HKUST Business Review

Exploring Current Challenges During the panel discussions, experts shared valuable insights into the complexities of expanding into overseas markets. LI Yunfei, General Manager of the Brand and Public Relations Division at BYD, highlighted the strategic move into Western Europe’s electric vehicle market. "Expanding into these markets is a pivotal move in building our international brand," he said. He emphasized the importance of establishing local production capacities, stating, “Deep integration with local industries is crucial, including setting up comprehensive production lines and nurturing local talent.” Peter LI, Head of IT at China Aircraft Leasing Group, echoed this sentiment, emphasizing the need to master technology. “No matter how the international business landscape evolves, focusing on the fundamentals—mastering technology and enhancing customer experience—is key,” he noted, further highlighting the competitive edge of Chinese engineers. He remarked that Chinese enterprises have significant opportunities to utilize their technological advantages in overseas markets. His perspectives on leveraging China’s technological advantages were supported by Chris PEREIRA, Founder and CEO of iMpact, who stated that, “Chinese enterprises are moving up the production value chain and expanding internationally, leveraging their expertise to establish operations overseas.” Moderated by Professor CHEN Zhanhui, Associate Professor of the Department of Finance, the discussions delved deeper into how intelligent technologies can enhance operational efficiency. “The application of smart technologies will transform traditional work methods, particularly with blockchain’s role in cross-border payments,” he explained, highlighting the technology’s potential to navigate financial sanctions and interruptions in payment channels, especially in the context of international trade conflicts. Exploring Future Innovations The second panel discussion revolved around the future of technological innovations that promise to reshape industries globally. Leo LIU, a distinguished industry leader with extensive expertise in cloud computing, artificial intelligence, and emerging technologies, stressed the importance of complying with local laws when establishing a manufacturing presence in foreign markets. “Understanding local social dynamics is essential,” he said, providing insights into how local conditions can affect business strategies. For example, he noted, “In cities with chronic traffic congestion, knowing that many residents prefer remote work options can provide valuable insights for businesses.” Liu also expressed confidence in the potential of AI technology, stating, “There are many ways industries can leverage Generative AI across various sectors, including customer service and knowledge management.” This sentiment was echoed by Franz WU, Co-founder and CEO of YOHO Group, who shared his thoughts on the evolving e-tailing sector. “While larger businesses face challenges, opportunities abound for smaller firms. It’s crucial to focus on your unique strengths to maximize success,” he said, further noting that he has personally witnessed numerous examples of start-ups from Mainland China “achieving remarkable business success within a few years”. Spencer LAM, Group Chief Technology Officer of Shangri-La Group, also emphasized the importance of cross-cultural sensitivity in managing diverse teams. “My time at HKUST has been instrumental in my career development, particularly in managing multicultural teams,” he said, stressing the need to understand your customer base: “Knowing who your customers are and what your product offers will help you leverage technology to create business value.” Moderating the panel, Dr. MENG Zhaoli, Associate Director of the School’s Center for Technology and Business Ecosystem, discussed the significance of innovation in the future landscape. “Innovation is still the key. The coming AI era will completely change all walks of life in the next five to ten years,” she stated. Dr. Meng identified biotechnology as a particularly promising field, expressing anticipation for “more integration between humans and technology,” which she believes will be transformative. Looking Ahead The forum's discussions were not just timely but essential for the future of global business. With an emphasis on staying innovative, leveraging technology, and building cross-cultural ties, the event highlighted the need for enterprises to embrace new strategies. HKUST Business Review 39 Cover