In the "Eye of the Trump Typhoon": The New Generation of Singapore Family Businesses is on the Move | Lianhe Zaobao

Currently in the eye of the "Trump typhoon" in the United States, there are new changes every moment; companies should take immediate action in this changing situation to enhance their competitiveness and seek cooperation.

Shen Liantao, chairman of the Georgetown Institute of Open and Advanced Studies at Malaysia's Open University, described this during a seminar at the Small and Medium Enterprises Conference and Credit Business Conference (SMEICC) on Wednesday (September 3).

Shen Liantao, chairman of the Georgetown Institute of Open and Advanced Studies at Malaysia's Open University. (Photo by Zhang Junjie)

Also participating in the seminar were the new generation of local family businesses, including Li Yunfeng, president of Marco Polo Marine Group, Wu Weibin, son of Wu Youren, executive chairman of Wee Hur Holdings, and Guo Peixuan, daughter of Guo Lingbo, executive chairman of Hong Leong Asia.

As the new generation of family businesses, they shared that they are more willing to take proactive actions to face the current or future challenges and changes.

Li Yunfeng, president of Marco Polo Marine Group. (Photo by Zhang Junjie)

Li Yunfeng from Marco Polo shared that when he was 40 years old, the global oil price crash caused the company to suffer huge losses.

He realized that waiting for oil prices to rise again was unrealistic, so he actively sought out about 150 people to find investors, raising 60 million to help the company through the tough times. "At that time, it was already very difficult for us to obtain bank loans, and the only thing we could do was to reuse existing resources."

Guo Peixuan from Hong Leong Asia: From Confusion to Planning Green Products

Guo Peixuan, executive director and director of sustainability and corporate affairs at Hong Leong Asia, whose father is Guo Lingbo, executive chairman of Hong Leong Asia. (Photo by Zhang Junjie)

Guo Peixuan joined Hong Leong Asia in 2020 and was appointed as executive director in 2023. She also serves as the director of sustainability and corporate affairs at Hong Leong Asia. Her father, Guo Lingbo, is also a cousin of Guo Lingming, executive chairman of City Developments.

She shared that at the beginning of 2019, she felt confused about her previous work and happened to come into contact with research related to green technology. She later met Craig Leeson, the director of the documentary "Plastic Ocean"; she was inspired and gradually delved into the long-term impact of business on the environment and the importance of sustainable development

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In her view, environmental issues are one of the key challenges facing businesses in the future. After realizing this, she decided to join the family business and bring her sustainable development vision into the company, hoping to promote long-term development through transformation.

She stated that Yonglong Asia has laid out green products, such as certified green concrete. One of the group's sustainable development goals is to increase the sales proportion of green products, not only in the building materials sector but also including engine products.

She admitted that the current reliance on traditional products is difficult to change immediately, but through continuous investment in research and development innovation, and concentrating manpower and other resources, these goals can be gradually advanced.

Wei He Capital's Wu Weibin diversifies layout to seek new growth points for the future

Wu Weibin, president of Wei He Capital, a subsidiary of Wee Hur Holdings, is the son of Wee Hur Holdings' executive chairman, Wu Youren. (Photo by Zhang Junjie) Eddie Wu of Wee Hur Holdings took on the task of diversification in 2021, taking over Wee Hur Capital Pte, a subsidiary of Wee Hur Holdings, to develop fund management and alternative investment businesses, seeking new growth points for the family business.

As a local builder and developer, Wee Hur Holdings' business is highly tied to the real estate market. Eddie Wu said that after joining the family business, Singapore's real estate faced the impact of cooling measures, so they ventured into international markets.

At the same time, he began to consider how to effectively utilize the capital accumulated by the family business to address future challenges. Later, he, along with his cousins, explored the Australian market and entered the student accommodation sector.

However, the funding required to realize the vision far exceeded expectations. Eddie Wu spent three years finally raising enough funds from friends, family, and third parties to form a team. The fund management company Wee Hur Capital was subsequently established, entering the alternative investment space in 2021.

Regarding the considerations behind entering the fund management and investment field, Eddie Wu said, "At that time, I told my father that I didn't know what to do beyond real estate and student accommodation, but I understood that if we only engaged in real estate, by the time we reached the third generation, we would become dizzy."