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CFA Institute Research Challenge Hong Kong Local Final 2016-17

For registration, please click here.


The Hong Kong Local Final CFA Institute Research Challenge (Research Challenge) hosted by The Hong Kong Society of Financial Analysts is a competition between university-sponsored teams that research a designated publicly traded company, prepare a written report on that selected company and then present their findings to a panel of judges. The competition has three levels: Local, Regional, and Global. Winners at the Local level advance to compete against Teams within their geographic region at the Regional level. Winning Teams at the Regional level advance to compete at the Global level. One team is designated the ultimate winning team, or Champion, at the Global level.


Last year, there were a total of 127 local finals, with more than 4,000 students from over 825 universities worldwide including top business schools being ranked in Financial Times. For celebrating the 10th anniversary of the CFA Institute Research Challenge in 2016, CFA Institute will invite all of the local winners to Chicago and hold the regional events concurrently with the global final from 13-15 April 2016.


Caption:  Opening and Closing Ceremony of Research Challenge in 2016

1. Objective:

Research Challenge is a world-class educational competition which is designed to promote best practices in research among the next generation of analysts through mentoring and intensive training in company analysis.

2. Eligibility:

1. Team Composition:

a)     Only one team may represent a university.

b)     Each university is responsible to assemble a team to represent it in the Challenge by the appointed deadline.

c)     Teams may consist of no fewer than 3 and no more than 5 full-time students enrolled in the current term at the university that they represent.

d)     Each university team may consist of both undergraduate and graduate students.

e)      There can be no alternates. If a team loses one of its members, that member can be replaced no later than two weeks prior to the submission of the Written Report at the Local level. If a team falls below 3 registered members after this date, they may not be eligible to continue in the competition.

For more details of the official rules, please click

3. Judging Criteria:

Written Report Evaluation:

Business Description 5%
Industry Overview & Competitive Positioning: 15%
Investment Summary: 20%
Valuation: 20%
Financial Analysis: 20%
Other Headings: 5%
Investment Risk: 15%

Presentation Scoring:

Argument: 25%
Questions: 25%
Financial, Valuation and Other Analysis: 20%
Team Involvement: 15%
Poise: 10%
Materials: 5%

4. Judges

Mr. Ryan Chan, CFA
Responsible Officer and Investment Director, Asian Equities
Pacific Eagle Asset Management Limited

Ms. Pauline Dan, CFA
Head of Greater China Equities
Pictet Asset Management

Mr. Lester Poon, CFA
Managing Director and Fund Manager
Pedder Street Investment Management Limited

5. Participating University

The Chinese University of Hong Kong

City University of Hong Kong

Hang Seng Management College

Hong Kong Baptist University

The Hong Kong Polytechnic University

Hong Kong Shue Yan University

The Hong Kong University of Science and Technology

Lingnan University

The University of Hong Kong

6. Listed Company

Capital Environment Holdings Limited (#3989)

CITIC Securities Company Limited (#6030)

Great Eagle Holdings Limited (#41)

Joy City Property Limited (#207)

Samsonite International S.A. (#1910)

Sino-Ocean Land Holdings Limited (#3377)

Skyworth Digital Holdings Limited (#751)

Tingyi (Cayman Islands) Holding Corp. (#322)

Xtep International Holdings Limited (#1368)

7. Mentor

Dr. Eric Chiang, CFA, CMT
Executive Director, Goldman Sachs (Asia) LLC
Adjunct Professor, Hong Kong Polytechnic University

Mr. Terence Chan, CFA
Managing Partner
Bridge Capital

Mr. Hans Fan, CFA
Vice President, HK/China Financial Institutions Research
Deutsche Bank

Mr. Andrew Kuet, CFA
Director, Fund Manager
Grey Investment Limited

Mr. Justin Kwok, CFA
Executive Director
Global Investment Research, Asia Pacific
Goldman Sachs (Asia) LLC

Mr. Samuel Lee, CFA
Former Head of Asia Refining & Petrochemicals Research
J.P. Morgan Securities (Asia Pacific) Limited

Mr. Joe Lin, CFA, FCCA
Portfolio Manager, Equities
Delta Lloyd Asset Management

Mr. Gurney Liu, CFA
Associate Director
BOCI Research Limited

Mr. Peter Phillips, CFA
Frontier Asia Capital

8. Keynote Speaker of Local Final & Award Ceremony

Mr. Frederick Tsang, CFA
Immediate Past President
The Hong Kong Society of Financial Analysts

9. Sponsorship

Global Organiser :         Principal Sponsor : 

Supporting Sponsor:          Supporting Media:  

10. Results

Champion: The Hong Kong University of Science and Technology Team 
First Runner-up: The Chinese University of Hong Kong
Second Runner-up: The University of Hong Kong 

Photo 1                        Photo 2                       Photo 3

Photo 1: Champion Team, The Hong Kong University of Science and Technology Team
Photo 2:  First Runner-up Team, The Chinese University of Hong Kong Team
Photo 3: Second Runner-up Team, The University of Hong Kong Team

11. Timeline

Invitation to universities: Early August 2015
Opening Ceremony: Last week of September 2015
Written report submission deadline: Early November 2015
Local Final & Award Presentation:  Mid November 2015

Regional and Global Final: Mid April 2016

For media coverage, please click the links below:

Interview of Mr. Franki Chung, CFA and Mr. Derek Mok, CFA, Co-Chairs of HKSFA Research Challenge Committee and the Champion team by Metro Finance Digital:
For episode 1, please click here.
For episode 2, please click here.
For more details, please click here for media coverage.

12. Sponsorship / Volunteering Opportunity

The contribution of sponsors and volunteers of different capacity is crucial for the success of the competition. We are actively looking for your help if you are interested in helping the cause, please contact us at or +852 2521 2543.