCENDING THE TURBULENCE
OCTOBER 15–16, 2019 • SINGAPORE
Group photo of Speakers, Sponsors and Forbes Executives
Global business leaders navigate challenges and
opportunities to transcend global economic turbulence
The nineteenth Forbes Global CEO Conference was held in Singapore on October 15 and 16.
Some 500 of the world’s top global CEOs, tycoons, entrepreneurs and investors convened to
discuss and debate key issues of global concern and establish new relationships.
Under the theme “Transcending the Turbulence,” this year’s conference examined how CEOs,
companies and countries are navigating the challenges and opportunities arising from the
storm of uncertainty in the global economy.
PROMOTION 2
A MEETING OF MINDS
A conversation between Lee Hsien Loong, Prime Minister, Singapore and Steve Forbes,
Chairman and Editor-in-Chief, Forbes Media
Singapore Prime Minister
Lee Hsien Loong and
Steve Forbes engaged in a
conversation that covered a
wide range of topics, such as
world trade and protectionism,
U.S.-China tensions, the
transition to a new generation
of leadership in Singapore, as
well as climate change.
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Front Row èǫƃǠŔɭƎ ǫ -ǠŔǫɭȟŔȥ ॹ -Ǡǫơlj Fˉơƃʠʋǫʽơ áŔƃǫ˪ƃ -ơȥʋʠɭˊ eɭȶʠɢࡸ ¡Ŕɭȇ F þʠƃȇơɭࡸ áɭǫȟơ ¡ǫȥǫɽʋơɭ ơơ qɽǫơȥ ȶȶȥnjࡸ òʋơʽơ bȶɭŹơɽࡸ qȶ -Ǡǫȥnj Fˉơƃʠʋǫʽơ 7ǫɭơƃʋȶɭ ॹ
-F¶ þơȟŔɽơȇ qȶȍƎǫȥnjɽࡸ þ- ĵŔȟ -ǠŔǫɭȟŔȥ zȥʋơnjɭŔʋơƎ -ŔɢǫʋŔȍ qȶȍƎǫȥnjɽ
(L-R) Back Row FƎʠŔɭƎȶ òŔʽơɭǫȥ -ȶljȶʠȥƎơɭ ॹ áŔɭʋȥơɭ % -ŔɢǫʋŔȍࡸ %ơǠ òˁŔȥ eǫȥ -ǠŔǫɭȟŔȥ òǫȥnjŔɢȶɭơ Fƃȶȥȶȟǫƃ 7ơʽơȍȶɢȟơȥʋ %ȶŔɭƎࡸ áŔȥȶʋơ òǫɭǫʽŔƎǠŔȥŔŹǠŔȇƎǫ eɭȶʠɢ -F¶
bɭŔɽơɭɽ áɭȶɢơɭʋˊࡸ ĭǫȍȍǫŔȟ ƎŔȟȶɢȶʠȍȶɽ -F¶ bȶɭŹơɽ ¡ơƎǫŔ ɽǫŔࡸ Łȶȥnj æǫȥnjǠȶʠ bȶʠȥƎơɭ ॹ -ǠŔǫɭȟŔȥ qŔȥnj˖Ǡȶʠ ĭŔǠŔǠŔ eɭȶʠɢࡸ þŔȥ òǫơˁ ¡ơȥnj èơnjǫȶȥŔȍ qơŔƎ ȶlj
eȍȶŹŔȍ áɭǫʽŔʋơ %Ŕȥȇǫȥnj ɽǫŔ࢛áŔƃǫ˪ƃ qò%- áɭǫʽŔʋơ %Ŕȥȇǫȥnjࡸ eȶǠ qʠɢ ǫȥ -ǠŔǫɭȟŔȥ ¥ǫɢɽơŔ qȶȍƎǫȥnjɽ zȥʋơɭȥŔʋǫȶȥŔȍ ¥ǫɢɽơŔ áʋơ ʋƎ
PROMOTION 3
IN CONVERSATION
Jack Ma, Founder, Jack Ma Foundation, United Nations Sustainable Development Goals Advocate,
Partner, Alibaba Group, talks to Steve Forbes, Chairman and Editor-in-Chief, Forbes Media
Jack Ma received the 2019
Malcolm S. Forbes Lifetime
Achievement Award from
Steve Forbes, in honor of his
entrepreneurial achievements.
During his dialogue with Steve
Forbes, he talked about his
journey in building Alibaba
into a global internet giant
and his new dedication to
philanthropy going forward.
Ŕƃȇ ¡Ŕࡸ ĭǫȍȍǫŔȟ ƎŔȟȶɢȶʠȍȶɽ -F¶ bȶɭŹơɽ
òŔȟ eȶǫ Fˉơƃʠʋǫʽơ -ǠŔǫɭȟŔȥ þơơ ĵǫǠ ǫŔ eɭȶʠɢ ŔȥƎ eòq -ȶɭɢȶɭŔʋǫȶȥࡸ Ŕƃȇ ¡Ŕࡸ FȍŔǫȥơ òŔʽơɭǫȥ -ǠŔǫɭȟŔȥ ॹ -F¶ òŔʽơɭǫȥ ¡ơƎǫŔ ɽǫŔࡸ ʠȶȇ Ǡȶȶȥ qȶȥnj -ǠŔǫɭȟŔȥ ॹ
(L-R) %ơǠ òˁŔȥ eǫȥ -ǠŔǫɭȟŔȥ òǫȥnjŔɢȶɭơ Fƃȶȥȶȟǫƃ 7ơʽơȍȶɢȟơȥʋ %ȶŔɭƎࡸ (L-R) bŔȟǫȍˊ ¶lj˪ƃơ ॹ bȶʠȥƎŔʋǫȶȥࡸ FƎʠŔɭƎȶ òŔʽơɭǫȥ (L-R) -F¶ ĭǫȍȟŔɭ zȥʋơɭȥŔʋǫȶȥŔȍ -ǠŔǫɭȟŔȥ ĵǫǠŔǫ
Ŕƃȇ ¡Ŕ -ȶljȶʠȥƎơɭ ॹ áŔɭʋȥơɭ % -ŔɢǫʋŔȍ ơɭɭˊ eɭȶʠɢ
(L-R) Ŕƃȇ ¡Ŕࡸ òʋơɢǠơȥ èǫŔƎˊ Fˉơƃʠʋǫʽơ (L-R) ǫɭŔȥ ¡Ŕ˖ʠȟƎŔɭ࢛òǠŔˁ -ǠŔǫɭɢơɭɽȶȥ ॹ ¡7 (L-R) ȥƎơɭɽȶȥ þŔȥȶʋȶ 7ǫɭơƃʋȶɭ èeFࡸ Ŕƃȇ ¡Ŕࡸ zȟơȍƎŔ þŔȥȶʋȶ 7ǫɭơƃʋȶɭ èeFࡸ
Chairman, OUE
¥nj -Ǡȶȶȥ þŔ ¥ŔʋǫȶȥŔȍ qơŔɭʋ -ơȥʋɭơ
%ǫȶƃȶȥࡸ Ŕƃȇ ¡Ŕ
PROMOTION 4
FACT & COMMENT
by Steve Forbes, Chairman and
Editor-in-Chief, Forbes Media
Steve Forbes in his Fact & Comment gave
his insights into the state of the global
economy, such as the impact of the
U.S.-China trade dispute, the outlook for
the U.S. elections, and the importance
of the U.S. to support alliances and trade
agreements.
During the two-day conference, speakers shared insights on topics such as the world economy, technology, innovation, disruption
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strategies for leadership, entrepreneurship, family business succession and philanthropy.
GLOBAL ECONOMY: THE IMPERFECT STORM
(L-R) ȥʋȶǫȥơ bǫɭȟơȥǫƃǠ ¡7 ɩʠǫȍʠɽ bȶʠȥƎǫȥnj áŔɭʋȥơɭ ȍŔʋʠɽ -ŔɢǫʋŔȍࡸ ĵʠˁŔ qơƎɭǫƃȇ࢛ĭȶȥnj -Ǡǫơlj Fƃȶȥȶȟǫƃɽ -ȶȟȟơȥʋŔʋȶɭ bȶɭŹơɽ ɽǫŔ Īǫɽǫʋǫȥnj òƃǠȶȍŔɭ ơơ ʠŔȥ
ĵơˁ òƃǠȶȶȍ ȶlj áʠŹȍǫƃ áȶȍǫƃˊ ¥ŔʋǫȶȥŔȍ čȥǫʽơɭɽǫʋˊ ȶlj òǫȥnjŔɢȶɭơࡸ qȶ ˁȶȥ áǫȥnj Fˉơƃʠʋǫʽơ -ǠŔǫɭȟŔȥ %ŔȥˊŔȥ þɭơơ qȶȍƎǫȥnjɽࡸ qࡳ èȶnjơɭ ĭŔȥnj -ǠŔǫɭȟŔȥ ॹ -F¶ eȶȍƎơȥ FŔnjȍơ
zȥʋơɭȥŔʋǫȶȥŔȍ eɭȶʠɢ -ǠŔǫɭȟŔȥ -ȶȟȟǫʋʋơơ ȶlj ࠀ߿߿ࡸ ȍȍŔȥ ŁơȟŔȥ -ǠŔǫɭȟŔȥ Ŕȥ ˁŔǫ bȶȥnj eɭȶʠɢࡸ èǫƃǠ ŔɭȍnjŔŔɭƎ FƎǫʋȶɭ࢛Ŕʋ࢛Ŕɭnjơ ॹ bʠʋʠɭǫɽʋ bȶɭŹơɽ ¡ơƎǫŔ
MONEY & INVESTING: FASTEN YOUR SEATBELTS
(L-R) ĵȶɽǠǫʋȶ qȶɭǫ ¡ŔȥŔnjǫȥnj áŔɭʋȥơɭ e¶%zò -ŔɢǫʋŔȍ áŔɭʋȥơɭɽ áɭơɽǫƎơȥʋ e¶%zò čȥǫʽơɭɽǫʋˊࡸ ¥ǫƃȇ ¥ŔɽǠ ¡ŔȥŔnjǫȥnj áŔɭʋȥơɭ ॹ -ȶljȶʠȥƎơɭ ɽǫŔ áŔɭʋȥơɭɽࡸ eơȶɭnjơ ¶ɽŹȶɭȥơ
òơȥǫȶɭ Ǝʽǫɽơɭ %ȍŔƃȇèȶƃȇ zȥʽơɽʋȟơȥʋ zȥɽʋǫʋʠʋơࡸ òʋʠŔɭʋ áŔɭȇǫȥɽȶȥ eȍȶŹŔȍ -Ǡǫơlj zȥʽơɽʋȟơȥʋ ¶lj˪ƃơɭ qò%- áɭǫʽŔʋơ %Ŕȥȇǫȥnjࡸ 7Ŕȥȥˊ ĵȶȥnj -z¶ ॹ bȶʠȥƎǫȥnj áŔɭʋȥơɭ 7ˊȟȶȥ ɽǫŔ
-ŔɢǫʋŔȍ -ǠŔǫɭȟŔȥ þǠơ ¡Ŕǿʠɭǫʋˊ þɭʠɽʋࡸ áŔȟơȍŔ ȟŹȍơɭ òơȥǫȶɭ èơɢȶɭʋơɭ bȶɭŹơɽ ɽǫŔ
PROMOTION 5
REAL ESTATE: GROUND CONTROL
(L-R) ǠȟŔƎ èࡳ %ǫȥ7ŔˁȶȶƎ -F¶ 7ŔȥʠŹơ ŔȥƎ %ǫȥ7ŔˁȶȶƎࡸ ƎɭǫŔȥ -Ǡơȥnj Fˉơƃʠʋǫʽơ Īǫƃơ -ǠŔǫɭȟŔȥ ¥ơˁ ĭȶɭȍƎ 7ơʽơȍȶɢȟơȥʋ bȶʠȥƎơɭ ࠀࠀࡸ ¡ǫˁŔȇȶ 7Ŕʋơ áɭơɽǫƎơȥʋ ॹ -F¶
¡ȶɭǫ þɭʠɽʋࡸ eȶȶƎˁǫȥ eŔˁ ¡ŔȥŔnjǫȥnj áɭǫȥƃǫɢŔȍ ॹ -ǠŔǫɭȟŔȥ eŔˁ -ŔɢǫʋŔȍ áŔɭʋȥơɭɽࡸ ĭŔˊȥơ ɭȥȶȍƎ Fˉơƃʠʋǫʽơ FƎǫʋȶɭ bȶɭŹơɽ ɽǫŔ
LEADERSHIP: THIS IS YOUR CAPTAIN
(L-R) eȶǠ -Ǡȶȶȥ áǠȶȥnj -F¶ òǫȥnjŔɢȶɭơ ǫɭȍǫȥơɽࡸ áơʋơɭ ¡ȶȶɭơ -F¶ ǫʽơɭɢȶȶȍ b-ࡸ ¡ŔƎǠŔʽ èŔǿŔȥ 7ơŔȥ ॹ eơȶɭnjơ áɭŔʋʋ òǠʠȍʋ˖ áɭȶljơɽɽȶɭ ȶlj ƃƃȶʠȥʋǫȥnj þǠơ čȥǫʽơɭɽǫʋˊ ȶlj -ǠǫƃŔnjȶ
%ȶȶʋǠ òƃǠȶȶȍ ȶlj %ʠɽǫȥơɽɽࡸ Ŕȥơ òʠȥ -F¶ -ʋɭǫɢࡳƃȶȟ zȥʋơɭȥŔʋǫȶȥŔȍࡸ -ǠŔǫɭʠȍ þŔȥǿʠȥnj -ǠŔǫɭȟŔȥ -þ -ȶɭɢࡸ ʠɽʋǫȥ 7ȶơŹơȍơ FƎǫʋȶɭ bȶɭŹơɽ ɽǫŔ Fˉơƃʠʋǫʽơ 7ǫɭơƃʋȶɭ ࢛ -ȶȥʋơȥʋ bȶɭŹơɽ ɽǫŔ
HEALTH & WELLNESS: THE LONG HAUL
(L-R) òŔȟŔȥʋǠŔ 7ʠ bȶʠȥƎơɭ -ǠŔǫɭȟŔȥ ॹ -F¶ ŁŔǫ ŔŹࡸ èǫƃǠŔɭƎ Fʠ -ǠŔǫɭȟŔȥ Fʠ ĵŔȥ òŔȥnj zȥʋơɭȥŔʋǫȶȥŔȍࡸ ǫɭŔȥ ¡Ŕ˖ʠȟƎŔɭ࢛òǠŔˁ -ǠŔǫɭɢơɭɽȶȥ ॹ ¡7 %ǫȶƃȶȥࡸ -ǠŔʽŔȍǫʋ bɭơƎơɭǫƃȇ þɽŔȶ
-ǠŔǫɭȟŔȥ z¡- eɭȶʠɢ bȶʠȥƎơɭ ¶ƃʋŔʽơ zȥɽʋǫʋʠʋơࡸ ¡ȶǫɭŔ bȶɭŹơɽ Fˉơƃʠʋǫʽơ Īǫƃơ áɭơɽǫƎơȥʋ bȶɭŹơɽ ¡ơƎǫŔ áɭơɽǫƎơȥʋ ॹ áʠŹȍǫɽǠơɭ bȶɭŹơɽĭȶȟơȥ
PROMOTION 6
TECHNOLOGY: CLOUD FORMATIONS
(L-R) bɭŔȥȇ 7ȶˊȍơ 7ơŔȥ ȶǠȥ ࡳ áŔʠȍɽȶȥ òƃǠȶȶȍ ȶlj Fȥnjǫȥơơɭǫȥnj ŔȥƎ ɢɢȍǫơƎ òƃǫơȥƃơɽ qŔɭʽŔɭƎ čȥǫʽơɭɽǫʋˊࡸ á eŔȥ bȶʠȥƎǫȥnj áŔɭʋȥơɭ z¥-F -ŔɢǫʋŔȍࡸ Ŕɭȍ ȍŔnjȥơȟȟŔ bȶʠȥƎơɭ
ȥʠþȶȥȶȟˊ áɭơɽǫƎơȥʋ ɢʋǫʽ ʠʋȶȥȶȟȶʠɽ ¡ȶŹǫȍǫʋˊࡸ èˊŔȥ áŔȥƎˊŔ -F¶ ॹ -ȶljȶʠȥƎơɭ áơɭljơƃʋ 7Ŕˊࡸ èŔȥŔ ĭơǠŹơ òơȥǫȶɭ FƎǫʋȶɭ࢛òɢơƃǫŔȍ áɭȶǿơƃʋɽ bȶɭŹơɽ ɽǫŔ
UNICORNS: FAST TAKE-OFF
(L-R) Fɭǫƃ eȥȶƃȇ bŔǠ -¶¶ ॹ -ȶljȶʠȥƎơɭ ȍȶȶȇࡸ bȶɭɭơɽʋ ǫ -ǠŔǫɭȟŔȥ ॹ eɭȶʠɢ -F¶ òơŔࡸ þŔȥ qȶȶǫ ǫȥnj -ȶljȶʠȥƎơɭ eɭŔŹࡸ þŔȥ ¡ǫȥ࢛ǫŔȥnj -ȶljȶʠȥƎơɭ ॹ -F¶ èŔ˖ơɭࡸ èŔȥŔ ĭơǠŹơ
òơȥǫȶɭ FƎǫʋȶɭ࢛òɢơƃǫŔȍ áɭȶǿơƃʋɽ bȶɭŹơɽ ɽǫŔ
INNOVATION: FLY BY WIRE
(L-R) ¡ǫȇơ bȍơˁǫʋʋ -F¶ ¡ƃŔɭơȥ ʠʋȶȟȶʋǫʽơࡸ ¡ǫʋƃǠ eŔɭŹơɭ -ǠŔǫɭȟŔȥ -ǫɭɩʠơ Ǝʠ òȶȍơǫȍ -ǠŔǫɭȟŔȥ zȥʽơɽʋ ǫȥ -ŔȥŔƎŔࡸ 7ǫɢŔȍǫ eȶơȥȇŔ -F¶ ॹ ȶǫȥʋ ¡7 ĭơȍɽɢʠȥ zȥƎǫŔࡸ ˉʋȶȥ òŔȍǫȟ
Fˉơƃʠʋǫʽơ 7ǫɭơƃʋȶɭ òŔȍǫȟ eɭȶʠɢࡸ ¡Ŕɭǿȶɭǫơ ĵŔȥnj -ǠŔǫɭȟŔȥ Fɽɩʠơȍ eɭȶʠɢࡸ áŔȟơȍŔ ȟŹȍơɭ òơȥǫȶɭ èơɢȶɭʋơɭ bȶɭŹơɽ ɽǫŔ
PROMOTION 7
ENTREPRENEURS: BREAKING THE SOUND BARRIER
(L-R) ƃǠŔȍ %Ŕȇơɭǫ bȶʠȥƎơɭ -ǠŔǫɭȟŔȥ ॹ ¡7 òˊȟɢǠȶȥˊࡸ Ŕƃȇ -ȶˁǫȥ -ǠŔǫɭȟŔȥ ॹ ¡7 -ȶȟɢơʋǫʋǫʽơ bȶȶƎɽ ʠɽʋɭŔȍǫŔࡸ Fȥɭǫɩʠơ ࡳ èŔ˖ȶȥ ɭࡳ -ǠŔǫɭȟŔȥ ॹ áɭơɽǫƎơȥʋ zȥʋơɭȥŔʋǫȶȥŔȍ
-ȶȥʋŔǫȥơɭ þơɭȟǫȥŔȍ òơɭʽǫƃơɽ zȥƃࡳࡸ ĭơȥƎˊ ĵŔɢ áɭơɽǫƎơȥʋ 7ǫɭơƃʋȶɭ ॹ -F¶ ¥ǫɢɢȶȥ zȥƎȶɽŔɭǫ -ȶɭɢǫȥƎȶࡸ Łȶȥnj æǫȥnjǠȶʠ bȶʠȥƎơɭ ॹ -ǠŔǫɭȟŔȥ qŔȥnj˖Ǡȶʠ ĭŔǠŔǠŔ eɭȶʠɢࡸ
ĭŔˊȥơ ɭȥȶȍƎ Fˉơƃʠʋǫʽơ FƎǫʋȶɭ bȶɭŹơɽ ɽǫŔ
FAMILY BUSINESS: DESCENDANTS ASCENDING
(L-R) eŔʠɭŔʽ Īࡳ %ʠɭȟŔȥ 7ǫɭơƃʋȶɭ 7ŔŹʠɭ zȥʋơɭȥŔʋǫȶȥŔȍࡸ èȶɽơ 7Ŕȟơȥ bŔȟǫȍˊ ɽǠŔɭơǠȶȍƎơɭ ॹ ¥ȶȥ࢛Fˉơƃʠʋǫʽơ 7ǫɭơƃʋȶɭ 7Ŕȟơȥ òǠǫɢˊŔɭƎɽ eɭȶʠɢ ¡7 7Ŕȟơȥ ĵŔƃǠʋǫȥnjࡸ ʠȍƎǫɢ òǫȥnjǠ
7ǠǫȥnjɭŔ -ǠŔǫɭȟŔȥ %ơɭnjơɭ áŔǫȥʋɽ zȥƎǫŔ eɭȶʠɢࡸ ¡Ŕɭǫȶ ¡ȶɭơʋʋǫ áȶȍơnjŔʋȶ -ǠŔǫɭȟŔȥ eF¶Ĵ eɭȶʠɢࡸ ¡ȶǫɭŔ bȶɭŹơɽ Fˉơƃʠʋǫʽơ Īǫƃơ áɭơɽǫƎơȥʋ bȶɭŹơɽ ¡ơƎǫŔ áɭơɽǫƎơȥʋ ॹ áʠŹȍǫɽǠơɭ
bȶɭŹơɽĭȶȟơȥ
SOCIAL IMPACT: TRANSCENDING GIVING
(L-R) ĭǫȍȍǫŔȟ Fࡳ qơǫȥơƃȇơ bȶʠȥƎơɭ ॹ -ǠŔǫɭȟŔȥ ¡ǫȥȶɭ zȥʋơɭȥŔʋǫȶȥŔȍࡸ 7ȶʠnjȍŔɽ qɽʠ -ǠŔǫɭȟŔȥ ॹ -F¶ bŔɭ FŔɽʋơɭȥ eɭȶʠɢࡸ èȶɽǠȥǫ ¥ŔƎŔɭ ¡ŔȍǠȶʋɭŔ Fˉơƃʠʋǫʽơ 7ǫɭơƃʋȶɭ ॹ -F¶ q-
-ȶɭɢȶɭŔʋǫȶȥ þɭʠɽʋơơ òǠǫʽ ¥ŔƎŔɭ bȶʠȥƎŔʋǫȶȥࡸ ȥƎơɭɽȶȥ þŔȥȶʋȶ 7ǫɭơƃʋȶɭ èeFࡸ èŔȥŔ ĭơǠŹơ òơȥǫȶɭ FƎǫʋȶɭ࢛òɢơƃǫŔȍ áɭȶǿơƃʋɽ bȶɭŹơɽ ɽǫŔ
PROMOTION 8
CLOSING: THE SKIES AHEAD
(L-R) %ơǠ òˁŔȥ eǫȥ -ǠŔǫɭȟŔȥ òǫȥnjŔɢȶɭơ Fƃȶȥȶȟǫƃ 7ơʽơȍȶɢȟơȥʋ %ȶŔɭƎࡸ eȶǠ qʠɢ ǫȥ -ǠŔǫɭȟŔȥ ¥ǫɢɽơŔ qȶȍƎǫȥnjɽ zȥʋơɭȥŔʋǫȶȥŔȍ ¥ǫɢɽơŔ áʋơ ʋƎࡸ FƎʠŔɭƎȶ òŔʽơɭǫȥ -ȶljȶʠȥƎơɭ
ॹ áŔɭʋȥơɭ % -ŔɢǫʋŔȍࡸ ¡Ŕɭȇ F þʠƃȇơɭ eɭȶʠɢ -ǠŔǫɭȟŔȥ qò%- qȶȍƎǫȥnjɽࡸ èǫƃǠ ŔɭȍnjŔŔɭƎ FƎǫʋȶɭ࢛Ŕʋ࢛Ŕɭnjơ ॹ bʠʋʠɭǫɽʋ bȶɭŹơɽ ¡ơƎǫŔ
Gathering prominent business leaders and powerful tycoons from around the world, the conference provided an
excellent platform for delegates to engage and network exclusively within the Forbes community.
èǫƃǠŔɭƎ ǫ -ǠŔǫɭȟŔȥ ॹ -Ǡǫơlj Fˉơƃʠʋǫʽơ áŔƃǫ˪ƃ -ơȥʋʠɭˊ eɭȶʠɢࡸ òŔȟ eȶǫ Fˉơƃʠʋǫʽơ
(L-R) -ǠŔǫɭȟŔȥ þơơ ĵǫǠ ǫŔ eɭȶʠɢ ŔȥƎ eòq -ȶɭɢȶɭŔʋǫȶȥࡸ ĭǫȍȍǫŔȟ ƎŔȟȶɢȶʠȍȶɽ -F¶ (L-R) áŔʋɭǫƃȇ eɭȶʽơ eɭȶʠɢ -F¶ -ŔʋƃǠŔ eɭȶʠɢࡸ -ǠŔǫɭʠȍ þŔȥǿʠȥnj -ǠŔǫɭȟŔȥ -þ -ȶɭɢࡸ -Ǡȥnj Ŕǫ
bȶɭŹơɽ ¡ơƎǫŔ ɽǫŔࡸ FƎʠŔɭƎȶ òŔʽơɭǫȥ -ȶljȶʠȥƎơɭ ॹ áŔɭʋȥơɭ % -ŔɢǫʋŔȍࡸ
bȶȥnj ¡7 òǫȥnjŔɢȶɭơ Fƃȶȥȶȟǫƃ 7ơʽơȍȶɢȟơȥʋ %ȶŔɭƎࡸ ɭǫlj áŔʋɭǫƃȇ èŔƃǠȟŔʋ Fˉơƃʠʋǫʽơ
áŔȥȶʋơ òǫɭǫʽŔƎǠŔȥŔŹǠŔȇƎǫ eɭȶʠɢ -F¶ bɭŔɽơɭɽ áɭȶɢơɭʋˊ 7ǫɭơƃʋȶɭ þɭǫɢʠʋɭŔ eɭȶʠɢ
qࡳ èȶnjơɭ ĭŔȥnj -ǠŔǫɭȟŔȥ ॹ -F¶ eȶȍƎơȥ FŔnjȍơ -ǠɭǫɽʋȶɢǠơɭ bȶɭŹơɽ Īǫƃơ -ǠŔǫɭȟŔȥ bȶɭŹơɽ ¡ơƎǫŔࡸ ĭǫȍȍǫŔȟ ƎŔȟȶɢȶʠȍȶɽ -F¶ bȶɭŹơɽ ¡ơƎǫŔ ɽǫŔࡸ eȶǠ qʠɢ ǫȥ
(L-R) zȥʋơɭȥŔʋǫȶȥŔȍ eɭȶʠɢ -ǠŔǫɭȟŔȥ -ȶȟȟǫʋʋơơ ȶlj ࠀ߿߿ࡸ (L-R) ƎɭǫŔȥ -Ǡơȥnj Fˉơƃʠʋǫʽơ Īǫƃơ -ǠŔǫɭȟŔȥ ¥ơˁ ĭȶɭȍƎ (L-R) -ǠŔǫɭȟŔȥ ¥ǫɢɽơŔ qȶȍƎǫȥnjɽ zȥʋơɭȥŔʋǫȶȥŔȍ ¥ǫɢɽơŔ áʋơ ʋƎࡸ
þ- ĵŔȟ -ǠŔǫɭȟŔȥ zȥʋơnjɭŔʋơƎ -ŔɢǫʋŔȍ qȶȍƎǫȥnjɽ 7ơʽơȍȶɢȟơȥʋ bȶʠȥƎơɭ ࠀࠀ ¡Ŕɭȇ F þʠƃȇơɭ eɭȶʠɢ -ǠŔǫɭȟŔȥ qò%- qȶȍƎǫȥnjɽ
PROMOTION 9
èȶȍŔȥƎ %ɭǫơȥơ ɭơŔ 7ǫɭơƃʋȶɭ ɽǫŔ áŔƃǫ˪ƃ 7Ŕȟơȥ òǠǫɢˊŔɭƎɽ eɭȶʠɢࡸ èȶɽơ 7Ŕȟơȥ bŔȟǫȍˊ ɽǠŔɭơǠȶȍƎơɭ ॹ þŔȥ òǫơˁ ¡ơȥnj èơnjǫȶȥŔȍ qơŔƎ ȶlj eȍȶŹŔȍ áɭǫʽŔʋơ %Ŕȥȇǫȥnj
(L-R) ¥ȶȥ࢛Fˉơƃʠʋǫʽơ 7ǫɭơƃʋȶɭ 7Ŕȟơȥ òǠǫɢˊŔɭƎɽ eɭȶʠɢ ¡7 7Ŕȟơȥ ĵŔƃǠʋǫȥnjࡸ Fȥɭǫɩʠơ ࡳ èŔ˖ȶȥ ɭࡳ -ǠŔǫɭȟŔȥ ॹ (L-R) ɽǫŔ࢛áŔƃǫ˪ƃ qò%- áɭǫʽŔʋơ %Ŕȥȇǫȥnjࡸ Łȶȥnj æǫȥnjǠȶʠ
áɭơɽǫƎơȥʋ zȥʋơɭȥŔʋǫȶȥŔȍ -ȶȥʋŔǫȥơɭ þơɭȟǫȥŔȍ òơɭʽǫƃơɽ zȥƃࡳ bȶʠȥƎơɭ ॹ -ǠŔǫɭȟŔȥ qŔȥnj˖Ǡȶʠ ĭŔǠŔǠŔ eɭȶʠɢ
áơʋơɭ ¡ȶȶɭơ -F¶ ǫʽơɭɢȶȶȍ b-ࡸ ¡ŔƎǠŔʽ èŔǿŔȥ 7ơŔȥ ॹ eơȶɭnjơ
(L-R) ¡ǫˁŔȇȶ 7Ŕʋơ áɭơɽǫƎơȥʋ ॹ -F¶ ¡ȶɭǫ þɭʠɽʋࡸ òŔȟȟˊ ĭȶȥnj áŔɭʋȥơɭ ĭǠŔȍơ -ŔɢǫʋŔȍࡸ (L-R) áɭŔʋʋ òǠʠȍʋ˖ áɭȶljơɽɽȶɭ ȶlj ƃƃȶʠȥʋǫȥnj þǠơ čȥǫʽơɭɽǫʋˊ ȶlj -ǠǫƃŔnjȶ
eȶȶƎˁǫȥ eŔˁ ¡ŔȥŔnjǫȥnj áɭǫȥƃǫɢŔȍ ॹ -ǠŔǫɭȟŔȥ eŔˁ -ŔɢǫʋŔȍ áŔɭʋȥơɭɽ
%ȶȶʋǠ òƃǠȶȶȍ ȶlj %ʠɽǫȥơɽɽ
ɽǠȶȇ ¡ŔǠʋŔȥǫ -ǠŔǫɭȟŔȥ ȍɢǫȥơ -ɭơŔʋǫȶȥɽࡸ ȍȍŔȥ ŁơȟŔȥ
(L-R) -ǠŔǫɭȟŔȥ Ŕȥ ˁŔǫ bȶȥnj eɭȶʠɢࡸ eȶǠ -Ǡȶȶȥ áǠȶȥnj -F¶ (L-R) ¡Ŕɭǿȶɭǫơ ĵŔȥnj -ǠŔǫɭȟŔȥ Fɽɩʠơȍ eɭȶʠɢࡸ (L-R) ȶȶ -Ǡȶȶȥ ĵȶȥnj Fˉơƃʠʋǫʽơ -ǠŔǫɭȟŔȥ èŔlj˫ơɽ
òǫȥnjŔɢȶɭơ ǫɭȍǫȥơɽ ȶǠȥȥˊ ŔǠȍŹơʋ˖ơɭ -F¶ þˁˊȥŔȟ zȥʽơɽʋȟơȥʋɽ ¡ơƎǫƃŔȍ eɭȶʠɢࡸ þŔȥ qȶȶǫ ǫȥnj -ȶljȶʠȥƎơɭ eɭŔŹ
èŔǠʠȍ -ǠŔʠƎǠŔɭˊ ¡7 ॹ -F¶ -e -ȶɭɢ eȍȶŹŔȍ ŔȥƎ -e qȶɽɢǫʋŔȍǫʋˊ eȍȶŹŔȍࡸ èȶɽǠȥǫ ¥ŔƎŔɭ ¡ŔȍǠȶʋɭŔ Fˉơƃʠʋǫʽơ 7ǫɭơƃʋȶɭ ॹ -F¶ q- -ȶɭɢȶɭŔʋǫȶȥ þɭʠɽʋơơ
(L-R) qȶ ˁȶȥ áǫȥnj Fˉơƃʠʋǫʽơ -ǠŔǫɭȟŔȥ %ŔȥˊŔȥ þɭơơ qȶȍƎǫȥnjɽࡸ %ǫȥȶƎ ࡳ -ǠŔʠƎǠŔɭˊ (L-R) òǠǫʽ ¥ŔƎŔɭ bȶʠȥƎŔʋǫȶȥࡸ ĭǫȍȍǫŔȟ Fࡳ qơǫȥơƃȇơ bȶʠȥƎơɭ ॹ -ǠŔǫɭȟŔȥ ¡ǫȥȶɭ
-ǠŔǫɭȟŔȥ -e -ȶɭɢ eȍȶŹŔȍ zȥʋơɭȥŔʋǫȶȥŔȍࡸ 7ȶʠnjȍŔɽ qɽʠ -ǠŔǫɭȟŔȥ ॹ -F¶ bŔɭ FŔɽʋơɭȥ eɭȶʠɢ
PROMOTION 10
òʋʠŔɭʋ áŔɭȇǫȥɽȶȥ eȍȶŹŔȍ -Ǡǫơlj zȥʽơɽʋȟơȥʋ ¶lj˪ƃơɭ qò%- áɭǫʽŔʋơ %Ŕȥȇǫȥnjࡸ 7Ŕȥȥˊ ĵȶȥnj -z¶ ॹ èȶȥ òǫȟ -ǠŔǫɭȟŔȥ Īࠂ eɭȶʠɢࡸ ĭơȥƎˊ ĵŔɢ áɭơɽǫƎơȥʋ 7ǫɭơƃʋȶɭ
(L-R) bȶʠȥƎǫȥnj áŔɭʋȥơɭ 7ˊȟȶȥ ɽǫŔ -ŔɢǫʋŔȍ -ǠŔǫɭȟŔȥ þǠơ ¡Ŕǿʠɭǫʋˊ þɭʠɽʋࡸ eơȶɭnjơ ¶ɽŹȶɭȥơ òơȥǫȶɭ (L-R) ॹ -F¶ ¥ǫɢɢȶȥ zȥƎȶɽŔɭǫ -ȶɭɢǫȥƎȶࡸ %ʠƎǫˊŔȥʋȶ 7ǿȶȇȶ òʠɽŔȥʋȶ
Ǝʽǫɽơɭ %ȍŔƃȇèȶƃȇ zȥʽơɽʋȟơȥʋ zȥɽʋǫʋʠʋơ -ȶȟȟǫɽɽǫȶȥơɭ òʠȟŹơɭ ȍljŔɭǫŔ þɭǫǿŔˊŔ
bɭŔȥȇ 7ȶˊȍơ 7ơŔȥ ȶǠȥ ࡳ áŔʠȍɽȶȥ òƃǠȶȶȍ ȶlj
(L-R) Fȥnjǫȥơơɭǫȥnj ŔȥƎ ɢɢȍǫơƎ òƃǫơȥƃơɽ qŔɭʽŔɭƎ bȶɭɭơɽʋ ǫ -ǠŔǫɭȟŔȥ ॹ eɭȶʠɢ -F¶ òơŔࡸ þŔȥ ¡ǫȥ࢛ǫŔȥnj ¡ǫȇơ bȍơˁǫʋʋ -F¶ ¡ƃŔɭơȥ ʠʋȶȟȶʋǫʽơࡸ
čȥǫʽơɭɽǫʋˊࡸ òʋơʽơ bȶɭŹơɽ -ǠŔǫɭȟŔȥ ॹ FƎǫʋȶɭ࢛ǫȥ࢛
-Ǡǫơlj bȶɭŹơɽ ¡ơƎǫŔ (L-R) -ȶljȶʠȥƎơɭ ॹ -F¶ èŔ˖ơɭ (L-R) eŔʠɭŔʽ Īࡳ %ʠɭȟŔȥ 7ǫɭơƃʋȶɭ 7ŔŹʠɭ zȥʋơɭȥŔʋǫȶȥŔȍ
¡ȶǫɭŔ bȶɭŹơɽ Fˉơƃʠʋǫʽơ Īǫƃơ áɭơɽǫƎơȥʋ bȶɭŹơɽ
òơɭnjơ áʠȥ Fˉơƃʠʋǫʽơ -ǠŔǫɭȟŔȥ ĵȶȟŔ eɭȶʠɢ ȶlj -ȶȟɢŔȥǫơɽࡸ ¡ơƎǫŔ áɭơɽǫƎơȥʋ ॹ áʠŹȍǫɽǠơɭ bȶɭŹơɽĭȶȟơȥࡸ
(L-R) Ŕȥơ òʠȥ -F¶ -ʋɭǫɢࡳƃȶȟ zȥʋơɭȥŔʋǫȶȥŔȍࡸ -ˊɭʠɽ áʠȥ (L-R) á eŔȥ bȶʠȥƎǫȥnj áŔɭʋȥơɭ z¥-F -ŔɢǫʋŔȍࡸ Ŕƃȇ -ȶˁǫȥ (L-R) ʠȍƎǫɢ òǫȥnjǠ 7ǠǫȥnjɭŔ -ǠŔǫɭȟŔȥ %ơɭnjơɭ áŔǫȥʋɽ
Fˉơƃʠʋǫʽơ 7ǫɭơƃʋȶɭ ॹ qơŔƎ ȶlj èơŔȍ FɽʋŔʋơ ĵȶȟŔ òʋɭŔʋơnjǫƃ -ǠŔǫɭȟŔȥ ॹ ¡7 -ȶȟɢơʋǫʋǫʽơ bȶȶƎɽ ʠɽʋɭŔȍǫŔ zȥƎǫŔ eɭȶʠɢ
ĵȶɽǠǫʋȶ qȶɭǫ ¡ŔȥŔnjǫȥnj áŔɭʋȥơɭ e¶%zò -ŔɢǫʋŔȍ áŔɭʋȥơɭɽ ¥ǫƃȇ ¥ŔɽǠ ¡ŔȥŔnjǫȥnj áŔɭʋȥơɭ ॹ -ȶljȶʠȥƎơɭ
(L-R) áɭơɽǫƎơȥʋ e¶%zò čȥǫʽơɭɽǫʋˊࡸ ˉʋȶȥ òŔȍǫȟ Fˉơƃʠʋǫʽơ (L-R) ¡Ŕɭǫȶ ¡ȶɭơʋʋǫ áȶȍơnjŔʋȶ -ǠŔǫɭȟŔȥ eF¶Ĵ eɭȶʠɢࡸ (L-R) ɽǫŔ áŔɭʋȥơɭɽࡸ ʠɽʋǫȥ 7ȶơŹơȍơ FƎǫʋȶɭ bȶɭŹơɽ
7ǫɭơƃʋȶɭ òŔȍǫȟ eɭȶʠɢ èǫƃǠŔɭƎ Fʠ -ǠŔǫɭȟŔȥ Fʠ ĵŔȥ òŔȥnj zȥʋơɭȥŔʋǫȶȥŔȍ ɽǫŔ Fˉơƃʠʋǫʽơ 7ǫɭơƃʋȶɭ ࢛ -ȶȥʋơȥʋ bȶɭŹơɽ ɽǫŔ
PROMOTION 11
ˁơơ ǫȶȥnj þơȇ -ǠŔǫɭȟŔȥ áȶȥʋǫŔƃ ŔȥƎ eɭȶʠɢࡸ
ơljljɭơˊ ĵŔȟ áɭǫȥƃǫɢŔȍ zȥʋơnjɭŔʋơƎ -ŔɢǫʋŔȍ qȶȍƎǫȥnjɽࡸ òʠʋǠǫɢŔȇ -ǠǫɭŔʋǠǫʽŔʋ Ǝʽǫɽȶɭˊ ¡ơȟŹơɭ Fˉơƃʠʋǫʽơ
(L-R) ȶȥŔʋǠŔȥ ¥nj Fˉơƃʠʋǫʽơ 7ǫɭơƃʋȶɭ -F¶ࢬɽ ¶lj˪ƃơ bŔɭ FŔɽʋ (L-R) èŔǿ ʠȟŔɭ eɭȶʠɢ -ǠŔǫɭȟŔȥ èȶˊŔȍ qȶȍƎǫȥnjɽࡸ (L-R) -ȶȟȟǫʋʋơơ -ơȥʋɭŔȍ eɭȶʠɢ ȶlj -ȶȟɢŔȥǫơɽ Fˉơƃʠʋǫʽơ
¶ɭnjŔȥǫ˖Ŕʋǫȶȥ qơȥɭˊ òˊ ɭ -ǠŔǫɭȟŔȥ ò¡ áɭǫȟơ 7ǫɭơƃʋȶɭ -ơȥʋɭŔȍ áŔʋʋŔȥŔ
bɭơƎ ¡ȶʠŔˁŔƎ -ǠŔǫɭȟŔȥ ॹ -F¶ òˊȥơɭnjǫŔ ¶ȥơ eɭȶʠɢ ȶlj -ȶȟɢŔȥǫơɽࡸ %ơǠ òˁŔȥ eǫȥ -ǠŔǫɭȟŔȥ òǫȥnjŔɢȶɭơ Fƃȶȥȶȟǫƃ Ŕɭȍ ȍŔnjȥơȟȟŔ bȶʠȥƎơɭ ȥʠþȶȥȶȟˊ áɭơɽǫƎơȥʋ
(L-R) 7ơʽơȍȶɢȟơȥʋ %ȶŔɭƎࡸ èŔǿơơʽ ¥ŔʋŔɭŔǿŔȥ ¡7 qơŔƎ ȶlj á - zƃȶȥǫɩ -ŔɢǫʋŔȍࡸ èˊŔȥ áŔȥƎˊŔ -F¶ ॹ -ȶljȶʠȥƎơɭ áơɭljơƃʋ (L-R) ɢʋǫʽ ʠʋȶȥȶȟȶʠɽ ¡ȶŹǫȍǫʋˊࡸ òʋơʽơ bȶɭŹơɽ -ǠŔǫɭȟŔȥ
7Ŕˊࡸ áơɭʠȟŔȍ eŔȥƎǠǫ -ȶljȶʠȥƎơɭ áơɭljơƃʋ 7Ŕˊࡸ ˁˊ ʠȍǫŔȥʋȶ ¡ŔȥŔnjǫȥnj áŔɭʋȥơɭ ȍʋǫʋʠƎơ áŔɭʋȥơɭɽ ॹ FƎǫʋȶɭ࢛ǫȥ࢛-Ǡǫơlj bȶɭŹơɽ ¡ơƎǫŔ
¡ǫʋƃǠ eŔɭŹơɭ -ǠŔǫɭȟŔȥ -ǫɭɩʠơ Ǝʠ òȶȍơǫȍ eǫȍȍơɽ Ǝơ Ŕɭȶʠ˖ǫưɭơ -ǠŔǫɭȟŔȥ %ȶʠƃǠŔɭƎ áưɭơ ॹ bǫȍɽࡸ
(L-R) -ǠŔǫɭȟŔȥ zȥʽơɽʋ ǫȥ -ŔȥŔƎŔࡸ áŔȟơȍŔ ȟŹȍơɭ (L-R) ĭǫȍȍǫŔȟ Fࡳ qơǫȥơƃȇơ bȶʠȥƎơɭ ॹ -ǠŔǫɭȟŔȥ
òơȥǫȶɭ èơɢȶɭʋơɭ bȶɭŹơɽ ɽǫŔࡸ 7ǫɢŔȍǫ eȶơȥȇŔ
(L-R) ĭǫȍȍǫŔȟ ƎŔȟȶɢȶʠȍȶɽ -F¶ bȶɭŹơɽ ¡ơƎǫŔ ɽǫŔࡸ -F¶ ॹ ȶǫȥʋ ¡7 ĭơȍɽɢʠȥ zȥƎǫŔ ¡ǫȥȶɭ zȥʋơɭȥŔʋǫȶȥŔȍࡸ áǠǫȍǫɢɢơ -ŔɢƎȶʠ˖ơ bȶʠȥƎơɭ ॹ
-ǠŔǫɭȟŔȥ bz-¶bz áŔɭʋȥơɭɽ qȶȍƎǫȥnj
òŔȟŔȥʋǠŔ 7ʠ bȶʠȥƎơɭ -ǠŔǫɭȟŔȥ ॹ -F¶ ŁŔǫ ŔŹ
ˁŔ ǫȟ ǫ ¡ŔȥŔnjǫȥnj áŔɭʋȥơɭ ơơ ŔȥƎ ơơ ƎʽȶƃŔʋơɽ ŔȥƎ òȶȍǫƃǫʋȶɭɽࡸ ¡ǫƃǠơȍȍơ ǫơȟ ¡7 ŹǠǫȟŔȥˊʠ ¡ʠȥǿŔȍ ȶǫȥʋ ¡7 ॹ -F¶ qơɭȶ bǫȥ-ȶɭɢࡸ ǫɭŔȥ ʠȟŔɭ eɭŔȥƎǠǫ
(L-R) ¥ʠɭǫ qȶȍƎǫȥnjɽࡸ ¡ǫɭŔ òŔȍǫȟ 7ǫɭơƃʋȶɭ òŔȍǫȟ eɭȶʠɢࡸ ʠȥơ ơȶȥnj -F¶ ॹ Fˉơƃʠʋǫʽơ 7ǫɭơƃʋȶɭ (L-R) -ȶɭɢȶɭŔʋơ -ǠŔǫɭȟŔȥ e¡è eɭȶʠɢࡸ áɭŔȥŔʽ ƎŔȥǫ ¡7 njɭȶ ŔȥƎ ¶ǫȍ ॹ eŔɽ
ȍɢǠŔ eȶŔȍ zȥʋơɭȥŔʋǫȶȥŔȍ ƎŔȥǫ eɭȶʠɢ
PROMOTION 12
òŔȟ ȍʋơɭ ¡7 þǠơ áŔƃǫ˪ƃ eɭȶʠɢ ȶlj -ȶȟɢŔȥǫơɽࡸ ¥ŔʋǠŔȥ eʠȥŔˁŔȥ 7ǫɭơƃʋȶɭ ¶Ŕɽǫɽ ĭŔʋơɭɽ zȥʋơɭȥŔʋǫȶȥŔȍࡸ
(L-R) ¥ŔʋŔȍǫơ %ŔȍŔȇɭǫɽǠȥŔȥ ƎʽȶƃŔʋơ ॹ òȶȍǫƃǫʋȶɭ ɽƃơȥƎơȥʋ ơnjŔȍ -ȶ࢛bȶʠȥƎơɭ áǠȶơȥǫˉ bǫȍȟɽࡸ ǫɽǠǫȥ è (L-R) %ɭǫŔȥ ¡ eȶ ¡7 e 7ǫnjǫʋŔȍ -ŔɢǫʋŔȍࡸ 7ơȥȥǫɽ ¡Ŕȇ bȶʠȥƎơɭ ॹ -F¶
-F¶ è% -ŔɢǫʋŔȍࡸ ȥƎɭơˁ ȶ 7ǫɭơƃʋȶɭ %ʠɽǫȥơɽɽ 7ơʽơȍȶɢȟơȥʋ ॹ òʋɭŔʋơnjˊ ŔȥnjǠŔȟ qȶɽɢǫʋŔȍǫʋˊ eɭȶʠɢ áŔɭŔƃȍơʋơ
ȥʋȶǫȥơ bǫɭȟơȥǫƃǠ ¡7 ɩʠǫȍʠɽ bȶʠȥƎǫȥnj òʠɢŔɢŔȥ áǫƃǠŔǫɭȶȥŔɭȶȥnjɽȶȥnjȇɭŔȟ -ǠŔǫɭɢơɭɽȶȥ
áŔɭʋȥơɭ ȍŔʋʠɽ -ŔɢǫʋŔȍࡸ ĵʠˁŔ qơƎɭǫƃȇ࢛ĭȶȥnj -ǠŔȶ áǠɭŔˊŔ Fˉɢɭơɽɽ %ȶŔʋ eɭȶʠɢࡸ ¥ŔʋŔɢɭơơ
(L-R) -Ǡǫơlj Fƃȶȥȶȟǫƃɽ -ȶȟȟơȥʋŔʋȶɭ bȶɭŹơɽ ɽǫŔ (L-R) áǫƃǠŔǫɭȶȥŔɭȶȥnjɽȶȥnjȇɭŔȟ ¡7 èơŔȍ FɽʋŔʋơ òʠɢŔʋɭŔࡸ
(L-R) ƃǠŔȍ %Ŕȇơɭǫ bȶʠȥƎơɭ -ǠŔǫɭȟŔȥ ॹ ¡7 òˊȟɢǠȶȥˊࡸ Īǫɽǫʋǫȥnj òƃǠȶȍŔɭ ơơ ʠŔȥ ĵơˁ òƃǠȶȶȍ ȶlj áʠŹȍǫƃ ¥ŔʋʋǠǫȇŔ ĭŔʋʋŔȥŔʽơȇǫȥ ȥnjʠŹȶȍȇʠȍ -ǠŔǫɭȟŔȥ ॹ -F¶
áȶȍǫƃˊ ¥ŔʋǫȶȥŔȍ čȥǫʽơɭɽǫʋˊ ȶlj òǫȥnjŔɢȶɭơ
FŔɽʋơɭȥ òʠnjŔɭ ŔȥƎ -Ŕȥơ
ǠȟŔƎ èࡳ %ǫȥ7ŔˁȶȶƎ -F¶ 7ŔȥʠŹơ ŔȥƎ %ǫȥ7ŔˁȶȶƎ
A special thanks to the speakers, delegates and sponsors of the nineteenth
FORBES GLOBAL CEO CONFERENCE.
HELD IN HOST SPONSOR
PRINCIPAL SPONSOR
CORPORATE SPONSORS
SUPPORTING SPONSORS
STRATEGIES
Mayvenn founder
Diishan Imira at
Moods Beauty
Bar in Oakland, Long
California.
on Hair
Meet the world’s first venture-backed
human-hair-extension company. The dream?
To be the Airbnb of salons.
BY SUSAN ADAMS
TIM PANNELL FOR FORBES
NOVEMBER 2019 FORBES ASIA | 85
STRATEGIES
The journey of a hair extension from its source in Asia
to a customer in Brooklyn (bottom right).
t Moe’s Hair Hut in Harlem, New York, Raven
Johnson, 24, wants to look good for her upcom-
ing baby shower. She’s used to paying as much as
A$500 for a weave. That includes $250 for long, silky
human-hair extensions and another $250 for the stylist who
sews them into the tight braids of Johnson’s own hair.
But this time, thanks to a startup called Mayvenn, she’ll
pay $250 total. After three hours of meticulous labor by styl-
ist Ericka Barksdale as R&B blasts over the sound system,
flowing tresses tumble over Johnson’s shoulders. Beaming,
she says, “This is the best deal I’ve ever had—purchasing hair
and getting a free install.”
Founded in 2013 by African American entrepreneur Di- English, he’d learned how to import Chinese goods while pick-
ishan Imira, 38, Mayvenn is the only venture-backed startup ing up conversational Chinese. He started with $20 Air Jordan
to take aim at the $6 billion U.S. market for human-hair ex- knockoffs he sold to friends for $70. When he moved to Miami
tensions. With $36 million from investors including Serena in 2005, he ran an all-cash furniture-import business. He had
Williams and Silicon Valley powerhouse Andreessen Horow- fun pocketing six figures a year, sporting his fake Jordans, driv-
itz, Mayvenn is valued at $100 million. How will the compa- ing an Acura and partying. But, he says, “I didn’t have a compa-
ny deliver venture-style returns? “Mayvenn is a high-growth, ny, I had a hustle—it had no longevity to it.”
two-sided marketplace with hundreds of thousands of beauty He realized he had no concept of business basics. “I didn’t
experts on one side and millions of customers on the other,” have anyone in my family with the financial wherewithal to
says Ben Horowitz of Menlo Park, California-based venture explain that,” he says. His black father, a criminal defense
capital firm Andreessen Horowitz, a Mayvenn backer. “It’s lawyer, disappeared from his life when he was 5. His Jew-
important to understand that this is not an e-commerce busi- ish mother, an ob-gyn who worked in clinics for low-income
ness or a hair business.” women, raised him and his younger sister.
Before Mayvenn launched, black women bought their hair He enrolled in an international business program at Geor- GREG BAKER/AFP/GETTY IMAGES; BRENT LEWIN/BLOOMBERG; JACQUES DEMARTHON/AFP/GETTY IMAGES; JAMEL TOPPIN FOR FORBES
mostly from Korean-controlled beauty-supply stores. “All gia State University, studying in Brazil and at the Sorbonne in
the money was flowing outside the black community,” says Paris and doing internships in China and at Ernst & Young’s
Imira, who’s dressed in a dark gray T-shirt, gray sweatpants office in Addis Ababa. In 2010, M.B.A. in hand, he wanted to
and spotless gray Nikes with no socks. He’s sitting in front start a business but didn’t know what kind. He moved in with
of a Mac laptop and a 27-inch monitor in his office in down- his mother in Oakland, working menial jobs, like parking
town Oakland, California. Aside from two cases of Hennessy cars, and mulling his next move. He describes the succeeding
VSOP stacked by the door, a gift from a friend, the gray-car- two years as “pretty rough for me psychologically.”
peted office is bare. “I’m kind of a minimalist,” he says. His That’s when L.A. stylist Reina Butler, a surrogate sister
studio apartment in Oakland’s gentrifying Lakeshore neigh- who had shared a home with his family in Oakland, asked
borhood is similarly sparse. him to find her a Chinese hair supplier. In 2012, he flew to
Keeping things simple helps him focus. He conceived of China and found that human hair was a great export. Light
Mayvenn in 2012 after a stylist friend in Los Angeles asked if he and compact, it was cheap to ship, and retail markups ran as
could get her a direct connection to human hair from China. high as 400%. He checked U.S. Customs figures and estimat-
Back in 2003, during a postcollege job in Shenzhen teaching ed the U.S. market was worth $5 billion to $6 billion.
86 | FORBES ASIA NOVEMBER 2019
“I started to think of this as a venture-scale business that Though stylists have to accept a discount for their services,
could do hundreds of millions in revenue,” he says. With they benefit by gaining customers with little effort. Oakland
enough startup capital, he could launch an online busi- stylist Ariahnn Turner, 25, has gotten 26 new clients since she
ness that would sell through black stylists whom he’d recruit joined the Mayvenn program in January. “It’s a win for me,”
as distributors, giving them a 15% to 20% cut. “I could sell she says.
something and make a lot of money,” he says, “and I could Though the company is eating the money it spends buy-
also really positively impact the black stylist community.” ing appointments from stylists and it is not yet profitable, hair
In Silicon Valley, 56 kilometers from Oakland, he knew markups (Imira won’t specify Mayvenn’s) are robust enough
that venture capitalists were “writing multimillion-dollar to make each transaction profitable. He expects 2019 revenue
checks to startup founders in hoodies and flip-flops, but I to exceed 2018’s $30 million.
didn’t know a single person there, and I didn’t know how to Imira won’t reveal the source of Mayvenn’s hair, except
get there.” To find his way in, beginning in late 2012, he went to say that it comes from Asia, where he uses trusted suppli-
to panel discussions hosted by venture firms and to Wednes- ers who assure that the outer layer of each hair shaft runs in
day-night gatherings of a group called Black Founders at a the same direction, preventing tangles and frizz. Women who
San Francisco bar. buy inexpensive hair on AliExpress don’t know what they’re
He started plugging Mayvenn (the name comes from the getting, he says, while Mayvenn hair comes with a 30-day
Yiddish word for “expert”) at pitch competitions where white money-back guarantee.
and Asian investors had trouble grasping the market for black He is still aiming high. He believes he can expand May-
hair products. He finally scored with 500 Startups, a Menlo venn’s sales to high-markup products like shampoos, condi-
Park accelerator, which invested $50,000 and made introduc- tioners and bonnets that black women wear at night to pro-
tions to a dozen angel investors. tect their hair. And he welcomes customers of all hair types
One of them was David Shen, a partner at seed investing and backgrounds who are wearing extensions in increasing
firm Launch Capital. Imira took him to a salon in Oakland numbers (Kim Kardashian’s locks are not all her own).
and two Korean-run beauty-supply stores. “I was incredu- “I want to be the largest hair salon the way AirBnb is the
lous,” Shen says. “I loved that Diishan knew this business largest hotel,” he says. “AirBnb takes underutilized capacity in
and was willing to put the time and effort and knowledge housing and they fill it. I’m taking underutilized capacity in
into disrupting it.” salons and filling that.” F
Learning to shoot for big checks was
a process. “For many African Ameri-
can founders, it’s not natural to ask for
$10 million,” Imira says. It helped that “I started to think of this as a venture-
Ben Horowitz, whose wife is black, un-
derstood Mayvenn’s market. “I knew the scale business that could do hundreds
problem he was solving,” says Horowitz,
who sits on Mayvenn’s board. of millions in revenue.”
By late 2017, Mayvenn had recruit-
ed 50,000 stylists to distribute its hair.
But Imira had failed to anticipate the
sharp rise in e-commerce. Challeng-
ers, especially AliExpress, the giant Chi-
nese retail site owned by billionaire Jack
Ma’s Alibaba Group, were undercutting
Mayvenn’s prices by 80%. “We were still
growing, but I could see the writing on
the wall,” he says.
Late last year, he pitched a new ap-
proach to investors and raised $23 mil-
lion. Instead of relying on an army of
stylists to distribute its hair, Mayvenn
TIM PANNELL FOR FORBES stylists for $100. Then it offers the ap-
now buys install appointments from
pointments free to customers who buy
Mayvenn hair. In less than six months,
3,000 stylists are already listed on the
site by Zip Code.
NOVEMBER 2019 FORBES ASIA | 87
FORBES LIFE
MYTHICAL BULL
Boetje Widjojo shares his journey with
the rarest Lamborghini in Southeast Asia.
BY YESSAR ROSENDAR
The 1971 Lamborghini Miura S
I ntroduced more than five de-
cades ago, the Lamborghini
Miura is a unique car that rev-
olutionized the world of sports
cars. It is the first supercar with a
rear mid-engine two-seat layout,
which became the standard for high-per-
formance cars. Yuswo Tirto Widjojo,
known by his nickname Boetje, is an elite
collector of classic cars in Indonesia. He
owns a 1971 Lamborghini Miura S—one
of only two Miuras in Southeast Asia.
Lamborghini says it also is the lowest
Boetje Widjojo
mileage Miura in the world, clocking just
under 2,100 kilometers when it was re-
stored two years ago at Polo Storico, Lam-
borghini’s restoration center at the luxury
car maker’s Sant’Agata Bolognese headquarters in Italy.
Widjojo, 66, is a prime example of an automotive
enthusiast. He has been chairman of the Lamborghini
Club Indonesia since 2017 and is one of the club’s
most senior members, having joined in 2010. He
manages his family’s law firm, Widjojo CS—which
specializes in intellectual property cases—and also
invests in property. Widjojo, whose love for cars
started in junior high school, prefers classic cars over
modern ones. “New cars now look the same,” Widjojo
says. “Back in the old days a car is not designed by a
machine or a computer, but a human, an artist who
made it much better.”
Widjojo owns several modern Lamborghinis,
including a 2003 Murcielago he bought in 2010 and
an Aventador LP720-4 50 Anniversario, a car that
celebrates the Italian firm’s 50th birthday. But it’s the
Miura—with chassis number 4845 and restored to its
original green paint job with blue-leather interior—
of which he’s proudest. After all, it took Widjojo two
WINSTON GOMEZ FOR FORBES INDONESIA by a Singapore collector who brought in a lefthand
decades to convince the owner to sell the car to him.
Of the two Miuras in Southeast Asia, one is owned
drive Miura from the U.S., while Widjojo’s is the only
Miura shipped directly by Lamborghini to Southeast
Asia. It has a colorful history. The second owner sold
the Miura to a dealer in Jakarta, who then had to turn
it over to help pay off losses at Jakarta’s old Copaca-
bana casino—one of the three casinos that operated in
NOVEMBER 2019 FORBES ASIA | 89
FORBES LIFE
TIMELESS ICON
Introduced 53 years ago, the
Miura was designed in 1965 by a
Lamborghini engineering team
headed by Gian Paolo Dallara
and Paolo Stanzani. The car, with
a body conceived by Marcello
Gandini, was an immediate hit.
It was named after Edoardo
Miura, a close friend of founder
Ferruccio Lamborghini and a fa-
mous breeder of bulls, and began
Lamborghini’s tradition of nam-
ing its cars around a bull theme.
Introduced at the Geneva Motor
Show in 1966, the Miura’s fans
The car featured in a magazine in 1972 included celebrities such as Dean
Martin, Frank Sinatra, the Shah of
Iran, the Prince of Monaco, Rod
Stewart and Twiggy. Lamborghini
the Indonesian capital in the 1970s before gambling was
ultimately delivered only 763
banned in the country. Attempts by the casino to sell the Miuras, produced in three models
car failed, so it consigned it to a warehouse in 1978. The and 60 different colors, between
car never saw daylight until Widjojo saw it in 1990. “I 1966 and 1972. Miura interior (top) and the odometer
showing its low mileage.
was shocked to see it was a Miura,” Widjojo says.
The Miura’s previous owner knew that it was special
and didn’t want to sell it, but Widjojo persisted. “For
two decades I visited the previous owner’s house every IMPECABBLE
month to persuade him to sell me the car,” Widjojo says. RESTORATION
The owner only considered selling the car in 2008 after
becoming terminally ill. Concerned that his children Relaunched in 2016, Lamborghini
Polo Storico is a specialized unit
would fight for the ownership of the car after his death,
dedicated to the restoration
Widjojo says, the owner decided the best option was and certification of Lamborghini
to sell it. models that have been out of
Widjojo had to compete with two other bidders and production for at least ten years
(from the Lamborghini 350 GT to
negotiate for a year before he finally landed the car. Wi-
the Diablo). The division is also
djojo won’t say how much he finally paid. “For an old car in charge of preserving archives
it was very expensive,” he says. When he got the car, it and records, and of managing
was in such a bad shape that it needed a total overhaul. the supply of original spare parts
for classic cars. Lamborghini still
The warehouse where the Miura was stored had flood- produces original spare parts for
ed, submerging the car’s floor and engine in corrosive sea over 65% of its classic cars.
water. Widjojo tried to restore the Miura in Indonesia
but decided two years ago to send it to Italy. “I was tired
Restoration process
of restoring it as there were endless details that were not at Polo Storico
right,” Widjojo says. “So, in 2017, I sent it to Lamborghi-
ni’s Polo Storico in Italy for [a complete] restoration.”
Restoring a Miura is a delicate process. With its cen-
tral cockpit and dome design, the car has very thin pil-
lars that are prone to bending and distortion. “Checking
that the four tires all move and point perfectly straight
seems silly but, at the end of the work, it can really make
a difference,” Massimo Delbo, a spokesperson for Polo
Storico, says in an email interview.
Widjojo’s car wasn’t difficult to restore because it WINSTON GOMEZ FOR FORBES INDONESIA
was complete and the chassis was straight and the body
didn’t have much rust, Delbo says. Fixing some of the
dents, however, took longer, he says. Once the restora-
tion was completed, Widjojo sent the Miura to compete
90 | FORBES ASIA NOVEMBER 2019
It’s never black and white.
As the world’s most trusted news organisation , we provide insightful,
1
in-depth and accurate analysis. Find out what’s actually happening.
1 SOURCE: Brand Tracker H1 2018. Percentage who consider the brand ‘Trustworthy’ in an implicit association test.
BASE: (n=4,769), I8-65 y/o international consumers who are aware of and would consider brand. USA, Germany, Australia, Singapore, Nigeria, India
Conducted by Insites Consulting, an independent market research agency
FORBES LIFE
“For two decades I visited
the previous owner’s house
every month to persuade
him to sell me the car.”
in a Concours d’Elégance—the ultimate contest where clas- the original air conditioning system installed by Gruppo
sic cars are judged following restoration—before shipping it Bertone, the coachbuilder that built the Miura’s interior. To
back to Indonesia. The car won the Best 1970s Car award at prove the car was in flawless condition, it was handed over to
the prestigious Hampton Court Palace Concours in London Widjojo for a test drive on a dedicated track. “The car felt like
last year. The car proved to be a magnet of attention in the it was brand new,” Widjojo says.
event, where over 60 classic cars were showcased. Britain’s The Miura embodies the youthful outlook of its design-
Prince Michael, the patron of the event, stopped to admire it ers, Widjojo says. “They were dreamers,” Widjojo says. “They
and asked about the restoration. “I knew that I would win the didn’t think if the car could be sold or not, they didn’t care.
contest,” Widjojo says. What they wanted was to make something amazing and
Widjojo’s Miura was restored to perfect condition, both that’s what it is.” Restoring a classic car is an intricate and
inside and out. The green paint is spotless, with every inch time-consuming process, but Widjojo considers it his ulti-
looking brand new down to the original, 15-inch magne- mate hobby. Among his other restoration projects, he says WINSTON GOMEZ FOR FORBES INDONESIA
sium wheels and Pirelli Cinturato tires. The original interi- the Miura was the most expensive. But it was worth every
or cabin leather was retrimmed with identical material. The rupiah, he says. “The satisfaction of giving new life to an old
car’s electrical system and power windows were also restored car, to become so perfect that it felt like it just rolled off the
to the standard for Miura S models. Widjojo says it even has showroom, is amazing,” he says. F
92 | FORBES ASIA NOVEMBER 2019
FORBES LIFE
AMERICA’S Top Ten
TOP COLLEGES 1 2
HARVARD
Cambridge, MA STANFORD
Stanford, CA
EDITED BY JUSTIN CONKLIN, CARTER COUDRIET AND CAROLINE HOWARD 13,844 | $69,600 | 5% 8,402 | $69,109 | 5%
JEREMY LIN CHARLES SCHWAB
NBA PLAYER FOUNDER, SCHWAB
IS COLLEGE WORTH IT? Absolutely—at least if you attend one of the
nation’s better schools and don’t go broke doing so.
The average annual cost of the 650 schools we examined is $45,000;
nationally, 49% of graduates under age 30 are carrying loan debt, on the
hook for a median $25,000 for the privilege of earning a bachelor’s degree.
But for students at the best colleges, that investment pays off 3 4
handsomely. A decade into their careers, alumni of our top 50 UNDERGRAD YALE MIT
ENROLLMENT
ranked schools had outearned graduates of our bottom 50 by TOTAL COST New Haven, CT Cambridge, MA
nearly $50,000 annually. ACCEPTANCE 6,483 | $71,290 | 7% 4,680 | $67,430 | 7%
RATE
STEVE MNUCHIN
BENJAMIN NETANYAHU
Our ranking—which is available in its entirety at forbes.com/ NOTABLE U.S. TREASURY SECRETARY ISRAELI PRIME MINISTER
RECENT GRAD
top-colleges—considers only the nation’s 650 best schools (there
are some 3,000 four-year degree-granting colleges throughout
the U.S.). Kids from the top institutions also outperform in terms of on-
time graduation rates, scholarly recognition and competitive awards.
Selecting the right college is one of the most important decisions any-
one can make. Be informed and choose carefully.
5 6
PRINCETON PENN
Reported by Maria Clara Cobo, Julie Coleman, Madison Fernandez,
Princeton, NJ Philadelphia, PA
Grace Kay and Derek Saul
5,659 | $66,150 | 6% 13,437 | $71,715 | 9%
JEFF BEZOS ELON MUSK
FOUNDER, AMAZON FOUNDER, TESLA
Lowest Debt
COLLEGE OF THE OZARKS $0
BEREA COLLEGE $2,747
BOSTON COLLEGE $3,607
UNIVERSITY OF TEXAS, 7 8
RIO GRANDE $3,841 BROWN CALTECH
Providence, RI Pasadena, CA
CALIFORNIA STATE 7,390 | $71,050 | 8% 1,002 | $68,901 | 8%
UNIVERSITY, L.A. $3,945 EMMA WATSON KIP THORNE
ACTRESS THEORETICAL PHYSICIST,
NOBEL LAUREATE
Highest Earners
HARVEY MUDD COLLEGE $158,200*
MIT $155,200
U.S. NAVAL ACADEMY $152,800
9 10
CALTECH $151,600 DUKE DARTMOUTH
Durham, NC Hanover, NH
HARVARD $146,800 7,184 | $71,764 | 10% 4,693 | $71,827 | 10%
DAVID RUBENSTEIN SHONDA RHIMES
COFOUNDER, SHOWRUNNER
*MEDIAN BASE SALARY MID-CAREER THE CARLYLE GROUP
94 | FORBES ASIA NOVEMBER 2019
THOUGHTS ON
FAMILY
“Family: a unit composed not “The best you can really
only of children but of men, hope for is a family where
women, an occasional animal everyone’s problems, big
and the common cold.” and small, work together.
Ogden Nash Kind of like an orchestra
where every instrument is
out of tune in exactly the
“Families are about love over- same way, so you don’t really
coming emotional torture.”
notice.”
Matt Groening
Neal Shusterman
“They were a tense and “When I walk, I walk with
peculiar family, the you. Where I go, you’re with
Oedipuses, weren’t they?”
me always.”
Max Beerbohm
Alice Hoffman
“I had underestimated this “Think of your forefathers!
place where I was born. I Think of your posterity!”
knew it was a good place to
be from. I had no idea how John Quincy Adams
great a place it was to be.”
Rod Dreher “A family can be the bane of
one’s existence. A family can
also be most of the meaning
“The greatest gift a parent can of one’s existence.”
leave a child is that parent’s
own independence.” Keri Hulme
Rosamunde Pilcher
“Start children off on the
way they should go, and
“One day you will do things even when they are old
for me that you hate. That is they will not turn from it.”
what it means to be family.”
Proverbs 22:6
Jonathan Safran Foer
The Mighty Marriotts
“Call it a clan, call it a network,
call it a tribe, call it a family. February 1, 1971
Whatever you call it, whoever FINAL THOUGHT
you are, you need one.” First came Bill and Alice. Then their son Bill Jr. as well
Jane Howard as his younger brother, Richard. More than 40 years after
Bill Sr. founded Marriott Corp., he and his nuclear family
“Parents learn a lot from still commanded the company from its top floors. What
their children about had once been a lone Beltway root-beer parlor had be-
coping with life.”
come a thriving, $315-million-in-sales collection (some
Muriel Spark
$2.1 billion in current dollars) of hotels and restaurants,
“Imperturbability could including Big Boy Coffee Shops and Roy Rogers.
be depended upon. And The Marriotts owed a great deal of their success to their
from her great and humble tight-knit family. “The principles of operations remained
position in the family she the same: close family supervision of all details, with
had taken dignity and a
clean calm beauty.” Alice keeping the books; Bill running the business; be- “Our Rockefellers, Carnegies,
Fricks, Vanderbilts, Goulds,
nevolent and paternalistic labor relations; [and] a flair
John Steinbeck Hills, Harrimans, Astors,
for promotions.” Eastmans, Stillmans, Pull-
mans, Fields, can bequeath
“The difference between a enormous fortunes, but they
‘man’ and a ‘father’ is that the cannot bequeath brains.
former shares his genes, but SOURCES: THE LITTLE WAY OF RUTHIE LEMING, BY ROD DREHER; THE SHELL SEEKERS, Not one Napoleonic son has
the latter gives his life.” BY ROSAMUNDE PILCHER; EVERYTHING IS ILLUMINATED, BY JONATHAN SAFRAN FOER; sprung from these titans.”
THE GRAPES OF WRATH, BY JOHN STEINBECK; THE COMFORTERS, BY MURIEL SPARK; —B.C. Forbes
Craig D. Lounsbrough THE STORY SISTERS, BY ALICE HOFFMAN; ANTSY DOES TIME, BY NEAL SHUSTERMAN;
THE BONE PEOPLE, BY KERI HULME.
96 | FORBES ASIA NOVEMBER 2019
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