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CFA Institute Research Challenge Hong Kong Local Final 2016-17
The Hong Kong Local Final CFA Institute Research Challenge (Research Challenge) hosted by The Hong Kong Society of Financial Analysts is a competition between university-sponsored teams that research a designated publicly traded company, prepare a written report on that selected company and then present their findings to a panel of judges. The competition has three levels: Local, Regional, and Global. Winners at the Local level advance to compete against Teams within their geographic region at the Regional level. Winning Teams at the Regional level advance to compete at the Global level. One team is designated the ultimate winning team, or Champion, at the Global level.

Last year, there were a total of 137 local finals, with more than 4,000 students from over 865 universities worldwide including top business schools being ranked in Financial Times. For celebrating the 10th anniversary of the CFA Institute Research Challenge in 2016. CFA Institute invited all of the local winners to Bangkok for Asia Pacific regional on 14-15 March 2017 and hold the global final in Prague, Czech Republic, on 28 April 2017.

1. Objective:

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

2. Eligibility:

1. Team Composition:

a)     Only one team may represent a university.

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

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

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

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

For more details of the official rules, please click here.

3. Judging Criteria:

Written Report Evaluation:

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

Presentation Scoring:

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

4. Judges

Ms. Samantha Ho, CFA
Chief Investment Officer
Altus Holdings Ltd

Mr. Philip Mok
Hexa Asset Management

Mr. Claudius Tsang, CFA
Partner & Co-Head of Private Equity
North Asia of Templeton Asset Management Ltd

5. Participating University

  • The Chinese University of Hong Kong
  • Chu Hai College of Higher Education
  • City University of Hong Kong
  • Hang Seng Management College
  • Hong Kong Baptist University
  • The Hong Kong Polytechnic University
  • Hong Kong Shue Yan University
  • The Hong Kong University of Science and Technology
  • Lingnan University
  • The Open University of Hong Kong
  • The University of Hong Kong

6. Listed Company

Nine Dragons Paper (Holdings) Limited (2689)

7. Mentor

Mr. Josh Du, CFA
Portfolio Management
Nine Masts Capital

Mr. Justin Kwok, CFA
Executive Director
Global Investment Research, Asia Pacific

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

Mr. Peter Phillips, CFA

Frontier Asia Capital

Mr. Herman Woo, CFA

CIMB Securities

Mr. Ivan Li, CFA
Head of Research  
Sinopac Securities (Asia)

8. Sponsorship

Global Organiser :         Principal Sponsor :

Supporting Sponsor:          Media Partner: 

9. Results

Champion: The Hong Kong University of Science and Technology Team

First Runner-up: The Hong Kong University of Science and Technology

Second Runner-up: The University of Hong Kong

Photo 1         Photo 2       
Photo 3    

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

10. Timeline

Invitation to universities: Early August 2016
Opening Ceremony: 17 October 2016
Written report submission deadline: 29 December 2016
Local Final & Award Presentation:  25 February 2017
Regional and Global Final: March and April 2017

Interview of Mr. Franki Chung, CFA and Mr. Derek Mok, CFA, Co-Chairs of HKSFA Research Challenge Committee and the Champion team by Metro Finance FM104:
For the interview archive, please click here.

11. Sponsorship / Volunteering Opportunity

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