VOL. 1, 2022

Gen Z:

Chasing China’s 250 million
digital trend-setters
Page 10

Admissions Updates
Page 37

Alumni Survey Results
Page 42

CONTENTS

01
PUBLISHER: CEIBSPRODUCER: Wang HongEDITOR-IN-CHIEF: Rachel Wang
CONSULTANT: Du Qian (Chinese)
EDITORS: Michael Thede, Darren Yue,
Cameron Wilson, Effy He, Thalia Jiang,
Hana Zhang and Bessie Qian
COVER DESIGN: Marius Ziubrys
REVISIONS: Si Qi (Chinese)
ART EDITORS: Mickey Zhou & Saya Wang @Snap Printing

FROM THE PRESIDENTS
02

Wang Hong: Looking forward, how can CEIBS grow its influence?

06

Dipak Jain: Moving into the Future: CEIBS’ Journey Ahead

COVER STORYCONTACT US:WEBSITE: www.ceibs.edu
TEL: +86-21-28905494

10

Gen Z: Chasing China’s 250 million digital trend-setters

12

Wang Gao: When Gen Z meets Chinese domestic brands

15

Zhang Yu: Meet Generation Z: Shaping the future of shopping

CHINA EUROPE INTERNATIONAL
BUSINESS SCHOOLSHANGHAI CAMPUS
699 Hongfeng Road, Pudong
Shanghai 201206, P.R.C.
Tel: +86-21-28905890

18

Wang Yajin: Seizing the opportunities presented by China’s singles economy

21

Vivian Guo: How can businesses cater to Gen Z, the digital natives?

24

Michelle Zheng: What do we mean when we talk about ‘pleasing ourselves’?

27

Yang Wei: Generation Z: Starchaser vs Starmaker

BEIJING CAMPUS
Building 20, Zhongguancun Software Park
8 Dongbeiwang West Road, Haidian District
Beijing,100193, China
Tel: +86-10-82966600
SHENZHEN CAMPUS
Suite 10A, Taihua Wutong Industrial Park
Gushu Development Zone
Shenzhen, 518126, P.R.C.
Tel: +86-755-36995111
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Hirsackerstrasse 46
P.O. Box, CH-8810
Horgen, Switzerland
Tel: +41 44 728 99 44
ACCRA CAMPUS
5 Monrovia Road
East Legon
Accra, Ghana
Tel: +233 544 315 238

FEATURED NEWS30

Meet Our New Faculty

32

Faculty Appointments

33

Faculty Honours and Awards

35

CEIBS Faculty in the Media

37

CEIBS Recruitment Season Now Underway

42

New survey sheds light on impact of CEIBS alumni

CEIBS STORIES
46

Connecting culture tech with people’s daily lives

48

Perfect storm hits sports market, but blue skies on the horizon

50

Illumina Greater China GM: Three turns from regional sales manager to global senior VP

52

How did a century-old sewing machine maker extend its reach into airplanes?

ALUMNI NEWS54

CAIC goes digital to strengthen connections

55

Mid-term reshuffle and charity conference highlight recent alumni activity

56

CEIBS Education Foundation honours alumni for annual donations

57

13 CEIBS alumnae named to Forbes China 100 Top Businesswomen List for 2022

58

CAMPUSES AROUND THE WORLD

60

BRIEFING

OnlinePublished by CEIBS. The authors' views expressedin this publication do not necessarily reflect the viewsof our editors or of CEIBS.
Copyright 2022 © by CEIBS. All rights reserved.

TheLINK Volume 1, 2022

FROM THE PRESIDENTS

02

Looking forward, how can
CEIBS grow its influence?
Dear CEIBS colleagues, alumni and friends,

A

fter winter comes spring and summer again. In the everlasting pattern of all life, old things fade away and new things
begin. Spring and summer are seasons full of vigour, andones which promise good harvests ahead. However, the
COVID-19 pandemic is still lingering and the macro-economic outlook
remains uncertain. These developments remind us that we need to facechallenges head-on with a resolute and keen mind.

CEIBS President
Wang Hong

In just 28 years, CEIBS has undergone more development that other business schools have in nearly a century, and has evolved into a world-classinstitute that has cultivated many aspiring management talents. We should
all be proud of this achievement.
At the same time, we should be aware that the constant reshaping of thedevelopment landscape and the emergence of new business models present
fresh challenges for the way business schools around the world teach andconduct research. We must not dwell on past achievements, but instead
keep our eyes firmly on the future. As a top international business school,
CEIBS is obligated to be forward-looking, contribute our expert knowledge to advance social and economic development, and cultivate moretalents amidst uncertainty.

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FROM THE PRESIDENTS

03

The challenges facing us are enormous and daunting. New
social and economic trends have increased expectations forand demands on CEIBS. Therefore, we will do our utmost
to build in China an internationally influential businessschool. We will strive to facilitate Sino-foreign cooperationand exchange, tap into and expand on our collection of China-focused business case studies, and promote the experiences of Chinese and China-based enterprises. We will givefull play to our role as a think tank, contribute to China’s
regional and national development, and offer solutions forcarbon emissions control and corporate transformation.
In 2021, CEIBS made much headway in its development.
As a result, we realised many achievements in both talentcultivation and academic research and teaching. We havealso made a good start in implementing our current Fiveyear Strategic Development Plan (2021-2025). Looking to
the future, we will continue to implement our eight strategic
initiatives as follows:
Reinforce CEIBS’ top-tier position. We will continue toconsolidate CEIBS’ position as one of the world’s leadingbusiness schools, and build a leading curriculum systemwith global influence.
Expand CEIBS’ world-class faculty. We will further
expand our faculty team by introducing more renowned
professors and scholars from around the world, while placing equal emphasis on teaching, research and academic
practices.
Create signature research areas. We will continue todevelop our world-class academic research capabilities, create a hub for interdisciplinary research, and give full play
to CEIBS’ role as a think tank. We will strive to create agreater role for the CEIBS Lujiazui Institute of International
Finance (CLIIF) in building Shanghai into an international

financial centre and a global asset management centre. We
will continue to enhance the global influence of the CEIBS
Case Center by promoting China-focused case studies andcontributing to global teaching practices. We will endeavour to produce more research in our four major interdisciplinary research areas of Digital Age Management, Service
Excellence, China and the World, and ESG. We will also
focus more research on smart healthcare, green finance, social security and elderly care, regional economy, industrial
transformation, energy and public policy.
Diversify CEIBS’ programme portfolio. We will continue
to train global management leaders, boost the quality of ourteaching practices, and expand our degree programmes. We
will further promote our new DBA programme, and establish
a faculty pool that ensures the programme’s sustainability.
We will also continue to drive our research and development
through education case studies and real-world teaching experiences, expand external resource platforms, and promotestudents’ innovative and entrepreneurial practices.
Bridge China and Europe. We will rely on our two overseas campuses in Zurich and Accra as well as the Europe
Forum series to serve as platforms to engage with the international academic and business communities, and advanceinternational economic and cultural exchange. We will also
further develop the China Immersion Programme throughvarious Executive Forums and Master Classes.
Serve regional development strategies. With three campuses across China, CEIBS will boost the development of
the Yangtze River Delta, the Beijing-Tianjin-Hebei region,and the Guangdong-Hong Kong-Macao Greater Bay Area.
In addition, we will launch a series of celebrations to markthe 20th anniversary of CEIBS Shenzhen Campus.
Exemplify CSR education. We will continue to publish

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04

white papers on CSR, and promote a range of ESG-specific courses andresearch projects. We will make efforts to raise awareness about sustainability and CSR by organising annual charity forums. We remaincommitted to cultivating leaders who aim beyond business success.
Empower CEIBS alumni. We will continue to build a life-long learning platform for our alumni, offering them more access to lifetime
learning resources. To foster the development of both CEIBS and its
alumni community, we will also create an alumni ecosystem that integrates alumni services, academic research, case study development andreal-world teaching.
To achieve these goals, we will consolidate our management team, andadvance the school’s 合 (hé) “co-culture” – one which embodies the vitality of CEIBS and the emotional ties that unite all CEIBSers. We will
also modernise our management education offering through developing
smart campuses and advancing CEIBS’ digital transformation.
We have a long way to go, but we will not stop. Despite the challenges
ahead, we remain resolute, sharp-minded and forward-looking. We
continue to cultivate new talents who bravely change and innovate todrive the business world forward.
We are grateful to all our alumni and colleagues who have supported
CEIBS over the years. It is your dedication and support that have enabled the school’s development. We look forward to joining hands withyou to expand CEIBS’ influence, contribute more wisdom to the business world and improve people’s well-being.

CEIBS President
Wang Hong

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06

Moving into the Future:
CEIBS’ Journey Ahead
Major Global Trends
Today, whether we are talking about business schools or any other globalorganisation, there are numerous trends and challenges that they have todeal with.
For one, business schools today face hyper-competition, not only locally,
but also from different parts of the world. Furthermore, competition is also
coming from companies offering online programmes and modules. Given
the nature of competition in this global environment, business schools must
work harder to understand what differentiates them from their competitors.

CEIBS President (European)
Dipak C. Jain

Today, there are also digital innovations in education (i.e., blended learning modules which should be treated as an integral part of the businesscurriculum). Whether it is the CEIBS Shanghai Smart Campus project ora similar project at our other campuses, we need to embrace technology as
an important driving force for differentiating ourselves from other competing business schools.
At the same time, the world is also facing aging demographics. On one
hand, we have to develop new human talent; while, on the other hand, we
have to come up with a plan for elderly care. Managing this is going to be

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07

a big challenge for talent development.
With this in mind, I would like to turn our attention tosome of the traits and advantages we, as humans, have forsucceeding in the modern world, and how we might apply
them to forming a new DIET for today’s challenging environment.

Human Traits for the Modern World
What are the specific traits required for the modern workplace? First, is the ability to anticipate. This means thinking critically about how we work and how we teach andwhat possible scenarios might arise in future.
The past two years have been very challenging for thewhole world. It is one thing to make predictions, but it isalso very important to have the courage to deal with ambiguity. As such, we need to create a culture of being bold
and courageous.
We also need to develop the power to adapt across diverse
cultures. As a global business school, we recruit students
and faculty from different parts of the world. Whether at
CEIBS or elsewhere, we must learn to cope with cultural
diversity, and we must be sensitive and respectful to different viewpoints, norms and rituals.

The Human Advantage: Think, Reason,
Execute and Evaluate (TREE)
A pertinent question surfacing today is, in a world dominated by the IoT, artificial intelligence and machine learning,
what is the real human advantage?
First-and-foremost is our ability to Think. Human beings

also have the power to Reason what is good or bad. We also
have the ability to Execute. Once we have thoughts andideas, and also the right reasons, we put our plans and intentions into action (albeit often with the help of machines).
To examine the quality of our performance, we can also
Evaluate the results of our action plans.
By learning from our actions and connecting the relevant
dots of our human advantage, we form the roots of the Wisdom TREE.

A New Human DIET: Digital Thinking,Innovative Mind-Set, Entrepreneurial Spirit
and Team Culture
In order to leverage our human traits and human advantages
and keep pace with global trends, business leaders need toadopt a number of key skills and concepts – what I refer toas the new human DIET.
While technology has proved invaluable in connecting
people and resources throughout the COVID-19 pandemic,
it has also necessitated Digital thinking. In the future, wewill need to adapt to both in-person and digital communication in order to access new knowledge and opportunities.
Second, we will need to embrace creativity and have an Innovative mind-set. Our focus need not be only on innovative products and services, but also on innovative ideas andprocesses. We must constantly question why and how weare doing things and whether we can do them better.
Third, is Entrepreneurial spirit. Entrepreneurship doesn’t
simply mean starting a new business; it reflects having
the willingness to take risks, to be courageous and bold.
Moreover, this spirit is at the forefront of the world’s largest

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success economies.
Finally, an effective Team culture is critical for any business, yet few
leaders emphasise this in their organisations. To become an effective
business leader, one should not only focus on his or her skills, but also
learn how to collaborate with other team members, peers and partners.
To summarise, if we are to overcome the challenges we face today, weneed to work together for a common purpose. Our faculty, alumni, students and staff all belong to a global community and family which hasa higher purpose.
At the same time, learning is a life-long journey. It does not stop the
day a student graduates. Those who attend a business school, for example, may be students for only a year or two, but they will be alumni forthe rest of their lives. Moreover, alumni are lifelong learning partners
and schools need to find ways to facilitate and enhance this partnershipin the future. A great example of this is to create Lifelong Learning
as a Service (LLAAS), a concept proposed by Professor Mohanbir
Sawhney at Kellogg School of Management, Northwestern University(Forbes, March 4, 2019).
Today, will live in a high-tech world. However, what we really needis a high-touch environment and, moving forward, we need to build ahigh-trust culture of mutual respect and trust amongst everyone in ourcommunity.
Finally, at CEIBS, it is important that we build a culture of giving
amongst our community partners. So, let us work together and encourage each other’s efforts to create a lasting legacy for CEIBS and makethe world a better and safer place to live and enjoy.

CEIBS President (European)
Dipak C. Jain

TheLINK Volume 1, 2022

COVER STORY

10GENERATION Z:
CHASING CHINA’S 250
MILLION DIGITAL TRENDSETTERST

he popular trends of eachgeneration are determinedby young people. Dining
alone, ACG (Animation,
Comics, and Games) subculture,guochao (or “China-chic”), chasing
idols… These labels, invented by Gen
Zers, have evolved from intergenerational terms into a value proposition.
But, how do we define this demographic? And, how can businesses
seize the new opportunities presented
by China’s 250 million young consumers?

This generation of young people, born
between 1995 and 2010, grew up in
an era that saw the rise of the internet.
McKinsey defines Gen Z as “digital
natives who have been exposed to theinternet, to social networks, and tomobile systems from earliest youth.”
China’s Gen Z is fortunate to havegrown up in a relatively stable andprosperous environment – one thathas shaped their attitudes towards
patriotism, the pursuit of individuality
and idolatry, and one that has satisfied
their need for spiritual gratification.

Wang Gao When Gen Z meets Chinese domestic brands
Zhang Yu Meet Generation Z: Shaping the future of shopping
Wang Yajin Seizing the opportunities presented by China’s singles economy
Vivian Guo How can businesses cater to Gen Z, the digital natives?
Michelle Zheng What do we mean when we talk about ‘pleasing ourselves’?
Yang Wei Generation Z: Starchaser vs Starmaker

TheLINK Volume 1, 2022

In this issue of TheCEIBSLINK,CEIBS professors shed new lights on
a range of topics, including the singles economy, the new consumption
trends of Gen Z and idol worship, andlook at how businesses can hone theirmarketing strategies to cater to Gen
Zers. We hope their insights offer abetter understanding of the needs, andcultural and economic development of
this group.

COVER STORY

11

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12

When Gen Z meets
Chinese domestic brands

By CEIBS Professor of Marketing Wang Gao

I

n recent years, China has experienced a rise in
home-grown brands. What these brands lack inmaturity, they make up for in social media ande-commerce skills. Following an explosion insales, they have caught the attention of the public.

New consumption, new guochao and new domestic
products – these are some of the concepts used toencapsulate the success of these brands. Furthermore,‘new consumer brands’ refers to recently-establishedbrands that target Gen Z and which have built theirsuccess upon social media and e-commerce.

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13
01

Backdrop: An era inwhich domestic products
meet Gen Z
The trends of any era are defined by its
youth. Behind the rise of China’s new
consumer brands is the emergence of a

new generation of consumers, Generation Z, who are now shaping China’s
fashions and trends.

Gen Z typically refers to those born
between 1995 and 2009 (about 260 million people in China). Raised in an era
when China has emerged as a global

powerhouse, they are highly-expressive

markets. Zara, for example, introduced

China’s manufacturing capabilities haveits focus on fast fashion is less appeal-of ‘copycat innovation’. While it is diffi-

many global fashion styles to China, but
ing to Gen Z’s desire for individuality.

Many foreign brands have thus losttheir edge amongst Gen Z consumers.

China’s new consumer brands, how-ever, have seized the opportunity. WithFor Gen Zers, it is not only about buy-

ing a brand – it is also about expressing

their individuality. Brands are tools forthem to build their personal image. If a
brand can create an identity for them,
they will not only buy, but also advocate
for it.

While everyone in China has observed

this trend, foreign brands have beenslow to catch on. For one, Gen Z is ac-

customed to foreign brands and does not‘look up’ to them like previous genera-tions did. At the same time, the gap in

quality and performance between Chinese and foreign brands has also nar-rowed. Most importantly, many foreign

brands have not responded positively to
Gen Z’s needs.

Most foreign brands adopt a ‘one-size-

fits-all’ localisation strategy in overseas

cult to surpass industry leaders in quality,

it is easier to produce a ‘good enough’product (one which is almost as good
as leading products), many of which arewelcomed by Gen Zers.

a grasp of Gen Zers’ needs, they tailor

The unprecedented growth of domestic

selves from the rest of the market. Thesethe foundations for new brands to market

their products to differentiate them-brands adopt approaches that target Gen

Z with products on their preferred so-cial channels. Consequently, they havebecome a magnet for Gen Z.

‘digital natives’ passionate about social
media.

allowed new brands to employ a strategy

e-commerce and social media has laidthemselves.

First, a variety of e-commerce formats
have gained unprecedented market pen-etration in China. From traditional e-commerce and social e-commerce to02

Solid foundations: Madein China and the media
environment
China’s industrial and manufacturing,and social media and e-commerce capa-

bilities also provide a foundation for the

production, marketing and sales of new
consumer brands. Domestic industrial

and manufacturing capabilities have also
made it possible for brands to make theirproducts at a lower cost.

Several of the world’s largest cosmetics

original equipment and design manufactur-ers (OEMs/ODMs) have factories in China.
Local Chinese OEMs, however, are also

livestreaming e-commerce and WeChat
mini programmes, brands now have direct access to consumers.

Second, social media has become an integral part of Chinese people’s lives, withplatforms such as Weibo, WeChat, Xiao-

hongshu and Bilibili dominating young
people’s spare time. This has laid a solid
foundation for brands to communicate
directly with consumers.

Third, social media and e-commerce canbe seen as a ‘one-two punch,’ turningmarketing leads into sales. This synergy
can be greatly enhanced by the combina-

tion of channel operations and advertising campaigns.

growing rapidly. Shanghai’s A&H Inter-

Fourth, big data has helped brands bet-

luxury brands such as Dior, Saint Laurent,

marketing and sales approaches to theirnational Cosmetics, for example, serves

Gucci and Armani, as well as cosmetic
groups such as L’Oreal and Estee Lauder.

ter tailor their product development andtarget audiences, resulting in increased efficiency and lower product launch costs.

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03

Instant hits: Affective
value differentiation andviral marketing
So, why have these brands become instant hits?

sumer brands. Gen Z does not demand a04

of products, but has more needs for af-

Future challenges for
new consumer brands

nal appeal and self-expression. It is thisThe success of new consumer brands de-brands must tap in to.

values and virality on social media.

lot when it comes to the practical value
fective value, such as individuality, exter-

unique characteristic of Gen Z that newpends on the differentiation of perceptual

The first thing to look at is what charac-

The communication of a product’s per-Given consumption trends in China,

brands. Whether it is make-up brands

media and e-commerce. Most new brands

ucts with perceptual values in line withterises the industries of new consumer(such as Perfect Diary and Florasis),beverage brands (Genki Forest and Saturnbird), or electronics brands (Apiyoo),
they have one thing in common: they
operate in mature industries.

When an industry matures, new brands

do not need to educate the market. The
market is big, but its growth has slowed.
At this point, it is a zero-sum game. If
you can grab a piece of the pie, yourceptual values relies heavily on social
allocate marketing resources to social

media platforms, often turning to key
opinion leaders (KOLs) and key opinion
consumers (KOCs) for help.

The differentiation of perceptual values
also matters to the success of new con-tual needs is still accelerating.

they cannot rely only on a handful ofand help a brand’s message snowball,leading to a rapid explosion effect.

to itself, and the brand’s parent company

a unique point of differentiation.

needs is slowing, the growth of percep-

viral effect, where consumers get involved

The key to grabbing market share is dif-entered a mature industry and identified

While the growth of people’s functional

However, while perceptual value-orient-reaching many consumers. Then, there is a

Perfect Diary, for example, has succeeded

rapid breakthroughs are those who havepeople’s quality of life and happiness.

This approach generates a network effect,

share will be significant.

ferentiation. New brands that achieve

there is still room for growth for prod-by partnering with KOLs to draw attention
Yatsen has cooperated with over 15,000
KOLs. Similarly, Florasis gained popular-

ity by working with livestreamer Austin

ed brands may succeed in the long run,
hit products. Since perceptual value-led

consumption is easily influenced by oth-ers and thus highly volatile, a company
is unlikely to predict consumers’ prefer-ences and anticipate what kind of goods
will be popular. Therefore, a brand em-

phasising perceptual value differentiationneeds to launch new products.

Li. Meanwhile, Chicecream has raisedWith viral marketing, brands may gener-

exemplar for incorporating sampling, cus-

is also unlikely to be sustainable, as thisawareness on Xiaohongshu and become
tomer engagement and communication.

ate a lot of buzz on social media, but thiskind of communication revolves aroundthe audience, meaning success is rare.

Finally, it should be emphasised that not
every domestic product leads to the riseof a new consumer brand. The key isto respond positively to the individual
needs of Gen Z and to adopt a tailoredmarketing and sales approach.

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15

Meet Generation Z:
Shaping the future of shopping

By CEIBS Professor of Strategy Zhang Yu

01

Who are Gen Z?

A different environment and different
era define today’s Gen Z. Compared withprevious generations, especially in China,
Gen Z has grown up in a more affluent
period and they don’t know a world without
the internet.

G

eneration Z (or Gen Z) refers to the gen-eration born between 1995 and 2009.
According to Goldman Sachs, the groupmakes up around 18% of China’s popu-

lation (around 251 million people).

A different environment and different era define today’s

Gen Z. Compared with previous generations, especiallyin China, Gen Z has grown up in a more affluent period

and they don’t know a world without the internet. They
have landed in an unusually sweet spot and are true

digital natives. Wealthier and better educated than theirparents, Gen Zers are also less price-sensitive and more
inclined to go for high-quality products.

Such an environment has significantly shaped theirspending opinions and behaviours: open, bold, andmore demanding. Thus, Gen Z will soon become themost important generation for the future of retail.

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02

Five broad
characteristics of Gen Z

They have a greater willingness to pay forcontent, but they are also more sceptical
about the quality of what they are payingfor.

As the driving force of new consumer

spending patterns, Gen Z features five

Fourth, they strive for individuality

broad characteristics:

and uniqueness. Gen Z consumes asFirst, they seek convenience and enjoytity. They are a generation with higher

child in their families. They somehow

fascinated about products that look niceon individual hobbies or with their pets.

refuse uniformity.

driver of their consumer spending, cata-

Fifth, they live in a different consump-of convenient food, such as self-heating

perienced childhood during the fastest

an expression of their individual iden-

being alone. Most Gen Zers are the only

standards for beauty and taste. They are

enjoy loneliness and like spending timeand cool. They want to be different and

Their loneliness has become a strong
lysing the demand for and development
hot pots.

sustained expansion of a major economy

Second, they are passionate about shar-

rapid improvements in their standard of

are well educated. They are passionate

offers them more choices in shoppingin history and are consequently used toing opinions and interactions. Gen Zers

living. They were born into a world thatabout conducting research and sharing

experiences.

internet, however, is not their only domain.

Gen Zers also enjoy meeting friends in thephysical world, joining communities orparticipating in fashion activities.

Third, they pursue green and healthy

pay for online IP or virtual products, but

you may also buy a products’ derivatives
in physical stores.

Dazzling platforms. Gen Zers shop via

social platforms such as Xiaohongshu(Little Red Book), whose main users areyoung females, and HUPU, which is pop-

platforms have over one million active

are tech-savvy and connected online.

commenters belonging to this group. The

real and the virtual. For example, you canular with Gen Z males. Both of these two

opinions about things they like. They

can see many active users, bloggers, andDiverse ways of purchasing. New con-sumer spending is an integration of thetion environment. China’s Gen Z ex-

On major social or video platforms, one

Gen Zers value
the integration ofpeople and products.
They think theexperience of shopping
is as important as the
product itself.

03

Why is the new consumption
pattern outrunning the
traditional one?

monthly users. Gen Zers’ money also goesto video games and e-sports like Honor

of Kings. They pay for video content, too.
Whether it is online TV platforms likeiQIYI, Tencent, Youku, and Bilibili, orshort video platforms such as Douyin or
It is hard to accurately define the “newKuaishou, Gen Z makes up over 60% ofconsumption pattern.” But failing totheir audiences and consumers.

advantages in winning over Gen Z con-Different shopping philosophies. Gen

sumption patterns, the new one has four

products. They think the experience of

succinctly describe it does not hinder its
sumers. Compared with traditional con-Zers value the integration of people andmain advantages:

shopping is as important as the productbeing, their social environment, and sus-

A broader range of products. Withuct, they often become “collectors”. For

erations, Gen Zers value quality, shopping

virtual products or even merely an ex-

watching a trendy TV show, but will also

lifestyles. This generation has never wor-ried about money. Therefore, when making purchases, they are more conscious
about social significance, individual welltainability. Compared with previous gen-experiences, personality, and diversity.

TheLINK Volume 1, 2022

itself. Once they get interested in a prod-

new consumer spending, you can buy

example, they will not be content by only

perience.

buy many related products.

COVER STORY

17
04

The unique consumption
logic of Gen Zers

05

Three consumption
trends brought by Gen Z

In Gen Zers’ world, the boundary between online and offline is blurred. The

virtual world and the metaverse are two

popular buzz words. The metaverse, an
Limited-edition mania
While uniqueness defines Gen Zers’
consumer behaviour, limited editions
have become very popular amongst thisgroup. They are willing to pursue limited
products and experiences with great effort and expense.

Diversity and sub-cultures

Having experienced
China’s economic boomin the late-1990s andearly-2000s, Gen Zers
have a strong senseof national identity andare proud to support
domestic brands.

munities and sub-cultural groups basedon their interests.

Search for equality, independence, andmapping of real-world products onto thevirtual world, such as consumer goods
and experiences. It is very likely to become a field where Gen Z spend theirmoney.

Gen Zers buy things they like, rather
than things which are popular. Onceengaged, Gen Z is also more brand loyal
than other generations. For example, having experienced China’s economic boom

While Gen Zers want to be different andunique, they often form their own com-

integration of the real and the virtual, is a

There are three main implications thatGen Z brings to companies in the foreseeable future.

in the late-1990s and early-2000s, Gen
Zers have a strong sense of national iden-tity and are proud to support domestic

brands. The phrase “Made in China” hasbecome a signifier of quality and national
pride.

individuality

Gen Z will drive consumption up-

Gen Z’s characteristics a rooted in one

for what the pay for, such as housing and

Therefore, companies wishing to enter

pendence, and individuality. Gen Zers

better living conditions and education to

the shopping philosophy of these young

like to follow the crowd. It is fine if whatties they represent are unimaginable.

grades. Gen Z has higher requirements

element: the search for equality, inde-

decoration. They also expect to provide

value individual expression and don’t

their descendants. Thus, the opportuni-

the Gen Z market have to understandpeople and offer the products and experiences they like.

they have is not the best, as long as it isdifferent.

Gen Z is the target consumer group of
many companies and businesses worldwide, especially in China. China has 250
million Gen Zers who have grown up in
affluent families as only children. They
naturally enjoy all the resources provided

by their parents and their grandparents.
Therefore, they are less price-sensitiveand have greater purchasing power. They
represent a lucrative market that companies are eager to connect with.

TheLINK Volume 1, 2022

COVER STORY

18

Seizing the opportunities presented
by China’s singles economy
By CEIBS Professor of Marketing Wang Yajin

Young people
are faced withincreasingly fierce
competition as
they become
more educatedand economicallyadvanced.

01

What is the singles
economy?

China has a huge populationof singles. The number ofsingle adults in China exceeded 240 million in 2019and is expected to increase to a whopping 400 million in the future.

Several factors have contributed to therise of the singles economy. Marriage,for example, means greater responsibility and obligations. At the same time,

young people are faced with increas-

ingly fierce competition as they become more educated and economicallyadvanced. As a result, more effort isrequired to find a quality partner, support a family financially and provide

education for children. For many, thesefactors have contributed to the post-

ponement of marriage and childbirth.
It is also worth noting that there are
more well-educated women of marry-ing age than their male counterparts.
This gap has widened in first-tier cities,
where well-educated, well-paid single

women have higher expectations for themen they want to marry while, on theother hand, many successful men preferyounger and less ambitious women.
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COVER STORY

19
Modern technology also provides young

02

Unlike older generations, who would

Consumer characteristics
of single Gen Zers

to share their life with, youngsters nowa-

The consumption pattern of young sin-people with varied social experiences.
find themselves lonely without a partnerdays can socialise with friends they meetin different circles and groups, or evenstrangers and acquaintances in virtualworlds, to meet their emotional needs.

While women play a crucial role in the

singles economy, single male consum-

ers are also an important element of theequation, and their consumption of skin-care products, cosmetics, electronics,
luxury goods and fitness goods and services is on the rise.

In addition, the singles economy has

gles mirrors the era they live in.

Gen Zers who were born as digital na-

tives are accustomed to finding andabsorbing information and making informed choices. Therefore, they tend not
to base their purchase decisions simply

on brand names. Instead, internet-savvy
Gen Zers are more likely to research
products and are more susceptible tolower salary, but higher disposable in-come. They have fuelled the creationof a huge consumer market for visuallyattractive, cost-effective and user experience-friendly goods and services.

one another have also changed. In contrast with popular misconceptions thatyoung singles today are homebound andrefuse to hang out with friends or go on
dates, many still seek social and emo-

tional experiences. This trend has led
to a host of new services, like murder-

mystery games, social media and social
apps.

sumption compared to their parents. The

tural assets, instead of showing off theirspare time, less stressful work, and a

The ways young singles socialise withsay about them.

key opinion customers (KOCs) have to

many young people are relocating fromexperience a lifestyle featuring moreworking.

Lastly, many young people exhibit a dif-

Young singles also tend to focus on ex-large cities back to their hometowns toand accrue assets relevant to social net-

what the key opinion leaders (KOLs) andspread from large cities in developed

countries to lower-tier cities. Nowadays,

themselves in relation to “culture circles”

perience-oriented consumption and culmaterial assets. For young people, conspicuous consumption is no longer about
expensive jewellery or luxury watches,but goods that carry certain social value

and can convey one’s cultural capital,
like high-priced eco-friendly bags madeof recycled materials or a bottle of high-ferent understanding of money and contraditional approach to family financesemphasises saving, planning ahead andspending within your means. In contrast,
single consumers nowadays do not have

immediate plans for marriage and rais-

ing children, and thus have significantly
more disposable income and are willingto use credit. Many are also familiar withpersonal finance, investing their moneyin the stock market and mutual funds.

end red wine. They tend to identify

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20
03

Opportunities and challenges presented by thesingles economy

In addition, the demand for pet-related

products, services and platforms are

as many consumers today see their pets

socialising and dating. Board games andproducts and services is also on the rise,as family (a typical example of psychological transference), further driving

The singles economy has spawned ademand for a host of new products andneeded to meet young people’s need for
murder-mystery games that offer immer-

sive experiences are already catching on,

while social and dating apps showcase

number of new consumption trends. The

services.

their needs such as eating alone, trave-

Despite these opportunities, the singles

It is also crucial for brands to hone an in-

To cater to these consumers, food pack-lenges, the biggest of which is the change

needs and their forms of expression in

furniture and home appliances now comegrowing number of young singles has

person use cases).

which will further exacerbate the aging

The second trend is the increased needcare.

first is the single-person lifestyle, to meetling alone and watching movies alone.

economy also presents numerous chal-ages have become more compact andin China’s demographic structure. The

in smaller sizes (all intended for single-

contributed to a sharp drop in births,

problem and increase pressure on elderly

income and free time, young singles arekinds of experiential consumption – in-cluding board games, murder-mysterygames, social apps and dating sites –04

Business tactics forthriving in the singles economy

dous growth potential. The one-childpolicy has left many young couples andsingles with the significant burden of car-ing for their aging parents. Meanwhile,
they have to plan for their single life andprepare for their own retirement.

Single consumers have also given rise to
new opportunities in the personal develop-

ment segment. As a result of postponing

Young men are
more aggressive andeager to be in control
and achieve social
status. These unfulfilledneeds could be met
via games, throughcompetition andrankings.

marriage and childbirth, many single con-Companies must ensure their product de-

to indulge in consumption for pleasure, asor meet the socialising and emotional

sumers have time and financial resources

signs cater to the single lifestyle scenario

well as for personal growth, such as plan-needs of Gen Z.

and building up their knowledge base.

In addition, more experience-focusedning their career, broadening their horizons

TheLINK Volume 1, 2022

the digital age, and take a holistic viewof single consumers’ lifestyles beyond
their preferences and behaviours whenpurchasing products.

Many beauty industry customers, forand lose weight in order to meet a deeper
need of becoming more attractive on adate, landing a better job or improving
their social status. With this in mind,

businesses should analyse consumer
preferences to enhance the competitive-

which serve their socialising needs.

Elderly care is another area with tremen-

depth understanding of young people’s

example, are eager to whiten their skinfor socialising. With more disposable

eager to engage in and pay for various

great growth potential.

ness of their products and services.

Finally, the singles economy has widened
the gap between male and female prod-

ucts (as gender differences tend to be
more obvious before marriage). Youngmen are more aggressive and eager tobe in control and achieve social status.
These unfulfilled needs could be met via

games, through competition and rankings. In contrast, young women enjoy

more emotional connections and social
interaction. These gender differences are
exemplified in the different product de-signs of Chinese social media platforms
such as Hupu and Xiaohongshu, whichcater to male and female users, respectively.

COVER STORY

21

How can businesses cater to Gen Z,
the digital natives?
By CEIBS Associate Professor of Strategy and Entrepreneurship Vivian Guo

VR, AR, AI, 5G, machineent on technology to acquire and analyse

These trendy words in the

product or contact others, Gen Zers arelearning and robots...

tech world are nothing

new to Generation Z.

Highly dependent on the mobile internet,

information. Whether to purchase a
comfortable collecting information fromdifferent sources through the internet, faroutperforming previous generations.

Gen Zers have left massive amounts of

Gen Zers are impatient and accustomed

themselves to algorithms like neverappreciated the convenience of receiving

information and data online and exposed
before. While this group enjoys the convenience of technology, they are also
imprisoned by it.

With more Gen Zers entering the workforce, they will soon make up a big partof the consumer market. As such, companies will need to transform.

01

How do Gen Zers engage
with technology?
Gen Zers are enchanted by personalised

products and customised services. Most

mobile phone models, for example, aredifficult to distinguish. In the hands of

Gen Zers, however, they are often per-sonalised with screen protectors andcases to express individuality.

They are keen to use and highly depend-

to a fast-paced lifestyle. In the past, wegoods a week after placing an online or-der. Now, Gen Zers often expect products
to be delivered the same day. Similarly,

they don’t want to wait a day or two

to get feedback from customer service
teams. Thus, when brands fail to update

their products and tactics, they risk losing this impatient group of customers.

Finally, Gen Zers are fascinated by digitalpresentations. Tokyo art collective TeamLab, for example, has become a hit bycatering to new artistic forms favoured byyoung people. TeamLab creates artwork
using digital technology and aims to create an immersive experience for visitors.

02

Breaking the shackles ofalgorithms
Gen Zers have embraced algorithm-

TheLINK Volume 1, 2022

COVER STORY

22
powered services more than others. But,
what are the costs?

For one, Gen Zers live, work and shop
online; they have left a long trail of

personal information online, raising con-03

How can Gen Zers overcome
the pitfalls of algorithms?
Gen Zers should learn more about thecerns for their privacy.

logic behind algorithms. Whether you

Being addicted to the internet and e-

on how much you know about them. The

the digital world. Data from iResearch

man biases into their products, but eventhe majority of online gamers. Many ofentirely accurate. The more Gen Zers un-than in the real world, and their decisions

be aware of their biases, and the more

and popular gamers.

Gen Zers must also learn to shake off

The possible negative impact of frag-cessing different

Online platforms are popular sources ofous perspectives.

hongshu, Douyin (Tiktok) and more are

They should alsotent. When such platforms become theo v e r- e n t e r t a i n -for Gen Zers, it creates the illusion thatswipe through short videos on our mobile

knowledge, however, may lack value

one every 15 seconds or so before goingrule or are ruled by algorithms depends

sports may also be a danger lurking inarchitects of algorithms often build hu-

shows that, by 2020, Gen Zers made up

big data-powered algorithms are notthem spend more time and money online

derstand algorithms, the more they will

are often influenced by online celebrities

rational their decisions will become.

mented reading should be noted, too.
information for Gen Zers. Baidu, Xiao-

algorithms by acsources and vari-

you have self-control, you can harness
the power of technology to improve yourlife.

So, will our future be dictated by algorithms? Will machines dominate humans?

And, will artificial intelligence (AI) takeour jobs? There are, broadly speaking,two schools of thought on these questions. The first holds that algorithms are

so powerful that will someday learn on
their own and come to dominate us.

In the coming decades, many highly-

repetitive and standardised jobs will

When it comes tocomplex scenarios andproblems, humans tend
to be more reliable.

be cautious aboutmain channel of access to information

ment. When we

they have acquired new knowledge. This

phones, for example, we usually finish(despite its abundance).

to the next one. Psychologically, we are

Finally, with a solid grasp of their habits

In an hour, we can swipe through hun-

Gen Zers precisely. As algorithms further

seemingly large amount of information isconstantly getting instant gratification.

and preferences, algorithms can target

dreds of different short videos, but the

integrate with popular platforms, Gen Zers

nothing other than entertainment.

pursuing leisure activities or accessing in-

Essentially, life revolves around threeforms may influence them by promoting

from? And, where am I going? Algo-their convenience, Gen Zers have fallen

but they can’t tell you where you cameformation. By leveraging algorithms, plat-questions: Who am I? Where did I comespecific articles/events. While embracing

rithms may help you define who you are,into the trap of relying on algorithms.

from or where you are going. We need to

TheLINK Volume 1, 2022

electronic devices and the internet. Whenbe replaced byfilled with appealing, yet superficial, con-will be at their mercy while shopping,overcome our dependence on algorithms,

robots which areable to process
information more

efficiently andaccuratel y t h a nhumans in certain
scenarios. They

do not have the cognitive limitations nor
emotional biases and needs of humans,

and they do not ask for overtime pay.
Though automation can help companies

reduce costs and increase efficiency, ma-chines usually lack innovation capacities

and are unable to make analytical judge-

ments in complex situations since mostalgorithms employ linear thinking. Whenit comes to complex scenarios and prob-lems, humans tend to be more reliable.
As such, there is a long way to go before
AI displaces us.

At the same time, AI has created newjob opportunities. As the demand for AI

rises, companies are increasingly looking

COVER STORY

23
for machine learning engineers, robotics

To win Gen Z customers, for example,

online promotional activities. Gen Zers

still debatable whether AI is taking away

fulfill a function, cater to Gen Zers’ emo-

uct displays. Integrating technology withengineers and data scientists. While it isexisting jobs or creating more of them,

Gen Zers need to focus on two things:
either learning to use AI to create morebusinesses should ensure their products

tional needs, and help them mix with
their friends.

look for unique stories and digital prod-

traditional retail is an effective method of
appealing to this group.

value for businesses, or focusing on im-

In the past, many brands focused on

Companies should also engage Gen Zers

innovation capacity to become stronger

technology brought. Gen Zers, however,more willing to participate in this pro-

proving their general analytical skills andin areas where machines are not good at.

The other school of thought underes-functionality and the convenience thatare attracted to products that meet theiremotional needs and help them socialise.

timates AI and holds little confidence

Brands should also employ distinct prod-

and the internet. I think this is too pes-

pealing products and value personalisa-

about the prospect of the virtual world
simistic. Technology has delivered con-venience and efficiency to our lives. We
must keep a close eye on the applicationof new technologies, and explore how to

use technology to serve consumers, whileat the same time adjusting resources tokeep up with technological develop-

uct designs. Gen Zers prefer visually ap-

they value personalised services. Brands

should leverage private domain trafficand help Gen Zers express their desires
to create better products.

Finally, digital transformation can help

sise function have pivoted to design andternet tops Gen Zers’ list of preferredmarketing strategies that used to empha-

appearance, leading to the emergence ofmany online brands and the transformation of traditional brands.

Companies need new retail models pow-

All in all, without collaboration between

attract Gen Zers. Businesses will find it

would be impossible. Rather than ma-

cess than previous generations because

tion over cost. Based on this preference,ments.

technology and humans, a better futurein their R&D processes. Gen Zers are

ered by the internet and digital media todifficult to attract young people without

companies attract Gen Z talent. The inindustries, followed by finance. Even in
the finance industry, Gen Zers prefer companies that embrace technology. They are

unwilling to accept traditional operational

methods and cultures. Ultimately, any en-

terprise that relies on conventional methods will generate a negative impression
about not only itself, but also its industry.

chines displacing humans (or vice versa),

the future will be about human-machinecollaboration.

04

How can businesses win
over Gen Z?
Gen Zers will soon become a mainstayof the workforce and consumer market.
Digital transformation will not only help
companies win their attention, but also
attract more Gen Z talent in the future.

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COVER STORY

24

What do we mean when we talkabout ‘pleasing ourselves’?
By CEIBS Assistant Professor of Organisational Behaviour Michelle Zheng

outward appearance grows in importanceto become one such cue.

Drivenby theseenvironmental
developments andtheir values, they
yearn for efficiency
and freedom, andrely more on “atfirst-sight attraction”
for pleasure-based
consumption.

Gen Zers are also likely to fall into thepitfall of first impressions. As internet
natives, this generation has been exposed

to social media since childhood, andhas gotten used to quick access to everchanging information. Furthermore,they generally pursue greater independ-ence and self-expression, and present

themselves on social media anytime,
anywhere. Driven by these environmental developments and their values, they

yearn for efficiency and freedom, andrely more on “at-first-sight attraction” forpleasure-based consumption.

02“Beauty is Justice.”ogy, plastic surgery, and fitness. So, why

What are the pitfalls of the pleasure
economy?

There is a slogan that we often hear

When people make decisions, they are

There are three major pitfalls of hedonic

my: “Beauty is Justice.” Gen Zers pre-thinking and rational thinking. More01

when it comes to the pleasure econo-

fer to buy appealingly packaged products
or goods that can make them look good.

This desire has fuelled demand across a
range of industries related to appearance,
TheLINK Volume 1, 2022

including cosmetics, medical cosmetolis Gen Z so obsessed with appearance?

influenced by two systems: intuitive

consumption.

often than not, people tend to rely onFirst, hedonic consumption is con-their decisions on a few simple cues intreadmill theory suggests, hedonic activ-

their intuitive thinking system and basesumerism in disguise. As the hedonic

the absence of information. In such cases,

ities do not lead to long-term happiness.

COVER STORY

25
Instead, since people’s expectations
and desires for consumer goods rise intandem with their well-being, happinessslinks back to its baseline after a periodof time. Businesses capitalise on peo-

ple’s desire for instant gratification, and03

Businesses should be
inclusive to accommodate consumers’ selffulfilment needs

pose through their products. Oat milk,for example, has become increasingly
popular amongst young people as it ca-

ters to their quest for a vegetarian andeco-friendly lifestyle.

stimulate consumption by hyping the

How can businesses create a healthy

Second, instead of merely focusingpurchase of a product. Consequently,

profits?

should embrace inclusiveness andshort-lived pleasure derived from thehedonic purchases may become a pit-

market environment while pursuingfall of consumerism, one that triggers

First, product design, packaging andConsumers may end up fulfilling the il-donistic needs of consumers and theirexcessive or indulgent consumption.
lusions hyped by merchants, but leavethemselves with insatiable vanities andHuman beings have two basic needs:

need for a sense of meaning.

for uniqueness. When consumers make

There are two kinds of happiness:

Second, people who focus on appear-

Eudaimonic happiness refers to mean-

pursuit of self-gratification, result-ing in anxiety about their looks. Thisanxiety can drive people to create astandardised self that is recognised by
the public. Psychological studies havefound that this inauthentic self, shapedby the outside world, may lead to emotional exhaustion, depression, dimin-

diversity.

marketing need to meet both the he-huge credit card debts.

ance tend to lose themselves in theon creating bandwagons, companies

hedonic and eudaimonic happiness.

ingfulness. Recent US consumer psychology research suggests that whena product meets both of these needs,

consumers’ trust in, and enthusiasm
for, that product will be significantly
increased. Thus, companies should not

only focus on consumers’ hedonistic
needs, but also convey a sense of pur-a sense of belongingness and a needpurchases, they want to feel the sameas, but different than, others. Studies
have found that while companies seek

to create trends, products that makeconsumers feel unique and different

will be comparatively more popular.
Chinese drink-maker Wong Lo Kat, forexample, launched a customised service during Chinese New Year, whichallowed consumers to tailor their pack-aging by replacing the word ‘Wong’with their own surname.

ished self-esteem and persistent loneliness. In interpersonal relationships, it

may result in a decline in affection andtrust as well as decreased satisfaction
with relationships.

The last pitfall is addictive consump-tion. Businesses persistently reinforce
consumers’ addictive behaviour by ana-lysing user activity via data and deploying data-powered marketing. Psycholo-

gists and neuroscientists believe that forindividuals, addictive consumption isabout wanting the products, rather thanneeding or liking them.

TheLINK Volume 1, 2022

COVER STORY

26
sonal development courses, or engage inbrand new experiences to broaden yourhorizons and pursue self-fulfilment anddevelopment.

Second, beauty is not everything.
Consumers should resist the impulse

to judge others by their appearances,and find more useful information toform accurate judgments. At the sametime, consumers must learn to accept

themselves as they are. Recently, people
Meanwhile, a product should be inclusive. One example is Chinese lingerie

brand NEIWAI’s ‘No Body is Nobody’campaign, which aroused an enthusiastic
response and resonated with consumers.

04

Pleasing yourself
means staying true
to yourself

Victoria’s Secret had previously been

boycotted by consumers over its objectifi-

dictive consumption does provide short-

I hope we are free
to be ourselves, andachieve true happinessby pleasing our true
selves instead ofdefining ourselves by
consumption.

it is risky for their long-term sustain-

So, how can Gen Z truly derive pleasurecation of women and its focus on just one

type of figure. Now, the brand has started
using plus-size models, and hired sevenelite women to endorse its products.

Finally, businesses need to be socially
responsible and ethical. Fostering ad-term benefits for businesses, however,ability. As consumers nowadays havebecome more rational, they may boycott

from consumption?

have redefined beautiful as be-you-tiful.

Psychological studies have revealed that

an authentic self is one of the best predictors of happiness, and the key step
toward being your authentic self is toaccept yourself as you are.

Finally, get rid of addictive consumption. Self-discipline is freedom. Absolute freedom does not mean that you

can do whatever you want, but you canchoose not to do things you don’t want
to do. If human beings allow their desires to dictate their behaviour, they are

not making free choices, but are subject

to their desires. Therefore, we need torethink what we want to do with ourlives, identify our priorities in life andwork on them. Stop addictive consumption, and spend your limited time pursu-

brands who deliberately trigger addictive

Consumers should ask themselves one

addition to commercial marketing, busi-“Is it, I shop, therefore I am, or I am,

As one of my favourite songs by Colbie

are your consumption needs defined

let your hair down, take a breath, lookconsumption behaviour. Therefore, innesses should also take into account theirlong-term social marketing goals insteadof solely focusing on short-term ones.

Throughout history, successful companies have avoided exploiting consumers
and instead have had long-term visions
and a sense of social responsibility.
TheLINK Volume 1, 2022

question before making a purchase:

therefore I shop?” In other words,
by businesses, society and others, orby your true self? Don’t buy things toplease businesses instead of pleasing
yourself. Instead, spend money on rela-

tively durable consumer goods and per-ing personal growth and real freedom.

Caillat goes: “Take your make-up off,
into the mirror at yourself, don’t you
like you?” I hope we are free to be our-selves, and achieve true happiness bypleasing our true selves instead of defining ourselves by consumption.

COVER STORY

27

Generation Z:
Starchaser vs StarmakerT

By CEIBS Assistant Professor of Management Yang Wei

he idols of Gen Z represent

sales, with celebrity endorsements play-they are also involved instrategies. The value of livestreaming e-

not only “spiritual power”;

shaping economic chainsand creating value. In this sense, they

are generating “economic power” thatcannot be underestimated.

In 2020, China’s luxury industry gen-erated more than 340 billion RMB ining a major role in various marketing

commerce, brought to life by stars and
KOLs, was expected to rise to 1.2 trillion RMB in 2021. In the fast-moving

consumer goods sector, almost all leading brands use stars or idols for endorsements.

From film and TV salaries, product en-

dorsements, livestreaming and more, theeconomic power of idols has entered every aspect of our lives, and plays an important role in the creation of economic
value in various industries. But, why dothese idols generate so much economic
value amongst Gen Zers?

01

The Fan Economy
The commercial value of idols is inseparable from culture and entertainment in China.

A standardised cultivation process haslaid the foundation for commercialising idols. It extends from the upstream

selection of potential idols by agencies
to talent shows to attract sponsors andfans to downstream media campaigns

and performances, as well as the producTheLINK Volume 1, 2022

COVER STORY

28
tion of films and TV shows. In this ecosystem, stakeholders such as agencies,

streaming platforms, film and televisioncompanies and sponsors can explore how
to work together to create idols and reap
economic profits.

Stakeholders suchas agencies, streaming
platforms, film andtelevision companies
and sponsors can
explore how to work
together to create idols
and reap economic
profits.

02

03

Idol Endorsement andGeneration Z

The Social
Responsibility of Idols

The development of the fan economy

Though the rise of the idol economy istion.

challenges.

derives from the digital transforma-

inevitable in the digital age, it also faces

First, the value of idol endorsements

The central role of idol personas in theucts more “visible” to consumers in ouriour is often under public scrutiny, mean-lies in the fact that they can make prodinformation-overloaded online market-

place. Through endorsements, companies

establish strong links between their products and these idols by leveraging their
popularity and personas to create uniquemessages which attract the interest of
consumers. Therefore, idol endorsements
are a “shortcut” for companies to differ-idol economy implies that their behaving they have to bear relevant social re-sponsibilities while creating value. Everyword and deed can affect the behaviour,mind-set and even the values of theirfans, who may adopt a collective mood,thereby jeopardising public order in cyberspace or even in the real world.

entiate their products in the digital age.

Meanwhile, idols also have a role to playfollow their idols by creating fan groups.

Secondly, idol endorsements help com-the age of the idol economy, idols haveestablished fan cultivation mechanisms,

itive internet market. The “role model”

The culture and entertainment industry
has also largely reshaped the way fansMedia and social platforms have also
taking advantage of their high degreeof interactivity. From trending topics on

Weibo and popular question-and-answer
websites like Zhihu to fan meet-ups, thisecosystem has transformed the pursuit ofstars into a highly interactive group behaviour.

panies win consumer trust in the competeffect of idol endorsement might reducethe information asymmetry arising fromthe inability of consumers to experience
products directly. Such endorsement by

idols could make products more real for

consumers, and thereby increase theirintent to buy.

Susceptible to public opinion and theThis “role model” effect also comes fromsupport their idols by spending money on

Out of favour and trust for their idols,

influence of others, fans are willing tothem. It could be said that the fan scaleeffect, fuelled by the cultural and enter-tainment ecological chain, has become

the backbone for idols to build their
public images and grassroots popularity,and to create greater economic and social
value.

TheLINK Volume 1, 2022

the social credibility of idols themselves.
consumers are more likely to believe inthe products they endorse in the absenceof information. It could be said that thetrust idols imbue products with is at thein shaping social morals and values. In
become economic and cultural icons thathave an influence on public opinions andvalues. How they conduct themselvesand guide the emotions and consumption

behaviour of their fans has become a social obligation.

While endorsements incorporate theimage of idols into the value creationof products, the influence idols exert is

closely intertwined with the developmentof companies and their competitive strat-egies. When idols fail to observe social
rules and fulfill social responsibilities,

their credit and commercial value diminishes.

core of their commercial value. In thisFor enterprises, it is risky to achieve dif-the “idol economy” in a broader sense.

cial value of idols, as idols are frequently

way, it is their personal credit that forms

ferentiation by leveraging the commer-

COVER STORY

29
replaced by the entertainment industry.
Instead, companies should focus on im-proving the quality and differentiationof their products, increase investment ininnovation, and improve their overall operational efficiency.

04

New IP and New
Opportunities

of artistic education. The cultivation ofline influencer economy has gone beyond

the supply of high-quality talent for liter-

more deeply altered competition and pro-artistic talents is fundamental to ensuring
As a new business model, the idol economy also represents many opportunities.
Inspiring fans with positivity
The young generation is the backbone ofary platforms and the culture and entertainment industry.

From the idol economy to the online

celebrity economy, the industry is re-idol culture and the idol economy. Qual-

structuring in the digital age

abilities and integrity of character can

The online celebrity economy may help

meaningful goals and can promote posi-medium-sized enterprises (SMEs). Simi-

ity idols with both excellent professional
effectively drive young people to pursue

extend the idol economy into small-and-tive energy.

lar to the inception of idol endorsements,

Expanding the cultural and entertain-

endorsements is a result of the desire ofment industrial chain

To win a foothold in the culture andthe emergence of social media influencer

SMEs to get their products seen and betrusted in a fierce digitised market.

entertainment industry, idols must rely

Internet celebrity endorsements, which

prove themselves through their work

into purchasing power, making it a moreto support their commercial value. The

their products. In contrast to idols, thean opportunity for the development oforiginates from their expertise and pro-chain, particularly in terms of literary

fields. As a result, there are more oppor-

on more than good looks; they need to

are relatively low-cost, can convert traffic

to build social influence and credibility

attractive option for SMEs to promotedemand for quality work has provided

credibility of online influencers mainly

the cultural and entertainment industrial

fessional know-how in their respective

and cultural creation.

tunities for online influencers to be com-

The idol economy also provides opportunities for the systematic development

the traditional idol economy, and has
duction models in the digital economy.

Manufacturers are increasingly relying
on the judgement of online celebrities tofind resources and manufacture goods

that meet market demand and accesssales channels. As a result, the role ofonline influencers has gone beyond idol
endorsements, and has become a link
and platform for coordinating production

processes, thus playing a bigger role inindustrial organisation.

Amidst this trend, online celebrities havefurther outgrown their individual identi-

ties and created “personal IP” with their
credibility, professional competence andpersonas. The “people-oriented” “IPeconomy” together with the new industrial organisation model means that idols

and online influencers will play a moresignificant role in the economy whilebearing more social responsibilities.

mercialised.

To an extent, the development of the on-

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FEATURED NEWS30

Meet Our New Faculty
We’re only half way through 2022, but we have already welcomed several new professors to the
CEIBS family! Read on to learn more about the newest members of our faculty team!
In chronological order of joining CEIBS

Dr. Lu Yi

of Finance and Shanghai National Accounting Institutehave been highly recognised by students.

Dr. Lu Yi joined CEIBS as an
Assistant Professor of Market-

Dr. Li Xilin

ing, having previously been an
Assistant Professor of Marketingat McGill University. Prof. Lu

Dr. Li Xilin is an Assistant Pro-

received her PhD in Marketing from Yale University

fessor of Marketing at CEIBS.

and BA in Economics from Peking University. Her

She received her PhD in Be-

research interests concentrate on digital marketing,havioural Science and MBA

AI and big data, content marketing and applied gamefrom the University of Chicago

theory in new business models. She lectures on pricing

Booth School of Business, MS in Psychology fromanalytics and marketing management and her courses

Peking University and BS in Psychology from Beijing

have been amongst the most popular and highly valued

Normal University. Prof. Li’s research interests con-by her students.

centrate on judgment and decision making, consumer
behaviour and consumer psychology. Five of her papers
have been published in FT top 50 journals including theDr. Tieying Yu

Journal of Consumer Research, Management Science,

Dr. Tieying Yu is a Professor ofcesses.

Organizational Behaviour and Human Decision Pro-

Strategy at CEIBS. Prior to joining CEIBS, she was a tenured
Associate Professor of Strategy at
Boston College. Prof. Yu received her PhD in Strategic

Dr. Liang Chao

Management from Texas A&M University and MS in

Dr. Liang Chao is an Associate

Economics from Fudan University. Her research focus-

Professor of Operations Man-es on understanding firms’ strategic decisions, and how

agement at CEIBS. Prior tothese decisions affect inter-firm rivalry and competitive

joining CEIBS, she was an As-

advantage. She lectures on strategic management andsistant Professor of Operations

global strategy to MBA and EMBA students. Her MBA

Management at Cheung Kong Graduate School of Busi-courses at Boston College, Shanghai Advanced Instituteness (CKGSB). Prof. Liang received her PhD in Oper-TheLINK Volume 1, 2022

FEATURED NEWS31

ations Management from University of Texas at Dallas

strategy and entrepreneurship, with a particular inter-(UTD). Her research concentrates on interdisciplinary

est in the role that mergers and acquisitions, corporate

studies of operations management and marketing, be-venture capital, and intellectual property rights play inhavioural operations management, and supply chain

technology sourcing, corporate financing and corporate

management. She has multiple papers which have beenrenewal.

published or accepted in FT Top 50 journals, including
Management Science and Production and Operations

Dr. Hongyu ShanManagement.

Dr. Hongyu Shan is an As-

Dr. Liu Yixuan

sistant Professor of Finance

Dr. Liu Yixuan is an Assistant

CEIBS, he was an AssistantProfessor of Management In-

Professor of Finance at Gabelli

formation Systems at CEIBS.

School of Business at Fordham University. Prof. Shan

Prior to joining CEIBS, she

received his PhD in Finance from the University ofat CEIBS. Prior to joining

was an Assistant Professor of

Florida and BA in Economics from the University ofManagement at Krannert School of Management, Pur-

Michigan. His research focuses on understanding thedue University. Prof. Liu received her PhD in Informa-

impact of climate change and other ESG initiatives ontion, Risk and Operations Management from the Uni-financial markets and corporate decision making. He

versity of Texas at Austin and BS in Pure and Applied

lectures on a range of topics, including ESG investment

Mathematics and BA in Economics from Tsinghua Uni-

and alternative data analysis.

versity. Her research interests include digital platforms,
health economics, sharing economy and the Internet ofDr. Feida Zhang

Things (IoT).

Dr. Feida Zhang is an Asso-

Dr. Zhuo Chenciate Professor of Accounting

Dr. Zhuo Chen is an Assistant

CEIBS, he held appointments

Professor of Strategy at CEIBS.

at the University of Queens-

Prior to joining CEIBS, sheland, Murdoch University, and Sun Yat-Sen University.

was an Assistant Professor

Prof. Zhang received his PhD in Accounting from Hongof Strategic Management at

Kong Baptist University, and MS in Accounting from

Kogod School of Business, American University. Prof.

Xiamen University. His research focuses on financial

Chen received her PhD and MA in Strategic Manage-

management and decision making, corporate govern-

ment from Rice University, and MA in Economics fromance, capital market, corporate social responsibility andDuke University. Her research focuses on corporate

corporate finance, etc.

at CEIBS. Prior to joining

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FEATURED NEWS32

Faculty Appointments
A number of our professors have been named to important new positions this year! Take a look
below to find out more about recent CEIBS faculty appointments.

Professor Xin appointed
Director of CEIBS(Switzerland) DBA
Programme

Professor Wang Qi
picked as new Chair ofDepartment of Marketing

Professor of Management Kather-

Professor of Marketing Wang Qi

ine Xin was appointed as Director

was selected as the new Chair ofof the CEIBS (Switzerland) DBA Programme, effective

the Department of Marketing, effective April 1, 2022. Her

March 1, 2022. Prof. Xin also serves as the Bayer Chairinterests include social interaction and social networks,

in Leadership, Associate Dean (Europe) and Director of

big data marketing, emerging market globalisation, cor-the Hospitality EMBA Programme at CEIBS. She spe-porate sustainability and open innovation.

cializes in the areas of leadership, organisational culture,

Professor Frank Yu steps
into role as Gotofreight.com
Chair in Financechange management, and strategic human resource management. In addition to her research and teaching, she
has served as a consultant and workshop leader, and has
undertaken assignments for multinational firms and gov-

Professor of Finance Frank Yu wasernment agencies.

appointed as the Gotofreight.com

Professor Zhao named
Executive Deputy Directorof CLIIF

Yu worked as an analyst with Barclays Global Investors.

Professor of Finance and Accounting

behavioural finance.

Chair in Finance, effective April 1,
2022. Prior to joining CEIBS, Prof.
His research focuses on empirical corporate finance andZhao Xinge was appointed as the
Executive Deputy Director of CEIBS
Lujiazui Institute of International Finance (CLIIF), effective March 1, 2022. Prof. Zhao joined CEIBS in 2005, as

More faculty promoted to new positions inearly 2022

has previously served as the Programme Director of theProf. Sebastian Schuh was promoted to Full Professor,

CFO Programme, Associate Dean and founding Director

effective from January 1, while Profs. Emily David andof the Finance MBA (FMBA) Programme. His research

Guo Wei were also promoted to Associate Professor. Profs.

is focused on mutual funds, investments and portfolio

Zhang Yu, Xiang Yi and Wang Yajin were promoted to Fullmanagement, investor behaviour and protection, the bank

Professor and Prof. Hyun Young Park was promoted to

wealth management product market in China, and manage-

Associate Professor on April 1. Prof. Cheng Lin was also

rial accounting.

promoted to Full Professor, effective May 1.

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FEATURED NEWS33

Faculty Honours and Awards
CEIBS professors have given us much to celebrate over the past few months. Here is a look atsome of the recent honours and awards they have received.

CEIBS team receives FT award for
Responsible Business Education
CEIBS Professors Daniellong learners. According to P&Q, their lessons live beyond
the classroom, where students turn them into new and better
practices. Award winners were nominated by those from
P&Q’s list of Best & Brightest Executive MBAs.

Han Ming Chng, Byron
Lee and Peter Moran,case research fellow Zhao
Liman and research assis-

CEIBS teams top categories in EFMD casecompetitiontant Sun Heming featured in this year’s Financial Times
Responsible Business Education Awards for their teachingcase based on Daddy Lab, a Chinese social enterprise.
Two CEIBS teams were recognised in the EFMD’s 2021
Daddy Lab has tackled the social problem of poor-quality

Case Writing Competition in April.

and hazardous consumer products used by children andtheir families in China, and the CEIBS case outlines a typi-Prof. Oliver Rui and senior case researcher Qiong Zhu won

cal dilemma faced by entrepreneurs of how to make an op-

the best case award in the Corporate Social Responsibility

eration profitable whilst achieving its social benefit goals.

(CSR) category for their work on a case about Ant Forest, an

The case finished as a runner-up in the FT’s Teaching

Alipay online payment platform launched by Ant Financial

Cases Awards section. The same paper also won an award

Services Group in 2016.

in the EFMD writing competition last year, and a similaraccolade in 2020.

Ant Forest aims to reduce carbon emissions by planting trees
when users engage in environmental-friendly behaviour. The

Professor Ramasamy named amongst
P&Q’s EMBA Profs Who Made a
Difference in 2021

case illustrates how a business can create economic value by
delivering social value.
Meanwhile, a CEIBS case co-authored by Professors Gianfranco Siciliano and Lucia Perini, Visiting Professor Martin Roll and case researcher Jackie Cao took home the top

CEIBS Professor of Economics and Global EMBA Director

prize in the Latin American Business Cases category.

Bala Ramasamy was named as one of P&Q’s EMBA Professors Who Made a Difference in 2021. Recipients were se-

Their case, entitled Antigal: Strategy and Succession Chal-

lected for stirring new interests and setting higher standards

lenges in a Family-Owned Vineyard with Global Ambitions,for students, as well as for preparing them to adapt to an

teaches students how to navigate the complexity of running

ever-changing world, while inspiring them to become life-

a second-generation family firm and deal with increasing
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FEATURED NEWS34
tensions from venturing growth in different markets, includ-Shanghai Social Security won the second prize of Academ-

ing China.

ic Excellence Award at the 15th Shanghai Philosophy andSocial Sciences Outstanding Achievement Award. She was

Six CEIBS teams honoured in Global
Contest for the Best China-Focused Cases

also awarded a major project for Research on The Mechanism, Implementation and Optimisation for Promoting a
Healthy China from the National Social Science Fund.

Six CEIBS case studies
were awarded in Aprilas part of the 2021

CEIBS faculty claim case teaching prizes

Global Contest for the

Two CEIBS faculty won the awards in the 4th Shanghai

Best China-Focused

MBA Case Teaching Competition in April. Hongcun: The

Cases. The cases cover

Tourism Development of an Ancient Village by Prof. Olivera wide range of topics, from navigating the complexities of

Rui was awarded first prize; while Shanghai Shentong Metrorunning a second-generation family firm and the complex

Group: Transformation through Transit-oriented Develop-

nature of go-public-vs.-stay-private decisions to operating ament developed by Prof. Daniel Han Ming Chng won thesocial enterprise and the challenges and opportunities for thesecond prize.

new energy vehicle market.

Elsevier list confirms CEIBS’ strength inacademic research

Paper on technological obsolescence wins
major accounting award
CEIBS Prof. Venkat R. Peddireddy’s paper entitled Esti-

In April, CEIBS once

mating Maintenance CapEx received the American Ac-

again demonstrated its

counting Association (AAA) 2022 Competitive Manuscript

position as a leader inAward in May.

research after a record
high 15 faculty werenamed to the 2021 list ofHighly-Cited Chinese Researchers released by world-leading academic publisher Elsevier.

CEIBS Professor Howei Wu amongst
P&Q’s 40 Under 40 MBA Professors for2022
CEIBS AssistantAmongst those selected, 13 faculty were recognised forProfessor of Eco-

their contributions in Business Sciences – the most of any

nomics Howei Wu

individual institution – while another two appeared on thehas been named

Applied Economics list.

amongst Poets &Quant’s 40 Under

TheLINK Volume 1, 2022

President Wang
Hong recognised forcontributions to social
science

40 MBA Professors for 2022.

In April, President Wang Hong’s

and who have demonstrated meaningful impact on theirco-authored book History offields.”

The award is given each year to MBA professors under
the age of 40 who are “masters in the classrooms, who influence business and policy, who are prolific researchers,

FEATURED NEWS35

CEIBS Faculty in the MediaThe first half of 2022 has been fruitful for CEIBS in the news as our faculty weighed in on a wide
range of business-related topics, from the purpose of business schools and macro-economic policies to the UN’s sustainable development goals and Generation Z. Here is a brief round-up ofsome of the recent insights they have shared.

“To accelerate the implementation of the three-child“The world is losing ground in the race to meet agreed

policy, the following measures should be taken to en-[climate] goals for 2030 because the desire for greatercourage childbirth: First, implement a differentiatedenergy security has taken centre stage.”policy of personal tax deduction and financial subsidies
covering the period from pregnancy care to a child’s— CEIBS Vice President and Dean

18th year or the end of his/her academic education. Sec-

Ding Yuan | China.Table

June

14

ond, provide more childcare services. Third, to improvefemale employment security, advocate gender equality
in employment, and provide maternity tax incentives forbusinesses. And, fourth, to alleviate people’s burden in
housing, education and healthcare.”— CEIBS President Wang Hong | China
Economic Weekly

March

14

“So long as the COVID situation does not get worse,
the Chinese economy should be able to pick up. And if
things go well, China can still grow 5 to 7 percent.”— CEIBS Professor of Economics
Zhu Tian | Globe and Mail

January

4“Many of us have learnt to be flexible and do better
than others even in difficult environments. That’s a big
advantage for Indian academicians – not just in Ameri-“If I were to describe female leadership in one phrase, itca, but in Europe, Australia and Asia as well.”would be: ‘The best woman is like water.’ The ancient Chinese philosopher and sage Laozi said, ‘The best man is like

— CEIBS President (European)
Dipak Jain | The Times of India

March

22

water which benefits all things and does not compete’.”— CEIBS Professor of Management
Jean Lee | Forbes China

March

8

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FEATURED NEWS36

“In the US and Europe, everything goes through banks“The recent outbreaks of COVID-19 in many of China’s

ultimately, so the central bank has a lot more power

economic hubs have hit the economy hard and the em-over money in circulation. In China, the central bankployment situation is grim. Gross domestic product is

has less power, because of electronic payments.”

likely to expand by between 1.7 percent and 3.2 percent
in the second quarter, and 3.5 percent in the first half,—CEIBS Associate Professor of Finance
Viktar Fedaseyeu | Globe and Mail

February

7

well below the year’s target of 5 percent growth.”—CEIBS Adjunct Professor of Economics
and Finance Sheng Songcheng | Yicai Global

May

26

“Efforts need to be stepped up to make progress inachieving the United Nations’ 17 Sustainable Develop“It takes some time to fully develop governance mech-ment Goals (SDGs) by 2030.”

anisms. The current systems in the US were also built—CEIBS Professor of International BusinessMay

gradually. I like to say – in Chinese terms – let the bul-

and Strategy Shameen Prashantham | The

19

let fly for a while.”

Hindu Business Line

—CEIBS Professor of Finance andAccounting Oliver Rui | Bloomberg

March

22

“The improvement of the domestic industrial and supply
chains will also improve the global competitiveness ofChinese products, and the unified domestic market will

“The era of digital intelligence, described by many

also win the favor of more overseas companies, thus en-as the VUCA era (Volatility, Uncertainty, Complexity,

suring smooth ‘external circulation’.”

Ambiguity), is undergoing great changes in the socio-economic and business environment and poses great—CEIBS Professor of Operations and SupplyMay

challenges for companies in introducing, nurturing andChain Management Zhao Xiande | China

23

retaining talents. In the future, companies will focus on

Daily (Hong Kong edition)

flexibility as core competitiveness, instead of conforming
to stereotypical employee-organisation relationship.”– CEIBS Professor of Management
Katherine Xin | 21st Century Business Review

TheLINK Volume 1, 2022

January

10

FEATURED NEWS37

CEIBS Recruitment Season Now Underway
The CEIBS recruitment season is now underway! Read on for some of the latest programme
highlights and requirements to learn more about which one might be right for you.

MBA

Finance MBA (FMBA)The CEIBS MBA has been ranked #1 in Asia for six consec-

The CEIBS FMBA is tailored to the needs of middle-and-utive years by the Financial Times. Our full-time programme

high-level managers from financial institutions and finan-

imparts solid management knowledge and provides flexible

cial-related functions. This two-year part-time programmeand customised curriculums to meet students’ personal inter-is aimed at cultivating leaders with “financial depth” andests and career goals.

“managerial breadth.”

The right programme for you, if you want to

The programme is delivered in Chinese two weekends permonth. The students are on average 34 years old, and have 5.2

develop both global and local business insights amid theyears’ of managerial experience. All of them have experience

complex and ever-changing global economic landscapein the financial sector.

improve your ability to deal with complicated problems
and fast-paced changes, and develop your leadership

The right programme for you, if you want toskillskick-start your start-up business idea with the help ofsolve problems at work, develop your abilities and be-rich entrepreneurship resourcescome a stand-out talenttransition to a new industry or function, or find new op-

reshape yourself and hit your life milestones

portunities to get over a career bottleneck

experience personal development and gain new life experience

You are required to haveconnect with like-minded and ambitious people to expand your networka bachelor’s degree or abovefull-time work experience of two years or longer

You are required to havea GMAT/GRE score or CEIBS Admission Test score
proficiency in English

a bachelor’s degree or above

TheLINK Volume 1, 2022

FEATURED NEWS38
a minimum of five years of working experience with at

The right programme for you, if you want toleast two years in managerial positions
a full-time position in a financial institution or in a fi-

acquire more management theory to put into practicenance-related role in another industry

go beyond your local market and enter the larger arena of
the national market or beyond

Highlights of the Curriculum

strengthen your personal abilities to propel your company
to new heights

Through in-depth collaboration with the CEIBS Lujiazui

You are required to have

Institute of International Finance and CEIBS’ Departmentof Finance and Accounting, the 2022 FMBA programmea bachelor’s degree or above

integrates academic and industrial resources and provides

ten years of work experience with seven years in manage-

finance-oriented electives to strengthen the finance and man-rial positions

agement-combined curriculum and help students develop
holistic thinking and strategic decision-making capacities.

Admission Timeline

We have revamped out F4 activities (F-Dialogue, F-Talk,

Autumn 2022 Cohort

F-Walk, F-Career), turning them into a platform for alumni

Application Deadline: August 25

exchanges that fosters insights and breakthroughs in career

Written Exam: September 3

development to build a more dynamic alumni ecosystem.

Interview: September
Admission: October-November

A life-long learning programme offers courses to alumni
that can be redeemed through the use of points and un-

Highlights of the 2022 Curriculum

locks diversified learning resources.
The CEIBS EMBA programme advocates taking corpoScholarships have been ramped up with an increased quo-rate social responsibility and aiming above and beyondta allocated to applicants from China’s middle and westernsuccess. We offer scholarships to students from the fol-regions and overseas. The new CEIBS-GMAT joint schol-lowing backgrounds:arship is being offered to those in need.
Entrepreneurs and senior executives in China’s middle
and western regions

Executive MBA (EMBA)

Founders of philanthropic organisations

The CEIBS EMBA is a Chinese-language programme tailored

Entrepreneurs who have made outstanding contributions

for entrepreneurs and executives. This two-year part-time pro-in the fight against COVID-19 pandemic or flood and dis-

gramme is aimed at helping students develop systematic busi-

aster relief efforts across China

ness knowledge, strengthen their leadership skills and cultivate
their sense of social responsibility.
The programme is delivered four days per month (from Thursday to Sunday). The students are 40 years old on average, andhave over 16 years of work experience.

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FEATURED NEWS39
Global EMBA (GEMBA)The CEIBS GEMBA is one of the top-ranked EMBA pro-Highlights of the 2022 Curriculum
A 20-month transformational leadership programme.

grammes in the world. It has been ranked top five in the Financial Times’ Global EMBA list for four consecutive years.

Developing cross-cultural leadership versed in ‘China

This English-language programme combines cutting-edge ide-

Depth, Global Breadth’.

as with local business practices to help students systematicallyacquire business knowledge, improve their strategic thinking
and strengthen their leadership and management skills.
The right programme for you, if you want to

Hospitality EMBA (HEMBA)
A joint programme offered by CEIBS and EHL, HEMBA is

improve your cross-cultural management skills to embark

devoted to cultivating leading talent for the service sector. The

on a leadership journey

first of its kind globally dedicated to service upgrading anddevelop into an accomplished business leader and profes-

transformation, this Chinese-language programme integrates

sional manager to reach new heights in your career and life

core management courses and service upgrading courses using

engage with a positive atmosphere and platform for life-

innovative experiential teaching methods.

long learning
The right programme for you, if you want to
You are required to haveupgrade and transform your company’s services
a bachelor’s degree or above

identify new growth opportunities

ten years of work experiencebe a part of the new service economy

seven years in managerial positions
A highly committed organisation that allows you two

You are required to haveworking days off each month to attend classes (usually
Thursday and Friday)

a bachelor’s degree or above
ten years of work experience

Admission Timeline

seven years in managerial positions
A highly committed organisation that allows you two

Round 4working days off each month to attend classes

Application Deadline: August 13, 2022
Interview: Late AugustApplication Timeline

Admission Notification Date: September 10, 2022
Ongoing through the year
Final
Application Deadline: October 8, 2022

Highlights of the Curriculum

Interview: Mid-October
Admission Notification Date: October 15, 2022

An EMBA programme tailored for leaders in the service
sector.

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FEATURED NEWS40
Covering a wide range of industries from healthcare,business practice.

property management, and information service, to media,
culture, sports, modern manufacturing and financial ser-

Special courses include Research Practicums, Applied

vices.

Research Conferences and Overseas Research Immersion
Modules.

Graduates will be recognised as alumni of both institutions
and awarded a joint degree accredited by the international

With a view to inspiring students to contribute originalcommunity.

business ideas that may shape the global business policy
and landscape.

DBA (Switzerland)
The CEIBS (Switzerland) DBA was launched in 2021. Our

Executive Education (EE)

doctoral programme of applied business research is designed

Drawing on its wealth of executive education experience (EE),to cultivate practice-oriented PhDs and help business leaders

CEIBS provides world-class EE courses for enterprises indevelop original business ideas to advance in their chosen in-

China and the Asia-Pacific region, and has served over 13,000

dustry, China’s economy, and the global economic future.

organisations and more than 220,000 professionals. It was
ranked #1 in China, #3 in Asia and #23 worldwide in the Fi-

The right programme for you, if you want tobecome an outstanding business leader and key policy-

nancial Times’ Executive Education rankings in 2020.
The right programme for you, if you want tomakerengage in practice-oriented business studies

cultivate future leaders for your company

employ evidence-based decision-making to drive business

improve the leadership, negotiation, decision-making,progress and social development

organisational and operational management, marketing, finance and accounting skills of your company’s executives

You are required to havebring cutting-edge management concepts and best practices to your management

a postgraduate degree or above
more than 12 years of work experience in senior executive

Flagship Courses

positions or key decision-making roles

Global CEO Programme
Advanced Management Programme

Application Timeline

Chief Marketing Officer (CMO) Programme
Chief Human Resources Officer (CHRO) Programme

Ongoing through the year

Chief Financial Officer (CFO) Programme

Enrolment for 2022 Class: September 2022
Application Timeline
Highlights of the 2022 Curriculum
Ongoing through the year
A doctoral programme of applied business research thatcombines rigorous academic education with extensive

TheLINK Volume 1, 2022

FEATURED NEWS41
CEIBS Entrepreneurship
Leadership Camp (CELC)/
CEIBS Venture Capitalist
Camp (CVCC)

Highlights of the 2022 Curriculum
Lectured by CEIBS professors, world-class scholars andexperts, and entrepreneurial mentors.

Launched in 2012, the CELC is dedicated to identifying the

Immersive learning experience via CEIBS’ trademarked

most promising local entrepreneurs, helping them develop a

Real Situation Learning Method (RSLM) and company

global vision, and create an innovative ecosystem by providing

visitsthem with the best entrepreneurial guidance.
Co-training with different cohorts on a Gobi desert trek to
CVCC is designed for leaders from VC institutions including

push the limits and discover yourself.

FOFs, angel investors, VCs, PE, strategic investors, family
offices, large-scale asset management firms, and financial ex-

A private advisory board will be established to put theorychanges in China and abroad.

into practice and solve companies’ real-life challenges.

The right programme for you, if you want totake your business from 1 to N
reshape your industry and create value through entrepreneurshippush the boundaries of entrepreneurship

Contact Us to Learn More about Our Programmes
Admissions Hotline: +86 21 2890 5588
Email: info@ceibs.edu

lead the industry and drive disruptive changes
You are required to
CELCbe a founder, majority shareholder or CEO
own a start-up seeking a series A or later funding round

Scan to make an enquiry

CVCC
be a senior investor at partner level or higher at a VC firm
be a director or higher at a FOF, companies’ strategic investment, family office, large-scale asset management, or
financial exchange company
Application Timeline
Ongoing through the year

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FEATURED NEWS42

New survey
sheds lighton impactof CEIBS
alumniBy Associate Professor of Marketing Xiang Yi

The success of a business school lies in the success of its alumni. Likewise, the impact of a business school is also decided by its
alumni.
CEIBS alumni are actively engaged in all areas of society and make continuous contributions to the development of China and theworld. At the same time, each one acts as a ‘name card’ for the school. To assess their influence and contributions and to better empower them, CEIBS recently launched an alumni impact survey to measure their impact across business leadership, entrepreneurship andcorporate responsibility, as well as their happiness and quality of life. The survey sampled 2,252 Chinese and international alumni.

Major Findings

7.3

trillion RMB

40%

TheLINK Volume 1, 2022

The total revenue of CEIBS alumni-led companies listed on the Shanghai, Shenzhen, Hong Kong
and New York stock exchanges and the NASDAQ in 2020. This figure exceeded the GDP of Canada,
the world’s ninth largest economy (calculated based on purchasing power parity).

The ratio of alumni
who have started
their own businessesor have co-foundedbusiness start-ups.

183

trillion RMB

In 2020, the total revenue of enterprises ordivisions run by CEIBS alumni was about
three times the total revenue of all listedcompanies on the Shanghai and Shenzhen
stock markets.

FEATURED NEWS43
Business Leadership
In our survey, we focused on the current development of alumni enterprises, as well as their thinking ability, leadership, andexecution in the daily management of their companies.

Companies that CEIBS alumni work for have an average ofaround 800 employees, amongst which 60 are managerial
staff with an average monthly salary of 60,000 RMB and
745 non-managerial staff with an average monthly income of
16,000 RMB.

CEIBS alumni-run companies listed on the Shanghai, Shenzhen, Hong Kong and New York stock exchanges and the
NASDAQ generated a total revenue of 7.3 trillion RMB in
2020. In addition, 4,478 CEIBS alumni currently serve on theboards of directors of listed companies, have founded 45,000
businesses worldwide and have created 5.78 million jobs.
Amongst respondents of the survey, nearly 51% are founders/heads of their respective companies, more than 80%
serve in large companies, and one third work at a topthree company in their industry.
Most of the companies where CEIBS respondents serve
are currently experiencing steady growth or are in an
expansion stage. In 2020, the average revenue of companies
founded/headed by CEIBS alumni stood at 8.2 billion RMB,
while companies with middle-to-senior managerial CEIBS
alumni generated about 30 billion RMB.

Entrepreneurship (and Beyond)Since 2012, CEIBS has taken the lead amongst Chinese business schools in offering programmes to help build an innova

4,478

The number of seats occupied by
CEIBS alumni on the boards of directors at listed companies.

5.78

The number of jobs created byalumni start-ups (roughly equal
to the population of Shanghai’s
Pudong district).

45,000The number of companies foundedby CEIBS alumni worldwide.

90,000

The average cumulative amountof time that CEIBS alumni spend
on public welfare.

millionhours permonth

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FEATURED NEWS44
tion and entrepreneurship ecosystem.
Entrepreneurs make up a significant
proportion of CEIBS alumni.

in China to include business ethics
as a compulsory course, and has
published the CEIBS Corporate Social Responsibility White Paper for
Half of respondents said that they havefour consecutive years. Our survey
changed their career pathindicates that CEIBS
since graduating fromalumni have a deep
“Our survey
CEIBS, with nearly 40%
understanding of andindicatesthat
regularly practice social
choosing to start their
responsibility.
own businesses. Many
CEIBS alumni
CEIBS alumni are serial
have a deep
entrepreneurs and 10%
More than half ofunderstanding
have founded more than
CEIBS alumni have
five companies. Compaheld various positionsof and regularly
nies founded by CEIBS
at the National People’s
practice social
alumni have an average
Congresses or Chinese
responsibility.”of 921 employees. 49%
People’s Political Conof these companies havesultative Conference
received external financing, and near(CPPCC), and 84% participate inly 6% have gone public.
charity and public welfare activities.
Respondents also stated they spend an
average of 11 days each year on social
Corporate Social
activities, while the top 5% of alumni
Responsibility
contribute an average of more than 30
CEIBS was the first business schooldays per year to various social causes.

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FEATURED NEWS45
Happiness and Qualityof Life
Released in 2016, China’s Healthy
China 2030 plan repeatedly mentioned“healthy human capital.” Healthy
human capital includes the overall
competitiveness of an individual’s
physical and mental health. Therefore,
we wanted to take this opportunity to
get an overall picture of our alumni’s
happiness and quality of life.
For example, do our alumni enjoy
work-life balance? How much time
do they spend with their families,
reading or doing exercise? Our survey showed that, on average, CEIBS
alumni read and exercise more thanfour hours per week and spend morethan three hours per day with theirfamilies.
It is undeniable that increased wealthis one of the sources of happiness. According to the survey, CEIBS alumni
who are the founders/heads of companies are more likely to experience anincrease in both personal income (by66% on average) and family assets (by73%) within five years of graduation.

About the CEIBS China
Alumni Impact Survey 2021
The CEIBS China Alumni Impact
Survey 2021 was conducted between
July 27 and August 16. The survey
collected responses from 2,252 Chinese and international CEIBS alumni.
Respondents are engaged in more than
20 industries, amongst which manufacturing, finance and information
technology services accounted for thehighest proportion, and those fromprivate enterprises accounted for morethan 60% of the total.

and the 2,252 alumni who participatedin the survey, as well as everyone on
the survey project team.

Our heartfelt thanks again to the
CEIBS Alumni Association, the different programme departments, alumni
regional branches and industry associations who helped distribute the survey

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46

Connecting culture techwith people’s daily lives

Culture tech isn’t all about
technology – it isn’t a single,
distinct industry. Culture techmeans something different
depending on who you ask, and how you
ask them.
Global EMBA 2021’s Joanne Yin is
a Board Member and Deputy GM for
TCDIC, the Shanghai International Culture-Tech Industry Cluster. We caught up
with her to discuss her work at TCDIC,
the state of the industry today in China,
and its future prospects.

Joanne Yin, Global EMBA 2021

What is culture tech?
“Culture tech is where the arts, creative design and technology
meet, all with the end goal of coming up with new and innovative ways to improve different aspects of people’s lives ina digital, interactive or immersive way. Any part of our dailyexperience has the potential for the ‘culture tech treatment’,”
Joanne explains. “It’s not just about improving our enjoymentof museums, art galleries, stage performances, video entertainment or gaming; culture tech can be applied to your home, car,community, even retail and healthcare experiences. We’re constantly finding new ways to connect culture tech to different
parts of life.”
Joanne admits, however, that ‘culture tech’ is a problematic
term. Due to its ‘newness’ and the fragmented nature of theindustry, it can be hard to grasp what it is and how we can connect with it.
“The culture tech industry is an emerging one. It’s new, it covers a lot of ground, and it’s very interdisciplinary. However, its
elements – such as visual design, immersive technology, laser
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47
projection, LED, computer animations, motion
capture technology – have been around for decades. Look around the world, and you’ll finddozens of different terms to describe roughly thesame thing – from ‘digital culture’ and ‘createch’to ‘arts, entertainment and sports’,” Joanne says.
“That’s why, in China, we decided to align with
UNESCO’s definition, which is already used insome European countries and is making headway
globally. For an industry focused on cross-industry collaboration and ideas exchange, it helps if
we all know what we’re talking about.”
Standardisation is important, but what is really
helping culture tech take off is its growing presence in sectors like cultural tourism. TCDIC is
responsible for bringing together suppliers, designers and organisers of digital art exhibitions
and cultural tourism attractions around the world
and is showcasing how culture tech can impact
people’s lives.

“Culture techis where thearts, creative
design andtechnology
meet.”

Equally important is TCDIC’s work in educatingothers about culture tech’s potential. Their growing range of B2B events are essential for showcasing new culture tech solutions. At the same time,these events bring together solution providers andthe companies they wish to work with.

Education leads to expansion
Culture tech is poised for a boom in China. As
Joanne explains, the speed and scale of culturetech’s growth in China is connected to Generation
Z’s technology use and cultural consumption.
“Gen Z has grown up with smartphones and tablets in their hands. Whatever you hope to show
them – whether it’s a commercial product or acultural experience – you cannot rely solely on
traditional methods to appeal to them. They want
to feel immersed in the experience,” she says.
“Educating the next generation about Chinese
heritage is an important task, but museums andart galleries understand that their exhibits cannot

be static; they must offer interactivity, excitement,
and something that connects their audience with
the narratives they are to sharing. This same applies to commercial ventures – the ‘brand story’holds more weight with Gen Z, and culture techis helping brands tell stories in new and engaging
ways. That’s the true core of culture tech – creative storytelling.”
For Joanne and TCDIC, the future of culture techis a series of expanding networks, where cross-industry connections create new opportunities as the
successes of one sector influence others.
“Our role is to bring everyone and everything together – capital, creative technologies, experience
designers, solutions providers and buyers – to create value. We’re dealing in highly bespoke experiences and setups, often with no precedent, so it’seasy to see why stakeholders might be nervous,”
Joanne explains. “This is why it’s important tocreate ‘industry-standard’ culture tech experiences. We want to show people the kind of model thatcan be standardised and widely rolled out.”

A foot in both camps
Joanne exhibits no shortage of optimism about
culture tech. Her experiences underline theopen-mindedness of both Chinese consumers andbusinesspeople in understanding and connectingwith this significant trend.
“In my industry, it’s important to have a foot inboth the business and creative worlds. It’s often
difficult for people from creative, cultural industries to forge connections with those who havelittle understanding of what they are trying toachieve,” Joanne says. “This is a big part of why
I wanted to do a Global EMBA. It was importantto get a better sense of how people from outside
the culture and creative industry see it. I wantto know what they think about culture tech, andhow we can work to develop a next-generation
creative economy.”
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Perfect storm hits sports
market, but blue skies on thehorizonBy Cameron WilsonT

he pandemic has brought massive global changes
to life and work in new and unforeseen ways. It has
also impacted numerous industrial shifts which werealready underway before the virus struck at the startof 2020. CEIBS MBA 2016 alum Asier Guevara reveals how
COVID-19 has affected the world of sports marketing, and why
he plans to continue his career in China.
Based in China for 13 years, Asier has developed considerable
experience helping foreign companies expand into the country.
Last summer, he joined Media Pro, a visual production company. Media Pro sells the rights for Spain’s La Liga and other top
football leagues around the world. Asier heads the company’s
China office, where it has a contract to produce content for the
Chinese Super League (CSL). The company is also involved in
China’s domestic basketball competition, the CBA.
China’s sports market has grown significantly in recent years.
Chinese football, in particular, enjoyed something of a boom
towards the middle and end of the last decade, as the government announced a comprehensive plan to overhaul football in
the country. A number of major Chinese conglomerates suchas Evergrande and Suning also poured money into the game.
World famous football stars such as former Manchester City
striker Carlos Tevez, ex-Chelsea midfielder Oscar, and Brazilianinternational Hulk were just some of the huge names to sign for
Chinese football clubs.
However, shifting national priorities and the pandemic have since
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Asier Guevara, MBA 2016

presented the sport – and Asier –with a host of unforeseen challenges.
For example, frustrated by Chinese
football clubs lavishing huge investments on foreign players withlittle benefit to the country’s nationalteam, the Chinese Football Association introduced salary caps, bringing
an abrupt end to the era of big namefootball stars coming to China.
“The problem in the sports industry
is that it is not always market forces
which determine everything – so it
is very challenging,” says Asier.

“The problem
in the sports
industry isthat it is notalways market
forces which
determineeverything –so it is very
challenging.”

Despite this disappointing shift, Asier’s team resolved to nevertheless focus on their core business of TV content production.
Unfortunately, no sooner had they adjusted than the pandemic

ALUMNI STORIES

49

hit, disrupting both the CSL and Media Pro’s ability to sell TV rights overseas.
“You never know when the games are going to happen or if they will stop for one month due to COVID. From a business perspective, it is really toughbecause we can’t give clients a calendar – which is
the most basic thing you need to sell,” he says.
Similarly, business for player IP has been similarly hit.
“A lack of big names has hurt the product, so it
is a really challenging environment,” says Asier,adding that events such as the Winter Olympics
and other changes have drawn more attention
away from football and basketball.
“It is what it is, there’s nothing we can do about
many of the changes, it creates uncertainty and wehave to deal with that,” he says.
Nevertheless, Asier remains committed to China
and believes the long term outlook for the Chinesesports market is very positive.
“I consider myself lucky to be working in the

sports industry. I’m a huge sports fan and this isa growing industry, regardless of the current situation. The industry will definitely grow bigger in
the next couple of decades,” he says.
For now, Asier is concentrating on overcoming
COVID-related hurdles – he is currently in his native
Spain due to travel restrictions – and says whilst
Zoom calls are great, face-to-face communication isparticularly valuable in the Chinese market.
“In China, negotiations tend to take longer thananywhere else and creating trust also takes time.
We have to go through every line of each contract,
so there is a lot of pressure,” he says.

“Providing
yourself witha growth
experience,in general,is always apositive in any
environment.”

Ultimately, Asier has learned to roll with thepunches, and feels his MBA and general learnings
in China so far have set him up well for the current climate of unpredictability.
“I think that providing yourself with a growthexperience, in general, is always a positive in any
environment, and because of the way China is, it
is especially good at preparing you for uncertainty
because even in normal times China can be quite
uncertain,” he says.
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Illumina Greater
China GM:Three turns
from regionalsales manager
to global
senior VPA

s a veteran engaged inhealthcare industry fornearly three decades, llumina Senior Vice President
and General Manager of Greater China
and CEIBS EMBA 1999 alum Li Qing
has experienced three major transitions
during his career.
Illumina, a global leader in DNA sequencing, came into spotlight in 2020
when a medical research team from
Shanghai Public Health Clinical Center ofFudan University decoded and publishedthe world’s first genomic sequence of the
COVID-19 pandemic using MiniSeq, asequencing device developed by Illumina.
Though the company hadn’t just emerged
from nowhere, the level of brand exposure that followed was unexpected.
Fueled by increasing demand from institutions for genetic testing reports, the

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penetration rate of Illumina’s sequencing
equipment in China’s market reached about
70% during the pandemic.

Expanding partnershipnetwork
Li joined Illumina in 2019 and took overits Greater China operations just before
COVID struck. While coping with the anxiety caused by the pandemic, Li focusedon turning the crisis into an opportunity todrive change.
“Though the pandemic is a global crisis,
it is also an opportunity for the DNA sequencing sector, an opportunity to makenew technology available to the public,
and an opportunity for professionals todrive the implementation of many applications,” he says.
China, as Illumina’s second largest mar-ket at the time, is particularly important.
However, the country’s regulations on
foreign-invested companies have prevented overseas companies like Illumina
from investing or participating in genetic
testing services, making ‘co-operation’the key word.
In China, Illumina’s clinical interests include malignancy, non-invasive prenatal
testing, genetic diseases and pathogenic
microbiology. It provides sequencing
technologies to its partners, who thenprovide genetic testing for diagnostic purposes to hospitals and patients.
Li has focused on two main things overthe past two years: one is helping Illumina learn more about China and how it
can incorporate the market into its global
strategy; the other is helping Illumina
establish a more forward-looking roadmap in the clinical field. In doing so, theALUMNI STORIES51

Li Qing, EMBA 1999

company has expanded its partnershipnetwork to attract more genetic testing
service providers to develop more andbetter applications. At the same time, it
has introduced new sequencing technologies and platforms to hospitals trusted by
the public to promote quality applications.
After joining the company, Li also began a series of localisation endeavours,
including opening a new office forIllumina’s Greater China headquarters
in Shanghai, launching RMB-based
businesses, and establishing an intelligent healthcare genomics incubator incollaboration with leading investment
firm Sequoia Capital China.

Three major transitions in thehealthcare industry
Looking back on Li’s 30 years in thehealthcare sector, there are three impor-tant moments that need to be noted.

standing of China’s healthcare market.

The first came in 1998 when, whileworking at Solvay Pharmaceuticals, Li
went abroad for the first time. He wasimpressed by his visit to the Universityof Vienna, and was inspired to becomea different person.

Finally, the third big moment camewhen Li joined Illumina and moved
from the traditional healthcare industry
into the precision medicine field focusing on molecular diagnostics. For him,
Illumina represents not only the futureof the industry, but also a personal challenge, as he has needed to adapt to newchanges related to industry knowledge
and the high pace of clinical development in the gene sequencing industry,
as well as the corporate culture and entrepreneurial spirit at Illumina.

In 1999, Li enrolled in the CEIBSEMBA programme, where he was exposed to a new world with people fromdifferent industries and with different
career perspectives.
“The experience opened my eyes to howbusiness is done in industries other thanpharmaceuticals, to understand what
financial managers think about, and how
important it is for a production manager
to manage bottlenecks,” he recalls.
His experience at CEIBS also helped
him move up the career ladder. He
joined Baxter China in 2000, where hemade the move from sales to head of
the firm’s LVP business unit.
The second big moment came when
Baxter sent Li to work overseas in the
United States and Malaysia in 2009 and2010. During those two years, he developed a way of communicating withinternational headquarters and overseas
executives, and gained a deeper under-

Long-term patience“Just look at my career trajectory. I
worked for Baxter for 10 years, GE
Healthcare for another 10 years. The
reason behind all of this was that I
knew it took time to get things right,”
he explains.
In particular, it all took patience.
“If by the time I retire, or in 10 years
from now, most hospitals have genetic
diagnosis departments, and doctors andpatients have embraced genetic diagnosis the same way as they do diagnostic
imaging today, that will be a remarkable lifetime accomplishment for me,”Li says.
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How did a
centuryold sewing
machinemaker extend
its reach into
airplanes?

W

ith a history datingback to 1919, Butterfly was China’s firsthome-grown sewing
machine brand. In the 1980s and 1990s,
it was one of the major marriage musthaves for young couples.

“It’s notenough tojust sell
products.”

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However, as the ready-to-wear market
took off in the late 1990s, fewer people
sewed clothes at home. Meanwhile, asprivate businesses swarmed into thesewing machinery industry, China’s domestic manufacturers began to struggle.
With the market declining, Butterfly cut
production several times. At its lowest
point in 2000, it began selling off factories.

machine maker. The deal was deemedrisky as Dürkopp Adler was in the redback then.

In July 2004, CEIBS (Switzerland)
DBA student Zhang Min was appointed
as Chairman and CEO of ShangGongGroup. Faced with intense competition,
the company formulated a strategy
focused on quality, differentiation andglobalisation. Cross-border M&As wereamongst Zhang Min’s first major moves
after he took over.

Nevertheless, ShangGong Group
showed robust growth in production
following the integration of Dürkopp
Adler, and its products gradually tookhold in the Chinese market. The company swung into profit the following year.

The first company that attracted
Zhang’s attention was Dürkopp Adler,a nearly 150-year-old German sewing“ShangGong Group had to borrowmoney from shareholders and banks tosecure the deal. If Dürkopp Adler had
continued to lose money, within a year
or two, both companies would come toa dead end,” Zhang recalls.

Expanding from sewing
clothing to sewing airplane
equipment
M&As helped ShangGong Group
achieve breakthroughs, but they don’t

ALUMNI STORIES

53

reveal the whole picture of the company’s development. What matters more,in Zhang’s view, is innovation.

Zhang Min,CEIBS (Switzerland) DBA“These acquired companies have century-old brands that you would hate torelinquish. And, German enterprises
have a solid foundation in technological
R&D, which is the core competitiveness of manufacturing companies,”
Zhang says.
ShangGong rose to become a global
leader by mastering sewing technologies, including robot-controlled 3D
sewing and 360-degree sewing. Technology has opened up myriad possibilities for modern industrial sewing.
“In addition to luxury goods brands,
Boeing, Airbus, and major domestic
aircraft manufacturers are also using industrial sewing equipment supplied byour subsidiary companies,” Zhang adds.
How are sewing machinery and aerospace equipment, two seemingly unrelated fields, connected? According toZhang, ShangGong Group’s R&D centres have developed intelligent sewing
equipment for the processing of carbon
fibre composite structural materials foraircrafts, leather automotive interiors,
industrial textiles and wind turbine
blades.

Dual drive: Innovation andservice
While cross-border M&As have brought
ShangGong new technologies and products, its globalised operations have laid
the foundation for it to transform into a

service-oriented manufacturer. In an era
when production-oriented manufacturers face competition on both quality andefficiency, as well as labour shortages
and rapidly rising wages, Zhang knowsthat if his company did not transformfrom production-oriented manufacturing to service-oriented manufacturing,
it would hit a dead end.
So, how did it change course? In
Zhang’s opinion, through innovationand service. Development requires
innovation, while excellent products
and technologies are essential for great
services. Development requires service.
Without service, a company would
can’t win the hearts of customers, andwill eventually lose the market.
“The company’s global layout has helped
it leverage shared resources, enhance
its complementary strengths and pursue
collaborative development,” Zhang says,
adding that the group has deployed adifferentiated brand strategy to provide
professional services to customers The
group also operates 10 industrial sewing
equipment plants worldwide and a network of sales subsidiaries and distributors around the world.

“Only with robust technological R&D
can we provide tailored products forour customers. And by establishing
local teams, we can better understandcustomers’ needs and reach themthrough localised marketing,” Zhang
explains. “It’s not enough to just sell
products.”
In the era of the internet and big data,
Zhang is leading ShangGong’s transformation from a pure-play equipment
supplier into a smart factory service
provider that offers integrated softwareand hardware solutions. In 2020, thecompany established a strategic partnership with Honeywell to cooperate
on intelligent manufacturing, with theaim of empowering manufacturing
enterprises with automated, intelligent,digital and systematic solutions.
“Honeywell is experienced in industrial
internet technology and automation
solutions, with strong software capacities, while we have solid hardware capabilities in automation equipment andproduction line integration. The combination of hardware and software willallow us to better navigate the Industry
4.0 era,” Zhang says.
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ALUMNI NEWS54

CAIC goes
digital tostrengthen
connections‘Never normal’ has now entered its

national Chapter (CAIC) has seen

quickly to the needs of our community.

third year. While adaptability and re-its mission strengthened in times when

Amidst Shanghai’s tightened COVID

silience have become a part of every

crossing borders has been difficult.

restrictions, with many unexpectedly

CEIBSers tool kit, challenges persist,locked down, we offered an online

including keeping the school’s global“When we went virtual back in earlyworkshop to cope with anxiety,” CAIC

alumni community connected.

2020, with webinars such as The Impact

VP and Global EMBA 2013 alum Huil-of COVID-19 on World Trade with Pro-

ing Ding says.

As the only English-speaking chapter

fessor Pascal Lamy, we quickly realised

in China, the CEIBS Alumni Inter-that our overseas audience was signifi-

Indeed, whether via WeChat or othercant,” CAIC VP and MBA 2014 alum

platforms, the CAIC continues to pro-Urvash Singh says.

vide a space to share knowledge, post
requests for contacts and more for the

Even with alumni able to meet offline

school’s alumni and students, regardlessagain, the CAIC maintained a virtual/of where they are located.

hybrid format. In December, for example, on the day The Economist pub-“We’re always delighted to hear fromlished its The World Ahead 2022 report,

alumni who thank us for finding solu-

the Economist Intelligence Network’s

tions, even new professional challenges,

China Director Mattie Bekink joined

through our platform. Don’t hesitate to

CEIBS alumni on campus, while hun-reach out. You can also join the CAIC

dreds of others participated online from

LinkedIn group to stay connected,”around the world.

CAIC Advisor and Global EMBA 2019
alum Laetitia Domange says. “No trav-“Digital has also allowed us to react
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el documents required.”

ALUMNI NEWS55

Mid-term reshuffle and charity conference
highlight recent alumni activity
The mid-term reshuffle of the Fourtha new plan for CEIBS’ charitablecharitable endeavors of CEIBS alum-

Council of the CEIBS Alumni Asso-

initiatives and the fulfillment of its

ni in China and hosted numerous dis-ciation (CAA) was announced at thesocial responsibilities, and called oncussions on public welfare.

Fourth Quarter Meeting in Nanjing in

more alumni and their businesses to

October. Nearly 40 council members

contribute to social development by

During the event, CEIBS President

from around China attended the meet-engaging in charity. The event also

(European) Dipak Jain also introduced

ing.

featured an exhibition of CEIBS

the school’s global branding strategy,

alumni’s philanthropic charity-relat-

and said he hoped that the school can

During the event, CEIBS President

ed achievements and the release ofwork with its alumni to build CEIBS

Wang Hong said she was impressed

was held alongside the event, and theinto a globally renowned and well-re-by the power and the strength of the

CEIBS China Alumni Impact Survey

spected business school.

connection between CEIBS alumni.

2021CEIBS Alumni Corporate Impact

She added that she hoped the school

Report was released.

can work with its alumni to advance

The CEIBS Alumni Impact Survey
2021 was also released to coincide

research and development, and im-

The first CEIBS Alumni Charity Con-

prove CEIBS’ influence and reputa-

ference was held at CEIBS Shanghaition.

Campus in November as part of thewith the conference.

school’s annual alumni reunion. The
CAA President Zhao Lijun also

conference was aimed promoting theprovided an update on the CAA’s
endeavors, including organisational
development, social responsibilities,
alumni services, business platforms
and more. He also outlined the keytasks for the association’s next stageof development.
China Universal Asset Management
Chairman and EMBA 2010 alum Li
Wen was then elected as the new Executive Vice President of CAA.
The event featured the charitableachievements of CEIBS alumni, andprovided a platform for discussion ofissues relating to charity. It unveiled
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ALUMNI NEWS56

CEIBS Education Foundation
honours alumni forannual donations

CEIBS Education Foundation held a

As of the end of 2021, nearly 27,000 in-

During the event, 42 alumni individuals

ceremony to honour alumni donors as

dividuals had made donations, with 174

and groups were awarded the titles ofpart of the school’s annual alumni reun-classes making a total of 190 donations

Outstanding CEIBS Partner and Gen-

ion at Shanghai Campus in November.

and 41 alumni organisations making aerous CEIBS Partner for their generous

Founded in 2005, the foundation has re-total of 60 donations. In 2021, a total of

donations. Initiated in 2019, nearly 60

ceived annual donations from numerous

21 classes, 16 alumni organisations andalumni, classes and alumni organisa-

students, alumni and faculty members.

9,223 individuals donated.

tions have won the titles.

Outstanding CEIBS Partners in 2021

Generous CEIBS Partners in 2021

Cai Fangxin

Bai Zhongqi (EMBA2005)

CEIBS Alumni Anhui Chapter(CEO2019)

Chen Xingwu (EMBA2020)

CEIBS Alumni Chongqing Chapter

Chen Zhihai (EMBA1998)

CEIBS Alumni Nanjing Chapter

Jianhua Cui (EMBA2004) and his
partner Luo Liming (DIMP2005)

CEIBS Alumni Nantong Chapter

Chen Long(AMP2005, EMBA2020)

Jin Bo (EMBA2006)

Du Junhong

Luo Dacheng (EMBA2011, AMP2009)(CEO2008)

Peng Dezhen (SHS2016)

CEIBS Alumni Ningbo Chapter
CEIBS Alumni Shanghai Chapter
CEIBS Alumni Shanghai Changning
Chapter

Pan Longquan

Yao Weiguo (EMBA2010, LCP2012,
CELC2013)(CEO2008)

Zhu Jianyuan (EMBA2006)AMP5

CEIBS Alumni Shanghai Lujiazui &Huangpu Chapter

EMBA2018BJ3

CEIBS Alumni Sichuan Chapter

Sui Guodong

EMBA2014SH2

CEIBS Alumni Suzhou Chapter(EMBA2016)

FMBA2018

CEIBS Alumni Wuxi Chapter

GEMBA2018DMTCEIBS Alumni Zhejiang Chapter

GEMBA2018SMTCEIBS Alumni AMP ClubHEMBA2019

CEIBS Alumni Food & Beverage Eco
Association

Xu Yong’an(EMBA2003)
Zhang Wei
(CEO2008)

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MBA1999
MBA2020
CEIBS Alumni Association

CEIBS Alumni Shanghai Jiading Chapter

CEIBS Alumni Association Kids Club
(Shanghai Chapter)

ALUMNI NEWS57

13 CEIBS alumnae named to Forbes China
100 Top Businesswomen List for 2022
Thirteen CEIBS alumnae (including five new

vation as a metric in order to quantify andentries) have been named to the Forbes China

score each leaders’ performance. The list

100 Top Businesswomen List for 2022. This

looked at not only financial data, such asis the eight year the list, which was release incorporate income and profit generated byearly March, has been published.

female leaders, but also the role and impact

CEIBS Alumnae on Forbes China 100
Top Businesswomen List for 2022
Rank

Name (Cohort), Position andCompany

12

Dong Mingzhu (CEO2006)
Chairman/President, Gree
Electric Appliances

19

Wang Ye (EMBA2012)
Executive Director/COO,
Genscript Biotech

25

Tan Lixia (EMBA2007/
CFO2006)
Chairman, Haier Biomedical

29

Zhou Xiaoping (EMBA2004/
CEO2014)Chairman/GM, Xingyu
Automotive Lighting

41

Liang Qin (AMP2011)
Chairman, Yangjie Electronic
Technology

44

Wu Yiming (CFO2011)
Vice President/CFO, China
Molybdenum

49

Qian Jinghong (AMP2008)
Co-founder/Vice Chairman,
Yadea Group61

Lu Yiwen (EMBA2016)
Deputy GM, DR Corp.

62

Li Hanqiong (EMBA2008)
Vice Chairman, Youngor

69

Zhang Ning (CEO2010)
Chairman, Red Avenue New
Material

79

Li Xiaoyu (EMBA2007)
Chairman/Deputy GM/Board
Secretary, Haiyou New Materials

82

Jennie Li (EMBA2002)
Vice President/China GM,
Emerson85

Yang Jianfen (AMP2017/
CFO2018)
GM, Tianneng

of women in business development.
With the impact of COVID-19 on the global
economy continuing to be felt in 2021, corpo-

The women on this year’s list are an averagerate decision-makers grappled with a myriadof 51 years old; sixty percent hold a master’sof challenges. Nevertheless, businesswomendegree or higher (including an MBA); andacross a range of industries in China forged

25% have studied abroad. The total market

ahead against the odds, delivering an im-

capitalisation of the enterprises they runpressive track record. CEIBS alumnae fromexceeds 11 trillion RMB. Geographically,

electrical appliances, healthcare, biopharma-

Shanghai and Beijing are home to the mostceutical, retail, new energy, tech and otherbusinesswomen on the list, accounting for

sectors made their mark by contributing tonearly half of the total. This year’s list also

China’s economy, shaping business roles, andfeatures 35 new faces, half of whom are fromassuming social responsibility.

the pharmaceutical, tech and retail sectors.

On behalf of the school’s faculty, alumni,

Female executives of multinational compa-

students and staff, CEIBS President Wangnies also figured prominently on this year’s

Hong expressed her congratulations tolist. China has become the most crucial andthose on the list:

fastest-growing markets in the world formany multinationals. Female executives of“This list reflects the diversity of Chinese

Chinese background are now taking centre

business and the growing impact of womenstage at many multinational companies inin the business community,” President Wang

China, and their impact in global businesssaid. “These outstanding businesswomenis also rising, thanks to their stellar perfor-

are role models who will spur more womenmance in the Chinese market.

into action to fulfill their self-worth.”
The Forbes list gives the world a glimpse

in China, CEIBS is committed to its mission

Women now make up more than 27% of all

into Chinese women’s extraordinary achieve-of “educating responsible leaders versed in

CEIBS’ 26,000 alumni worldwide.

ments in the world of business. With great‘China Depth, Global Breadth’.” CEIBS will

confidence, a strong sense of self-reliance,

continue to deliver women cutting-edge man-This year, while focusing on such indica-

remarkable capabilities, and sharp acumen,

agement education to enhance their female

tors as the size and quality of operations,they continue to demonstrate their “She Pow-

leadership and empower them to further theirForbes also looked at the capacity for inno-er.” As an international business school rooted

career prospects and chase their dreams.
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Highlightsfrom Our Five
Campuses
Around theWorld

CEIBS Shanghai hosts Professors on the Future
Outlook online forum series
The CEIBS Professors on the Future Outlook online forum series
was held from March to June. The event, organized by CEIBS
together with numerous mainstream Chinese media outlets,featured CEIBS faculty and scholars who shared their insights
on China’s development prospects. Topics of discussion included
China’s two sessions, the digital economy, and the economy
and enterprises in the post-industrial era. The five episode series
received a total of 6.69 million views online.

SHANGHAI CAMPUS
BEIJING CAMPUS
SHENZHEN CAMPUS
ZURICH CAMPUS
ACCRA CAMPUS

CEIBS Beijing Campus welcomes historian Cho-yun Hsu for online talkCho-yun Hsu, a renowned historian and Emeritus
Professor of History and Sociology at the University ofPittsburgh, attended an online talk with CEIBS Beijing
Campus in late May. During the talk, Mr. Hsu exploredmajor topics related to the current global landscapeand the future of mankind from his new book New
Decameron, while calling on people to stick to theirvalues and never hold back. The lecture received nearly
100,000 views online.

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59
CEIBS Switzerland Wraps Lessons
for Leaders, Launches Research Meets
Management Webinar Series
After wrapping up its popular Lessons for Leaders webinar
series, CEIBS Switzerland launched a new series entitledResearch Meets Management in late-2021, welcoming
Professor of Economics Zhu Tian for a discussion about
his new book Catching up to America. The series has sincecontinued through the first part of 2022, with talks on The
Impact of Rapid Global Expansion on Organizational
Culture and Understanding Effective Training for Older
Workers by Professors Emily David and Byron Lee. The

CEIBS Shenzhen Campus kicks off its 20th
anniversary celebrations
In celebration of the 20th anniversary of its founding in

RMM series has proven extremely successful, with each
event averaging well into four-digit viewership numbers
streaming to audiences in China, Europe and beyond acrossZoom, YouTube and WeChat Channels.

July, CEIBS Shenzhen Campus will launch a series ofactivities to celebrate together with students, faculty, alumni
and partners. The events will mark its past achievements
and look to the future. Two decades on, CEIBS Shenzhen
Campus has evolved from a 90-square-meter office into abase that capable of operating and delivering four courses.
The campus is now home to over 3,000 alumni fromSouthern China from 40 classes.

CEIBS forms new partnership to support African startups
CEIBS’ reputation as a launch pad for startups in
Africa got a boost from a new partnership withinvestment management group Code Management
Group (CMG) to host an incubator programme. The
inaugural 16-week programme kicked off at CEIBS
Accra Campus in March. The programme is open tocompanies which have been active in the market for
between 18 months and three years, and will include
the opportunity for participants to pitch to investors
for funding.

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CEIBS Briefing
CEIBS in top tier of FT MBA ranking for sixth
straight year

part of the FT’s The Future of Business Education: Spotlighton MBA online event, which brought together some of theworld’s most influential management educators. In particular,
he noted that a new D-I-E-T – comprised of digital thinking,innovative mind-sets, entrepreneurial spirit and team culture– is needed for the modern world.

New book offers unconventional answers to
the question of China’s economic rise

CEIBS has once again placed in the top tier of schools in theworld in the Financial Times’ annual ranking of MBA programmes released in February. The school secured the #16
spot in the latest ranking, making it the only non-US/non-European school to appear in the FT’s top tier in 2022. It also
marks the sixth consecutive year CEIBS has finished both in
the top tier and as the top school in Asia. The FT’s ranking is
widely considered to be the most influential of its kind in theworld and takes into consideration a range of factors such as
career progress, diversity, research and ESG (Environmental,
Social and Corporate Governance) efforts.

Management Education Journey Post COVID-19

What is behind China’s eye-catching economic boom andwhat does it mean for the rest of the world? In his recently-release book, Catching Up to America, CEIBS Professorof Economics Zhu Tian comes up with some unconventional
answers. The book centres on a concept Prof. Zhu calls the“China growth puzzle.” In particular, it debunks several
popular explanations of China’s rapid rise, arguing insteadthat the main differentiating factor in economic performance
between China and most other developing countries has been
its Confucian culture of savings and education. Catching Up
to America was published by Cambridge University Press
and is now available to purchase online.

CEIBS launches new online campus portal

CEIBS President (European) Dipak Jain outlined his vision
for the future of management education to a worldwide
audience during a Financial Times livestream in February.
President Jain shared his views during a panel discussion as

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CEIBS launched a comprehensive online school management
system in March as a major step forward to improve campus
operations efficiency and facilitate digital transformation.
As a major part of the CEIBS Smart Campus Project, theiCampus PC/mobile system is designed to connect different

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61

departments, streamline academic and business procedures,and provide an easy-to-use experience for its users. The system integrates business and data services, and allows users
to access information about campus news, announcements,and staff information, as well as business and administration
services from a central location with one simple click.

Best Buy turnaround: Leading with purposeand humanity

views from the world’s top media at Davos. Prof. Ding attended a range of meetings at the annual event hosted by the World
Economic Forum, which was being held for the first time since2020 after being cancelled last year due to the global pandemic. A key highlight was Prof. Ding’s participation in a panel
discussion entitled, Strategic Outlook: Eurasia, which focusedon the impact of the war in Ukraine and its economic effects
on Central Asia.

CEIBS alumni and peers explore highperformance teams at Zurich campus
workshopPurpose-driven leadership and putting people over profits are
crucial to driving organisational performance through crisisand beyond, former Chairman and CEO of Best Buy Hubert
Joly said during a virtual CEIBS Executive Forum hosted inMay. The event, hosted by CEIBS Professor of Economics
Bala Ramasamy, explored key factors behind Best Buy’s stunning turnaround during Mr. Joly’s tenure with the US consumer electronics retailer between 2012 and 2019, and the importance of leading with purpose and humanity.

CEIBS makes presence felt on world stage at
Davos
CEIBS was represented at the highest level in May as Vice
President and Dean Ding Yuan rubbed shoulders with leading
influential thinkers from around the globe and accepted inter-

CEIBS Switzerland welcomed members of our Swiss alumni
chapter to our Zurich campus in June for a special workshop
on Building and Leading High-Performance Teams and Cultures. CEIBS Zurich Campus CEO Dr. Robert Straw was thehost of the two-day event, which included 20 participantsfrom the CEIBS Swiss Chapter and the General Alumni
Association (GAA) Club. The event was part of a series ofworkshops which will continue at locations around Europe
throughout 2022.

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