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CFA Institute Research Challenge Hong Kong Local Final 2017-18
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 140 local finals, with more than 5,000 students from over 1,000 universities worldwide including top business schools being ranked in Financial Times.  CFA Institute invited all of the local winners for Asia Pacific regional at Kuala Lumpur, Malaysia on 25-26 April 2018. Global final will be held in the same location on 27 April 2018.

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  students enrolled in the current term at the university that they represent.

d)     Each university team may consist of undergraduate, graduate, or a combination of 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 here.

3. Judging Criteria:

Written Report Evaluation:

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

Presentation Scoring:

Financial Analysis: 25%
Valuation: 25%
Presentation: 20%
Question & Answer: 20%
Team Involvement: 5%
Material: 5%

4. Judge

Mr. Charles Chui, CFA
Director, Investment Advisory, Private Wealth Management 
Huatai Financial Holdings (Hong Kong) Limited

Mr. Bob Leung
Group Vice President
AMTD Group

Ms. Alice Wong, CFA
The Hong Kong Society of Financial Analysts

5. Participating University

  • The Chinese University of Hong Kong
  • Chu Hai College of Higher Education
  • 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 Open University of Hong Kong
  • The University of Hong Kong

6. Listed Company

Hong Kong Exchanges and Clearing Limited (388)

7. Mentor

Mr. Franklin Chow, CFA
Asia Pacific Head of Energy and Utilities Research
Goldman Sachs (Asia) L.L.C.

Mr. Josh Du, CFA

Portfolio Management
Nine Masts Capital

Mr.  Edwin Fan, CFA, FRM
Director of Asia Pacific Corporates
Fitch Ratings

Mr. Samuel Lee, CFA 
Research Director
New Energy / Environmnetal Research
Yuanta Securities (Hong Kong)

Mr. Peter Phillips, CFA

Frontier Asia Capital

Mr. Ivan Li, CFA
Research Director
DBS Vickers Securities

8. Grader

Mr. Andrew Kuet, CFA
Grey Investment Ltd 

Mr. Ean Kiam Ng, CFA 

Ms. Asheefa Sarangi, CFA
Managing Director
CLSA Limited  

Mr. Jack Z. Sun, CFA
Former Vice President 
Credit Suisse 

9. Sponsorship

Global Organiser :         Principal Sponsor :

Supporting Sponsor:          Media Partner: 

10. Results

Champion: The Hong Kong University of Science and Technology 

First Runner-up: The Hong Kong Polytechnic University

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
Photo 2:  First Runner-up Team,  The Hong Kong Polytechnic University 
Photo 3: Second Runner-up Team, The University of Hong Kong

11. Timeline

Invitation to universities: Early August 2017
Opening Ceremony: 26 October 2017
Written report submission deadline:  18 January 2018
Local Final & Award Presentation:  17 March 2018
Regional and Global Final:  25-26 April 2018 and 27 April 2018

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.