Q&A with PAIB

09/29/2022

Archie Fong CPA, Head of Healthcare and Corporate Finance at Ping An of China Capital (Hong Kong), on the growth potential of Mainland China’s healthcare industry, and how he views the future of Hong Kong’s IPO market



What are the biggest lessons in your career so far?

One is to stay humble and keep learning. Investment banking is a rapidly changing industry. You need to constantly learn about new industry sectors, investment trends, and regulatory policies to stay ahead of competition, which can often be fierce.Another is to embrace a growth mindset. People with a growth mindset view challenges as opportunities, and mistakes as valuable lessons. Adopting a growth mindset has helped me become a person who is always ready to embrace change and different kinds of challenges. 

In what ways has your CPA qualification helped you in your career?

It helped me stand out to potential employers, and more importantly, the training I did as part of getting qualified equipped me with strong accounting knowledge for financial statement analysis and modeling, which are the foundations of the work involved in an investment banking career. In addition, my CPA qualification and audit experience gave me the opportunity to explore and work in corporate positions such as chief financial officer and in-house corporate financial manager. 

How do you currently view the growth of the medical and healthcare industries in Mainland China?

At Ping An of China Capital (Hong Kong) Company Limited, which is the leading global financial services group’s Hong Kong investment banking arm, my role is to provide comprehensive corporate finance solutions to clients, especially in medical and healthcare industries. From vaccine development to innovative drugs and biotechnology, Mainland China’s healthcare companies have seen strong growth, outpacing some of the world’s leading industry players. Over the last decade, the country’s healthcare sector has grown into an industry worth 6.8 trillion yuan by market capitalization, making it one of the largest sectors in the market. I believe with the continuing healthcare reforms in Mainland China, as well as the increasing demand for high-quality healthcare products and services, there is great potential for growth in the Mainland’s healthcare industry.

What is your forecast for initial public offerings (IPOs) in Hong Kong for next year?

As a result of ongoing geopolitical issues, regulatory changes affecting many industries in the Mainland China, speculation of interest rate hikes and reduced bond purchases, the Hong Kong IPO market slowed in the first half of 2022. But Hong Kong has remained a resilient international financial centre given its unique advantages. A new listing regime is expected to be introduced for non-profit technology companies with the corresponding consultation expected to come around the fourth quarter of this year, so more leading technology companies may choose to list in Hong Kong via this route. It may spur a new chapter in Hong Kong’s IPO market and drive activity.


You’ve been involved in numerous voluntary work related to helping start-ups and young people. What drives you to do so?

Many different people have helped me throughout my career, so I feel the need to give something back to the community using my abilities. I believe helping start-ups and young people is one way to do so. I learn new things and I’m able to see things from new perspectives by communicating with those young entrepreneurs.