Please be advised that the FCC Minimum Spend, which was rolled over from September, will now appear on members’ December statements that will be sent in early January. Despite the current restrictions, the FCC is very much open for business and we look forward to welcoming you over the holiday period. The minimum spend can be used for the club’s extensive take-away menu, including drinks. Additionally, vouchers equivalent to any outstanding minimum spend can be purchased and will be valid for use through March 2021.
Thank you for your support of the FCC.
2 December 2020
Dealmaker Weijian Shan on Private Equity in Asia and His Historic Bank Takeover
Private equity may play a crucial role in shaping Asian economies now, but that wasn’t always the case said PAG CEO and chairman Weijian Shan during an event at The Foreign Correspondents’ Club of Hong Kong. He described private equity in Asia as being in its infancy in 1999, when he served as the chief architect of a deal which saw American firm Newbridge Capital take control of Korea First Bank in the aftermath of the Asian financial crisis.
That historic deal is the subject of Shan’s new book Money Games: The Inside Story of How American Dealmakers Saved Korea’s Most Iconic Bank, which the author described as the only book he’s aware of that covers a major private equity deal from start to finish, including its aftermath. Negotiating the takeover of the government-owned bank was no easy task, Shan explained, as Newbridge wanted the government to be responsible for potentially bad loans on the books, while public officials wanted the new investors to assume all the risk. At the same time, the Korean economy was reeling from the financial crisis and subsequent International Monetary Fund bailout.
Having witnessed the ups and downs of the Asian financial crisis, Shan noted how that experience had a direct effect on financial institutions across the region being better suited to weather the 2008 global financial crisis. Similarly, he said, American and European firms are handling the current pandemic-related downturn well because of the lessons they learned in the last crisis.
More than two decades after the Korea First Bank takeover, Shan explained that the private equity market in Asia has matured as capital flows continue to increase and a greater number of firms compete in the buyout, growth capital and venture capital sectors. He also spoke of investors who are desperately seeking new money-making opportunities, and added a word of caution. “I really don’t think private equity is for retail investors,” sad Shan. “It’s by and large a high-risk business.”
This wasn’t Shan’s first time appearing at the FCC; he previously spoke about his book Out of the Gobi: My Story of China and America. With a forward written by Janet Yellin, who is President-elect Joe Biden’s pick for Treasury Secretary, the memoir is a fascinating account of how Shan survived China’s Cultural Revolution and went on to become a professor at the Wharton School of the University of Pennsylvania before embarking on a career in finance.
Watch the full event below:
FCC Minimum Spend
FCC MINIMUM SPEND
Please be advised that the FCC Minimum Spend, which was rolled over from September, will now appear on members’ December statements that will be sent in early January. Despite the current restrictions, the FCC is very much open for business and we look forward to welcoming you over the holiday period. The minimum spend can be used for the club’s extensive take-away menu, including drinks. Additionally, vouchers equivalent to any outstanding minimum spend can be purchased and will be valid for use through March 2021.
Thank you for your support of the FCC.
2 December 2020
FCC Further Tightens Anti-Virus Restrictions
FCC Further Tightens Anti-Virus Restrictions
Dear Members:
The Hong Kong government is further tightening its anti-virus restrictions; a few new changes affect the FCC. The club will comply with the measures as follows starting Wednesday Dec. 2:
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Only two people — from four — are allowed at tables in all outlets and the number of guests per member is now limited to one.
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All restaurants will close at 10:00 p.m. every day. Last orders for food will be 9:15 p.m. while last orders for drinks will be 9:30 p.m.
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The gym is open yet the sauna and steam room remain closed. No more than two people are allowed per station and only four people in the room at a time. Wearing a mask while exercising is required in the gym. Please pre-register with the gym attendant at 2844 2849.
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In-person events will continue, though two-per-table limits, a limit of 40 per event, distancing and mask-wearing requirements are strictly enforced.
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Banqueting will continue except for cocktail parties, and distancing and mask-wearing while not eating or drinking are being enforced. The number of participants per event is limited to 40, with two to a table. Please contact the banquet team at 2844 2838 or [email protected] to book.
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The takeaway menu is available from 11 a.m. to 10 p.m., though last orders must be made by 9:00 p.m. The menu can be downloaded from our website at fcchk.org. Please place orders with the FCC Restaurant at 2844 2806 or [email protected]. Orders will be confirmed by a phone call.
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Live performances are suspended.
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All outlets are restricted to 50% capacity. Please book ahead.
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The workroom is open from 8 a.m. to 10 p.m. Wearing a mask is required.
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As of Dec 2, it will be mandatory for the FCC to register a “LeaveHomeSafe” venue QR code from the government and display the QR code at the entrance of the club to facilitate check in by members and guests and keep a record of visits with their mobile phones.
In keeping with government requirements and best practices, all members, guests and staff must wear face masks except when eating or drinking. Hand sanitizer must be used. The FCC will continue the temperature-taking and declaration measures upon entry to the club, as well as the frequent cleaning protocols throughout the building. Please inform the staff if you are concerned that any of the rules are not being followed.
People who have traveled overseas in the past 14 days are not allowed to visit the club, even once the “travel bubble” with Singapore begins.
Thank you for your continued support of the FCC.
1 December 2020
A Message from the FCC President
Dear FCC Members:
This is a bittersweet note to write. I will be leaving Hong Kong in late December, moving to Bloomberg’s Global Business team in New York as a senior editor helping guide our coverage of the U.S. government response to the Covid-19 virus and the vaccine rollout.
It has been one of the highlights of my professional life to be president of the FCC for the past 18 months and to serve on the Board of Governors before that. This is the world’s best press club and a standard bearer of press freedom — a mission I cherish. I wish I could finish my second term yet this is a professional opportunity I can’t pass up. Family reasons are also calling me back to the U.S. The pandemic has made it difficult to live so far away from my elderly mother and my young-adult sons, without being able to travel.
The FCC will remain in excellent hands. I have been fortunate to work with a top-notch Board of Governors, who I know will make a wise choice in early January as to who will take over the presidency for the five months left after I end my term on Dec. 31. I plan to fully carry out my duties until then. We also are fortunate to have a terrific staff, led by our general manager, Didier Saugy.
I will be around the FCC through the holiday season. I hope to be able to see many of you and raise a toast to the world’s best press club.
