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 117 local finals, with more than 6,100 students from over 1,150 universities worldwide including top business schools being ranked in Financial Times.
It is the first time the local final presentation turned virtual due to the outbreak of coronavirus, which serves the dual purposes of accommodating public health considerations and recognising the great work of our student participants on 22 February 2020. For the Asia Pacific regional, which was scheduled for 18-19 March 2020 in Seoul, South Korea and Global final, which was scheduled for 22 April 2020 in New York, US, will be turned into a virtual competition for the same reason.
Last year, there were a total of 117 local finals, with more than 6,100 students from over 1,150 universities worldwide including top business schools being ranked in Financial Times.
It is the first time the local final presentation turned virtual due to the outbreak of coronavirus, which serves the dual purposes of accommodating public health considerations and recognising the great work of our student participants on 22 February 2020. For the Asia Pacific regional, which was scheduled for 18-19 March 2020 in Seoul, South Korea and Global final, which was scheduled for 22 April 2020 in New York, US, will be turned into a virtual competition for the same reason.
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:
- Up to two teams may represent a university.
- Teams may consist of no fewer than 3 and no more than 5 students enrolled in the current term at the university that they represent.
- Each university team may consist of undergraduate, graduate, or a combination of undergraduate and graduate students.
- 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
here.
3. Judging Criteria:
Written Report Evaluation:
Business Description 5%
Industry Overview & Competitive Positioning: 15%
Investment Summary: 20%
Valuation: 20%
Financial Analysis: 20%
Investment Risks: 15%
Corporate Governance: 5%
Presentation Scoring:
Financial Analysis: 25%
Valuation: 25%
Presentation: 20%
Question & Answer: 20%
Team Involvement: 5%
Material: 5%
4. Judge
Mr. Wallace Cheung, CFA
Co-founder & CEO
InvBots.com
3. Judging Criteria:
Written Report Evaluation:
Business Description 5%
Industry Overview & Competitive Positioning: 15%
Investment Summary: 20%
Valuation: 20%
Financial Analysis: 20%
Investment Risks: 15%
Corporate Governance: 5%
Presentation Scoring:
Financial Analysis: 25%
Valuation: 25%
Presentation: 20%
Question & Answer: 20%
Team Involvement: 5%
Material: 5%
4. Judge
Mr. Wallace Cheung, CFA
Co-founder & CEO
InvBots.com
Mr. Winson Fong, CFA
Managing Director, Greater China Equities
Manulife Investment Management (HK) Ltd
Managing Director, Greater China Equities
Manulife Investment Management (HK) Ltd
Mr. Victor Yeung, CFA
Chief Investment Officer
Admiral Investment
Chief Investment Officer
Admiral Investment
5. Participating University
- The Chinese University of Hong Kong
- Chu Hai College of Higher Education
- City University of Hong Kong
- Hang Seng University of Hong Kong
- 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 Open University of Hong Kong
- The University of Hong Kong
6. Listed Company
Link Asset Management Limited
7. Mentor
Mr. William Leung, CFA
Partner
Overlook Investments
Mr. Damon Wang, CFA
Senior Vice President
LaSalle Investment
Mr. Paul Chan, CFA
veteran Chief Investment Officer
Mr. Peter Phillips, CFA
Director
Frontier Asia Capital
Mr. Samuel Lee, CFA
Research Product Manager
Morgan Stanley
Dr. Terence Chan, CFA
Chief Executive
Hongkong and Shanghai Land Capital
8. Grader
Mr. Ng Ean Kiam, CFA
Executive Director, JT Capital Management Ltd
Mr. Leon Qi, CFA, CPA
Executive Director, Regional Head of Asian Financials Research, Daiwa
Mr. Patrick Ma, CFA
Research Director, Admiral
Mr. Dave Dai, CFA
Director, Regional Head of Utilities Research, Credit Suisse
Ms. Asheefa Sarangi, CFA
Former Managing Director, HK/SG Financial Equity Research, CLSA
Mr. Gavin Ma, CFA
Equity Portfolio Manager, GaveKal Capital, Ltd
Ms. Hwee, Ghee Lim, CFA
Deputy CIO, MEAG
9. Sponsorship
Global Organiser :
Principal Sponsor : 
Media Partner:
10. Results
Champion: The Hong Kong University of Science and Technology (photo 1)
First Runner-up: Hang Seng University of Hong Kong (photo 2)
Second Runner-up: Hong Kong Baptist University (photo 3)
Photo 1
Photo 2
Photo 3
11. Timeline
Invitation to universities: 29 Aug 2019
Opening Ceremony: 29 October 2019
Written report submission deadline: 9 Jan 2020
Local Final & Award Presentation: 22 February 2020
Regional and Global Final: 18-19 March 2020 and 22 April 2020
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 info@hksfa.org or +852 2521 2543.