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CFA Institute Research Challenge Hong Kong Local Final 2018 - 19
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 Sydney, Australia on 28 - 29 Mar 2019. Global final will be held in New York, US on 28 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 and Advocacy Chair, HKSFA
(Director, Investment Advisory, Private Wealth Management, Huatai Financial Holdings (HK) Ltd

Mr. Alvin Ho, CFA
Managing Director, Allivision and Director, HKSFA as well as the Chair of Organizing Committee of the competition

Mr. Alex Au, CFA CPA (USA)
CIO and Managing Director, Alphalex Capital Management (HK) Ltd

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

Alibaba Group  

7. Mentor

Mr. Darwin Lam, CFA
Seasoned investment analyst

Mr. Jason Lai, CFA
Senior Analyst
Mr. Leo Ng, CFA
Associate Director
HSBC Asset Management
Mr. Joe Lin, CFA
(seasoned portfolio manager)

Mr. Samuel Lee, CFA
Equity Research Product Manager
Morgan Stanley
Ms. Hwee Ghee Lim, CFA

Deputy Chief Investment Officer
MEAG Hong Kong Ltd
Mr. Justin Kwok, CFA
Executive Director, Global Investment Research, Asia Pacific
Goldman Sachs (Asia) L.L.C.

8. Grader

Patrick Ma, CFA

Duncan Chan, CFA    
Alan Wong, CFA

William Leung, CFA     

Adam Wong, CFA    
David Ching, CFA 
Dominic Soon, CFA

9. Sponsorship

Global Organiser :         Principal Sponsor :

Supporting Sponsor:          Media Partner: 

10. Results

Champion:  The Hong Kong Polytechnic University  (photo 1) 

First Runner-up:
The Hong Kong University of Science and Technology (photo 2) 

Second Runner-up: The Chinese University of Hong Kong (photo 3) 

Photo 1 

Photo 2

Photo 3 

11. Timeline

Invitation to universities: Early October 2018
Opening Ceremony: 31 October 2018
Written report submission deadline:  10 January 2019
Local Final & Award Presentation:  23 February 2019
Regional and Global Final:  28-29 March 2019 and 25 April 2019 

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.