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Dear friends,

For the month of April, the spotlight is on the rise of internet celebrities. Just recently, Huawei’s founder and Chairman, Mr Ren Zhengfei, became an internet sensation as a photo of him queuing for a taxi, with his luggage, outside Shanghai’s Hongqiao Airport went viral on social media. Mr Ren Zhengfei established Huawei in 1988, at the age of 44. Today, 27 years later, Huawei is one of the world’s top 500 enterprises with annual sales of more than RMB390 billion and is also the world’s most respected Chinese enterprises. Huawei is an example worth learning from. The following is a letter addressed to Huawei’s new employees in 1994, which now forms the core of Huawei’s corporate culture. I have extracted three sections from it, summarising our Group’s current situation and future prospects, to share with everyone. For the details, you can also refer to our platform “Billion Dollar Market Cap Club” (ID: yi1000club).

Ren Zhengfei:

Huawei has a common value system, which is to establish an enterprise culture that contributes to the world, society and the nation. This culture is one that is open, inclusive and constantly seeking to learn from other good excellent culture and management in the world. A closed culture driven by narrow mindedness due to self esteem and pride would lead to the exclusion of better cultures and Huawei would be deemed for failure. The enterprise culture unifies employees to work and struggle together as a team. Through this, one’s intelligence and core capability would be able to be put to good use and also gain success. For someone with no sense of responsibility, lack of self-evaluation, un-cooperative and unable to work in a team, he will miss the opportunity to improve in Huawei and find himself wasting precious time.


It has been 15 years since Financial PR was first established in 2001. We started from humble beginnings in Singapore to become the leading player in the local market. However, the market size was too small and as the saying goes, “In the country of the blind, the one-eyed man is king”, we were not satisfied. Most importantly, we need to follow our clients closely – where the client goes, we would need to go.  In 2007, we began our expansion into the Asia Pacific region. Along the way, we harboured an attitude to always keep learning and constantly recruit outstanding individuals, till today.  Our Group’s operations span across the capital markets in Singapore, Hong Kong, Taiwan and China, with a team of approximately 130 employees and 23 equity partners. The core of our enterprise culture is integration and inclusion, especially between the equity partners and me. An individual, whom is inclusive, is also able to carry out self evaluation and empathise with others.

Ren Zhengfei:

Managing a Company is similar to running a matrix system, during operations; it is essentially a network of support. I hope that all of you would become a sub-system in this large and open system, to actively and effectively seek support from others and be a support for others. In this way, you would be able to fully utilise the Company’s resources, receive help through others’ suggestions and learn from each other’s experience to quickly ease into your role and gain progress. Asking for help is not disgraceful, but the act of committing evil is dishonourable. Seeking help is the best form and an expression present in a group struggle.


Financial PR is in the business of managing investor relations, one that is cross-industry across multiple sectors – the media, security houses and corporate consulting. This is also why to emerge as a true Investor Relations expert in the industry is extremely challenging. Internally, we would need to strengthen co-operation among teams, methodology between subsidiaries and sharing of resources and case studies. Concurrently, externally, we need to continuously build up a group of supporters we can turn to for assistance. This includes brokers, analysts, institutional investors, media professionals, other intermediaries and corporate secretaries, CFO, including the Chairman. Through continuous learning, acquiring of new knowledge and translating them into practice, one would then be able to create value for clients and become an industry expert.

 Ren Zhengfei:

At times, you would feel that the Company is not as impartial as you would like it to be. However, there is no real absolute fairness and one should not have high expectations in relation to this. But opportunity comes to all who works hard for it, one must therefore be able to do good yet be able to withstand being misunderstood. Just like the saying, “rising like a phoenix from the ashes”, this is also the attitude a Huawei employee must have when faced with grievances and frustrations and is our criteria for the selection of cadre. Without a certain tolerance level, how can we take on greater responsibilities? In fact, a person’s fate rests in their own hands. While one’s value may be misrepresented, it would not differ too drastically. One must believe that the sun will eventually rise, even though it is temporarily still below the horizon.


We are in a service industry; therefore it is necessary to achieve customer satisfaction. There are different levels of clients and they function just like a mother, whereby one has to obey. These clients can appear at different timings and make all sorts of different requests, and at times may contradict one another; therefore we would have to tolerate some grievances. The financial public relations industry in China has undergone a period of transformation following the second half of 2014, and we were subjected to grievances when our services, even our business model was questioned. However, throughout the mature global capital markets, financial public relations, auditing, independent directors and company secretaries are “the standard” across every listed Company today. Financial PR’s own methodology, “PERFORMANCE IR”, has successfully created value for different kinds of public companies in mature capital markets and has taken off. Let us use Mr Ren’s, “Rising like a phoenix from the ashes” to encourage ourselves. The public champions justice. As long as we are down to earth, never stop seeking for improvement and learning, conduct ourselves professionally and continue to create value for our clients – on the day the sun rises, we will definitely be golden phoenixes.

Kathy Zhang
Founder & Chairwoman

Group News


Asia Fund Space clinches SGX as client; successful roadshows carried out in Beijing

Asia Fund Space (“AFS”), a subsidiary of Financial PR Group, had successfully clinched an iconic client in April 2016 with the signing of Singapore Exchange Ltd. (“SGX”).

Concurrently, AFS partnered China Construction Bank International (“CCBI”) to host a series of 1-on-1 roadshows on 7-8 April 2016 in Beijing for SGX. Led by both the CEO and CFO of SGX, the management carried out in-depth discussions with large Chinese institutional investors with the latter expressing great interests.

AFS specialises as a communications platform to bridge publicly listed companies and institutional investors in the Asia Pacific (“APAC”) region. At present, there are thousands of registered investors and C-suite executives from more than 300 APAC listed companies on the platform. Embarking on a series of interactive online and offline activities, AFS continues to serve as a bridge between investors and listed companies!

London Stock Exchange signs Financial PR services to expand into China

A separate subsidiary of the Financial PR Group, Merlion Communications, successfully signed London Stock Exchange (“LSE”) on 27 April 2016 for a two-year investor relation programme as LSE seeks to expand into the Chinese market.

With an optimistic outlook for the Chinese market, LSE seeks to leverage on the extensive network of Financial PR Group to increase its awareness as an IPO and equity financing platform for Chinese companies.

LSE has also agreed to expand the required professional services in China as and when necessary.

Mark Lee
Group Deputy Managing Director

Company News


Formation of the 8th Investment Forum committee

Our Financial PR’s flagship 7th Asia Investment Forum was only recently concluded in January 2016 and four months on, we have entered into a phase of intense preparations for the 8th series in mid-April. After assembling the preparatory team, a conference call was scheduled to determine the investment forum’s theme, date, place and more importantly the distribution of participating companies from FPR China, Hong Kong and Singapore. The investment forum was concluded to take place on 8 July 2016 at Grand Hyatt Shenzhen.

After carrying out the Investment Forum for the seventh consecutive time, we have grown and continuously seek to improve by innovating and deriving new ideas. It has even become a bi-annual event which Financial PR and clients look forward to! Apart from inviting listed companies from Hong Kong, China and Singapore to a series of group and 1-on-1 meetings, this upcoming Investment Forum will also have a luncheon forum as seen in our previous 5th and 7th forums. The current economic landscape depicts an economic transformation for China. With the maturity of the “Shanghai-Hong Kong Connect”, it is widely anticipated that the “Shenzhen-Hong Kong Connect” will prevail in the coming months with a positive impact for both capital markets. With a theme that spells “Shenzhen-Hong Kong Connect – the search for innovation and exchange in the new economic environment”, the luncheon forum will be participated by Shenzhen Stock Exchange, guests of leadership and industry pundits alongside C-Suite executives and investors. It is expected that the selected topic for discussion is a heated discussion among the industry experts and will enrich the overall content of the Investment Forum.

On the front of publicity, Financial PR previously targeted selected companies, particularly those with a higher turnout possibility as they are existing clients. Apart from inviting these companies, we have extended the invitations to a wider scope of companies based on the theme of regional IR activities which has successfully gained market attention. As a result, we saw an increase in the inquiries and participation from new companies but more importantly induced industry players such as analysts and funds to discuss extensively about the event. This has helped tremendously in the Group’s ability to increase the event’s brand awareness.

Regardless of the outcome from every new attempt or innovation, there are returns to be harvested, in one form or another. This is also a process where individuals grow and mature by willing to undertake experiments and possibly failure along the way. In the eyes of the Chinese, “8” is seen as an auspicious number while it is perceived as “∞” in the eyes of tyrants which reflect infinity and endless possibilities. The 8th Investment Forum was only possible after a cumulative effort from the previous seven sessions. Let us aim to scale new heights with this upcoming event!

On behalf of the 8th Investment Forum committee
Morning Zhu

Third Billion Dollar Market Cap Club salon recap: New Third Board’s Market Value Management for enterprises and latest developments

On the 26th of April, the finalized new third board stratification standards went viral online with significant changes to criterion one and three. Criteria one eliminated the regulation for 200 or more shareholders while criteria three increased the requirement for 50 qualified investors. Some investors have indicated that the insider news was true, but the share transfer company has yet to confirm this.

At the same time in another area of Beijing, the third Billion Dollar Market Cap Club Salon is growing in popularity. The event was jointly organized by the Billion Dollar Market Cap Club and 55ceo and was attended by more than 70 directors from companies who are listed or soon to be listed on the New Third Board. The activities, which centered on deciphering the latest developments from New Third Board’s Market Value Management, led to a lively discussion between well-known institutions such as Tripod Capital, Chenhui Capital, the New Third Board’s first investment research platform, 55ceo, Merlion Group as well as companies who intend to partake in the New Third Board’s new stratification standards. For more information please subscribe to the Billion Dollar Market Cap Club (yi1000club).

We will share with you below the details of the following exciting activities and our main views!

New Third Board’s viewpoint on “weather, geography and people”

The Financial PR Group and Merlion PR’s founder of the international chapter first brought suit against the New Third Board’s Market Value Management in her keynote speech. She analysed the New Third Board’s current number of listings, trading volume and ability to finance and then pointed out the challenges due to suspensions and delays in the registration system. In China’s stock market, the New Third Board possesses the “Timing”; between 2013 – 2015, the number of companies listed on the New Third Board surged 18 fold to reach 6583 entities, possessing “Favourable Geography”; the number of qualified investors on the Board reach as many as 230,000, encompassing the “Harmonious”.

Financial PR Group is a multidisciplinary value-added service provider of investor relations within Asia Pacific. Merlion and Financial PR have over 15 years of accumulated industry experience, and are at the forefront of the industry with 5 years of experience working with more than 150 A-share listed companies, including over 20 listed companies on the New Third Board.
Chenhui Capital’s founding partner, Yan Xiaoping, has over 10 years of experience in venture capital. He previously led ChinaNetCenter at Fortune Venture Capital, BlueFocus, Beijing Digital Video Technology among other projects. After which he became a senior partner at CDH Investments and was the main cast for Micro Focus Media, Upyun and other projects. Yan Xiaoping was very cautious about the New Third Board.

He believes that the New Third Board is more of a transitional than a final market. If a company currently does not have the qualifications to list on the Main Board, it can consider listing temporarily on the New Third Board to allow the public to better understand the business while generating enough capital to operate. After all, a public company can list on the New Third Board in order to promote its brand while receiving a high valuation due to the Board’s valuation criteria. In order to capitalize on this market, Yan Xiaoping gave a case study on Lily Network: the company used the New Third Board’s superior market valuation, value discovery and quick financing opportunities to acquire the listed but undervalued Jiayuan and become the first in its industry to integrate and seize a market leading position.

The Chairman of Tripod Capital, General Manager and “Bite Brother” Zhang Chi have completely different opinions from Yan Xiaoping regarding The New Third Board’s focus on private equity investments, including its new policy direction. In Zhang Chi’s presentation, he mentioned that Tripod Capital focuses on investing in the New Third Board and suggested that companies do not intend on changing Boards. Although ease of mobility in transferring to another Board is not ideal, this will be largelydependant on future developments. Zhang Chi is also a columnist on the New Third Board’s “China Fund News” a Reuters columnist and author of three series of bestselling books on the New Third Board. He is optimistic that there will be three major positive developments for the New Third Board: 1, Multi-level market, the New Third Board to re-introduce the development and improvement of the registration system; 2, a no queuing system for A shares – the strategic emerging board delayed its launch; 3, as Premier Li Keqiang announced, no matter how volatile the market is, companies much develop a multi-level capital market.


HR Updates

人力资源 rola

Financial PR Group introduces Personal Business Commitments appraisal system

Merlion has introduced the results-proven appraisal system, PBC (Personal Business Commitments), and HR department has gone through the initial rounds of communication with most of the employees. The purposes of introducing the PBC include: incentivize the sales team, encourage proactive interaction with client, improve service standard, improve client satisfaction and loyalty, and facilitate a rapid, quality and sustained growth of the company.

The PBC system has proven to be effective in explaining the organization’s strategy, allocating tasks to various levels, aligning employees’ value and action with the strategic goals of the company, in addition, the system provides indicators for the outstanding performance of management and employees, and provides commensurate monetary rewards and promotion opportunities, for employees to get a sense of personal growth along with the company.

PBC system is implemented and improved on a gradual basis, through the training provided by the HR department, PBC will become a instrumental tool in the growth of both the company and the employees.

Rola Lai

Business Updates


Case study – Toread Investors Conference

Since its establishment, Toread Sports M&A Fund has invested in six projects over the past year. After deliberation, the company has decided to hold an investors conference on April 12, to introduce the details of its Phase I investment, and explain the basis of the investment to investors. Chairman of Toread, Mr. Sheng Faqiang presented at the conference and shared his thoughts on strategy in the transition period.

As the organizer, Merlion team and Financial PR team took care of the logistics and the IR work respectively.

The logistics side was charged by the project team headed by Hu Xiao at Merlion. The team visited the client several time and had close discussion on the venue, theme and plan, in order to ensure the quality of the event. After a few rounds of brain storming, test and trial, review and revision, the team came up with a detailed plan and a quotation that the client approved. The team sought to meet every request from the client with the soonest possible response, from backdrop design and roll-up banner to the VI system, until the client was happy with all the arrangement. Li Li and team in charge of the decoration tried several plans until the best possible effect is achieved. The quick response, attention to detail, and perfectionism of the team was highly remarked by the client and the invested companies.

On the IR side, FPR team analyzed the nature of the conference from the capital market perspective, and advised client how to address questions during the blackout period ahead of the annual report, how to illustrate the project being showcased, and their strategic value to the Group’s ecosystem. The team also prepared the H5 invitation, sent out to analysts and media, prepared Q&A list and press release, so as to facilitate effective communication of the concept of the business and its activities on the capital market.

The pre-marketing has generated tremendous interest from the capital market and the industry. The conference was designed with a audience size of 200, while actual audience reached over 300. Event with a larger-than-expected crowd, the entire conference was well run, and the games that the team designed served well in showcasing the projects and gave the audience a great time.

The conference provided a channel for investors and analysts to gain more systematic understanding in the company’s strategy in outdoor, travel and sports businesses, and in Toread’s investment logic and the details in the Phase-I investment. The Q&A session has been the highlight of the conference, where the chairman, directors of the three business divisions, and the COO of the company all participated, demonstrating strong determination and a clear roadmap of during the transition period, which were well received by investors.

In terms of outcome, two brokerages issued research reports with a BUY rating after the conference, and two brokerages issued in-depth notes. On the media side, FPR arranged CNstock, STCN, Hexun, Tecent Finance and Jie Mian to cover the conference from various positive angles, of which, the articles on CNstock and STCn were published on the same day, and were re-published on Sina Finance, Sohu, Phoenix Finance, 21st Century and Net Ease etc. The thorough coverage in almost all main stream finance media has reached out well in the capital market.

The detailed workflow, strong team work, flexible approach and the IR work after the event has made it a successful one. The event sent clear messages on the company’s investment activities, showcased the client profile, improved client satisfaction, and enhanced our capabilities and the integration between the two teams.

Hu Xiao (Merlion), Yang Jianli (FPR China)
Project manager


FPR HK Assists A. Plus Group in its GEM Board listing in HK

The market has turned increasingly cautious, along with the massive retrenchment in the financial institutions in Hong Kong in the past half year. The slowdown in global economic growth, and the tradition of “sell in May and go away” have inspired us to work extra hard to obtain more ad-hoc projects. The team has done an excellent job in assisting A. Plus Group Holdings Limited (8251. HK) in its ceremony for its IPO on the GEM Board in Hong Kong on April 19.

As a typical IPO project, the team was engaged in substantial coordination work in the early stage, through proactive discussion with client, so as to understand client’s needs, and provide the solutions. Services were also tailor made according to client’s specific needs and taken care of by designated staff. The stellar first-day trading performance for GEM IPOs in recent years have led to some speculative ideas about the companies, and people tend to think the performance would only be short-lived. In view of which, FPR HK aligned the IPO activities to client’ expectation to a low-profile one, reflected in VIP and media invitation. The team also conducted media training prior to the IPO, which helped the management send confident and positive messages, and properly highlighted the growth strategy and the outlook in the interviews with TV, radio and finance media on the IPO day.

A.Plus is a financial printing service provider in Hong Kong, services include the design, translation, printing and delivery of financial reports, announcements, equity and debt offering circular, IPO prospectus and other documents. FPR HK has been in a long-term, stable business partnership with A.Plus. In addition to sponsoring FPR’s Asian Investment Summit, A.Plus has also brought in a few customers referrals to FPR. The IPO project is expected to further the collaboration between the two companies, and give A.Plus a first-hand experience in FPR’s quality of service. A.Plus has expressed interest in engaging FPR in its main board listing, as a vote of confidence in FPR team. We also expect a closer working relationship through cross referral for both companies to expand their customer bases.

Despite the gloomier macro environment, the team believes that diligence and proactiveness on multiple fronts will give us the resilience for stable growth in a weak economic environment.

Dawn Lee
Financial PR (HK)