...CHEUNG YAN: CHINA’S PAPER QUEEN i) Summary of the case Cheung Yan, the co-founder of the Nine Dragons Paper Holdings Company has been one of the richest woman in China with a fortune of US$ 1.35 billion back in November 2006. Cheung was a truly successful business leader in Asia. She started off by setting up a paper recycling unit called America Chung Nam in the United States as the market in Hong Kong was too small for her ambition. The unit collected waste paper and shipped them to China from United States. She soon realized that there was a huge opportunity for her in China as the demand for export packaging were rising. In 1990, Cheung took a bank loan together with the support of her brother and husband, she successfully established Nine Dragons in Dongguan, China. The unit started off with two paper machines and made 600,000 tons of kraft linerboard per year.Cheung’s vision was to make Nine Dragons the biggest ,most efficient and environmentally friendly paper company. It was expected by 2009 Nine Dragons would be Asia’s top producer of packaging paper and the first in the world in terms of production capacity. Fortunately as of August 2008, Nine Dragons was already the largest producer of containerboard products in China in terms production capacity. Cheung’s success was attributed to Nine Dragon’s strategy to produce at lower cost and economies of large scale production. In terms of efficiency, Nine Dragons continually looked at technological improvements to achieve...
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...MINI-CASE: NINE DRAGONS PAPER1 The Global Recession "This time is really different. Large and small are all affected. In the past, the big waves would only wash away the sand and leave the rocks. Now the waves are so big, even some rocks are being washed away." - Cheung Yan, co founder and Chairwoman of Nine Dragons Paper2 The first week of January, 2009, was proving to be a challenge for Nine Dragon’s Paper. The company had to repeatedly deny rumors that it was on the edge of bankruptcy. A variety of media reports over the past two weeks had reported that the company’s inability to service its debt would lead to a bankruptcy filing. Incorporated in Hong Kong in 1995, Nine Dragons Paper (Holdings) Limited, had become an international powerhouse in the paper industry. The company's primary product was linerboard, with a product line including kraftlinerboard, testlinerboard and white top linerboard in a portfolio of paperboard products used to manufacture consumer product packaging. The company had expanded rapidly and spent extensively. But by January 2009 the world economy was spiraling downward. Squeezed by market conditions and burdened by debt, Nine Dragons Paper (NDP), the largest paperboard manufacturer in Asia and second largest in the world, saw its share price drop to HK$ 2.33, 90% off its high and less than half of book value. As the economic crisis of 2008 bled into 2009, export-oriented industries suffered. Rumors had been buzzing since October that NDP was on...
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...Cheung Yan: China’s Paper Queen Midterm Case Study Cheung Yan is the chairperson and co-founder of the Nine Dragons Paper Holding Company and a truly successful business leader. The company she founded in 1995 was by June 2007 a pulp and paper powerhouse. It had 13 giant papermaking machines, about 8,600 fulltime employees, $1.4 billion in annual revenue and $300 million in profits. She started off modestly by setting up a small scrap paper brokerage in Hong Kong in 1985. By 1990, she realized that Hong Kong’s market was too small for her ambitions, so she moved to the U.S. and started a paper trading company called America Chung Nam. She was able to collect paper for recycling from all over the US and ship it to China. She was able to keep cost down by using empty shipping containers that were used to bring imports to the US and most of the time they returned back to China empty. By 2004, the company, which had shipped 2.6 million tons of recovered paper to China, was named the top US exporter to China by the Journal of Commerce. Cheung was able to become successful in China where established paper companies have failed because she believed that one day China would be like Europe or the US. That is why she started to invest in the first paper machine in Dongguan with an international approach, meaning that she imported the machines from overseas, components from the US and Europe, and also the scale of the machine were much bigger than she peers at that time. When...
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...Nine Paper Dragons Case Questions 1) How does Mrs. Cheung think? What does she believe in when it comes to building her business? It is interesting to read how NPD gained its’ success through the waste or trash of the United States and Europe. I think this is right in line with how Mrs. Cheung thinks; she wants to be ahead of all her competitors and gain every competitive advantage possible. By utilizing the paper waste of higher quality products in the US and Europe, she was able to bring this quality back to China where it was nonexistent. As you can see in the reading as well, Mrs. Cheung believes in rapid expansion to maximize revenue opportunity and that long term profits will come from taking on a lot of debt. But even as she said when speaking about the economic crisis: “Now the waves are so big, even some rocks are being washed away.” The economic crisis of 2008 did not only affect the small companies, but also the large and profitable ones like Nine Paper Dragons. 2) How would you summarize the company’s financial status? How does it reflect the business development goals and strategies employed by Mrs. Cheung? I would summarize the company’s financial status as struggling at the point this article was written. The company’s unsecured notes were rated as BBB- in April, 2008 and downgraded even lower to BB+ in October of 2008. On top of that, even though the company had a successful IPO in March of 2006, the debt accumulated after this IPO really hurt...
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...Nine Dragons Paper – 2009 The market waits for no one. – Cheung Yan, Chairwoman • What is the business model? • Why did Mrs. Cheung succeed? • What is her support structure? • Who owns the company? • What did go wrong? How it could have been avoided? • Will you do what Mrs. Cheung did? • How would have advised Mrs. Cheung? Sales CapEx and Operating Cashflow Stock Price Nine Dragons Paper – 2009: Case Questions 1. How does Mrs. Cheung think? What does she believe in when it comes to building her business? How would you summarize the company's financial status? How does it reflect the business development goals and strategies employed by Mrs. Cheung? Is NDP in trouble? How would your answer differ if you were an existing shareholder, a potential investor, or an analyst? 2. 3. 1. How does Mrs. Cheung think? What does she believe in when it comes to building her business? – Mrs. Cheung believes in a rapid growth strategy in which she is building productive capacity, which she hopes and expects, to dominate her industry segment in years to come – Her strategy of vertical and horizontal integration is ‘old style’, most companies today choosing to focus on specific activities in an industry’s value chain which have the larger margins. And choosing not to own all links in the value chain – Mrs. Cheung’s approach is one which she believes will reduce all significant risks in the company’s ability to grow rapidly, not being dependent on China’s infrastructure...
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...Guanxi Neglect at the Roaring Dragon in South-west China: The demise of an International Management Contract Stephen Grainger1 University of Western Australia ‘guanxi neglect – neglecting opportunities to show respect towards guanxi relationships’ Abstract This paper introduces the concept of guanxi neglect through a case study that describes the takeover of a formerly Chinese managed hotel by a western based, international hotel management company. Specifically, it covers the cultural conflict that occurred for employees trying to adapt from the former Chinese relationship (guanxi) based planned methods of hotel management to that of the more market oriented, management company. Conclusions that are drawn highlight cultural characteristics and issues that companies taking over or approaching joint-ventures with SOEs, are advised to be aware of. In recent years, the hotel business environment in south-west China has undergone significant changes. China’s opening-up has encouraged an outbreak of new hotel construction and property speculation as companies and investors hope to cash in on the domestic and international exposure of the unique region. Prospects for growth in the number of tourists and investors visiting the region in the future were good. 1 Correspondence to: Stephen Grainger The University of Western Australia Perth, W.A., AUSTRALIA Email: sgranger@arts.uwa.edu.au Grainger, S., ‘Guanxi Neglect at the Roaring Dragon in South-west China: The Demise...
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...AN ILLUSTRATED GUIDE TO KOREAN MYTHOLOGY RUSSIA KOREA CHINA CHEJU JAPAN TAIWAN An Illustrated Guide to Korean Mythology Choi Won-Oh GLOBAL ORIENTAL AN ILLUSTRATED GUIDE TO KOREAN MYTHOLOGY Choi Won-Oh First published in 2008 by GLOBAL ORIENTAL LTD PO Box 219 Folkestone Kent CT20 2WP UK www.globaloriental.co.uk © Global Oriental Ltd 2008 ISBN 978-1-905246-60-1 All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any electronic, mechanical or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without prior permission in writing from the publishers. British Library Cataloguing in Publication Data A CIP catalogue entry for this book is available from the British Library This book is published with the support of the Korea Literature Translation Institute (KLTI) for the project ‘Books from Korea, 2005’ Set in Plantin 10.5 on 12 point by Mark Heslington, Scarborough, North Yorkshire Printed and Bound by Stallion Press (Singapore) Pte Ltd Contents Preface Introduction: Understanding Korean Myths The Korean gods Myths about Cosmology and Flood 1. The Formation of Heaven and Earth 2. Shoot for a Sun, Shoot for a Moon 3. A Man and a Woman Who Became the Gods of the Sun and the Moon 4. Origin of the Seven Stars of the Great Bear 5. The Great Flood Myths about Birth and Agriculture 6. The Grandmother Goddess of Birth 7. Chach’o(ngbi...
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...front seat. "Waiting for Angie?" he asked. "That's right, Danny," said Jim. "She was supposed to be out here to meet me, but evidently Grottwold's still hanging on to her." "That's his style." Danny Cerdak was a teaching assistant in the Physics Department. He was the only other Class AA volleyball player on campus. "You're going out to see Cheryl's trailer?" "If Angie ever gets loose in time," said Jim. "Oh, she'll probably be along any second now. Say, do the two of you want to drop over to my place after we play tomorrow night? Nothing special, just pizza and beer and a few other people from the team with their wives and so forth." "Sounds fine," said Jim, glumly, "if I'm not stuck with some extra work for Shorles. Thanks, in any case, though; and we'll...
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...intended to offer guidance and support to teachers in preparing students for the controlled assessment of Unit 4 S tudying Spoken Language (for first submission Summer 2012). It must be e mphasised that the advice which follows is exactly that: it is not prescriptive and where approaches are mentioned these are not the only possible or recommended choices. As you make your decisions and des ign teaching programmes, please remind yourselves of the most important factors to be taken into account as detailed in the ‘Key Information’ section of this guide and in the ‘Controlled Assessment’ booklet which must be downloaded from the secure website. Contents Key Information Relevant Assessment Objective Advice on Approaches Frequently Asked Questions Controlled Assessment Checklist Using transcriptions, recordings, recollections & terminology Assessment Criteria Candidate responses with Principal Moderator Commentaries Teaching Resources Key Information Candidates will be required to study an aspect of spoken language. The assignment will be a sustained response to their own or others’ uses of spoken language presented by recording, transcript or recollection. From the Specification, page 6 “In studying spoken language it [the course] must require learners to: • reflect and comment critically on their own and others’ use of language in difference contexts and how they adapt language to different listeners and t asks, exploring these...
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...Sino-Forest Part IV: Influence of the relevant parties and Risk of investing RTO • Influence of the interest groups • To identify the issue of investing RTO based on different perspectives 1. Reverse Mergers (RTOs) Defined & Current situation: “A reverse merger (RTO) is a transaction in which an unlisted private operating company becomes public via a merger with a publicly traded shell company, which is generally a company with no material business operations.” (SEC Approves New Exchange Rules to Toughen Listing Standards for Reverse Merger Companies) Beginning in 2007 and continuing into the present, more than 150 Chinese companies have obtained listings on both U.S. and foreign stock exchanges via reverse mergers (RTOs). 2. The structure of RTO (Coming to America) • Matchmakers in China and the U.S. connect businesses in China with American ailing or shell companies and propose a merger • The under writer hires an auditor to prepare the financial statements required for the merger to be approved by the SEC • Once the merger is approved, the company is renamed. Often the names contain the word "China" or "Sino". • The company builds up credibility and moves up to a well-known exchange such as Nasdaq • The company works with an investment bank to sell shares. Analysts catch on, investors start paying attention, and funds buy the stock, all moving the price. 3. Why a reverse merger rather than an IPO? • Reduced time and costs to secure public listing Take...
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...Journal of International Business Studies (2009) 40, 1432–1454 & 2009 Academy of International Business All rights reserved 0047-2506 www.jibs.net Down with MNE-centric theories! Market entry and expansion as the bundling of MNE and local assets Jean-Francois Hennart ¸ CentER and Department of Organization and Strategy, Tilburg University, The Netherlands Correspondence: J-F Hennart, Professor of International Management, CentER and Department of Organization and Strategy, Tilburg University, PO Box 90153, 5000 LE Tilburg, The Netherlands. Tel: þ 31 13 466 2315; Fax: þ 31 13 466 8354; E-mail: j.f.hennart@uvt.nl Abstract Both Anderson and Gatignon and the Uppsala internationalization model see the initial mode of foreign market entry and subsequent modes of operation as unilaterally determined by multinational enterprises (MNEs) arbitraging control and risk and increasing their commitment as they gain experience in the target market. OLI and internalization models do recognize that foreign market entry requires the bundling of MNE and complementary local assets, which they call location or country-specific advantages, but implicitly assume that those assets are freely accessible to MNEs. In contrast to both of these MNE-centric views, I explicitly consider the transactional characteristics of complementary local assets and model foreign market entry as the optimal assignment of equity between their owners and MNEs. By looking at the relative...
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... STEVEN BELLEDIN, ED COX, DAARKEN, WAYNE ENGLAND, EMILY FIEGENSCHUH, CARL FRANK, DAN FRAZIER, BRIAN HAGAN, RALPH HORSLEY, CHRIS MALIDORE , JIM NELSON, ERIC POLAK CA RTOG R A PHE R CHRISTOPHER PERKINS DEV ELOPMEN T MANAGER MIKE SCHLEY GRAPHIC DESIGN ER JESSE DECKER DIRECTOR OF RPG R&D DEE BARNETT G R A P H IC P RODUC T ION S P E C I A L I S T BILL SLAVICSEK P RODUC T ION MA NAGE R S ERIN DORRIES IMAGE T ECHN ICIAN JOSH FISCHER, RANDALL CREWS CHRISTINA WILEY Playtesters: Kraig Horigan, Jason H. Haley, Richard Hughes, Richard Stephenson. Some information in this book is taken from or derived from Draconomicon: The Book of Dragons by Andy Collins, Skip Williams, and James Wyatt. Based on the original DUNGEONS & DRAGONS® rules created by E. Gary Gygax and Dave Arneson, and the new DUNGEONS & DRAGONS game designed by Jonathan Tweet, Monte Cook, Skip Williams, Richard Baker, and Peter Adkison. This product uses updated material from the v.3.5 revision. This WIZARDS OF THE COAST® game product contains no Open Game Content. No portion of this work may be reproduced in any form without written permission. To learn more about the Open Gaming License and the d20 System License, please visit www. wizards.com/d20. U.S., CANADA, ASIA, PACIFIC, EUROPEAN HEADQUARTERS & LATIN AMERICA Hasbro UK Ltd Wizards of the Coast, Inc. Caswell Way P.O. Box 707 Newport, Gwent NP9 0YH Renton WA 98057-0707 GREAT BRITAIN...
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...errors or omissions, or for damages that may result from the use of information (including program listings) contained herein. Our Pragmatic courses, workshops, and other products can help you and your team create better software and have more fun. For more information, as well as the latest Pragmatic titles, please visit us at http://www.pragprog.com Copyright © 2009 Chris Pine. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form, or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior consent of the publisher. Printed in the United States of America. ISBN-10: 0-9766940-4-2 ISBN-13: 978-1-934356-36-4 Printed on acid-free paper. P1.1 printing, March 2009 Version: 2009-7-22 www.it-ebooks.info Contents Preface to the Second Edition Introduction What Is Programming? . . . . . . . . . . . . . . . . . . . . . . . Programming Languages . . . . . . . . . . . . . . . . . . . . . . The Art of Programming . . . . . . . . . . . . . . . . . . . . . . 1 Getting Started 1.1 Windows . . . . . ....
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...The New Astrology by SUZANNE WHITE Copyright © 1986 Suzanne White. All rights reserved. 2 Dedication book is dedicated to my mother, Elva Louise McMullen Hoskins, who is gone from this world, but who would have been happy to share this page with my courageous kids, April Daisy White and Autumn Lee White; my brothers, George, Peter and John Hoskins; my niece Pamela Potenza; and my loyal friends Kitti Weissberger, Val Paul Pierotti, Stan Albro, Nathaniel Webster, Jean Valère Pignal, Roselyne Viéllard, Michael Armani, Joseph Stoddart, Couquite Hoffenberg, Jean Louis Besson, Mary Lee Castellani, Paula Alba, Marguerite and Paulette Ratier, Ted and Joan Zimmermann, Scott Weiss, Miekle Blossom, Ina Dellera, Gloria Jones, Marina Vann, Richard and Shiela Lukins, Tony Lees-Johnson, Jane Russell, Jerry and Barbara Littlefield, Michele and Mark Princi, Molly Friedrich, Consuelo and Dick Baehr, Linda Grey, Clarissa and Ed Watson, Francine and John Pascal, Johnny Romero, Lawrence Grant, Irma Kurtz, Gene Dye, Phyllis and Dan Elstein, Richard Klein, Irma Pride Home, Sally Helgesen, Sylvie de la Rochefoucauld, Ann Kennerly, David Barclay, John Laupheimer, Yvon Lebihan, Bernard Aubin, Dédé Laqua, Wolfgang Paul, Maria José Desa, Juliette Boisriveaud, Anne Lavaur, and all the others who so dauntlessly stuck by me when I was at my baldest and most afraid. Thanks, of course, to my loving doctors: James Gaston, Richard Cooper, Yves Decroix, Jean-Claude Durand, Michel Soussaline and...
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...Ethnic Minority Migrant Women and Employment, Research and Practice in Human Resource Management, 16(2), 25-40. Threads of Constraint: Ethnic Minority Migrant Women and Employment Edwina Pio Abstract Nations, organisations and ethnic minority migrants are compelled to deal with issues emerging from the perceptions and politicisation of ethnicity. Issues of ethnicity are often fore grounded in the zone of work where the complexities of migration, ethnicity, gender and employment intersect. This paper highlights the perceptions of university business students in a New Zealand university with reference to ethnic minority women and employment. Through a study of various databases and the construction of parables on ethnic minority women in New Zealand, the experiences of recruitment and selection, diversity management and career progression emerge as themes in the perceived employment experiences of ethnic minority migrant women. The paper argues for the need to highlight narratives of ethnic minority women through creative pedagogy in order to sensitise business students and future managers to the consequences of migration and a need for the intelligent utilisation of human resources in a world that is increasingly multicultural. Introduction Historically New Zealand (NZ) is a country of immigrants though these immigrants in the 19th and early 20th century were primarily Caucasians from Anglo Saxon countries. However, in the 19th century, there...
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