Hutchison Whampoa Research Articles

Real-World Data: Fruquintinib in Treating Metastatic Colorectal Cancer.

Fruquintinib, also called HMPL-013, was first discovered by Hutchison Whampoa Pharmaceuticals Co. Ltd., Shanghai, China, and it is an oral vascular endothelial growth factor receptor (VEGFR) inhibitor. In clinical trials, fruquintinib has demonstrated a survival benefit in metastatic colorectal cancer (mCRC) patients. The purpose of this study was to retrospectively evaluate the efficacy and toxicity of fruquintinib in real-world patients. We collected data from patients with mCRC treated with oral fruquintinib from 2018 to 2020 in six different institutions. Patients with mCRC initially received 5 mg of oral fruquintinib daily for 3 weeks. Progression-free survival (PFS) was evaluated using the Kaplan–Meier method. The efficacy and safety of fruquintinib were also assessed. Seventy-five patients were involved in our study, and 29.3% of patients achieved stable disease (SD). Median PFS was 5.4 months (95% CI: 4.841–5.959). The treatment-emergent adverse events (TEAEs) with fruquintinib were acceptable with grade 3 TEAEs of 6%. The grade 3 TEAEs were hand–foot skin reaction (HFSR), fatigue, and stomatitis. The ECOG performance status was associated with PFS. In this real-world study, the clinical activity of fruquintinib was consistent with what has been reported in previous clinical trials. The level of safety was acceptable, and the side effects were manageable.

The creation and transfer of entrepreneurship in emerging economies of the world. An approach through large family-owned corporations of China, Mexico and Brazil.

This article analyses the process of creation and transfer of entrepreneurial competitive advantages in large family firms of three dynamic emerging economies of the 21st century: Brazil, Mexico and China. It does so by studing path dependencies and the creation of dynamic capabilities in three case studies: Pao de Acucar (Brazil), Grupo Carso (Mexico) and Hutchison Whampoa (China). The interdisciplinary perspective of the article enables a long-term analysis of entrepreneurship, and facilitates the study of one important topic of debate in family business studies: the generational transfer of the so-called entrepreneurial spirit. The results of the article show on the one hand that existing historically determined institutions ruling local and global markets, and also inherited practices and values, have highly conditioned the strategies used to create and transfer entrepreneurship between generations in some of the largest family firms in Brazil, China and Mexico.

The tangled web of mobile telecommunication mergers: Hutchison Whampoa, Telefónica and BT

Purpose – This paper aims to demonstrate how consolidation within Europe’s mobile telecommunication markets requires willing buyers and sellers. Design/methodology/approach – After highlighting the resurgence in merger and acquisition (M & A) activity in mobile telecommunications, the paper draws on a variety of secondary sources to analyse the strategies of three companies. Findings – The paper highlights the interwoven nature of the strategies of three companies: BT, Hutchison Whampoa and Telefónica. BT has returned to the mobile telecommunications market in the UK, with the company it did not acquire being purchased by Hutchison. As Hutchison implements a “double or quits” strategy in Europe, it has acquired operations from Telefónica, which, in turn, has exited most of its non-Spanish European operations to focus on Latin America. Research limitations/implications – The paper relies on secondary data and thus highlights the challenges of doing so and the need for more information regarding M & As to be in the public domain. Practical implications – There is a need to adopt a sector-wide or regional approach for analysing the strategies of telecommunication companies. Originality/value – The paper uniquely provides an overview of three corporate strategies to show how they interact with one another.

The licensing of mobile operators in European markets and the consequences of new entry for competition

Purpose – This paper aims to investigate whether new entry via mobile licensing in Europe has had any longer-term consequences for competition. Design/methodology/approach – A database is presented covering certain recent periods and the issue of licences for the provision of 2G, 3G and 4G mobile services. Findings – It would appear that new entry has had very little overall effect on competition, although Hutchison Whampoa has, almost uniquely, forced a response from incumbents via a strategy of low prices, albeit without gaining significant market share at their expense. Research limitations/implications – Interpretation of databases cannot by its very nature be entirely free from ambiguity. Practical implications – In practice, given that very few 4G (long-term evolution) licence regulations have reserved spectrum for new entrants, it may be presumed that most regulators in European countries have already observed that such new entry as is likely to be attracted will take the form of poorly funded companies from outside the mobile sector rather than incumbents from other countries. Social implications – Choice of incumbent network is being reduced, although mobile virtual network operators remain active. The implications for prices and service quality are for now a matter of debate. Originality/value – The databases underpinning this analysis are not available from other sources in the private or public domain in the form presented in this paper.

Tumour genomic and microenvironmental heterogeneity for integrated prediction of 5-year biochemical recurrence of prostate cancer: a retrospective cohort study

Clinical prognostic groupings for localised prostate cancers are imprecise, with 30-50% of patients recurring after image-guided radiotherapy or radical prostatectomy. We aimed to test combined genomic and microenvironmental indices in prostate cancer to improve risk stratification and complement clinical prognostic factors. We used DNA-based indices alone or in combination with intra-prostatic hypoxia measurements to develop four prognostic indices in 126 low-risk to intermediate-risk patients (Toronto cohort) who will receive image-guided radiotherapy. We validated these indices in two independent cohorts of 154 (Memorial Sloan Kettering Cancer Center cohort [MSKCC] cohort) and 117 (Cambridge cohort) radical prostatectomy specimens from low-risk to high-risk patients. We applied unsupervised and supervised machine learning techniques to the copy-number profiles of 126 pre-image-guided radiotherapy diagnostic biopsies to develop prognostic signatures. Our primary endpoint was the development of a set of prognostic measures capable of stratifying patients for risk of biochemical relapse 5 years after primary treatment. Biochemical relapse was associated with indices of tumour hypoxia, genomic instability, and genomic subtypes based on multivariate analyses. We identified four genomic subtypes for prostate cancer, which had different 5-year biochemical relapse-free survival. Genomic instability is prognostic for relapse in both image-guided radiotherapy (multivariate analysis hazard ratio [HR] 4·5 [95% CI 2·1-9·8]; p=0·00013; area under the receiver operator curve [AUC] 0·70 [95% CI 0·65-0·76]) and radical prostatectomy (4·0 [1·6-9·7]; p=0·0024; AUC 0·57 [0·52-0·61]) patients with prostate cancer, and its effect is magnified by intratumoral hypoxia (3·8 [1·2-12]; p=0·019; AUC 0·67 [0·61-0·73]). A novel 100-loci DNA signature accurately classified treatment outcome in the MSKCC low-risk to intermediate-risk cohort (multivariate analysis HR 6·1 [95% CI 2·0-19]; p=0·0015; AUC 0·74 [95% CI 0·65-0·83]). In the independent MSKCC and Cambridge cohorts, this signature identified low-risk to high-risk patients who were most likely to fail treatment within 18 months (combined cohorts multivariate analysis HR 2·9 [95% CI 1·4-6·0]; p=0·0039; AUC 0·68 [95% CI 0·63-0·73]), and was better at predicting biochemical relapse than 23 previously published RNA signatures. This is the first study of cancer outcome to integrate DNA-based and microenvironment-based failure indices to predict patient outcome. Patients exhibiting these aggressive features after biopsy should be entered into treatment intensification trials. Movember Foundation, Prostate Cancer Canada, Ontario Institute for Cancer Research, Canadian Institute for Health Research, NIHR Cambridge Biomedical Research Centre, The University of Cambridge, Cancer Research UK, Cambridge Cancer Charity, Prostate Cancer UK, Hutchison Whampoa Limited, Terry Fox Research Institute, Princess Margaret Cancer Centre Foundation, PMH-Radiation Medicine Program Academic Enrichment Fund, Motorcycle Ride for Dad (Durham), Canadian Cancer Society.

What Consumers Value: Learning from Ten Years of Smartphones

Value is a new and (potentially) better way for Managers to understand innovation. This paper reports the implications for Managers of a value theory of innovation, in a consumer context. Value concepts are introduced, including Value Meanings (what consumers value), Value Practices (how consumers assess value) and overall value (what value endures). Two ways Managers innovate and create value are introduced; Value Management and Value Leadership. These value concepts are examined in the context of three companies who were major players in the Australian smartphone industry over the last ten years; Apple, designer of the iPhone, Telstra, the telco incumbent and Hutchison Whampoa, the innovator who first brought 3G smartphones to Australia.

A CROSS-CULTURAL PERSPECTIVE OF FAMILY BUSINESS GROUPS

ABSTRACT Around the world, some of the largest firms in many countries are controlled by family business groups such as Fiat in Italy, Ford in the US, Hutchison Whampoa in Hong Kong, Samsung in South Korea and many others. Further, many family groups have a long history. Although family business groups are a significant and long standing phenomenon in most parts of the world, their resilience to globalization in their use of different organizational structures have received little attention from a cross-cultural perspective. Drawing on our previous work, the study provides a theoretical framework to classify family business groups on the basis of their organizational choices from a cross-cultural perspective.

Earnings Management Through Consolidation: Hutchison Telecommunication International Limited

This paper uses a case study approach to analyze how three corporations; namely, Hutchison Whampoa Limited (HWL), Hutchison Telecommunication International Limited (HTIL), and Hutchison Telecommunication Hong Kong Holdings, likely managed earnings through a series of consolidations. The author finds that HWL, by listing, in reducing, and increasing its shareholding in HTIL ( a subsidiary of HWL), improved its levels of profitability during the study period of 2004-2010. Furthermore, HTIL spun off its Hong Kong and Macau businesses to improve its profitability directly and that of HWL indirectly. Finally, HWL later privatized HTIL in 2010. The author demonstrates that although HTIL was listed on the Hong Kong Stock Exchange, HTIL and HWL improved their share performances by still managing earnings through consolidation techniques.This paper analyzed three Hong Kong-listed corporations; namely, HWL, HTIL, and HTHK, over the period 2003-2010. HWL was listed in 2004 in order to improve its performance in 2004 and 2005. Thereafter, in 2007 HWL marginally increased its holding in HTIL in order to turnaound performance from a loss into a positive profit. Furthermore, in 2009 HTIL using its financial technique to spin off its Hong Kong and Macau telecommunication businesses and separately listed them on the SEHK in order to improve mother corporate profitability. Finally, HWL privatized HTIL at USD 0.29 per share in 2010 in order to gain a large amount of remaining cash from HTIL. HTIL was listed on the SEHK though, HTIL and HWL improved share performance through such earnings management techniques.

Third time lucky? An exploration of Hutchison Whampoa's involvement in the mobile telecommunications industry

PurposeThe purpose of this paper to analyse Hutchison Whampoa's involvement in the telecommunication industry.Design/methodology/approachA brief overview of Hutchison Whampoa is provided before a timeline of the company's involvement in the telecommunications industry is presented. This is followed by the recounting of the company's performance in three areas, namely geographical footprint, mobile subscribers and financial returns. After discussing these three areas, an assessment of the company's exposure to 3G markets is made.FindingsOne finding is that Hutchison Whampoa has actively engaged in the telecommunications industry through buying and selling businesses, often through complex organisational structures. A second finding is that the company has been very successful in the past at building and selling mobile operations, though it is unlikely to be as successful with its current series of 3G investments.Research limitations/implicationsSome of the data used in the paper are hard to establish with certainty.Practical implicationsThe ownership of service providers and the services available may change as Hutchison Whampoa manages its portfolio of telecommunication investments.Social implicationsAs a late entrant in many markets, Hutchison Whampoa has aggressively sought to capture market share, resulting in new services and lower prices. Whether this will continue in the future is uncertain.Originality/valueThere are no other case studies of Hutchison Whampoa's involvement in the telecommunications industry in the public domain.

As empresas transnacionais e os investimentos estrangeiros diretos: uma análise comparativa entre os países selecionados a partir dos anos 1990

This study aims to investigate the importance of the transnational companies and the foreign direct investments in the economy of some selected countries since 90’s. For this, it was examined the internationalization of the transnational companies, the composition of the world wide external capitals flows, determinants of the foreign direct investments attraction and the evolution of the foreign direct investment flows . The developed countries’ not-financial transnationals increased more than 176% from 1990 to 2004 in its total assets. The biggest worldwide corporations are located in the developed countries. General Motors, Exxon, Shell and Ford Motors have held the greatest amount of assets abroad. It was US$ 1.38 trillion, whereas the biggest transnational corporations in the developing countries come from Asia. The Chinese China National Petroleum Corp and the Hutchison Whampoa from Hong Kong, a gigantic corporation of telecommunications, retail and hotels, in total assets, the two enterprises held US$194.55 billion in 2004. United States, among industrialized economies, and China, among the developing countries, were the countries with the greatest foreign direct investments. They received 14.4% and 5.7% of the global foreign direct investments, respectively. Key words: foreign direct investments, international corporation, industrial and non-industrialcountries.

As empresas transnacionais e os investimentos estrangeiros diretos: uma análise comparativa entre os países selecionados a partir dos anos 1990

This study aims to investigate the importance of the transnational companies and the foreign direct investments in the economy of some selected countries since 90’s. For this, it was examined the internationalization of the transnational companies, the composition of the world wide external capitals flows, determinants of the foreign direct investments attraction and the evolution of the foreign direct investment flows . The developed countries’ not-financial transnationals increased more than 176% from 1990 to 2004 in its total assets. The biggest worldwide corporations are located in the developed countries. General Motors, Exxon, Shell and Ford Motors have held the greatest amount of assets abroad. It was US$ 1.38 trillion, whereas the biggest transnational corporations in the developing countries come from Asia. The Chinese China National Petroleum Corp and the Hutchison Whampoa from Hong Kong, a gigantic corporation of telecommunications, retail and hotels, in total assets, the two enterprises held US$194.55 billion in 2004. United States, among industrialized economies, and China, among the developing countries, were the countries with the greatest foreign direct investments. They received 14.4% and 5.7% of the global foreign direct investments, respectively.Key words: foreign direct investments, international corporation, industrial and non-industrialcountries.

Pursuing three horizons of growth # three cases: Bombardier (Canada), Disney (US) and Hutchison Whampoa (China)

Pursuing three horizons of growth # three cases: Bombardier (Canada), Disney (US) and Hutchison Whampoa (China)

Pursuing three horizons of growth – three cases: Bombardier (Canada), Disney (US) and Hutchison Whampoa (China)

PurposeThe article looks at how companies pursuing a three‐horizon growth strategy weathered the last economic downturn and what became of their growth initiatives.Design/methodology/approachThe paper examines the financial performance and continued investment of three growing companies from 1996‐2004: Bombardier (Canada), Hutchison Whampoa (Hong Kong/China) and Disney (US).FindingsThe Bombardier, Disney and Hutchison Whampoa cases teach a powerful lesson about the importance of using investment in growth to manage uncertainty and limit downside risk.Research limitations/implicationsWhile the focus of this article is on three companies only, the financial performances of a dozen other growing firms are examined over the same period for purposes of comparison.Practical implicationsFollowing the last downturn, companies sought to preserve the core and outsource non‐critical functions to reduce the cost of business. Some chose to sideline growth initiatives during this period. This article analyzes the outcomes for three companies that continued to invest in growth during and after this period.Originality/valueThis article addresses a series of questions. Is a three‐horizon growth strategy sustainable in a downturn? Have companies that pursued a three‐horizon strategy actually grown? Do they continue to finance the growth of horizon two and horizon three businesses? Have any viable options matured?

Third generation new entrants in the European mobile telecommunications industry

This paper focuses on new entrants within the European mobile telecommunications industry. More particularly, the paper identifies those new entrants that emerged from the third-generation (3G) licensing process across Europe before examining how they have fared. Four operators seeking to become new entrants across a range of countries are identified, although only one of them—Hutchison Whampoa trading as ‘3’—is considered to be fully active as a 3G new entrant. It is argued that the success of Hutchison Whampoa to date has been patchy, and that a supportive parent company has significantly contributed to its ability to remain active.

Corporate Governance and Social Responsibility of Family Firms in Hong Kong: A Case Study of Hutchison Whampoa Limited (HWL)

There are three broad research objectives that have been established for this cash study. First, it attempts to illustrate definitions of corporate governance and social responsibility so that owner-managers and corporate executives from family firms can understand the current conceptions, assumptions and presuppositions underpinning the emergence and growth of corporate governance and social responsibility in the business world. Second, it gives an overview of corporate governance and social responsibility of family firms in Hong Kong. Extant Literature has suggested that the current practices and developments of family firms in Hong Kong are considered to be behind other widely-held listed firms from the developed economies such as the US, Australia, and Europe. Third, it undertakes a single-case research on a family firm, Hutchison Whampoa Limited (HWL), in Hong Kong. It examines different environmental forces that prompt HWL to adopt different corporate governance and social responsibility strategies and tactics in order to meet various stakeholder interests. This study concurs with research findings from the extant literature that good practice in corporate governance and social responsibility is a 'must' to family firms if they intend to put themselves at a competitive advantage in and out of Asia. According to Malone and Steiner & Steiner, the corporation's reputation, integrity, sustainability, and responsibility cannot be fully attained without sound practice in corporate governance and social responsibility. This study dispels the widely-held belief that family firms cannot enhance standards of conduct and ethical business behaviour because they suffer from non-separation of ownership and management, dearth of professional management, and exploitation of minority shareholders. It is suggested that family firms with dominant shareholders can also adopt good practice in corporate governance and social responsibility while keeping their business prosper and family interest alive. Globalisation of trade and industry has been becoming a business reality due to convergence of technological and political forces. The corporate governance and social responsibility challenges faced by widely-held listed firms from the US have already pressurised family-owned corporations in Asia. Owner-managers and corporate executives from family firms in Hong Kong are therefore required to respond successfully to the challenges by gaining the experience from the developed economies and mustering their talent and courage required to make their firms not only to be profitable to their shareholders but also to do well by being good to their various stakeholders.

The Chameleon and the Pearl of the Orient

1 D. J. Huppatz, Interview with Henry Steiner (September 14,2001, unpub lished). Hong Kong's design culture has traditionally been discussed in terms of East meets West, a clich? which served to neutralize the impact of colonization in its various forms. This idea of Hong Kong culture as the meeting place between two monolithic cultures is a common stereotype that continues to be used in contemporary criti cism, journalism, and tourism promotion. This paper analyzes the work of Henry Steiner, a key figure in the development of modern graphic design in Hong Kong. Over the past thirty years, Steiner's designs have provided a public image for some of Hong Kong's most powerful corporations, and his cross-cultural design theo ries have provided a model for many other designers. His cross cultural designs carefully maintain the difference between Eastern and Western culture, subtly reinforcing the hierarchies of Hong Kong's colonial situation. The design work and theories of Steiner analyzed in this paper reflect a popular representation of the Colony that lasted from the 1960s until at least the 1990s, and continues to endure in contemporary tourism promotion. Steiner studied art and design in New York before he arrived in Hong Kong in 1961 to work on The Asia Magazine. In 1964, he opened his own design firm and, from the mid-1960s, his clients have included some of Hong Kong's leading corporations. Thus, for a long time, his work performed the role of aestheticizing the core of Hong Kong's institutional power structure. Steiner is not interested in fast-moving consumer design or fashion, preferring more stable projects involving corporate imaging, branding, and logos.1 It is no coincidence that his major local clients are the core colonial enter prises?the Hongkong and Shanghai Bank, Hutchison Whampoa, Jardine Matheson, Lane Crawford, and Hongkong Land?all of which were established in the nineteenth century by British traders or entrepreneurs. By the 1960s, these corporations were the Colony's most powerful. Steiner's other major clients have included American multinationals such as the Hilton Hotel Group and IBM. He is not only one of the most influential and well-respected designers in Hong Kong, but has won numerous international awards for his work over the past forty years. While his designs have been both commercially successful and innovative within the Hong Kong design scene, the following is an analysis of the broader cultural implications of his work and theories.

Hutchison Whampoa: A Global 3G Giant in the Making?

This case focuses on an unprecedented attempt by an Asian telecommunications company to capture a sizable share of the emerging, potentially lucrative global 3G (third-generation) mobile communication services market. It provides details on several crucial aspects of the huge risk-taking venture undertaken by Hong Kong-based Hutchison Whampoa for the period between 2000 and 2003. If successful, the endeavor would not only translate into huge monetary gains for Hutchison Whampoa, it would also show a contrarian style of investing and a far-sighted "gamble" could be systematically and skillfully planned and executed by ambitious enterprising decision makers. It would shed light on how real-life strategists could craft a corporate-level growth model by capitalizing on the synergy made possible by a portfolio of successful businesses available at hand.

Flagship firms, consolidation and changing market structures within the mobile communications market

The structure and character of the European Union (EU) mobile telecommunications market are changing. Consolidation, scale economies and the far-reaching repercussions of 3G have given rise to a series of ‘flagship firms’ that have sought to co-ordinate the 2G and 3G licences held. In this paper, the co-ordination strategies of two flagship firms, Vodafone and Hutchison Whampoa, are examined. The paper concludes that competitive enhancing co-ordination strategies can be identified in six different areas, though these have not been uniformly adopted by the two flagship firms examined.

The Hong Kong Hilton

Opened in 1961, the Hong Kong Hilton closed its doors in 1994 to make way for redevelopment of its site into commercial office space. The hotel was closed not because it was unsuccessful or losing money, however. Instead, the decision to close was based on the simple fact that its owner could achieve a higher return on the site from a commercial building than from a hotel. Several factors entered into the decision of Hutchison Whampoa to demolish the landmark property. Among them were the increasing cost of labor, a requirement for retrofitting hotels for sprinklers, zoning restrictions, and the general cost of real estate in central Hong Kong. The Hilton was by no means the only property removed from supply. Hong Kong lost a net of nearly 900 rooms from 1993 through 1995, even though hotel occupancies averaged above 80 percent for the period and well over 2,000 new rooms opened.

The Hong Kong Hilton: The case of the disappearing hotel

Opened in 1961, the Hong Kong Hilton closed its doors in 1994 to make way for redevelopment of its site into commercial office space. The hotel was closed not because it was unsuccessful or losing money, however. Instead, the decision to close was based on the simple fact that its owner could achieve a higher return on the site from a commercial building than from a hotel. Several factors entered into the decision of Hutchison Whampoa to demolish the landmark property. Among them were the increasing cost of labor, a requirement for retrofitting hotels for sprinklers, zoning restrictions, and the general cost of real estate in central Hong Kong. The Hilton was by no means the only property removed from supply. Hong Kong lost a net of nearly 900 rooms from 1993 through 1995, even though hotel occupancies averaged above 80 percent for the period and well over 2,000 new rooms opened.