#7 | 5 at 50 Winners Miniseries: Immigrant Category Winner Jennifer Fang

Jennifer Fang, Managing Partner, Highnoon Capital & Consulting Inc, is CCBC’s 5 at 50 winner in the Immigrant category. Jennifer has long and deep business experience helping multinationals in China (GM, JP Morgan & Chase, BMO, PwC), and has devoted her career to facilitating the two-way capital, people and business collaborations between Canada and China. Key takeaways from Sarah’s conversation with Jennifer:

• Early exposure to Canada as a student in China had a big impact on Jennifer, back in the 1990s. She chose UBC for study and ultimately immigrated to Canada.
• At GM Canada, Jennifer was a member of the founding team that established GM’s joint venture in Shanghai. The Buick minivan still dominates the Chinese market today, and Shanghai GM is GM’s most profitable subsidiary, as well as the largest JV in China. She cited GM’s JV with SAIC as a case study for success, and few know that it is also a Canadian success story, as GM Canada originally shipped parts there. Among the reasons for success: good culture fit and quick, effective localization. GM also stayed for the long haul and didn’t pull out in the dark days. This now pays benefits in China’s growing electric vehicle (EV) market.
• Jennifer laid out a four-point strategy framework for deciding on a JV vs. a WOFE subsidiary.
• What is China like for a Canadian company entering the market today? “The beauty and the beast.” It’s like a deep ocean with abundant wealth and opportunities (the beauty), but it’s also very challenging and complicated environment to navigate (the beast). A company needs to use a holistic strategic planning process, know what it wants, find the right partner, recruit the right team, and focus on the post-deal value creation process. Key questions to ask:
  • Is it possible to set aside a pool of capital for China possible? How much is prudent?
  • Are there any showstoppers?
  • What is the value of China to the company’s long-term success?
• Canadian companies can’t be complacent. Customers want you to have global capability, including China, and if you don’t, you can’t compete. And China requires hard-edged competitiveness. 
• We need to generate more awareness of Canada’s brand equity in China. When a Chinese entrepreneur is asked to describe Canada and answers “stability, multicultural, talent, innovation,” then we’ll know we’ve done it right.
• Key lessons learned: 1) Commit for the long term or don’t bother. 2) Need full support from top executives, plus the board. 3) Build bench strength in China. 4) Help is available via a toolbox of resources (including CCBC).
• What sectors are most welcome now for Canadians to develop business with China? Healthcare/care economy/retirement services, high-end/advanced manufacturing, EVs, and hydrogen cells.