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2019

  • 1 min read

Setting Up npm Proxy in a Corporate Network

Working behind a corporate network can be challenging, as many things do not work "out of the box." A simple command like npm install might not function properly. Here's how to work through the proxy:

Assuming you've somehow managed to install node.js on your corporate laptop, locate the .npmrc file. On Windows, this is typically located at C:\Users\<your_user_id>\.npmrc, and on a Mac, it's at Users/<your_user_id>/.npmrc.

Open the file and add the following lines:

    https-proxy=http://yourcompanyproxy.com:80
    proxy=http://yourcompanyproxy.com:80
    strict-ssl=false
    registry=http://registry.npmjs.org/

Try running npm install again; it should work now!

Here's an additional tip: if you have some dependencies hosted in your corporate internal Nexus npm repository—let's say in the @npmcorp scope—run the following command to specify the correct registry URL:

    npm config set @npmcorp:registry https://your-company-nexus:80/nexus/content/repository/npm-internal

By doing this, you should be able to resolve any "dependency not found" errors. Give it a try!

  • in zh
  • 1 min read

在企業網路中設置npm代理

在企業網路下工作可能相當有挑戰性，因為許多東西不會即刻就能運作正常。像是 npm install 等簡易指令可能都無法正常運作。以下為如何跨過代理進行工作的方法：

假設你已經成功在你所使用的企業筆記本電腦中安裝 node.js，找出 .npmrc 檔案。在Windows系統中，該檔案通常位於 C:\Users\<your_user_id>\.npmrc，而在Mac機上，該檔案則位於 Users/<your_user_id>/.npmrc。

打開該檔案並加入下列行數：

    https-proxy=http://yourcompanyproxy.com:80
    proxy=http://yourcompanyproxy.com:80
    strict-ssl=false
    registry=http://registry.npmjs.org/

再試執行 npm install，它應該現在可以運作了！

附帶一提的小提示：如果你在企業內部的 Nexus npm 倉庫有一些依賴關係，例如在 @npmcorp 範疇中，運行以下標令以指定正確的倉庫 URL：

    npm config set @npmcorp:registry https://your-company-nexus:80/nexus/content/repository/npm-internal

這樣做應該就能解決任何 "依賴性未找到" 的錯誤。試試看吧！

  • 5 min read

My MBA Study Trip to Germany

Traveling involves a great deal of uncertainty and chance. Despite the delay of my flight in Helsinki, Finland, and the stress from a jet lag-induced presentation, the journey proved worthwhile as it enriched my professional management skills beyond the classroom.

The tour was filled with thought-provoking and educational talks on topics such as Germany's macroeconomics, the European Union, hidden champions, Industry 4.0, and artificial intelligence. Our visits to Wattx, a deep tech business, and the Daimler AG factory, where BMW automobiles are manufactured, were enlightening. The most significant personal takeaway from the trip is that Germany is antifragile. Although Germany was fragile during World War II, its current wealth demonstrates its antifragility.

The trip revealed that Germany has the highest number of hidden champions—companies that are either in the global top three or the number one in Europe, generate annual revenues of more than 5 million euros, and maintain a low degree of public recognition. With numerous small-to-medium enterprises (SMEs) specializing in deep technology, the German economy thrives on exports and innovation. These family-owned enterprises are clustered and decentralized across Germany rather than being concentrated in Berlin, among the 1,307 hidden champions.

From my perspective, Germany is antifragile due to its vibrant start-up scene and decentralization. Large corporations may have strong hierarchical structures and numerous regulations, but they are vulnerable due to higher turnover rates and lesser adaptability and flexibility. SMEs, on the other hand, boast lean structures that foster a high-performance culture, increased employee engagement, and a more people-oriented approach. Such antifragility also manifests in more frequent employee transfers between various functions within the business. Employees at SMEs generally have more direct customer contact, enabling them to better understand their clients and respond to market shifts more quickly.

To understand how these hidden champions remain competitive, one must recognize their specialization in specific market categories. They excel at creating premium quality products in niche markets and possess a global reach. These companies invest heavily in Research and Development (R&D), and their culture of continuous innovation is fueled by both customers and top executives. All these elements contribute to their antifragility, allowing them to thrive and grow despite global market instability and unpredictability.

I noticed a distinct difference in mentality between Germany and Hong Kong. While most students in Hong Kong gravitate towards careers in the finance and banking industries, Germany offers a broader range of sectors like steel, iron, machinery, chemicals, locomotives, automobiles, and electronics. Rather than viewing university education as the only career path, Germany provides more vocational training for technical skills. The diverse job opportunities and emphasis on manufacturing and technological innovation make these countries less susceptible to risks.

Germany's economy is stable, characterized by low inflation, steady growth, a trade surplus, and a robust labor force. Effective state management helps in avoiding the recurrence of economic crises like the Great Depression and hyperinflation that contributed to the rise of Nazism and political instability in World War II. Understanding history is crucial to comprehending our origins, current challenges, and improving risk management in chaotic situations.

One of the main reasons I pursued an MBA was to refine my management skills in the global market. I was intrigued by the significant disparities in wealth between countries. For instance, after my study trip, I visited Switzerland and found myself eating the most expensive McDonald's Big Mac meal I've ever had, costing 12 Swiss Francs (approximately $93 in Hong Kong dollars). In contrast, a similar meal costs 7 Euros in Germany or roughly $62 in Hong Kong. The world can seem unjust if you're born in an economically weaker Eurozone country, such as rural Romania, where human trafficking is a severe issue. This journey allowed me to witness the elements of Germany's success and its antifragility throughout my visits to Berlin, Hamburg, Munich, and Frankfurt.

The lessons learned will serve me well as I aim to create an antifragile workplace at the management level. In today's rapidly changing digital environment, it's essential to build a company capable of thriving in unpredictability and uncertainty, beyond mere resilience or robustness. As I've observed in Germany, smaller, flat teams are antifragile, while large hierarchical structures are unstable. Antifragile organizations embrace a culture of experimentation and shun the "too-big-to-fail" mentality. In such settings, managers are wary of centralized power, and leaders trust their teams to handle complex challenges through decentralized decision-making.

Living in the age of artificial intelligence and automation is exhilarating. Our industry is undergoing a profound transformation, with an expanding horizon of untapped opportunities, increasingly connected devices, and more available real-world data. After completing my MBA, I continue to strive for greater antifragility in this fast-changing world, fortified by the unique perspectives gained from my international experiences in Germany.

  • in zh
  • 2 min read

我的MBA德國學習之旅

旅行總是充滿了不確定性和偶然性。儘管我的航班在芬蘭赫爾辛基延誤，加上時差引起的壓力讓我在演講中感到壓力，但是此次旅程旅行最終還是讓我得到寶貴的經驗，讓我的專業管理技能得到了課堂以外的提升。

這次的旅程充滿了各種引人深思並且具有教育意義的講座，涵蓋了德國的宏觀經濟、歐洲聯盟、隱形冠軍、工業4.0、以及人工智能等各種主題。我們參觀了深度科技公司Wattx以及生產BMW汽車的Daimler AG工廠，開闊了視野。這次旅程中最重要的個人體會就是，德國具有反脆弱性。儘管德國在二戰期間脆弱不堪，但是它現在的財富狀況證明了它的反脆弱性。

這次旅程讓我明白，德國擁有最多的隱形冠軍公司——這些公司要么在全球排名前三，要么在歐洲排名第一，年收入超過500萬歐元，並且公眾認知度相對較低。許多中小企業專注於深度科技，德國經濟靠的是出口和創新。這些家族企業分布在德國各地，而不是只集中在柏林，在這1,307家隱形冠軍中。

從我的角度來看，由於其充滿活力的初創企業和分權化的特點，德國具有反脆弱性。大企業可能有強勢的等級結構和眾多的規定，但由於更高的人員流動率以及比較低的適應性和靈活性，它們更容易受到傷害。相比之下，中小企業擁有簡單的結構，這樣不僅能夠激發高效的工作文化，提高員工的參與度，還能更加以人為本。這種反脆弱性也體現在員工在公司內部各個職能間更加頻繁的轉換職位。中小企業的員工通常更能直接接觸客戶，這使他們能更好地理解客戶並更快地應對市場變化。

為了理解這些隱形冠軍如何保持競爭力，我們必須認識到它們在特定市場類別中的專業化。他們非常擅長在利基市場創造優質的產品，並且具有全球影響力。這些公司投入重金進行研發，他們持續創新的文化同時由客戶和最高管理層推動。所有這些元素共同為它們的反脆弱性做出了貢獻，使它們能夠在全球市場的不穩定和未知中生存並發展。

我注意到德國和香港的心態有明顯的區別。在香港，大多數學生都傾向於在金融和銀行業找工作，而德國提供更多的行業選擇，比如鋼鐵、鐵礦、機械、化學品、火車、汽車和電子產品等。德國不再將大學教育視為唯一的職業道路，而是為技術技能提供更多的職業培訓。這個多樣化的就業機會和對製造業和科技創新的重視使得這些國家更少受到風險的影響。

德國的經濟非常穩定，特點是低通脹、經濟穩步增長、貿易順差和強大的勞動力。有效的國家管理有助於避免經濟危機的重演，例如大蕭條和在二戰中導致納粹主義興起和政治不穩定的超通脹。理解歷史對於理解我們的起源、現在的挑戰以及在混亂局勢中改善風險管理至關重要。

我攻讀MBA的主要原因之一就是要在全球市場上提高自己的管理技能。我對不同國家之間的財富差異感到好奇。例如，我的學習之旅結束後，我去了瑞士，發現自己吃了迄今為止最貴的麥當勞大麥克套餐，花了12瑞士法郎（大約相當於93港元）。相比之下，在德國，同樣的餐點只需要7歐元，或者在香港約62元。如果你出生在經濟較弱的歐元區國家，例如羅馬尼亞的農村地區，那麼世界可能會讓你感到不公。這次旅程讓我看到了德國成功和反脆弱性的元素，無論是在我參觀柏林、漢堡、慕尼黑還是法蘭克福期間。

我學到的這些經驗將在我致力於在管理層創造反脆弱性工作環境的任務中起到重要的作用。在當今快速變化的數字環境中，建立一個能夠在不可預知性和不確定性中茁壯的公司比僅僅具有恢復力或堅韌性更為重要。如我在德國所觀察到的，規模較小、組織結構平坦的團隊能達到反脆弱性，而大型的層次結構則處於不穩定狀態。反脆弱性的組織擁抱實驗文化，並且避免"太大而不能倒"的心態。在這種環境下，管理者謹慎對待權力集中，領導者們對他們的團隊有信心，可以通過分權化的決策處理複雜的挑戰。

生活在人工智能和自動化的時代是令人充滿洋溢興奮。我們的行業正經歷著深刻的變革，面臨著擴大的未開發機會、越來越多的連接裝置以及更多的實際數據。在完成我的MBA學習後，我繼續努力以期在這個變化迅速的世界中獲得更大的反脆弱性，並且透過我在德國的國際經驗獲得獨特的視角。

  • 4 min read

Case Study: Li & Fung Family Business

In this article, we will discuss the lessons that can be learned from the Li & Fung family business. The key to its longevity—over a thousand years—is its ability to continually reinvent itself for survival.

Not many Chinese family businesses have been successful for such an extended period. Founded in 1906 in Guangzhou, Li & Fung was the first Chinese trader export company. Today, it has expanded into 40 different countries and employs over 20,000 people.

The succession of a family business poses significant challenges. An old Chinese saying warns, "Wealth does not last for more than three generations." Even in the United States, a study by Brooklyn College shows that 70% of family businesses do not transition from the first to the second generation, and 88% do not pass on to the third generation. Only 3% of family businesses make it to the fourth generation. Yet, the Li & Fung family business is already in its fourth generation. What sets it apart? What are the factors that contribute to its success?

The answer lies in the global perspective and open-mindedness of both the founders and successors. This approach allowed the family business to capitalize on significant trends and shifts in the macro-economy. For example, when China opened up trade at the end of the Qing Dynasty, Li & Fung positioned itself as the first Chinese middleman, capitalizing on their understanding of both Western and Chinese markets. Through interactions with English-speaking foreigners, they expanded their horizons beyond those of other traders in mainland China. Their ability to adapt allowed them to grow along with Hong Kong's rise as a manufacturing and clothing export hub. They also profited from China's economic reforms, with their Chinese business contributing to more than 51% of their total sourcing business.

However, the family business is facing challenges in its fourth generation, particularly due to its failure to anticipate digital trends. This became evident when Li & Fung declined three opportunities to invest in Alibaba, sticking instead to their traditional business model. As a result, they have struggled to adapt to the e-commerce landscape. This has led to declining profits and revenues as global brands change the way they manage their supply chains, often bypassing middlemen like Li & Fung. In 2017, the company was removed from the Hang Seng Constituent Stocks, signaling the scale of the challenges it faces.

Despite facing numerous challenges throughout its history, the family business has survived by constantly reinventing itself and passing this ethos down to succeeding generations. For instance, during the Korean War, the United States imposed an embargo on China, affecting the Hong Kong re-export business. The family then pivoted from focusing on re-exports to exporting local Hong Kong goods.

The third generation, educated at Harvard Business School, brought new modern management theories into the traditional family business. This enabled the company to go public, thanks to the separation of ownership from business management, and the establishment of good governance practices.

Li & Fung transitioned from a "One Boss/Employees" system to a proper management hierarchy, replacing family members with professional managers holding university degrees. Despite facing historical challenges like the return of Hong Kong to China in 1997, the business adapted by changing its strategies in alignment with macro-economic trends.

Spencer Fung, representing the fourth generation, has also upheld these crucial family values. Educated in the United States with an MBA, he is entrepreneurial and has co-founded an online marketing platform in Silicon Valley. Despite the trade war between the United States and China, the family business has diversified out of China into Vietnam and other Asia-Pacific countries.

The next significant trend focuses on speed, innovation, and digitalization. The fourth generation has strategically invested in new technologies to reduce supply chain lead times and enable rapid prototyping with 3D virtual design. They also use advanced analytics to improve various business metrics.

In conclusion, the Li & Fung family business has successfully merged Western modernization in management and technology with Eastern wisdom in relationships and family values. They continually implement revolutionary ideas for change and constant improvement. They maintain a Western approach to system management while incorporating an Eastern, more human touch. While efficiency is paramount in the United States, the Li & Fung family recognizes the importance of emotional intelligence, which has been critical for the business's longevity and ability to adapt to challenges faced by the fourth generation.

  • in zh
  • 2 min read

案例研究：利豐家族企業

在這篇文章中，我們將討論從利豐家族企業中可以學習到的經驗。該公司存在已經超過一千年，其壽命之長的關鍵在於其為了生存而不斷地自我改造的能力。

不多的中國家族企業能夠成功地運營如此長的時間。利豐於1906年在廣州成立，是中國第一家貿易出口公司。今日，它已擴展到40個不同的國家，並雇用了超過20,000名員工。

家族企業的繼承帶來了重大挑戰。一句中國古語警告說，“富不過三代。”即使在美國，布魯克林學院的一項研究也顯示，70%的家族企業並未能從第一代過渡到第二代，88%則未能過渡到第三代。只有3%的家族企業能夠達到第四代。然而，利豐家族企業已經進入到了第四代。是什麼讓它脫穎而出？有哪些因素促成了它的成功？

答案在於創始人和繼承者之間的全球視野和開放思維。這種方法使家族企業能夠利用大規模經濟趨勢和變化。例如，當清朝末期中國開放貿易時，利豐將自己定位為第一個中國中間人，充分利用了他們對西方和中國市場的理解。通過與說英語的外國人的交往，他們擴大了他們比中國大陸其他商人更廣闊的視野。他們的適應能力使他們得以與香港作為製造業和服裝出口中心的崛起一同成長。他們同時也從中國的經濟改革中獲利，中國業務為他們的整體採購業務貢獻了超過51%。

然而，家族企業在第四代中面臨著挑戰，尤其是由於他們未能預見數字化趨勢。這一點在利豐拒絕了三次投資阿里巴巴的機會、堅持他們的傳統業務模式時尤其明顯。結果，他們在適應電子商務環境方面遇到了困難。這導致了利潤和收入的下降，因為全球品牌正在改變他們的供應鏈管理方式，往往繞過像利豐這樣的中間人。2017年，該公司被剔除出恒生成分股，這表明了它面臨的挑戰的規模。

儘管在其歷史上面臨過眾多挑戰，家族企業通過不斷自我重塑，並將這種精神傳遞給下一代，得以生存。例如，在朝鮮戰爭期間，美國對中國實行了禁運，影響了香港的再出口業務。然後家族從專注於再出口轉向出口香港本地商品。

等 第三代，受過哈佛商學院的教育，將新的現代管理理論帶入了傳統的家族企業中。這使得公司能夠上市，這要歸功於企業所有權與經營管理的劃分，以及良好治理實踐的建立。

利豐從“一個老闆/員工們”制度過渡到適當的管理階層制度，並更換由擁有大學學位的專業經理人員取代家族成員。儘管面臨了像1997年香港回歸中國這樣的歷史性挑戰，企業通過改變其與宏觀經濟趨勢相一致的策略進行了適應。

代表第四代的Spencer Fung也秉承了這些重要的家族價值觀。他在美國接受了MBA的教育，是個具有創業精神的人，並在矽谷共同創辦了個網路的行銷平台。儘管美國和中國之間的貿易戰爭，家族企業已經從中國轉向了越南和其他亞太國家。

下一個重要趨勢聚焦在速度、創新和數字化。第四代已經戰略性地投資於新技術，以減少供應鏈的交期並使3D虛擬設計快速成型。他們還使用進階的分析來改善各種業務指數。

總之，利豐家族企業成功地將西方在管理和科技的現代化與東方在關係和家庭價值觀方面的智慧相融合。他們不斷實施革命性的想法以推動變革和持續改進。他們在保持西式的系統管理方式的同時，加入了更多東方的，更具人情味的元素。雖然在美國，效率至上，但是利豐家族認識到了情商的重要性，對於企業的長期生存及其對於第四代面臨的挑戰的適應力至關重要。

  • 3 min read

MiFID II — What Is the Impact and What Opportunities Exist for Investors?

MiFID II aims to bring greater transparency and protection for investors across the financial markets. It introduces enhanced protections for all types of investors, from retail to professional, and expands the range of financial instruments covered.

Impact Beyond Europe

Markets directly affected include France, Greece, Malta, and the UK. Although it is a law in the Eurozone, MiFID II's new rules have a far-reaching, global impact. The regulation applies across the European Union (EU) and is also relevant for countries in the European Economic Area (EEA) that are not part of the EU. This means that any firm in the EEA conducting investment activities or services in financial instruments will be subject to the new rules.

The regulation also indirectly impacts regions beyond Europe, such as APAC. MiFID II doesn't directly apply to non-EEA firms, but it is relevant primarily when employees are involved in the origination of EEA-underwritten MiFID II products and services, such as debt and equity insurance.

MiFID II generally lacks extraterritorial effect, but:

  1. It would apply if a non-EEA entity were conducting MiFID investment services with respect to MiFID products in the EEA.
  2. Specific provisions have express extraterritorial impact, e.g., transaction reporting requirements apply to all branches of EEA entities.

There are four main areas of impact:

  1. Research — Considered an inducement under MiFID II, the receipt of free research is banned.

  2. Reporting — Transaction reporting must now include additional trade details, including cost elements. All periodic statements must be issued at least quarterly. Investors will be notified when there is a 10% depreciation in a discretionary portfolio, FX operations, or FX forward contracts.

  3. Best Execution — Investors will now have visibility into the quality of execution received and the venues used.

  4. Manufacturing and Distribution — Investors must be assigned Target Market attributes. Products must also be analyzed for their Target Market to prevent sales to unsuitable investors.

1. Research Unbundling

MiFID II introduces further restrictions for portfolio managers and independent investment advisers. They can only receive research and sales services if these are paid for either:

  • Directly from their own resources, or
  • Through a client-funded Research Payment Account (RPA).

This prevents potential conflicts of interest. Some bank analysts are nervously anticipating the changes, fearing job losses, while analysts at smaller or independent companies see it as an opportunity for fair compensation.

2. Reporting

MiFID II is introducing quarterly reports related to holdings and discretionary portfolio management. New requirements mandate that firms holding accounts with leveraged financial instruments (LFIs) or other contingent liability transactions (CLTs) must report to investors if the initial value of the instrument depreciates by 10%, and then by additional multiples of 10%.

A broader scope of financial transactions must now be reported. Both counter-parties (investment firms) involved in a trade must report transaction data, which includes investor details, to regulators.

3. Best Execution

Best Execution refers to a regulatory duty for firms to take all sufficient steps to obtain the best possible result for clients, considering factors like price, costs, speed, and likelihood of execution and settlement.

4. Manufacturing and Distribution

Investors need to be categorized when on-boarded for the purpose of conducting investment activities or providing investment services. This categorization affects the regulatory obligations of firms.

MiFID II also introduces the requirement for both manufacturers and distributors to identify a target market for the products they create or distribute. This analysis must also consider any negative target market, which refers to the customers to whom a product should not be sold.

If you have further questions, feel free to leave a comment below!

  • in zh
  • 1 min read

MiFID II - 對於投資者來說，其影響及存在的機會是什麼？

MiFID II旨在為各種金融市場的投資者帶來更大的透明度和保護。對所有類型的投資者，從零售到專業的，都引入了增強的保護，並擴大了涵蓋的金融工具範圍。

歐洲以外的影響

直接受影響的市場包括法國、希臘、馬爾他和英國。儘管MiFID II是歐元區的法律，但其新規則具有遠大的全球影響。該法規適用於整個歐盟，並且對於不是歐盟一部分的歐洲經濟區（EEA）國家也有關。這意味著在EEA內進行金融工具投資活動或服務的任何公司都將受到新規則的約束。

該法規也間接影響了歐洲以外的地區，如亞太地區。MiFID II並不直接適用於非EEA公司，但主要在員工參與起源於EEA的MiFID II產品和服務，如債務和權益保險时，其規定才具有相關性。

MiFID II通常并无领土外效力，但有以下兩個情況需要注意：

  1. 如果一個非EEA實體在EEA內進行MiFID投資服務，對於MiFID產品而言，該法規將適用。
  2. 特定規定有明確的领土外影響，例如，交易報告要求適用於所有EEA實體的分支機構。

主要有四個影響領域：

  1. 研究  － 在MiFID II下，獲取免費研究被視為誘使行為，因此被禁止。

  2. 報告 － 現在的交易報告必須包括額外的交易細節，包括成本元素。所有定期報告必須至少每季度發行一次。如果有在一個自由投資組合，外匯操作，或跨期外匯交易中出現10%的資產減少，投資者將會收到通知。

  3. 最佳執行 － 現在，投資者將能夠看到他們們收到的執行質量和所使用的交易場所。

  4. 生產和發行 － 必須為投資者指定目標市場屬性。也必須分析產品的目標市場以防止對不適合的投資者進行銷售。

1. 解偶研究

MiFID II对投资组合经理和独立投资顾问引入了更多的限制。他们只能在以下两种情况下获得研究和销售服务：

  • 直接用他們自己的資金支付，或者
  • 通过一個客戶出資的研究支付賬戶 (RPA)。

這避免了可能的利益衝突。一些銀行分析師對這些改變感到擔憂，擔心失去工作，而在較小或獨立公司的分析師認為這是一個公平報酬的機會。

2. 報告

MiFID II會引入与持有和自由投资组合管理相關的季度报告。新的要求规定，持有杠杆金融工具（LFI）或其他或有负债交易（CLT）的公司必须在工具的初值贬低10%，然后是10%的倍数时，向投资者报告。

现在必须报告更广泛的财务交易。双方(投资公司)都必须向监管机构报告交易数据，这包括投资者的详细信息。

3. 最佳執行

最佳執行指的是公司有法规責任采取所有必要的步骤，以考虑價格、成本、速度及執行和結算的可能性等因素，為客戶獲得最佳可能的結果。

4. 生產和發行

在進行投資活动或提供投资服务时，需要对投资者进行分类。这个分类会影响公司的法规义务。

MiFID II還引入了對生產商和分銷商的要求，需要為他們創建或分銷的產品確定一個目標市場。這項分析還必須考慮任何負面的目標市場，即不應將產品銷給何種客戶。

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