First Class Management

Master

About First Class Management

First Class Management (FCM) is a special situations-focused investment partnership based in Hong Kong. FCM is co-founded by two home-grown private investors—Frank M.K. Wong and Eric W.M. Chong—in 2016. The two partners came to the idea of forming FCM after they made serial successful investments together. FCM invests the partners』 private capital in handful of opportunities in the small- and mid- caps universe, with views that potential value realization events shall occur in the near- or medium-term.

FCM seeks to capitalize opportunities arising from inefficient market segments, i.e. special situations that are either too small, illiquid, or even too complicated for institutional investors. FCM is perfectly positioned for this task. First, we have full range of dealing, brokerage, security analysis, portfolio management, activism, and real-world business operation experience. All these are essential for special situations. Second, we manage our own capital only. We are 100% liable to downside risk. It makes us truly absolute return-oriented investors—another requisite for success in special situations.

In value identification, FCM employs traditional fundamental analysis and valuation techniques, together with deep and dynamic understanding on the controllers’ motives (often reputable families). Our partners completed specialized course on family business from the University of British Columbia. The second dimension of FCM investments is value creation. FCM takes active role in engaging with investee firms (and, occasionally, fellow shareholders) on value-creating business strategy objectives and corporate governance objectives. We offer ideas and stimulate possibilities for changes with our interests aligned. Our deep knowledge on shareholder engagement and activism is best demonstrated on our pioneering research, and our presentation on the first-ever specialized Conference in Hong Kong and Asia.

Our Vision

FCM seeks to develop as a prominent active investment firm in Hong Kong and Asia, and contributes to the society through active shareholder monitoring.

Our Team

Frank M.K. Wong MSc(Finance) CIIA FHKSI | Partner

Mr. Wong entered the investment industry at the age of 20. He started his career with a dealing role, and later stepped into brokerage and portfolio management roles. Before co-founding FCM, he worked as a portfolio manager with a special situations mandate at Caitong International Asset Management. Prior to Caitong, he had been with BOCOM International Securities, CITIC Securities and Grand Investments.

Mr. Wong has been investing actively before he entered the industry. He had invested across stocks, debt, closed-end funds and other derivative instruments. He delivered satisfactory investment results over the last decade (CAGR 10-year +20.62%, 2006-2015). At the age of 29, he acquired a majority stake in a liquidating ETF and had been steering on the liquidation process with the manager, which turned to be a successful investment. Mr. Wong is a firm believer in shareholder engagement and activism. He has been continuously interacted with executives on corporate matters. He has experience in collaborating with billion-class hedge funds on local activism campaigns. Mr. Wong’s academic research provides the first empirical evidence of shareholder activism in Hong Kong. The research was presented at the 2016 Greater China Area Finance Conference (June 2016), and the Hong Kong Shareholder Engagement and Activism Conference (November 2016, details). It is available at SSRN.

Mr. Wong earned a Master of Science in Finance (First Class Honours) from University College Dublin. He also earned a Certificate in Hotel Real Estate Investments and Asset Management from Cornell University School of Hotel Administration, an XSeries Certificate in Corporate Financial Analysis from University of Michigan, a Graduate Certificate in Applied Portfolio Management from NUS Business School, and a Professional Diploma in Insurance from Vocational Training Council (Hong Kong). He is a Certified International Investment Analyst (CIIA), a Chartered Alternative Investment Analyst (CAIA), and a Fellow of Hong Kong Securities and Investment Institute (HKSI Institute).

Eric W.M. Chong | Partner

Mr. Chong is a seasoned businessman. Before co-founding FCM, Mr. Chong had concentrated on the catering business and distribution of Arc International product (a French family company and the largest glassware product manufacturer in the world) in Hong Kong and Macau for two decades. He was the Co-Founder and Chief Executive Officer of Connect Ware Catering Supplies Limited from 1997 to 2016, before the company was sold to a third-party in 2016. From April 2017, Mr. Chong was invited by Moboplus Solution Co. Ltd to take up its Sales and Marketing Director role, which responsible for business development of a new concept 『Social Wifi』 to the Hong Kong catering industry. In 2015-16, Mr. Chong also co-hosted a bi-weekly investing/finance program at internet radio – memehk.com. That program was very well received by the audience. Besides rich business experience, Mr. Chong completed open courses on economic development from Blavatnik School of Government – University of Oxford, Corporate Financial Policy & Financial Decision Rules for Project Evaluation from University of Michigan and family business from University of British Columbia. Mr. Chong is also a licensed coach of Tai Chi Chuan in HK.

Contact

Frank Wong at frank.wong@firstclassmgmthk.com

Eric Chong at eric.chong@firstclassmgmthk.com

[June 2017]

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