In the March edition of our “Dialogue with the General Committee” series, Emil Yu, Director and General Manager of Keystone Electric Wire & Cable Co. Ltd., discussed everything from his inspiring professional journey to Hong Kong’s labour challenges.
Like many successors in family businesses, Yu followed his father’s wishes, studying mechanical engineering in the United States. He returned to Hong Kong in 1989, taking on the role of a quality control professional just as his father expanded operations. Two years later, in 1991, the company ventured into Singapore to retain talent amid staff emigration. Today, the Singapore branch is thriving, having upgraded to a larger plant three years ago.
Yet, Yu acknowledges the complexities of succession. “Succession planning is never simple, especially for family businesses,” he said. “There’s a Chinese saying that goes: ‘Wealth never survives three generations.’ Transitioning to the third generation is particularly challenging – and that’s where we find ourselves now.”
To navigate this, the family sought external expertise. “We engaged a consultant who worked with us for three years to sort out everything. Ultimately, we established a trust to ensure a smooth and seamless transition,” Yu explained. “This collaboration provided a platform for learning and understanding the diverse needs of each generation.”
In the cable business, risk management is critical. Yu emphasized the importance of serving customers with integrity and commitment. “Fulfilling promises, especially those associated with the family name, is non-negotiable. Losing money is acceptable, but you must uphold your name,” he stressed, underscoring the role of family values in business.
Reflecting on Hong Kong’s labour challenges, Yu recalled struggles in 1991 when staffing a new Fanling factory under the Supplementary Labour Scheme. Difficulties securing foreign labour reinforced the need for strong advocacy and support – prompting his involvement with HKGCC. Over the years, he has served on multiple Chamber committees, including SME Manpower, Industry & Technology, China and Audit.
As Deputy Chairman of the Hong Kong Productivity Council, Yu addressed workforce challenges, including an ageing population and the loss of 140,000 middle-class workers during social unrest. He highlighted the Government’s 2023 Top Talent Pass Scheme, which leverages overseas labour, as a strategic move to bridge the gap between an ageing workforce and inexperienced youth to boost productivity and sustainable growth.