The Hong Kong Equipment Leasing Association
21st Annual General Meeting on 27 June, 2003


Chairman's Report by Mr. Robert Ng


Dear Members,

Welcome you all to the AGM! It is delighted to find the high turn out at this year's AGM and I have to show my sincere gratitude to your overwhelming support to the Association.

I succeeded Mr Kotaro Takamori to become the Chairman in last August. He offered me much of his valuable advice and I must also thank him for his contribution to the Exco.

The last term of your Exco has a few highlights that I am going to brief you in a minute.

Before that I invite you to welcome the following new member.

- ICBC (Asia) Ltd;

At the same time, it was sad to see Members leaving. The following members have left the Association:

- IBM China/Hong Kong Corporation;
- Deacons;
- Herbert Smith.

The membership at present stands at 27 for Full Members and 8 for Associate Members.

For this year, the emphasis of the Exco are as follow:

The enhancement of the BIG Scheme to SGS Scheme

Since 31 March 2003, the HKSAR Government has launched a new SGS Scheme. The objective is to assist SMEs to enhance productivity and competitiveness. This new scheme is to replace the BIG Scheme, the role of the Exco is to work closely with the Trade and Industry Dept to assist the members to explore more business opportunity with the Government's support. The Exco had held various meetings with the Trade and Industry Dept to channel the needs and requirement of the members. We have had contributed much idea to the Government on the new SGS Scheme.

Apart from this, the Exco has tried to assist a number of non-A.I members to participate in the new SGS Scheme though the admission was eventually turned down, the Exco has performed much effort throughout the negotiation.

Leasing Industry Survey

To better understand the development of Hong Kong Leasing Industry, the association has in the past contracted KPMG to conduct the annual leasing business survey. This year the association has contracted the job to Hong Kong University of Science and technology RandD Corporation Ltd. By such arrangement, the association has saved $6,000. As this exercise has been lapsed for year 2001, the current survey will cover both 2001 and 2002. The result will be reported to all of you later which I believe will provide you substantial merit in the future management of your company. As such, your co-operation of completing and returning the questionnaires on time shall be highly appreciated. Upto today date, I know that there are some members still not yet returned the questionnaires. May I sincerely urge you to return them by end of this month.

Knowledge Sharing/ Exchange of market information

It is a common goal among members to explore the leasing markets in greater China. Besides business expansion, now that a significant portion of Hong Kong leased equipment is placed in the PRC has made it more important than ever to know more about leased assets protection liaise with Chinese officials, and get in touch with the latest developments there on this basis, we have invited a PRC lawyer, Mr Huang Hui, Partner and Attorney at law of finance & commerce law firm of China in October 2002 to conduct a seminar on legal issues in cross border transactions relating to financing lease.

The seminar was well responsive with more than 40 members attended. It is also from time to time the association has close relationship with overseas leasing association in exchange the market information. In last September, the Exco member met the German delegation and exchange the information on different market practices.

Updates on the web-site

Members can now see the Exco minutes and also the luncheon meetings via the web-site. Suggestions and comments are both welcome, your active participation will give us the directions to move ahead.

Close to the end of my report, my chairmanship would not have functioned at all without the devotion of your Exco members who have sacrificed their valuable time to meet once a month in the early morning at 9 am. Here may I introduce them and please give a big hand to their humble but significant work:

Vice Chairman: Mr. Ivan Chak - Trilease International Ltd
Honorary Treasurer : Mr. John Leung - ORIX Asia Ltd
Honorary Secretary : Mr. Joe Tam - Johnson, Stokes & Master
Exco Members:
Mr. K.M. Cheung - Dao Heng Bank
Mr. Dennis Lau - GE Capital Finance Ltd
Mr. Arthur Lung - Key Equipment Finance Asia Ltd

I will pass my baton to the incoming Chairman who will be elected in the next Exco meeting. It's my pleasure to serve you and a great learning experience! Thank you very much indeed!