Malaysia public familiar with Giordano brand which has numerous fashion apparel outlet in major shopping mall. Its founder, Jimmy Lai is a well known figure in Hong Kong as he operate a popular newspaper Apple Daily in Hong Kong and Taiwan. Apple Daily is the first newspaper in Hong Kong that emulate UK's The Sun. Which expand readership via gossip news on celebrity.
Before Next Magazine and Apple Daily published in Hong Kong. Journalist is a respected profession. Now, people view journalist equal to a gossip writer who often break into privacy of celebrity, like causing Princess Diana death in Europe. However, all newspaper in Hong Kong have to follow the trend and culture of Apple Daily now or have to close down. Remuneration of journalist also has been better compare with industry without Apple Daily as Jimmy Lai used to pay his staff above market rate.
Few people know, Jimmy Lai actually get it seed capital from share market speculation.
Jimmy Lai , arrived in Hong Kong from the mainland as a penniless youth. He was jobless initially and have experience 2 days without food and cry on friend shoulder after he meet a friend on the street. He later work as general worker in a textile and apparel factory.
Although he only have education until primary school. One day, a foreigner invite him to become a General Manager of his textile factory after talking to him. However, he is still an employee.
He read a lot of book on stock market trading. He spotted an opportunity when the Hong Kong stock market is on the bull run in 1973. When everybody is buying. He want to short selling instead. As he know a friend working in stockbroking company. He able to pay HK7,000 to open a margin account when the minimum requirement is HK10,000. And the HK7,000 he paid is borrowed from friends!
He start short selling and the market crash. That is the famous 1973 stock market crash.He earn HK700,000 on the incident and used that seed capital to buy his first textile factory. Thus, from an employee, he is now become a his own boss, at the age of 27.
At that point of time. There was no quota on textile export to US and Europe. He quickly earn his first million and diversified to retailing by founding Giordano, a Gap-like retailer of casual clothes that is now one of Asia's top brands.
Later, he founded Next Media and launched a flashy weekly magazine, Next Magazine. Later launched a newspaper Apple Daily. Apple Daily has launch a Taiwan version call Next Daily.
When ask how he able to predict that the stock market is going to crash. He said he had read every available book on stock trading in book store. One of it is Reminiscences of Stock Operator
TechnoratiTag:Asia Business competitive Economics Economy finance Shares Stock Market
1 comment:
Wow!! What an excellent informations are on this post! All information really useful. I like your stuff very much.Thanks for sharing this helpful post.
network
Post a Comment