HKU Business School

HKU Business School Inspire﹒Empower﹒Lead HKU Business School attracts top students from Hong Kong and beyond.

HKU Business School strives to nurture first-class business leaders and foster academic and research endeavours to serve the needs of Hong Kong, China and the rest of the world in the new Asia-led economy. As Asia’s premier international business school, the School engages leading scholars from all corners of the globe who instil in students global knowledge with an Asian perspective. It admits th

e highest proportion of non-local undergraduate students amongst all Faculties at HKU. Three of its undergraduate programmes are ranked among the University’s top 10 programmes. The School’s full-time MBA programme has a strong Asia and China focus, and the programme has been ranked Asia’s no. 1 in the World MBA Rankings released by the Economist Intelligence Unit (EIU) for nine consecutive years from 2010 to 2018. Students can opt for an overseas exchange opportunity to supplement their campus learning in Hong Kong: a London track at London Business School, a New York track at Columbia Business School or a Hong Kong/China track at Fudan University. HKU Business School also offers an elite EMBA-Global Asia programme, jointly with CBS and LBS, for globally-focused senior executives and professionals. The programme was ranked the world’s best joint EMBA programme in the Global EMBA Rankings 2018 by Quacquarelli Symonds (QS). Our International MBA Programme, delivered in Shanghai in collaboration with Fudan University, was the first of its kind when it was launched in 1998. The School is fully accredited by the European Quality Improvement Systems (EQUIS) and the Association to Advance Collegiate Schools of Business (AACSB).

Empathy and innovation are not opposites but powerful partners🌟Meet Miss Bibi Hajirah, a third-year BEcon&Fin student at...
19/06/2026

Empathy and innovation are not opposites but powerful partners🌟

Meet Miss Bibi Hajirah, a third-year BEcon&Fin student at HKU Business School and a recipient of the FBE Student Contribution and Innovation Award 2025-26. As the Co-founder of UMEED Limited — a community-driven space for Hong Kong's ethnically diverse individuals to share knowledge, access resources, and connect. Bibi remains dedicated to launching meaningful initiatives that leave a lasting imprint on the communities she serves. Drawing its name from the Persian word for "hope", UMEED serves as both her compass and catalyst.

Discover Bibi’s heartfelt reflections on her rewarding journey:
"I am truly honoured to receive the FBE Student Contribution and Innovation Award, which I see not only as recognition of past efforts but as encouragement to keep reimagining how student life can feel more human, inclusive, and inspiring. My journey has been driven by the conviction that even small initiatives, when rooted in empathy and vision, can ripple outward to empower communities and inspire change. This award affirms that empathy and innovation are not opposites but powerful partners in shaping community impact. Looking ahead, I aspire to expand these initiatives by integrating interdisciplinary approaches that blend finance, technology, and social welfare, ensuring that our voices remain at the center of change. With UMEED (hope) as both my compass and catalyst, I remain committed to shaping initiatives that leave a lasting imprint on the communities I serve. This milestone is just the prologue, stay tuned for more adventures with me."

Every year, our School recognises and rewards outstanding business undergraduate students who have demonstrated exceptional leadership, entrepreneurship, and impact within the School, University, and wider community. These awardees are student leaders in their respective fields, driving entrepreneurial spirit and innovation for a better community.

Let’s give a round of applause to Bibi and the other 4 remarkable awardees of FBE Student Contribution and Innovation Award 2025-26 for their brilliant accomplishments! 🎉

🐉 Dragon boat racing demands more than raw power — it takes strategy, synchrony, and the discipline to push through. Muc...
19/06/2026

🐉 Dragon boat racing demands more than raw power — it takes strategy, synchrony, and the discipline to push through.

Much like the world of business. 💼

This Dragon Boat Festival, HKU Business School wishes everyone a joyful and restful holiday. May the spirit of the race remind us to stay focused, move in tandem, and keep paddling — whatever currents lie ahead. 🌊⚡

Happy Dragon Boat Festival! 🎉



🐉 龍舟競渡，勝在節奏一致、全力以赴——商場之道，何嘗不是如此。💼

端午佳節，港大經管學院謹祝各位安康愉快。願龍舟精神與你同行，乘風破浪，奮楫前行。🌊⚡

端午節快樂！🎉

#港大經管學院 #端午節

What Does SpaceX’s Epic IPO Tell Us?SpaceX’s latest move, with what is reportedly the largest IPO in history, highlights...
18/06/2026

What Does SpaceX’s Epic IPO Tell Us?

SpaceX’s latest move, with what is reportedly the largest IPO in history, highlights a longstanding tug-of-war in business valuation: storytelling versus numbers. In its prospectus, SpaceX says its total addressable market could reach up to $28.5 trillion, nearly the size of the entire U.S. economy. Yet it posted a net loss of approximately $4.9 billion in 2025. While most independent analyses place its valuation below the IPO target, some scathing comments suggest that, setting aside the narrative, the company may be worth around $600 billion.

Dr. Yifei Zhang of HKU Business School notes in the HKEJ that SpaceX is no longer just a rocket company. Alongside the already profitable Starlink and the cost-reducing space business, the company is pursuing long-term projects like Mars colonisation and orbital data centres. These may sound like science fiction, but in financial terms, they are often viewed as options with potential immense value if they ever materialise. Investors’ willingness to pay a premium for such possibilities is precisely the psychological basis for SpaceX’s high valuation, and a classic case of how storytelling can overshadow numbers.

That said, SpaceX’s future hinges on the long-term development of the space economy, from Starlink to AI computing power and direct satellite-to-phone connectivity. These blueprints are promising, but they may take years, or even decades, to be realised.

For more details, please read the HKEJ article by Dr. Yifei Zhang, Senior Lecturer of Economics at HKU Business School: https://www.hkubs.hku.hk/research/thought-leadership/hkej-column/spacex-ipo-when-the-story-outprices-the-numbers/



SpaceX史詩級IPO說明了什麼？

SpaceX今次以史上最大規模IPO叩門，估值世界一場永恆角力再度浮面：故事與數字之爭。招股書聲稱可觸達的潛在市場高達28.5萬億美元，幾近整個美國經濟規模，惟2025年全年淨虧損約49億美元。多數獨立分析得出的估值均低於招股目標，更尖銳的評論甚至認為，撇開故事，SpaceX不過是一家約6,000億美元的公司。

港大經管學院經濟學高級講師章逸飛博士於《信報》「龍虎山下」專欄中指出，SpaceX早已不是純粹的火箭公司。星鏈已然盈利，火箭業務持續壓低成本，至於火星殖民、太空數據中心等聽來科幻的項目，在金融學上更像認購期權，因為萬一成真，便價值連城。投資者願為這份想像力支付溢價，正是高估值的心理基礎，亦是故事壓過數字的典型例子。

惟SpaceX的未來，仍繫於太空經濟的長遠發展，從星鏈到AI算力與衛星直連手機，藍圖雖宏，兌現或需數年乃至數十年。

詳閱章逸飛博士於《信報》「龍虎山下」的文章：https://www.hkubs.hku.hk/tc/research/thought-leadership/hkej-column/spacex-ipo-when-the-story-outprices-the-numbers/

#港大經管學院 #經濟學 #估值 #太空經濟 信報財經新聞 hkej.com

What AI Can't Read: The Unspoken Standards Behind Good WorkA Harvard Business School–BCG experiment had over 700 consult...
17/06/2026

What AI Can't Read: The Unspoken Standards Behind Good Work

A Harvard Business School–BCG experiment had over 700 consultants use GPT-4 on real consulting tasks. AI improved efficiency and quality on tasks within its capabilities, but on complex problems beyond its limits, consultants using AI were more likely to reach wrong conclusions.

Prof. Xin Tong and research assistant Yuming Fu of HKU Business School note in the Economic Digest that AI fails on complex tasks partly due to model limitations, but more crucially, because such tasks rely on tacit human experiential judgment that is rarely codified into explicit standards.

It’s clear that we cannot assume AI "knows" or intuitively grasps conventions. Tacit judgment from both individual and collaborative experiences must be made explicit and reusable. In the AI era, it's up to each of us to define new standards.

Read the full column in the Economic Digest (Chinese only): https://www.edigest.hk/%e4%ba%ba%e5%b7%a5%e6%99%ba%e8%83%bd/ai-%e8%83%bd%e5%8a%9b-%e8%a8%80%e5%a4%96%e4%b9%8b%e6%84%8f-2014109/



AI讀不懂的，是那些從未被說出口的標準

哈佛商學院與BCG曾讓逾700名顧問以GPT-4完成真實諮詢任務。在AI能力範圍內的工作，使用AI的顧問效率更高、質量更好；但在一個刻意設計為超出AI能力邊界的複雜管理問題上，使用AI的顧問反而更容易得出錯誤結論。

港大經管學院童欣教授與研究助理傅禹銘在《經濟一週》專欄指出，問題不只在於模型能力有限。複雜任務所依賴的，往往是難以言傳的默會知識，例如資深編輯對好標題的直覺、投資人對時機的把握、設計師對「差一點」與「剛好」之間的分辨。這些判斷每天都在發揮作用，卻幾乎無法寫進操作手冊。

這正是委派工作給AI的真正難點。AI不會因私利而偷懶，卻無從得知那些從未被明確表達的標準。有效使用AI，意味著每個人都需成為定義標準的人：釐清AI的角色、訂明成功準則、提供可供學習的範例，並明確劃出不可逾越的邊界。

請瀏覽港大經管學院創新與資訊管理教授及經濟學教授童欣與研究助理傅禹銘於《經濟一週》的專欄文章：
https://www.edigest.hk/%e4%ba%ba%e5%b7%a5%e6%99%ba%e8%83%bd/ai-%e8%83%bd%e5%8a%9b-%e8%a8%80%e5%a4%96%e4%b9%8b%e6%84%8f-2014109/

#港大經管學院 #人工智能 #以人為本

【Congratulations to FBE Student Contribution and Innovation Award 2025-26 awardees】Let’s give a round of applause to the...
17/06/2026

【Congratulations to FBE Student Contribution and Innovation Award 2025-26 awardees】

Let’s give a round of applause to the 5 awardees of FBE Student Contribution and Innovation Award 2025-26!
🌟 Miss Bibi Hajirah, BEcon&Fin, Year 3
🌟 Mr. Dai Wei, BEcon, Year 4
🌟 Mr. Lo Kwan Fu, BSc(QFin), Year 2
🌟 Mr. Ma Wing Heng, BBA, Year 4
🌟 Miss Tarliman Kayla Callysta Nathania, BBA, Year 3

Every year, our School recognises and rewards outstanding business undergraduate students who have demonstrated exceptional leadership, entrepreneurship, and impact within the School, University, and wider community. These awardees are student leaders in their respective fields, driving entrepreneurial spirit and innovation for a better community.

Click here to discover more about this award: https://ug.hkubs.hku.hk/support-and-development/prizes-and-scholarships/fbe-student-contribution-and-innovation-award

The Launch of Claude Fable 5 and Its Restricted Access: What Are the Implications?Anthropic has suspended access to its ...
16/06/2026

The Launch of Claude Fable 5 and Its Restricted Access: What Are the Implications?

Anthropic has suspended access to its latest AI models (Claude Fable 5 & Claude Mythos 5) following a U.S. order restricting foreign nationals from using the technology.

Given that the company has repeatedly accused Chinese firms of distilling its Claude models to fast-track their own tech, the restriction is expected to create new hurdles for Chinese AI labs.

Prof. Jack Jiang from HKU Business School notes in an interview with SCMP that as distillation weakens the technical moats of frontier AI companies, Anthropic’s restrictions could be seen as an attempt to rebuild technical barriers in the AI era. While these mechanisms might have a limited short-term impact on major players with robust infrastructure, they could significantly raise the barrier to entry for smaller teams relying on low-cost catch-up.

Prof. Jiang also notes that the restrictions could serve as a wake-up call for China’s domestic AI ecosystem. Market rivalry in the US-China AI race could push companies to prioritise benchmarks, reasoning ability, pricing and speed at the expense of safety. If China’s AI industry pursues rapid capability catch-up without building trustworthy governance systems, it could gain short-term speed advantages but amass greater safety and trust risks in the long run.

For more details, please read the article on SCMP featuring Jack Jiang, Professor of Innovation and Information Management at HKU Business School.

https://www.scmp.com/tech/big-tech/article/3356900/anthropics-claude-fable-5-curbs-create-new-hurdles-chinas-ai-labs

16/06/2026

🌏 ASIA PACIFIC STUDY TOUR 2026 | A Journey to Remember

After a week of learning, exploring, and connecting in Vietnam, the Asia Pacific Study Tour 2026 has officially come to an end - leaving behind unforgettable experiences and meaningful memories. ✨

Throughout the journey, students had the opportunity to engage with businesses, international organizations, and immerse in cultural experiences that offered valuable insights into innovation, sustainability, and the dynamic development of Vietnam within the Asia-Pacific region.

More importantly, the programme became a journey of inspiring conversations, new perspectives, meaningful connections, and experiences far beyond the classroom.

🎥 The photos and video moments captured throughout the past 6 days reflect not only the places visited, but also the friendships built, the experiences shared, and the memories created along the way.

We would like to extend our sincere appreciation to all partners, speakers, and students who contributed to making this journey so meaningful and inspiring.

💡 While the trip may have come to an end, the lessons learned, connections made, and inspiration gained will continue to accompany our students on their future journeys.

The 2nd HKU Summer Accounting Conference wrapped up on 13 June 2026, bringing together accounting scholars and practitio...
16/06/2026

The 2nd HKU Summer Accounting Conference wrapped up on 13 June 2026, bringing together accounting scholars and practitioners from across the globe for three days of research and exchange at the University of Hong Kong.

The programme opened with a Doctoral Consortium, designed to provide invited accounting doctoral students from around the world with an opportunity to engage with and learn from Prof. Luo Zuo and Prof. Xiumin Martin. For the main conference, we were honoured to welcome Prof. Xiumin Martin from Washington University in St. Louis and Mr. Andrew Wong from KPMG China as keynote speakers. The programme featured six research paper presentations, each followed by formal discussions.

We are grateful to our presenters Billy Guo, Minjeong (MJ) Kim, Miao Liu, Chole Xie, Da Xu, and Yuan Zou, and our discussants Yangyang Chen, Qiang Cheng, Allen Huang, Peeyush Taori, Huai Zhang, and Luo Zuo, for their invaluable contributions.

Our thanks also go to Prof. Pingyang Gao for the opening speech and to the organising committee — Prof. Xin Wang, Prof. Jeffrey Ng, and Prof. Travis Chow — for bringing this community together.

Congratulations to our students for winning Champion 🥇and the Best Innovation and Creativity Award 🏆at the “Retail Reima...
16/06/2026

Congratulations to our students for winning Champion 🥇and the Best Innovation and Creativity Award 🏆at the “Retail Reimagined” Challenge 2026! 👏🎉

Organised by the Hong Kong Retail Management Association and Junior Achievement Hong Kong, the competition inspired young talents to inject fresh, innovative ideas into the fast-evolving retail industry through real business cases provided by leading retailers. 💼📊 After submitting initial proposals, selected finalist teams developed videos to showcase their ideas and presented their solutions at the Grand Finale.

Competing against over 50 teams, our students stood out with their strong analysis, creativity, and presentation skills. A huge congratulations on this remarkable achievement! ✨

Prof. Heiwai Tang, Director of Asia Global Institute and Associate Dean of HKU Business School, discusses in Financial T...
15/06/2026

Prof. Heiwai Tang, Director of Asia Global Institute and Associate Dean of HKU Business School, discusses in Financial Times Chinese on how the overseas expansion of Chinese companies, like BYD and TikTok, marks a new era of globalization. Driven by domestic market saturation, technological superiority, and cost advantages, these companies seek global markets while generating localized value to mitigate geopolitical and regulatory pressures. Unlike traditional Western or Japanese expansions, modern Chinese globalization faces complex headwinds including data security compliance and protectionist policies. Consequently, Tang advises that Chinese enterprises must adopt multi-centric governance models and foster mutually beneficial relationships with local stakeholders to ensure successful and welcomed integration into the global economy.

Read the full article: https://ftchinese.com/story/001109977 (Chinese only)



亞洲環球研究所總監的鄧希煒教授在《金融時報》中文網專欄中指出，比亞迪和字節跳動等中企，正掀起新一輪全球化浪潮，其內驅力來自國內市場階段性飽和、技術與成本優勢。這些企業在拓展全球市場的同時，也透過創造在地化價值，來緩解地緣政治與監管壓力。與傳統美企與日企的擴張不同，當代中企全球化面臨複雜的挑戰，包括傳統的關稅與配額壁壘，還延伸至供應鏈審查、數據安全合規，以及技術轉讓限制等。因此，鄧教授建議，中企必須探索多中心治理模式，與當地持份者建立互利共贏的合作生態，以實現受歡迎的海外業務擴張。

詳情請見亞洲環球研究所總監及港大經管學院副院長鄧希煒教授在金融時報中文網的專欄文章：https://ftchinese.com/story/001109977

#港大經管學院 #出海 #思維領導 #香港經濟
Heiwai Tang - Economic Analysis 鄧希煒經濟分析

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