The Hong Kong University of Science and Technology (HKUST) and Li & Fung, a member of Fung Group, jointly announced today the establishment of the HKUST Li & Fung Supply Chain Institute (the Institute), aimed at advancing research and practices in global supply chain management (SCM) innovation.
The Institute brings together HKUST's research excellence and Li & Fung's industry expertise in supply chain management to drive real-world impact across the Greater Bay Area, Greater China, Asia, and globally, while contributing to Hong Kong's development into a multinational supply chain management center - a strategic objective highlighted in the city's latest Budget. It aims to reach these goals by engaging in collaborative research, developing business intelligence through industry research and policy studies, and fostering talent development through customized executive education and partnership programs.
The Institute's launch ceremony featured addresses from officiating guests Mr. Michael WONG Wai-Lun, Acting Financial Secretary of the Government of the Hong Kong Special Administrative Region (HKSAR); Prof. Nancy IP, President of HKUST; Dr. Victor FUNG, Group Chairman of the Fung Group; and Dr. William FUNG, Group Deputy Chairman of the Fung Group. The ceremony was a highlight of the Institute's inauguration summit today, dedicated to the theme "Navigating Global Supply Chain Challenges & Innovation," and attended by over 150 government officials, lawmakers, business leaders, HKUST Court and Council members and friends of HKUST including Dr. Vincent LO, HKUST Honorary Court Chairman and Chairman of Shui On Holdings.
In his officiating address, Mr. Michael Wong said, "Amid heightened geopolitical tension, the need for enterprises, especially those in Mainland China, to manage risks through diversification, including restructuring their supply chains, is great and urgent. Hong Kong is uniquely positioned to help these enterprises to overcome the challenges involved. The work of the HKUST Li & Fung Supply Chain Institute will make Hong Kong even more effective and attractive as a multinational supply chain management center. By combining the academic and research excellence of HKUST, and the worldwide expertise and the huge financial resources of Li & Fung Group, the Institute has an enormous edge in driving innovation and change, and in contributing to the development of Hong Kong, Mainland China, and the world beyond."
Dr. William FUNG, Fung Group's Deputy Chairman and Chair of the Institute's Advisory Board, said, "Heightened geopolitical tensions and accelerating technological shifts are disrupting global supply chains. The consequences are far-reaching - producers are redesigning manufacturing supply chains for resilience and agility, while retailers must use increasingly fragmented supply markets in order to derisk. Our vision for the HKUST Li & Fung Supply Chain Institute is to provide thought leadership on global supply chain trends and issues. Through our research and teaching, we aim to inspire and empower industry professionals and entrepreneurs, and educate the next generation of business leaders, to embrace change and grasp opportunities through mastering their supply chains."
Conveying her gratitude to Li & Fung for the partnership, Prof. Ip said, "It is an honor to partner with Li & Fung and I extend my deepest appreciation for the support provided by the Li & Fung Foundation. By harnessing the strengths of HKUST's robust academic foundation and Li & Fung's industry leadership, the Institute will be well placed to drive real-world impact, from addressing the growing demands of manufacturing enterprises in Asia and beyond for resilient multinational supply chains to strengthening Hong Kong's status as a multinational supply chain management center."
Prof. TAM Kar-Yan, Dean of Business and Management of HKUST, said, "In a changing world characterized by rapid technological advancements, geopolitical tensions, and an urgent call for environmental sustainability, opportunities emerge in SCM. By skillfully navigating these dynamic forces, tapping the development of emerging economies, and leveraging cutting-edge technologies such as AI, blockchain, automation, and data sciences, organizations can strengthen the efficiency and resiliency of their supply chains. Through collaboration among industry, academia, and the public sector, we are committed to promoting supply chain excellence and helping organizations to thrive in today's ever-evolving market landscape."
Prof. LI Qing, Director of the Institute and Deputy Head of Department of Information Systems, Business Statistics and Operations Management, HKUST said, "Our aim is to become a leading Institute in supply chain management with global impact and local commitment. By providing valuable data and insights, and cultivating talent, we strive to advance the development of this critical economic sector."
The summit also featured a panel discussion moderated by Prof. Hau LEE, Chair of the Institute's Academic Committee and the Thoma Professor of Operations, Information and Technology at the Stanford University; a presentation by Prof. Li Qing, Director of the Institute, as well as a research sharing session by HKUST faculty.
About The Hong Kong University of Science and Technology
The Hong Kong University of Science and Technology (HKUST) (https://hkust.edu.hk/) is a world-class research intensive university that focuses on science, engineering and business as well as humanities and social science. HKUST offers an international campus, and a holistic and interdisciplinary pedagogy to nurture well-rounded graduates with global vision, a strong entrepreneurial spirit and innovative thinking. Over 80% of our research work were rated "Internationally excellent" or "world leading" in the Research Assessment Exercise 2020 of Hong Kong's University Grants Committee. We were ranked 2nd in Times Higher Education's Young University Rankings 2023, and our graduates were ranked 29th worldwide and among the best from universities from Asia in Global Employability University Ranking 2023. As of September 2023, HKUST members have founded 1,747 active start-ups, including 10 Unicorns and 13 exits (IPO or M&A), generating economic impact worth over HK$ 400 billion. In the QS World University Rankings by Subject 2024, 12 subjects have been ranked in the top 50 globally, with "Data Science and Artificial Intelligence" securing the 10th position, the highest ranking among the local universities in the field.
About the HKUST Business School
The School of Business and Management of The Hong Kong University of Science and Technology (HKUST Business School) is young, innovative and committed to advancing global business knowledge. The School has forged an international reputation for world class education programs and research performance, and has received many top global rankings. For more details about the School, please visit https://bm.hkust.edu.hk
About Fung Group
Fung Holdings (1937) Limited, a privately-held business entity headquartered in Hong Kong, is the major shareholder of the Fung Group of companies, whose core businesses operate across the entire global supply chain for consumer goods including trading, logistics, distribution and retail. The Fung Group comprises over 15,000 people working in more than 40 economies worldwide. We have a rich history and heritage in export trading and global supply chain management that dates back to 1906 and traces the story of how Hong Kong and the Greater Bay Area emerged as one of the world's foremost trading and innovation hubs. We are focused on both creating the Supply Chain of the Future to help brands and retailers navigate the digital economy as well as creating new opportunities, product categories and market expansion for brands on a global scale.
