September 7, 2024. Zurich – On a splendid Saturday on September 7, 2024, the CEIBS Zurich Campus was abuzz with excitement and anticipation as alumni, faculty, and esteemed guests gathered to celebrate CEIBS’ 30th Anniversary Celebration and Alumni Reunion. This landmark event commemorated three decades of educational excellence and leadership, showcasing CEIBS' unwavering commitment to innovation and global impact.

The day commenced with heartfelt opening remarks from CEIBS President (European) Dominique Turpin, who graciously hosted the event. His leadership and dedication set a warm, welcoming tone, paving the way for a series of insightful sessions. This was followed by honorary remarks from Charge D'Affaires ad interim Mr. Mao Jun from the Chinese Embassy in Switzerland, and graceful remarks by CEIBS President Wang Hong, each of whom added a distinguished presence and shared valuable perspectives that underscored the event’s global relevance and the deep connections between CEIBS and the international business community.

Morning Sessions: A Journey Through Global Business Evolution

The event featured a lineup of distinguished speakers, all top leaders in their respective fields, who addressed key global business trends and the evolving role of China in the international market. Dominic Schnider, Managing Director of the UBS Chief Investment Office, discussed the dynamics of global economic shifts. Susanne Conrad, Director of Strategy, Sustainability and Business Transformation at PwC, illuminated sustainable business practices and ESG considerations. Meanwhile, Ralf Buechsenschuss, Analytics, Intelligence & AI Transformation Lead at Microsoft, delved into AI and the future of work. Each speaker brought unique insights, provoking deep thought and lively discussion among attendees.

Afternoon Workshops: Innovating for the Future

The afternoon was dedicated to innovative workshops facilitated by experts Andri Hinnen and Yves Enre from Zense, Markus Iofcea from Future Archaeologist, and Ruggiero Dargenio from PremAI. These sessions were crafted to inspire attendees to envision future challenges and opportunities, focusing on developing the strategic foresight and leadership skills necessary for navigating the complex global business landscape. Workshops encouraged active participation, allowing alumni to engage directly with cutting-edge concepts and tools.

As the day programme drew to a close, President Turpin and CEIBS Zurich Campus CEO Robert Straw led a profound reflection session. They guided attendees through the key inspirations and learnings of the day, emphasising crucial takeaways to carry forward. Highlighting the attributes of Humility, Adaptability, Vision, and Engagement -H.A.V.E. -they underscored essential leadership qualities to cultivate in today’s ever-changing and challenging times.

Lastly, Prof. Eric Cornuel, President of EFMD Global and Vice Chairman of CEIBs, provided closing remarks that encapsulated the day's insights and his vision for the future of management education, reflecting on the morning's deep dive into significant business topics and the innovative afternoon workshops. These sessions, both in content and format, were designed to equip our audience - future leaders of the business world - to "imagine the future together" and "build the skills and competencies necessary to lead with confidence." Prof. Cornuel emphasised the importance of continuous learning and the role of CEIBS in shaping future educational paradigms.

Gala Dinner: An Elegant Night of Celebration

As the sun set, the festivities transitioned to the prestigious Dolder Grand for a gala dinner themed around 'White Summer.' The evening was made possible by the generous sponsorship of Banque Internationale à Luxembourg Suisse, whose support significantly enhanced the ambiance and incredible success of the night. The event celebrated the collective achievements of CEIBS alumni and reaffirmed the network's role in driving forward global business innovation and leadership.

The dinner also provided an opportunity for alumni to reconnect, share experiences, and celebrate the vibrant CEIBS spirit. Each of the seven CEIBS Alumni Chapter heads shared updates and future visions, fostering a sense of community and ongoing engagement.

Lasting Impressions and Future Aspirations

The CEIBS 30th Anniversary Celebration and Alumni Reunion in Zurich was not just a reflection on past achievements but also a forward-looking endeavour that set the stage for the next 30 years. The event highlighted the critical role of ongoing learning, innovation, and community engagement in driving the future of global business education.

We extend our deepest gratitude to all speakers, workshop facilitators, and especially to our sponsor, Banque Internationale à Luxembourg Suisse, for their pivotal role in the gala evening. A special thank you to Jessica Linsen for designing and organising the event, and to the entire CEIBS Zurich team for their relentless dedication and effort in making this event a monumental success.

As we continue to navigate the challenges and opportunities of the future, CEIBS remains committed to fostering a global community of leaders equipped to enact positive change. We look forward to many more years of excellence and impact, and we can't wait to see what the next decade brings for CEIBS and its remarkable alumni network.

August 12, 2024. Shanghai — Fifteen companies led by CEIBS alumni featured in the recently released 2024 Fortune Global 500 list, an increase of one from last year, with ten of these companies seeing a rise in their ranking. This remarkable performance, achieved amidst a complex geopolitical and economic environment, demonstrates the excellence and widespread influence of the CEIBS alumni community, and the resilience and competitiveness of the companies that they lead.

Both Chinese and multinational companies currently face obstacles such as slowing global economic growth, geopolitical upheaval, and the increasingly complex interplay between national competition and cooperation, as well as the restructuring of global supply chains.

This year, 133 companies from China, including Taiwan, made the list, a decrease of nine from last year. In contrast, 139 US companies were listed, an increase of three from the previous year, making the US the country with the most ranked companies. This marks the first time since 2018 that the US, and not China, has come out on top.

The minimum sales revenue threshold for inclusion on the 2024 Fortune Global 500 rose from $30.9 billion last year to $32.1 billion this year. The combined revenue of all companies on the list amounted to approximately $41 trillion, equivalent to one-third of global GDP, representing a small increase of about 0.1% from last year.

These 133 Chinese companies generated a total revenue of around $11 trillion in 2023, a decrease of roughly 6% compared to the $11.7 trillion generated by 142 ranked companies last year. The average operating profit for listed companies from mainland China (including Hong Kong) was only $3.9 billion, well below the $5.9 billion average for all 500 companies on the list.

At the top of the list, Walmart remains the world's largest company for the eleventh consecutive year, Amazon has regained second place, and China's State Grid Corporation remains in third. The fourth and fifth positions are held by Saudi Aramco and China Petrochemical Corporation (Sinopec), respectively.

Among the 15 companies on the list led by CEIBS alumni, 10 companies saw a significant rise in their rankings, including Shenghong Holding Group (up 51 places), CATL (up 42 places), and Zhejiang Geely Holding Group (up 40 places). A total of 15 CEIBS alumni hold positions as chairpersons, vice-chairpersons, presidents, general managers, or founders in these listed companies.

CEIBS is committed to cultivating responsible leaders with “China Depth, Global Breadth” that possess both a deep understanding of China and a global perspective, as well as a commitment to social responsibility. This unique approach empowers our alumni to excel and develop into senior management talent in a complex and competitive international business environment. To date, CEIBS has produced over 30,000 alumni spread across 91 countries and regions who, driven by the common values of "conscientiousness, innovation, and excellence," make significant contributions to the global economy and international economic development.

Oliver Rui

CEIBS Professor of Finance and Accounting

Global Economic Restructuring and the Pressures of Internal Transformation

In the context of global economic fluctuations and an intensified competitive landscape, the overall number of Chinese companies on the 2024 Fortune Global 500 list is 133, down nine from last year. This is the first time since 2018 that the number of Chinese companies is fewer than the number of American companies. This should not, however, be interpreted as a sign of a decline in the competitiveness of Chinese companies, but rather as a reflection of global economic changes and internal transformation pressures.

Overall, Chinese companies continue to hold a strong position in the Global 500. The State Grid Corporation of China and Sinopec remain among the top companies on the list, highlighting China's significant influence in the global energy and infrastructure sectors. Additionally, several companies have seen a marked rise in their rankings, especially in e-commerce: JD.com ranked 47th, up five places from last year, entering the top 50 for the first time. Through technological innovation and refined operations, they have improved efficiency and competitiveness, further consolidating their market position. Furthermore, Pinduoduo made the list for the first time following significant growth in both revenue and net profit, benefiting from strong market expansion.

The 15 CEIBS alumni-led companies listed this year span multiple sectors including energy, telecommunications, technology, manufacturing, and finance. Chinese companies in general have achieved breakthrough innovations in many areas through continuous investment in R&D. Huawei, for example, which rose from 111th to 103rd place this year, has made significant investment in scientific research, critical technology advancements, and future technology planning, reflecting the simultaneous growth of Chinese companies’ technological capabilities and power, and highlighting the critical role of technological innovation in maintaining long-term corporate competitiveness.

In the new energy vehicle sector, the strong performance of Geely and CATL is reflective of the continued global advancement of the new energy vehicle industry, and China’s position at the heart of it. As global demand for sustainable energy and clean transportation solutions grows, Geely and CATL have responded to increasing demand for environmental protection and intelligent driving through technological innovation, not only driving the advancement of China's automotive industry but also contributing the country’s innovations and solutions to the global market.

More traditional industrial enterprises have also successfully achieved industrial upgrades and improved their position in the global value chain by optimizing production efficiency and resource allocation through digital transformation and intelligent upgrades. In the home appliance sector, the significant growth of Midea’s B2B business and Haier Smart Home’s expansion in high-end brands have demonstrated the intelligent and brand-oriented upgrading of China's traditional manufacturing industry through diversified strategies.

Ultimately, there remains a profitability gap between Chinese and American companies. The average profit of American companies is $8.8 billion, while the average profit for companies from mainland China (including Hong Kong) is $3.9 billion: less than half. Chinese companies still have room to improve in operational efficiency and return on assets, both of which remain key challenges in their development.

While state-owned enterprises have advantages in scale and resources, they still face transformation pressures and must enhance efficiency and strengthen their market-oriented operations, particularly in the energy and manufacturing sectors. Private enterprises, on the other hand, have demonstrated more potential for innovation, market responsiveness, and profitability in the global market.

To achieve higher-quality development in the future, Chinese companies must continue to strengthen drivers such as innovation, industrial upgrading, digital transformation, internationalization strategy, institutional innovation, and policy support, while also enhancing their corporate governance, brand building, and sustainable development capabilities.

Albert Hu

CEIBS Professor of Economics

Continuous Innovation is the Only Way Forward for the Development of Chinese Enterprises

This year, 139 US companies made it to the Fortune Global 500 list, compared to 133 Chinese companies. The US has increased its total number of ranked companies by three since last year, while China’s total has declined by nine. This marks the first time since 2018 that the US has claimed the top spot on the list, after being overtaken by China in 2019. The shifting positions of the US and China on the list reflect the macroeconomic differences between the two countries.

The US economy achieved a solid growth rate of 2.5% in 2023, with inflation significantly slowing as a result of the Federal Reserve's high-interest-rate policy. US companies have subsequently leveraged their pricing power, achieving substantial growth in revenue and profits in this favorable macroeconomic environment. US financial institutions, including banks, have also benefited significantly, with the top ten US banks on the list achieving revenue growth of nearly 30% or more. An investment boom centered on artificial intelligence has driven the development of the US high-tech industry, with NVIDIA achieving a revenue growth of 126% and making its debut on the Fortune Global 500 list.

Although Chinese economic growth has stabilized since the pandemic, it still faces challenges such as insufficient effective demand, the slow recovery of consumer confidence, and low investor confidence, leading to significant growth pressures for Chinese companies. Of the nine Chinese banks that made this year’s list, only four achieved revenue growth, with the highest growth rate among them being less than 10%.

Despite this challenging macroeconomic environment, many Chinese companies have still delivered impressive performances: nearly 50 Chinese companies saw their rankings rise this year, and five Chinese companies made the list for the first time. The ranking of BYD, a key representative of the new energy vehicle industry, rose by 69 places. Pinduoduo, driven by an innovative business model, achieved 80% revenue growth last year, leading to its debut on the 2024 list. In the face of complex economic and geopolitical environments, continuous innovation like that demonstrated by these companies, is the only path forward for the effective development of Chinese enterprises.

In June 2024, 63 Chinese cases from the International Institute for Management Development (IMD) in Lausanne, Switzerland were added to the Global Platform of China Cases (ChinaCases.org). This marks the first set of cases submitted under a cooperation agreement signed between CEIBS and IMD in October 2023.

Founded in 1946, IMD is an independent academic institution with Swiss roots and global reach. It strives to be the trusted learning partner of choice for ambitious individuals and organizations worldwide. With its case writing globally renowned for excellence, quality, innovation, and insight, IMD was ranked in fourth place in The Case Centre Impact Index 2023. Professor Anand Narasimhan, Dean of Faculty and Research at IMD, says, "IMD's mission of 'cultivating leaders and organizations that effect positive change in society' aligns well with the reciprocal interaction between industry and academia."

Professor Shimin Chen, Zhu Xiaoming Chair Professor in Accounting, Associate Dean and Director of the Case Center at CEIBS, says, "Both CEIBS and IMD are committed to producing research and thought leadership that is rigorous, relevant, insightful and actionable. This commitment extends to case development, which not only strengthens our ties with industry but also serves as a cornerstone in teaching, enabling students to gain current and relevant knowledge on forward-looking and innovative business theories and practices."

CEIBS and IMD are members of the International Community of Case Publishers (ICCP), a community of the world's leading institutions in case development and publishing. As such, they actively exchange experiences with each other. With the rapidly increasing adoption of ChinaCases.Org cases for teaching purposes, IMD's Chinese cases included in the case library will benefit more Chinese universities and colleges, thus expanding their influence in case teaching.

ChinaCases.Org has accumulated a collection of 3,040 high-quality cases, supporting over 8,800 faculty members across 115 schools and institutions nationwide. Cumulatively, the case usage has reached 1.23 million copies in classroom teaching. This partnership with IMD, along with previous collaborations with Ivey Business School, HKU Business School, and the University of Zurich, demonstrates the recognition of ChinaCases.Org from world-famous business schools and institutions and their confidence in its development. It also signifies their support for China's management education. Going forward, ChinaCases.Org will continue to seek cooperation with business schools in China and abroad to enhance the diversity and quality of cases, with a view to building the world's most influential China-focused case library.