Preface

Hong Kong and mainland stock markets have been high in September and set more records in October. The Hang Seng Index reached its record high of 31,638.22 on October 30 but slid to 28,760.22 on November 8. The volatility is believed to continue in view of various uncertainties such as the US subprime crisis and the stalling of the so-called through-train policy that will allow mainland China individuals to directly buy Hong Kong-listed shares.

The seasonally adjusted unemployment rate decreased from 4.2% in June - August 2007 to 4.1% (provisional figure) in July - September 2007.

The total number of sale and purchase agreement of residential and non-residential building units from January to September 2007 was 98,767, which indicates an increase of 32.7% as compared with 74,415 in 2006.

From January to September 2007, the total bankruptcy petitions increased from 8,039 to 8,416 and bankruptcy orders increased from 7,776 to 8,755 respectively, which indicate a rise of 4.69% and 12.6% as compared to the same period in 2006, but was far lower from what we had seen few years back.

From January to September 2007, the total winding-up petitions decreased from 540 to 448 and winding-up orders decreased from 379 to 343 respectively, which indicate a slight drop of 17.04% and 9.5% as compared to the same period in 2006.

In the second quarter of 2007, the Gross Domestic Product (GDP) increased by 6.6% in real terms over a year earlier, compared with the 5.6% growth in the first quarter. The Financial Secretary has recently projected a $25 billion surplus for fiscal year ended 31 Mar 2008, which is widely seen as a conservative projection.

The overall Hong Kong economy and employment have been improving after the years back to the SARS and Asia economic crisis. In line with the continuous and increasing economic and financial ties and integration with mainland China , it would not be difficult to see the continuous growth of businesses, which in turn, lead to a higher requirement for a professional and pragmatic credit management to couple with all these growth and changes. Simultaneously, the Association also saw a satisfactory growth in our membership from our start in December 1999 with 4 to nowadays over 120 members coming from various industries comprising experienced and high caliber professionals. I have said in past years and repeat now, it is my honor to represent the Executive Council and Executive Committee to deliver this statement and report to members on the Association's achievements and future goals.

Review and Acheivements

Executive Council and Executive Committee

The 6-person Executive Committee, with the support of our 3 diligent staff, has been leading the Association and running the overall business and management, and day-to-day operation. The Association's plan and development are mainly conducted through 7 sub-committees, which include Annual Award; Certification; Education; Membership; Survey; Who's Who and IT supported with our Secretary and Treasurer in managing a sound financial and accounting system. All issues and decisions were the result of discussions, day-to-day communications and monthly focused meetings. The differences in perspective and opinion from committee members and staffs are fully reflected in every single meeting, which resulted in a productive consensus leading to the continuous growth of the Association.

Members and Recruitment

As mentioned earlier, the Association started with a membership of 4 and now has over 120 members consisting all walks of businesses and industries from banking and finance, electronics, telecommunication, law practice, accounting and auditing, shipping and transportation, manufacturing, trading, debt collection agencies, credit reporting agencies, credit consulting and the major credit insurance companies. This diversity enables us to have wide and balanced views and ideas on different issues and plans. The Membership Committee continued to excel, which has resulted in the satisfactory growth of our membership base.

Website

As usual, the hit rate of our website continues to grow with more than 6,000 hits a month from the members, general public and overseas. In addition to the basic information on the Association, the “News Forum”, “Credit Quiz” “Articles”, “Job Classified”, “Links” and “Discussion Group” sections have made our website a highly visited credit management resource centre for both local and overseas industry practitioners, and the general public. I would like to take this opportunity to encourage our members and non-members to spare some time in visiting our website to know more about HKCCMA and the profession that we represent.

Certification Program - Credit & Collection Professional

The Credit & Collection Professional (CCP*) certification program was officially launched in September 2005, and the first on-line examination took place at the Hong Kong Examinations and Assessment Authority. It has so far certified 8 credit and collection professionals from various industries. The coming examination will be held on 24 Nov 2007.

For those new members who may not be familiar with the CCP certification, this is a program as a result of five years of discussions, studies and planning between ACA International's Campus ACA# and the HKCCMA * Certification Committee. The CCP was developed to recognize professionals who have extensive knowledge of the laws and practices in Hong Kong . The designation, designed for mid-to-senior-level executives in credit or collection industry, is to recognize individuals who are certified by passing in the exam ination developed by regional industry experts.

Members are encouraged to email us at ccp@hkccma.com to obtain the program details, application requirements and fees which are also available on the Association's website www.hkccma.com . For non-members, please do visit our site to download the membership application form, so as to take the opportunity to certify yourselves. This is the only certification program that you, as professional credit and collection practitioners in Hong Kong and mainland China , can certify yourselves in your profession and be recognized .

* HKCCMA is the exclusive certification body of the CCP program for Hong Kong and China .

#ACA International, USA (the world's largest credit and collection industry association and has established for over 61 years.

Seminar & Exhibition 

The Association held a “Career Talk” on 20 th June 2007 with Mr. Stephen Lo, Director of Credit Management - Asia Pacific of Bayer Material Sciences Ltd. and Mr. Ricky Chan, Regional Credit Manager – Greater China of Future Electronics (HK) Ltd. gave talks and shared their experiences and insight of a true credit practitioner with the attendees. Career talk is an educational event the Association has been focusing in the past two years. The Education Committee will continue organizing this type of event for the members in the future.

The Association also participated the "World SME Expo" organized by Hong Kong Trade Development Council at Hong Kong Convention and Exhibition Centre, Hall 1 from 29 November to 1 December 2006. The Association, represented by Mr. Eddie, Chan from Total Credit Management Services Hong Kong Limited, gave a talk on “How to recover debts from overseas customers?” The response was overwhelming as reflected from the continuous questions received from the audience during, and after the talk. HKCCMA will participate this year's “World SME Expo” and other appropriate events and exhibitions to continue educating the general public on credit and collection arena, which is in line with the Association's mission.

Mix At Six

This year, the Association held three “Mix-At-Six” functions in Dec 2006, Mar 2007 and July 2007, which provided an after office mix and mingle function for members and non-members. Mix-At-Six has been a relaxing business and intelligence exchange, and friendship build-up function since its commencement many years back.

China Development & Outlook

The Association has been actively participating in the development with the industry clubs and operators in mainland China by delivering our mission and exchanging ideas and views of the industry development in, and between Hong Kong and mainland China . In view of the comparatively limited resources, the Association has been focusing on the development of the CCP Hong Kong in the past year. Your Executive Committee has decided to continue focusing on the CCP development in Hong Kong rather than diverting our limited resources to mainland China . Having said that, we will continue finding co-operation opportunities with appropriate organizations there for the importation of the CCP program into mainland China .

Recognition

Total Credit - HKCCMA Credit Practitioner of the Year 2006-2007

This yearly award is to recognize the winner's achievements in the credit and collection arena in the aspects of industry contribution; education; training; management; operation and customer service in the year 2006 to 2007. The Award Presentation Ceremony will be held in the upcoming Annual General Meeting on 13 th November 2007, Tuesday.

This year's Judge Panel consists of the following extremely high-caliber professionals and executives:

•  Mr. Poon Huat Ban, Managing Director of Consumer Banking, DBS Bank ( Hong Kong ) Limited

•  Mr. Ringo Ho, Managing Director, Future Electronics (HK) Limited

•  Mr. Simon Lee, Lecturer of Department of Accountancy, Hong Kong Baptist University

•  Mr. William Lee, Lecturer of School of Accounting and Finance, Hong Kong Polytechnic University

•  Mr. Patrick Rozario, Principal of Business Risk Service, Grant Thornton

•  Mr. Alexander Yuen, President of East Asia, TransUnion Limited

•  Mr. Benedict Wong, Chairman, HKCCMA

Thanks to the Annual Award Committee, and especially the excellent Judge Panel as they performed a very difficult task in selecting the best from our four experienced and qualified candidates.

On behalf of the Association, I congratulate the Award Winner. I would also like to thank the sponsor Total Credit Management Services Hong Kong Limited, for their generosity in sponsoring this year's award, which is the backbone of the Annual Award program.

Acknowledgement

Upon the completion of the AGM on 13 th November 2007, the Association will step into the eighth-year from its establishment . While feeling excited in seeing the newly elected and coming-on-board 2007-2008 Executive Councilors and Executive Committee Members, I take this opportunity to thank each of the executive councilors, executive committee members and various committee chairs for their leadership and contributions, which are indispensable to my year of service for the Association.

It has always been my honor for having served HKCCMA as Chairman. Without doubt the Association will continue its steady growth with existing and new members and volunteers contributing their time, talent and ideas. We should all be proud to see HKCCMA , the only credit and collection industry association in Hong Kong and China, being recognized as a leading association internationally, as it is heading to its seven-year anniversary.

I would like to thank again our staff Betty Huen, Andrew Kwok and Eddie Chan, as well as the other five Executive Committee Members Bobby Rozario; Jeremy Hampshire; Stephen Lo; Ricky Chan and Xavier Farcot.

On behalf of the Association, I thank our Honorary Patrons ACA International; Mr. Gary Rippentrop (CEO of ACA International) and Mr. Neil Wood (Past Chairman of the International Unit of ACA International and Chairman of GCS Group); our Honorary Legal Advisors Mr. Victor Chan (Partner of Tang, Wong, Cheung & Co); our Honorary China Legal Advisor Mr. Ricky J. F. Li (Partner of Alpha and Leader Law Firm), and our Honorary Auditor Mr. Sam Lau (Partner of S. L. Lee & Lau, Certified Public Accountant).

Way Forward

The Executive Council

Stepping into the eighth year of establishment, the election result of the 2007-2008 Executive Council has been announced to all members in early November, prior to the AGM. The new Executive Councilors will officially assume duty after the Annual General Meeting to be held on the 13 th November 2007 at the Park Lane Hotel . The present Executive Councilors will retire along with the close of the AGM and the newly elected Executive Councilors for the 2007-2008 are:

•  Ricky Chan Cheong Yip

•  Xavier Farcot

•  Jeremy Hampshire

•  Stephen Lo Sai Kit

•  Bobby R. Rozario

•  Benedict Wong Chi Kwong

•  Paul Tsang Cheuk Hung

•  Francis Yeung Wing Hung

I would like to welcome our new Executive Councillors Paul Tsang and Francis Yeung who have solid experience in credit and collection industry and I look forward to working with them and the other 2007-2008 Executive Councillors, and the Executive Committee.

The Executive Committee

For the purpose of strengthening the association governance and transacting the day-to-day business of the Association, the Executive Committee was officially formed in October 2006. The coming 2007-2008 Executive Committee will consist of the Association's Chairman and the Vice Chairman, and other Executive Councilors by appointment and acceptance basis. The 2007-2008 Executive Committee will assume its duty concurrent with the conclusion of the AGM on the 13 th November 2007. Result of the 2007-2008 Executive Committee appointment will be announced to all members via email and website by the Chair of the Election Committee. The 2007-2008 Executive Committee, to run and manage the day-to-day business of the Association, will be reporting to the Executive Council, and ultimately to the members of HKCCMA .

Plans and Goals

The Association's 2007-2008 plans and goals, as discussed and approved by our 2006-2007 Executive Committee, are: 

•  Continue developing and marketing the Credit and Collection Professional (“CCP”) certification program in Hong Kong, and to look for co-operation opportunity with appropriate organizations and bodies for the importation of CCP into mainland China .

•  Continue producing surveys on credit and collection related topics published under the name of the HKCCMA

•  Continue establishing domestic and global recognition and affiliation with industry associations and professional bodies

•  Publishing the 2007-2008 "Who's Who, Credit & Collection Practitioners in Hong Kong and Guangdong ”. Feasibility study on a web-based version for “Who's Who”.

•  Organize and exchange seminars and training programs with industry associations within Hong Kong and in mainland China to develop the professionalism in the credit and collection industry

•  Review the criteria and prepare open nomination for the Annual Award program “Credit Practitioner of the Year”. The new award nomination procedures and criteria will be available at the Association's website at a later stage.

•  Organize functions and events for members and non-members, hopefully through sponsorship, to exchange, mix and mingle through casual evening events such as “Mix-At-Six”

•  Provide free educational courses, seminars and workshops for members, with focus on the CCP certification program, and to assist members and non-members to get educated, certified and recognized

HKCCMA is going to be an eight-year-old association, and is an association comprising experienced and diligent, largely credit and collection practitioners, executives and business owners from small to large-sized companies who work hourly and daily for the on-going and future development and growth of our industry. Having the opportunity to serve HKCCMA is my honor and before closing this statement, I would like to express again my sincere thanks to all our members for their support, participation and contribution. On behalf of the Association, I wish you all happiness and good health with booming businesses and advancing careers.

See you all on the 13 th November 2007, in the 7 th Annual General Meeting!

  Benedict C. K. WONG , FCCMA, MCE
Chairman Hong Kong , November 2007