TWO former senior employees of UOB Kay Hian Private Limited (UOBKH) were charged on Wednesday for allegedly lying to the Monetary Authority of Singapore (MAS) in relation to reports on a then Catalist aspirant. Lan Kang Ming, 38, and Wee Toon Lee, 34, each face three charges of providing MAS with false information in October 2018 in relation to due diligence reports on an unidentified company applying to list on the Catalist board of the Singapore Exchange. MAS said in a media statement on Wednesday that it was performing an onsite inspection of UOBKH between June and August 2018, to assess the latter's controls, policies and procedures in relation to its role as an issue manager for Initial Public Offering (IPOs). During the examination, Lan and Wee were said to have provided different versions of a due diligence report relating to background checks on a company applying to be listed on the Catalist board of the Singapore Exchange. UOBKH had acted as the issue manager
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Because the country is so complex, top executives need to grasp its political, social, cultural and historical paradigms when trying to unravel its economics, says LOW YEN LING
09 July 2012
As the economic centre of gravity moves to the East, leaders of the future will be distinguished by their understanding of China and if they have the “China quotient”.
Today, the C-suite of leaders in corporations has expanded from CEOs (chief executive officers), CFOs (chief finance officers) and CIOs (chief information officers) to CMOs (chief marketing officers), CROs (chief risk officer), CSCMOs (chief supply chain management officers) and CHROs (chief human resource officers).
As China, the world’s second largest economy, takes global centrestage, companies may do well to add another “C” to their C-suite of leadership. That is, arm their top-level leadership with the important “China-Quotient”, or “C-quotient”.
The “China-Quotient” is not only an intellectual knowledge of China. It is an intimate, experiential understanding of the one of the world’s most complex and captivating countries. The “China-Quotient” encompasses a deep appreciation for China’s way of life and diverse cultures, its politics, history, economics and social trends. Leaders with such insights and perspectives will help their companies wield a competitive edge above the rest.
As we move into a world of China’s pre-eminence, the barometer that distinguishes leaders of the future would be their possession of the “China Quotient”.
Because China is so complex, we need to grasp its political, social, cultural and historical paradigms whenever we attempt to unravel its economics. Knowing the Chinese language is only a first step. Being a bilingual Singaporean helps facilitate my understanding of China, but I soon realised that it takes much more than just language.
Success in China demands deep cultural understanding and adaptability, intrinsic knowledge of its people and way of business, and the ability to sense and respond to cultural and modern Chinese nuances in business or daily situations.
Most of what we learn about China is more than what is written in books or taught in classrooms. That is why a group of 22 C-level executives and I embarked on a learning journey that included a five-day stay in China.
This China odyssey was organised by Business China and the Nanyang Technological University’s Nanyang Business School under the auspice of the inaugural Future China Advanced Leaders Programme. The programme edged up our “China Quotient” with plenty of networking opportunities and exclusive insights from the faculty as well as Chinese business and community leaders.
These are some important observations and lessons we gained from the programme can help you up your “China quotient”.
Meeting the Chinese
The right way of addressing the Chinese - official name and title - is important. During our two weeks in China, we were hosted by several groups of Chinese from government and business circles. This also meant that we had to remember their official titles along with their surnames. For example, when we met the executive chairman and CEO of the Nasdaq-listed China Lodging Group, Mr Ji Qi, we had to address him as “Ji Zong”.
The way of arrival
In our numerous meetings, we also had to get used to the practice of arriving as a group. Because our Chinese hosts accord special respect to the most senior person from the invited party, it was necessary to arrive as a group to avoid embarrassing the host should the senior person be late. It was also the duty of the most senior person to introduce the delegation.
If someone toasts us with baijiu, it would be very impolite not to return the toast with the same drink. In one instance, I apologised to our host for one of our delegates had unknowingly returned the toast with plain water in a cup for baijiu. She was unaware that the Chinese could have been offended by her innocent gesture.
Every meal we had would be accompanied by the Chinese custom of the host proposing three toasts. As guests, we also make it a point to thank our host with a toast at the end of every meal, and this is when we draw upon our trove of well wishes.
I found a good way to respond to our hosts with this saying, You shi mei shi chang lai wang, Da shi xiao shi hao shang liang, which means, “Let’s keep in touch always, so that in matters small or big, we will also have an open door for discussions”. This invitation of friendship and goodwill often creates trust and mutual respect for our hosts and us.
So it would be a wise practice to constantly update your internal bank of well wishes when in China!
Engaging the Chinese
Know your partner’s strategic goals. Despite our close ethnic and cultural ties with China, many of us Singaporeans are still learning the art of engaging the Chinese. Through the Future China Advanced Leaders Programme, we gained a better perspective of Chinese values and behaviour by understanding the way the philosophies of Confucius and Sun Zi have China. For example, Sun Zi’s “Zhi ji zhi bi, bai zhan bai sheng” adage (translated as “Knowing your partner, knowing oneself”) would be crucial for any successful negotiations and partnerships. It is important to align our strategies and interests well with the objectives and priorities of potential Chinese partners.
Trust
At the cornerstone of Chinese culture and business is guanxi and trust built as a result of good relationships. Trust and integrity are also key business values upheld by the West. However, it is interesting to note their different approaches to doing business.
The Chinese preference is to build personal relations first before considering business relations, and to conduct business grounded on strong personal relationships. On the other hand, the Western approach would be to pursue the goal of business first, before enhancing any personal relations.
As Singaporeans, we often navigate between our Eastern heritage and Western values. This also means we have the benefit of understanding both worlds and of having the ability to connect and bridge the East and the West.
Leveraging upon the C-Quotient
This unique ability to connect, create and contribute value in our engagement with the Chinese is an asset that will distinguish the leaders of the future. Many of us in Singapore can take hold of this advantage.
Business China’s mission is to cultivate and nurture waves of bicultural individuals - executives, professionals, businessmen, community leaders and youths - with a high level of “China Quotient”. Those imbued with the “C-Quotient” can interpret and decode situations from Eastern and Western points of view, transcend cultural barriers and even leverage differences across boundaries to cultivate trust and create opportunities.
The potential is immense, and there is still so much more to learn about China. Its multi- faceted nature and dynamism keeps us on our toes. This year, the FutureChina Global Forum, being held today and tomorrow, explores how China balances its international role and economic structure amid the vast changes in the global economic and geopolitical landscapes.
The leaders of the future keep their eyes on China. This is what sets them apart.
The author is CEO of Business China