Dr Johnny Hon

Johnny Hon, founder of venture capital and investment company Global Group, is on a mission to lower cultural and trade barriers between east and west to encourage commerce, charity and cultural exchange. The entrepreneur and philanthropist, based in London and Hong Kong, speaks to LUX Editor-at-Large Gauhar Kapparova

LUX Editor-at-Large, Gauhar
Kapparova

LUX: The Global Group seems to have diverse interests and ambitious plans.
Johnny Hon: I founded the Global Group in 1997 whilst completing my PhD at Cambridge University. It has since grown to become a leading venture capital, investment and strategic consultancy with offices in London and Hong Kong. Over the past 20 years, the Global Group has evolved from financing high-yield technology companies to expand into private equity, angel investment and financial services. The company’s diverse interests and areas of expertise range from fine art to FinTech, biotechnology to entertainment and leisure. The future of the Global Group is exciting – we’re a rapidly growing company that responds to opportunities, rather than limiting ourselves to specific sectors. We are always looking for exciting, interesting opportunities, whether that’s a start-up in the UK or supporting the growing appetite for excellent quality wine in China.

LUX: You catalyse and facilitate trade between Europe and China. This seems to be important to you at what must be an essential time to be doing it.
Johnny Hon: We live in an increasingly global era and this is changing the face of modern business. The Global Group has always worked with European companies looking to enter the Asian market, as well as Chinese clients and high net-worth individuals with aspirations in the European market. I believe now, more than ever, it’s essential to encourage trade and mutual engagement between Europe and China and in particular to usher in a new golden era of Sino-UK relations.

In my opinion Brexit can open up vast potential as it will provide overseas investors with more opportunities than ever to enter the market. We have our European office in London, and I think it will always be the financial heart of Europe. I encourage Chinese clients to invest in the UK’s businesses and future, and vice versa, and feel optimistic about the future of global business.

Johnny Hon at the charity première of the stage show 42nd Steet with HRH The Duchess of Cambridge

LUX: You have a broad portfolio of business, philanthropic and diplomatic interests. Please tell us more – it seems you are in effect an ambassador between east and west at a very high level?
Johnny Hon: The main mission of the Global Group is, as our motto says, ‘Bridging the New Frontiers’. We work to remove barriers between the East and the West, and I am passionate about reflecting this in my personal and business interests.

I am British-educated but was born in Hong Kong, and I’m deeply proud of my roots and Chinese heritage. I have always felt like I represent both cultures and I have tried hard to act as an ambassador – a gateway – ever since I set up my company. The Global Group challenges expectations and concerns about doing business in China, and I also embody this role in my diplomatic work.

I am the Honorary Consul for Grenada in Hong Kong and the country’s Ambassador-at-Large. I take huge pride in the private consultancy and advisory work I do with state leaders, prime ministers and presidents from countries around the world.

Johnny Hon’s broad range of philanthropic and diplomatic work includes charitable fund raising

Philanthropy is a vital part of my work and an endless source of motivation and inspiration for the Global Group. One position that fills me with particular pride is my role as the first ever Diamond Benefactor of the Duke of Edinburgh’s International Award. I am responsible for growing the scheme throughout the AsiaPacific region and introducing Chinese students and young people to such exciting life skills as teamwork, enterprise and leadership.

I’m also a Founder Benefactor of London based think tank Asia House and Vice President of the 48 Group Club, which works to raise awareness of Chinese business and innovation in the UK and promote positive relations between the two countries.

In all areas of my life – business, diplomacy, philanthropy and personal – I take great pride and pleasure in my ambassadorial role.

LUX: Does the West have much to learn from China, and vice versa?
Johnny Hon: We can all learn and benefit from a global outlook. China is now a hub of technological advancements and entrepreneurial spirit. The West can learn from its productivity levels, dedication to innovation and broad acceptance of technology, especially regarding the fourth industrial revolution.

The West, and the UK in particular, is inspiring in the approach it takes to investing in future talent and it is the home of some of the world’s greatest educational institutions. It is also an outstanding provider of services, especially in the financial and legal sectors.

From East to West, I am passionate about education and how it is already changing the business landscape. Right now, over 300 million people in China are learning English and the UK has the world’s second largest population of Chinese students studying overseas. I think we should all look to China and how it is encouraging, supporting and inspiring a global outlook for the next generation.

LUX: Tell us more about your philanthropy and your plans in that area.
Johnny Hon: Philanthropy and social responsibility is at the core of the Global Group. It bolsters my sense of purpose and motivates me to work even harder.

I have always wanted to give back. When I was reading for my PhD at Cambridge, I realised that I would be able to have more impact as a businessman than a doctor, and this started my philanthropic career.

Amongst many philanthropic roles, Johnny Hon is the Vice President of the 48 Group Club

We’ve now donated to over 160 charities worldwide and my projects have ranged from setting up Oxford and Cambridge University scholarship schemes to sponsoring the first London production of the China National Beijing Opera Company at Sadler’s Wells through the Hon Foundation for Music and the Performing Arts.

It is particularly rewarding to be able to combine my passion for the arts with my interests in raising awareness of Eastern culture in the UK, supporting the Global Group’s mission to bridge the gap between the East and West.

LUX: Please tell us about other areas you are developing in your business that are exciting you right now.
Johnny Hon: Sitting at the helm of a rapidly expanding company that is growing in numbers, clients, countries of operation, and team members, is hugely exciting in itself.

Looking at investment opportunities and areas, right now, there is a fascinating trend for Chinese investors to look to British heritage companies. China has a growing consumer society with an increased disposable income and appetite for British luxury goods such as whisky and smoked salmon. There’s a huge market there for UK companies to work with China, and vice versa, to develop this and other opportunities.

This year, we are building on the sustainable side of the Global Group, with a focus on our shared global future. We are focusing on technology that sets out to tackle challenges posed by issues such as population growth and its environmental impact, including green technology, agricultural technology and biotech, for example.

Investing in something that could improve life quality and expectancy means that I have the potential to make a real impact and change the lives of many millions of people for the better, which is both exciting and awe-inspiring.

johnnyhon.com

Kate Upton at the 2017 amfAR Gala Cannes

Charity art auctions are taking off around the world, and for the best and worst of reasons, says Simon de Pury, himself the world’s leading philanthropic auctioneer

Simon de Pury

In times past, the main philanthropic efforts in the art world used to be confined to the US, for a couple of reasons. Firstly, there is fiscal encouragement for individuals to make charitable donations in the US, which is not the case in Europe. And more importantly it is an integral part of the entrepreneurial educational philosophy in the US, that if you are successful, you give back.

Any successful person in any area in the US is expected to have one or two causes to which they contribute some of the fortune they have made. But over the past 10 years, things have changed. More and more wealth has been created around the world, and the art market has consequently become more global. This means I have witnessed efforts in philanthropy around the world increasing dramatically.

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It is very gratifying to see, and in many cases to be involved with, cultural institutions that organise regular fundraising events. We also see increasing numbers of organisations of friends of museums, whose main task is to raise funds for philanthropic and charitable causes. In some cases, these are to benefit the institutions themselves; and in others, funds are raised for important causes that are not adequately funded through governments.

Perhaps the ultimate art philanthropist is Maja Hoffmann, who has devoted so much energy to the new LUMA Foundation in Arles; designed by Frank Gehry, it is going to become a cultural art centre of major importance. She also funded the Fondation Vincent van Gogh Arles; and she is a donor to MoMA and the New Museum in New York, and the Kunsthalle in Zurich. She supports these institutions not just in financial terms, but also by putting together sophisticated programs. She is a shining example.

The amfAR 2017 Gala in Cannes

Then there is the growing area of non-cultural philanthropy, one in which the art world is becoming increasingly involved. It’s not a recent development (although it has been growing exponentially recently) . The art world was the first to mobilise in the early days of the AIDS epidemic, when Thomas Ammann, an art-dealer friend of Elizabeth Taylor and Audrey Hepburn, set up amfAR, which has raised great amounts of money over the years.

What is striking about the art world is that some artists have themselves made significant donations. Damien Hirst donated a beautiful golden mammoth which Len Blavatnik bought for $16m at the amfAR auction in Cannes in 2014. It’s now at the Faena hotel on Miami Beach and something of an Instagram magnet. It also happens to be one of best works in the Damien Hirst oeuvre. Hirst is the most generous artist I know; he has donated many millions of dollars’ worth of art to various charities over the years. Tracey Emin is also immensely generous, as is Chuck Close, who never holds back in supporting causes close to his heart. There are many others, too; artists these days are solicited on a daily basis to donate works to various causes.

Leonardo DiCaprio and Madonna at the 4th Annual Saint-Tropez Gala organised by the Leonardo DiCaprio Foundation in 2017

There is one lingering anomaly, at a time when we should all be highly concerned about the future of the planet: the fact that only three per cent of global charitable donations go to environmental causes. Leonardo DiCaprio is leading the way in devoting time and energy to raising awareness of the poor state of the oceans and other environmental issues, and I have had the honour of being auctioneer at the four large charity auctions he has organised in St-Tropez over the past four years.

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David Beckham arriving at the 2017 amfAR Gala

What is significant about these auctions is that they include works by artists such as Jeff Koons, Urs Fischer and George Condo, many of whom donate very substantial works. In 2016, of the 20-odd works on sale during the live auction, 15 were donated and 12 of them set new auction records. This shows that people are not simply buying art at these auctions as a charitable act – they are buying top works, which makes it sustainable and gives it extra purpose. Leonardo manages, through his status, not only to obtain top donations, but also to bring in potential purchasers from all over the world. In that tent in St-Tropez on the gala evening, there is a greater concentration of money than at the big auctions in New York.

What is increasingly extraordinary about these events is how global the audience is now. High net-worth individuals are coming from all over the world, with more and more attending from Russia, the former eastern bloc, the Middle East, China, Korea, Japan, Malaysia, Indonesia, Latin America and all over Africa. It has really become a global effort.

All of this also raises awareness, and once awareness spreads it becomes easier to raise funds. Offices that look after HNIs all now have specialists in philanthropy to advise their clients how they can help. People are getting drawn in for different reasons. Some people pay for the artworks because they just want the artwork. But increasingly individuals want to take responsibility because governments are not. One of the reasons philanthropy was initially more widespread in the US is that most institutions there depend on private donations, there being no public funding. In Europe, public budgets used to be much bigger, but with cuts, individuals have had to step in.

You can also see this with the instant mobilisation that takes place when something happens, for example the recent refugee crisis. Some artists are galvanized into action by such crises – Ai Weiwei has made a movie and marched on the streets of London together with Anish Kapoor. It’s the future.

Simon de Pury is an art auctioneer and collector and the founder of de Pury de Pury. Read more of his columns for LUX here.