The Chinese Family Business Succession Report launched in Beijing

The Chinese Family Business Succession Report launched in Beijing

On 10 November, the Chinese Family Business Succession Report (hereinafter referred to as “the Report”), jointly drafted by the Research Office of the All China Federation of Industry and Commerce (ACFIC), the Family Business Committee of Chinese Research Institute on Private Economy, multiple universities from four cross-Strait regions and the Lee Kum Kee Family, was launched in Beijing. Mr. Zhuang Congsheng, former Vice Chairman of the ACFIC and Chairman of Chinese Research Institute on Private Economy, Mr. Sammy Lee, Chairman and Managing Director of LKKHPG and Mr. Harry Yeung, Senior Vice President of LKKHPG attended the launch ceremony.

Following the Chinese Family Business Report in 2011 and the Chinese Family Business Report on Corporate Social Responsibility in 2013, this Report is the third one on Chinese family business compiled under the aegis of the Family Business Commission of the Chinese Private Economy Studies Association. The Report has three chapters. “Chapter 1: Report” consists of the family business succession reports of Mainland China, HK SAR, Macau SAR, and Taiwan respectively. “Chapter 2: Cases” is comprised of cases of 16 representative family businesses in cross-strait four regions and Singapore. “Chapter 3: Viewpoints” shares opinions given by over 30 scholars around the globe.

The Lee Kum Kee Family shares its experience of family business succession entitled “Lee Kum Kee’s Family Culture and Succession” in the Report. At the launch conference, Mr. Sammy Lee, Executive Director of Lee Kum Kee Group and Chairman & Managing Director of LKKHPG, said that the Lee Kum Kee Family had been through lots of ups and downs in family business succession in the past 127 years, yet they still believed that the concept of “preventive treatment of diseases” could nurture the development of family businesses. He also hoped that the Report could help identify and resolve the issues of family businesses which have not yet externalized.

After over 30 years of rapid development, China’s family businesses come to the critical period of family succession, with confronting issues intertwined with the “new normal” of comprehensive deepening of reforms, economic slowdown, and transformation of industrial structure. Therefore, the successful succession of family businesses has already become a hot topic among the government, society and enterprises, since it is not only related to the healthy development of non-public economy and the business practitioners, but also related to the national economy, occupation, environmental protection and even the social stability. So the Report released at such a crucial moment boasts realistic importance.

Mr. Harry Yeung, Senior Vice President of LKKHPG, said the Report was intended to assist family businesses in sorting out, concluding and exploring more innovative practices and successful experience from theoretical and practical perspectives for the aims of healthy succession and sustainable development. And the facilitation of the successful release of the Report was another innovative practice by the Lee Kum Kee Family in shouldering social responsibility.

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