Module 8

Value Investing
This course will systematically present the fundamental tenets of value investing: search; valuation; and the construction of a portfolio. It will also introduce the styles of famous value investors and discuss the basic similarities and differences between them. The course is intended for ‘active’ investors who are willing and able to devote significant amount of time to continually research, select and monitor stocks.

Deal Making in China and Asia
The Kellogg Global Electives at HKUST offers this unique elective course specifically focused on formulating and applying practical, deal-making strategies to real-world transactions in the Asia Pacific region, based upon the professor’s 30+ years’ experience living and working in Asia. This is a highly participatory and interactive course, not lecture-style. The participant is asked to play the role of deal maker — which role may be as a lead negotiator, investor, investment banker, salesman, consultant, or investment advisor — in pioneering transactions such as:  (1) transferring $30 million in advanced technology to China while protecting the intellectual property; (2) persuading a reluctant European Board of Directors to approve the concept of building a 5-star resort hotel on an unknown island, potentially the “next Bali,” in Indonesia; (3) role playing one of two finalists competing for the first IPO by a Chinese company in the Hong Kong markets, a US$115 million IPO; (4) financing a $1 billion gas pipeline from Myanmar (Burma) to Thailand, the most important (and controversial) energy project in Southeast Asia in the last 30 years; (5) selling $45 million worth of hydroelectric equipment in Sarawak, Malaysia (you represent the mid-size South American challenger competing against the better-known Germans, Canadians, French and Japanese); (6) evaluating an investment opportunity build a TV studio and operate a Hindi-language TV channel in India and (7) playing the venture capitalist, listening to the “pitch” by the young Chinese entrepreneur, and  deciding whether or not to invest up to $30 million in a fast-growing pan-Asian internet services provider, making an estimated 6 times your investment in less than 2 years, with an exit strategy of going public in the U.S.  Participants will make 12-15 minute Group Presentations on the cases, and then the class through active discussion will develop its own ideas on the cases. The class will vote on decisions; the actual decisions and outcomes will be shared.

From Risk to Reward: Strategies for Sustainable Business Transformation
Sustainability, and the prospect of irreversible climate change, is an imperative transforming economies, industries, financial markets and communities. Sustainable transformation is not simply about “greening” and adding sustainability attributes to existing operations, but about understanding the new landscape where regulations, supply chains, consumer demands, and the cost of capital are changing in response to new priorities around sustainability.
This module will equip participants with the basic tools for understanding and navigating the change in all its core dimensions, and identifying emerging opportunities as industries, cities, and even economies are being reimagined for the future.