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SPACs: WALL STREET’S MONEY TREE DECEMBER 2020 Arini Subianto Chairul Tanjung Irwan Hidayat Eddy Kusnadi Sariaatmadja WWW.FORBES.COM INDONESIA’S 50 RICHEST DISPLAY UNTIL MI D-FEBRUARY PANDEMIC HEADWINDS AUSTRALIA....................A $12.00 INDIA.................................RS 475 KOREA...........................W 10,500 PAKISTAN........................RS 900 TAIWAN..........................NT $275 CHINA.......................RMB 85.00 INDONESIA................RP 90,000 MALAYSIA...................RM 26.00 PHILIPPINES.......................P 300 THAILAND..........................B 300 HONG KONG..................HK $90 JAPAN......................¥1238 + TAX NEW ZEALAND...........NZ $13.00 SINGAPORE....................S$12.50 UNITED STATES..........US $10.00





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December 2020 Volume 16 • Number 10 4 INSIDE CONTENTS Muktar Widjaja Asia-Pacific’s Alexander Most Influential Tedja Celebrities on Social Media 100 DIGITAL STARS INDONESIA’S 50 RICHEST 26 | Asia-Pacific’s Most Influential Celebrities 52 | Pandemic Headwinds Forbes Asia’s inaugural 100 Digital Stars list highlights singers, bands, In Southeast Asia’s worst-hit country, and film and TV stars from across the Asia-Pacific region who have taken over half of its 50 richest saw their the digital world by storm. wealth decline. Edited by Rana Wehbe Watson By Naazneen Karmali COVER PHOTOGRAPHS: SUBIANTO, HIDAYAT, SARIAATMADJA: AHMAD ZAMRONI/HKV/FORBES INDONESIA; TANJUNG: COURTESY OF CT CORP DECEMBER 2020 FORBES ASIA



December 2020 Volume 16 • Number 10 THE INVESTIGATION 20 CONTENTS 20 | How SPACs Became Wall Street’s Money Tree What’s driving SPAC mania on Wall Street? Not the billionaires and 6 bankers making headlines daily, but a mob of little-known hedge fund investors, the “SPAC Mafia.” By Antoine Gara, Eliza Haverstock and Sergei Klebnikov FORBES ASIA WEBINARS 44 | The Way Forward This year’s annual CEO event was convened virtually in a two-day webinar. This summary highlights insights into the new normal, emerging opportunities and the way forward. By Shu-Ching Jean Chen, Jeanhee Kim and Jessica Tan 60 | Tapping Opportunity To honor Best Under A Billion companies, Forbes Asia held a virtual forum and awards ceremony in late November for those on this year’s list and last year’s. By Jeanhee Kim FEATURES INNOVATION FORBES LIFE 69 | The Great Retail Reinvention 74 | Virus Fighter 91 | Killing It Amid the Covid carnage, a handful of Alice Zhang’s “garbage chute” cellular Ryan Hogan and Derrick Smith are cash- innovators have finally figured out how research might soon help humans ing in on pandemic-induced boredom to compete against Amazon and sell in fight off viral infections of all kinds, with their immersive murder mysteries. the 21st century. Investors and consum- including—well, you know. ers—and workers—are all winning. By Elisabeth Brier By Alex Knapp By Steven Bertoni 12 | Fact & Comment 82 | Health vs. Wealth 84 Steve Forbes The world is awash in cheap antibiotics. So why is biotech billionaire Bob Duggan Stop being uncivil to civics. trying to make a new one—and how can he possibly make money from it? 17 | Tech Connector By Leah Rosenbaum Rich Karlgaard 84 | Your Flying Car Is Finally Here We are where we’ve been. Joby Aviation, with funding from Toyota 100 | Thoughts and Laurene Powell Jobs, promises to have its air taxis aloft by 2023. On conviction. By Jeremy Bogaisky FORBES ASIA DECEMBER 2020



8 BUSINESS EDITORIAL Editor Justin Doebele Chief Executive Officer William Adamopoulos Executive Editor Wayne Arnold Senior Vice President Tina Wee Asia Wealth Editor & India Editor Naazneen Karmali Executive Directors Eugene Wong, Aarin Chan, Janelle Kuah Senior Editors Robert Olsen, Rana Wehbe Watson, Grace Chung Director, Circulation Eunice Soo Art Director Mirna Aprilla Sales Directors Michelle Ong, Janice Ang Assistant Editor John Kang Deputy Director, Circulation Pavan Kumar Contributing Editors Jennifer Wells, Jeanhee Kim Deputy Director, Events & Communications Audra Ruyters Multimedia Producer Atika Lim Deputy Director, Conferences Jolynn Chua Office Manager, Editorial Cathy Yip Senior Manager/Assistant to the CEO Jennifer Chung Senior Manager, Events & Communications Melissa Ng ASIA CONTRIBUTOR NETWORK Senior Manager, Ad Services – Digital Keiko Wong Bangkok Suzanne Nam Ad Services Manager Fiona Carvalho Beijing Yue Wang Conference Managers Clarabelle Chaw, Dorinn Chin Chennai Anuradha Raghunathan Manager, Marketing & Research Gwynneth Chan Delhi Megha Bahree Assistant Manager, Conferences Peh Ying Si Ho Chi Minh Lan Anh Nguyen Office Manager, Hong Kong Megan Cheung Hong Kong Shu-Ching Jean Chen Advertising Executive Sharon Joseph Jakarta Joseph Cochrane Marketing and Research Executive Goh Yu Zhen Manila Roel Landingin Circulation Services Taynmoli Karuppiah Sannassy, Jennifer Yim Perth Tim Treadgold Shanghai Jane Ho Taipei Joyce Huang Tokyo James Simms CHAIRMAN AND EDITOR-IN-CHIEF: STEVE FORBES EDITORIAL Chief Content Officer Randall Lane FORBES MEDIA Director, Editorial Operations Caroline Howard Chief Executive Officer and President Michael Federle Executive Editors Luisa Kroll, Kerry Lauerman, Michael Noer Chief Financial Officer Michael York Design Director Alicia Hallett-Chan Chief Revenue Officer Jessica Sibley Assistant Managing Editors Kerry A. Dolan, Alice Jackson- General Counsel MariaRosa Cartolano Jolley, Brett Knight, Rob LaFranco, Rashaad Lambert (Culture & Assistant General Counsel Nikki Koval Community), Janet Novack, Michael Ozanian, Jennifer Rooney, Editor-at-Large/Global Futurist Rich Karlgaard Matt Schifrin, Michael Solomon EVP, ForbesWoman Moira Forbes Editorial Counsel Jessica Bohrer FOUNDED IN 1917 DIGITAL Editor-in-Chief (1917-54) B.C. Forbes Chief Product Officer Nina Gould Editor-in-Chief (1954-90) Malcolm S. Forbes Chief Technology Officer Vadim Supitskiy Editor (1961-99) James W. Michaels Editor (1999-2010) William Baldwin DECEMBER 2020 — VOLUME 16 • NUMBER 10 FORBES ASIA (ISSN 1793 2181) is published monthly, except bimonthly in May/June and December/January. FORBES ASIA is printed at Times Printers in Singapore. Singapore MCI (P) 062/11/2020. Malaysia KDN PPS 1411/01/2013 (022902). All rights reserved. Title is protected through a trademark registered with the U.S. Patent & Trademark Office. FORBES ASIA is a trademark of FORBES ASIA. Copyright © 2013 FORBES ASIA. CONTACT INFORMATION For Subscriptions: visit www.ForbesAsiaSubscription.com, email [email protected] or call FORBES ASIA at +65 6836 1652 / +65 6836 9476. For Advertising: email [email protected] or call FORBES ASIA at +65 6836 3408. For Article Reprints or Permission to use FORBES ASIA content including text, photos, illustrations and logos: email [email protected] or call FORBES ASIA at +65 6836 3408. Use of FORBES ASIA content without the express written permission of FORBES ASIA or copyright owner is expressly prohibited. FORBES ASIA DECEMBER 2020



Sidelines 10 Annus Horribilis I t’s a small comfort to know there’s a specific Latin term that aptly summarizes 2020: annus horribilis. Normally it would seem unfair to brand an entire year as horrible, but in this year’s case, there are few better descriptions. To be sure, it was a good year for a fortunate few (cue SEA’s Forrest Li, among others), but overall it was decidedly awful for most and on many levels. Now thoughts turn to 2021, and whether any rea- sons can be found to be cheerful. A common guessing game these days is predicting when there might be a meaningful end to the pandemic and a resumption of the old—rather than new—normal. Bill Gates, who famously fore- warned of the dangers of a global virus, recently forecast that the U.S. by next summer would be “starting to go back to normal” if a vaccine is available. However, he cautioned that for the rest of the world, normalcy may not come until 2022, presuming global vaccine distribution. Others are more optimistic, such as Goldman Sachs, whose 2021 macro outlook report is entitled A V(accine)-Shaped Recovery, with predictions of 6% global growth, fueled by widespread vaccinations. Another speculative pastime is what the world will look like post-Covid. Will it just go back to something that looks like B.C. (before Covid)? Or will there be permanent changes in the global com- munity, altering basic activities such as how we all live, interact, travel and work? One of the safest assumptions is that digital disruption will continue to transform almost every aspect of life and business. The digitalization process was already underway in the B.C. era, and has only accelerated now. Thus it seems appropriate that this month’s issue features a new list: the 100 Digital Stars of the Asia-Pacific region. These celebrities have not only made a name for themselves on stage and screen, but have also built a significant digital presence across a variety of social media. Many this year have graciously chosen to give back, leveraging their influ- ence and online followers to help a number of causes, especially those with a Covid-19 focus. The other feature is Indonesia’s 50 Richest list, the final rich list of the year. Indonesia is also moving fast down the path of digitaliza- tion. It boasts Southeast Asia’s largest internet economy, as measured by total national gross merchandise value (GMV) sold online. At $44 billion estimated for this year’s GMV, Indonesia’s internet economy is bigger than the combined total for Malaysia, Thailand and Vietnam, and nearly five times bigger than that of developed Singapore. So aside from more digitalization, what will the future hold? As the American baseball star Yogi Berra notably quipped: “The future ain’t what it used to be.” Given the past year we’ve all gone through, let’s JUSTIN DOEBELE fervently hope the future ain’t going to be another annus horribilis. EDITOR, FORBES ASIA [email protected] DECEMBER 2020 FORBES ASIA



“With all thy getting, get understanding” FACT & COMMENT By Steve Forbes, Editor-in-Chief Stop Being Uncivil to Civics 12 Knowing the fundamentals of our gov- which could be asked on the test. One must ernment and history is essential to being get at least 12 answers correct to pass. an informed and effective citizen. Yet few Americans today know the basics about their Areas of study on the naturalization test country—that is, its history and how its gov- include American government, U.S. history ernment works. Having an elementary knowl- and American symbols and holidays. Ques- edge of what makes the United States tick, so tions can include: Name one thing the U.S. to speak, and why the U.S. has been a magnet Constitution does. What does the Bill of and an inspiring example to countless num- Rights protect? Why is the Declaration of In- bers of people around the world for more than dependence important? Why are there three two centuries, are important for Americans to branches of government? What are the two understand, and that’s why we require those parts of the U.S. Congress? Describe one of immigrants who want to become citizens to the four amendments to the U.S. Constitution study for and pass a test on these crucial elements. that concern voting rights. There are history questions as well: What is one thing For years, however, most of our schools have been der- Benjamin Franklin is famous for? Name one reason that elict in teaching kids what used to be called “civics,” the fun- the Americans declared independence from Britain. Why damentals of U.S. history and our system of government. did the U.S. enter World War II? Why is Martin Luther This abysmal ignorance is shocking. King Jr. famous? The questions about symbols and holidays are varied: There is a simple solution: Have our schools teach civ- Why does the flag have 13 stripes? Where is the Statue of ics based on the naturalization test given to immigrants Liberty? What is Veterans Day? who want to become citizens. Before being granted citizen- It’s shameful that newly minted Americans know far ship, an immigrant must learn the essentials of the United more about their new country than most of us who are born States’ form of government and critical events in the coun- citizens. The civics test for naturalization should be made a try’s history. In the latest version of the exam, a candidate core course in our schools. must study and absorb answers to 128 questions, 20 of The Right Bonds to Fund Covid Relief Given the gargantuan, Covid-19-caused increase in the twice or triple the cost. Future Treasury chiefs will be grate- national debt, the new administration should finance a big ful for the existence of these Biden-era bonds. portion of it by issuing 100-year Treasury bonds with a cou- pon of, say, 2%. The duration would be fitting for this once- The only obstacles would be Treasury Department bureau- in-a-century pandemic. crats who won’t want to deal with anything new, and Wall Street bankers who would falsely claim—as they always do— The appetite for such securities in the current almost that there would be no demand for such securities, despite the 0% interest-rate environment would be huge, attracting fact that Austria, Ireland, Belgium and our neighbor Mexico enormous amounts of money here at home and around the have successfully floated 100-year bonds in recent years. world. Insurers, pension funds and others with long-term liabilities would be especially keen on super-safe bonds Foreign governments may howl that we’re sucking capital with a real yield. So would foreign institutions, including away from them, but they could counter with similar long-term central banks, as well as individual investors. bonds, which would be a boon for their own holders of debt. We could raise literally trillions of dollars to help pay for These bonds would help quell inflation fears, which are coronavirus relief packages, as well as that much-talked- reflected in the higher price of gold. By mobilizing existing about-but-yet-to-see-the-light-of-day infrastructure bill. capital, we need not fear the Federal Reserve’s printing too much money. To that end, we could specify that the Fed not The bonds would lock in a rate that by historic standards be allowed to buy these securities for a long period of time. is ultralow. When interest rates go up—as someday they will—we won’t have to worry about refinancing this debt at To secure presidential support, these bonds could be dubbed Biden bonds. FORBES ASIA DECEMBER 2020

The Forbes 2020 All-Star Second FACT & COMMENT Eateries in New York Avenue GABBY JONES FOR FORBES During the pandemic, no part of the economy has street taken a harder hit than restaurants. A high-casualty, scene customarily thin-margin industry in the best of times, eateries were devastated by the nationwide lockdowns. 13 Making things worse for many were the unreasonably slow steps to reopen taken in parts of the country. ++++ Unbelievably, the worst offender was New York City. Atera • Bâtard • Blue Hill • Bouley at Home • Daniel • Del Posto • This is shocking because the Big Apple has long been the Eleven Madison Park • Gramercy Tavern • The Grill • center for outstanding, stunningly creative restaurants. Pre-Covid, the industry employed more than 300,000 Jean-Georges • La Grenouille • Le Bernardin • Majorelle • people in New York. The prospect of fine dining was a Manhatta • Marea • The Modern • Momofuku Ko • Per Se • Shun critical attraction for tourists, whose visits were a key part of the city’s economy. Classics Yet New York’s nasty and indescribably incompetent Aquavit Keens • Steakhouse • Nippon • Nobu Downtown / mayor, Bill de Blasio, took sadistic delight in unjustifi- Nobu 57 • Peter Luger Steak House • The River Café • ably delaying any meaningful reopening of traditional Shun Lee West • ‘21’ Club restaurants. He made it known that he thought fine din- ing was an unnecessary luxury for the “rich.” Only under +++ intense pressure did His Dishonor allow sidewalk and roadway dining (permits now at 10,000-plus). Governor ABC Kitchen • Ai Fiori • Antonucci Cafe • Aretsky’s Patroon • Andrew Cuomo eventually bypassed the mayor and per- Avra Madison • Café Boulud • Carbone • Crown Shy • Frenchette • mitted indoor dining—but only at a pitiful 25% capacity. Gabriel Kreuther • Gem • Hutong • JoJo • Junoon • La Goulue • That so many of these places are still breathing is a L’Artusi • Le Coucou • Leonti • Maialino • The Mark Restaurant • tribute to the innovative, never-say-die grit of their pro- prietors and teams. The pictures here reflect the fes- Michael’s • Misi • NoMad • Nur • Pastis • Perry St • Portale • tive, bustling nighttime atmosphere of the new side- Porter House Bar and Grill • The Simone • Union Square Cafe • walk structures. How well restaurants will fare in winter weather is questionable. Vaucluse • Wayan This year we have taken our 2019 All-Stars, a list put Special together by our team of discerning tasters—Forbes’ chief content officer, Randall Lane; Forbes contributor Rich- abcV with Jean-Georges • Al Vaporetto ard Nalley; and preeminent media maven and special helper for this year’s section Monie Begley; as well as BEAUTIFUL BURGERS: Au Cheval / BK Jani / Café Altro Paradiso brothers Bob, Kip and Tim—and run those that are open / Corner Bistro / 4 Charles Prime Rib / The Happiest Hour / (at reduced capacity or for delivery and takeout) in green Jeepney / J.G. Melon / Minetta Tavern / Shake Shack type, those temporarily closed in yellow and those per- manently lost in red. BEST BBQ: Fette Sau / Hill Country / Hometown Bar-B-Que / John Brown Smokehouse / Mighty Quinn’s We urge you to buy gift certificates during this holi- day season from some of your favorite places. Patrons Bistrot Leo • Brasserie Cognac East • Café Centro • can also call their favorite spots to see if they still have Canal Street Oysters • Cote • Donahue’s Steak House • E.A.T. • relief funds for employees, many of whom have not been rehired. Danny Meyer’s USHG HUGS (ushgnyc.com/ The Fulton • GupShup • Lamalo • L’Amico • La Vara • ushghugs) is still functioning. Patrons can also send con- L’Avenue • Le Jardinier • Llama San • Luke’s Bar & Grill • tributions to Relief Opportunities for All Restaurants (ROAR), which is working with the Robin Hood Foun- Lusardi’s • Marc Forgione • Milk Bar dation (roarnewyork.org). PIZZA PERFECTION: Bleecker Street Pizza / Di Fara / Emily / With vaccines coming, this wonderful industry may Joe’s / John’s of Bleecker Street / Kesté Fulton / Lions & Tigers & begin reverting at last to its deliciously exciting former Squares / Numero 28 Pizzeria / Prince Street Pizza / Roberta’s / self. Rubirosa / San Matteo / Scarr’s Pizza DECEMBER 2020 The Polo Bar • Sojourn • Tribeca Grill • Uncle Boons • Uva • Wayla HUDSON YARDS: Hudson Yards Grill / Mercado Little Spain / Momofuku Kāwi / Wild ink FORBES ASIA

PROMOTION SEOUL'S STARTUP ECOSYSTEM THRIVES The city government is fueling Seoul’s emergence as a global innovation hub through its support of young firms tackling today’s biggest challenges. South Korea’s decisive, science-led response companies to prepare for global demand for Seoul in June, “Startups are drawing more to the coronavirus pandemic offers insight banking and health services in the wake of attention amid global challenges such as into another successful partnership. Seoul is the Covid-19 pandemic. the Covid-19 outbreak, and are becoming working with Korean entrepreneurs and their increasingly more influential in a technology- fledging companies to develop one of the The city’s startup ecosystem already and innovation-dependent global economy. world’s most promising startup ecosystems has a value of US$39 billion, according to in line with the nation’s growth as a global the research firm Startup Genome’s Global He added, \"The city of Seoul will focus economic center. Startup Ecosystem Report 2020. Driving that on the scale-up of promising startups amid success has been the emergence of 13 Korean a prolonged pandemic, as we have steadily Across the South Korean capital, start- unicorns—privately held companies valued invested over the past few years to fos- ups are harnessing government investment at US$1 billion or more. The near future prom- ter future industries such as AI, fintech and and services to make significant advances ises more game-changing developments by biomedicine.\" in industries engaged in the most crucial a bevy of new Korean companies. challenges of our time, notably finance, bio- To support innovation in the financial ser- medical, manufacturing and social enterprise. Kim Eui-Seung, Deputy Mayor for Eco- vices sector, Seoul Fintech Lab offers acceler- Seoul is providing intensive support to 300 nomic Policy at Seoul Metropolitan Govern- ate programs, mentorship and investment to ment (SMG), said at a news conference in fintech startups in Seoul. “We want to be a

PROMOTION π-Ville, Korea University’s office space for startups ©PENTA PRESS Seoul Startup Hub Seongsu ©PENTA PRESS Seoul Fintech Lab ©PENTA PRESS driving force to change the fundamentals of universities and six hospitals in the north of from the medical device, pharma and digital the existing financial industry and ultimately the city, provides a space for companies to healthcare sectors. The pandemic has made serve as an edge for international competi- operate in an ecosystem while seeking to the hub’s activities particularly timely and tion,” says Im Gug-hyun, Team Leader of the deliver valued-added health services in South relevant. Financial Industry Team at SMG. Korea and beyond. “Our key role is to recognize potential. At the lab’s gleaming offices in Yeouido, The sprawling green campus, which This year, Covid provides opportunities for Seoul’s financial district in the heart of the opened in 2017, features separate buildings overseas expansion,” says Kim Ji-seung, a city, companies are provided workspaces as for laboratories, education and events, as researcher at Seoul BioHub. well as common areas to network and hold well as offices. From 2018 to 2022, the gov- meetings to promote idea sharing and sup- ernment will build a Seoul Bio Fund valued In one brightly lit office is Palogen, a port. “There are many stages of business at 300 billion won (US$262.3 million) and startup that leveraged semiconductor tech- development, and Seoul city would like to allocate 24 billion won (US$21 million) for a nology to build the diagnostics industry’s encourage growth to generate synergy,” Im R&D fund. It also will ease some government first “Genomic Biosensor,” which provides says. regulations to facilitate research. Sixty-six fast, accurate testing for diseases includ- companies now operate in the hub, drawn ing early-stage cancers and Covid-19. “Our Down one hallway sits Tanker Fund, an AI goal is to harness the speed and efficiency platform that provides real-time information on real estate. Its technology also can help Seoul BioHub ©PENTA PRESS determine terms of a property transaction, such as the optimal amount of a loan. Tanker Fund CEO Lim Hyun-seo says, “The centraliza- tion of data collection and sorting on a daily basis is challenging. Our competitive advan- tage is in the accuracy of our platform’s sort- ing and processing of data.” Along with the office space offered by Seoul Fintech Lab to get his startup off the ground, Lim says, Tanker Fund has benefited from the ability to network with other start- ups while having a foothold in South Korea’s financial epicenter. “Being in a lab gives us access to the companies that can most bene- fit from our services,” he says, and its Yeouido address gives the firm additional clout. Along with modernizing key industries such as finance, Seoul startups are also work- ing on today’s most pressing health issues. Seoul BioHub, located at a nexus of ten

PROMOTION of semiconductors to provide real-time test- can change the world and be part of a more Seoul Fintech Lab ing,” says Palogen CEO Han Kyung Joon. “The sustainable future.” workspace and support from Seoul BioHub only focused on the financial aspects. Nowa- have made it possible for us to pursue that.” In Seoul’s Seongsu area, in the east of the days consumers, especially young people, are city, old challenges and new solutions come more interested in who made the product The fledgling ecosystem of the campus together. The neighborhood was once a and why,” Kwon says. “The first question we is also an attractive destination for global buzzing ecosystem of auto repair shops and ask is, 'Did the founder start this company to investors. U.S. healthcare giant Johnson & publishing houses. Lee Tae-hoon, Head of solve a particular problem?'” Johnson’s pharmaceutical division operates the Startup Division of the Seoul Business an office at Seoul BioHub, recognizing the Agency, saw the now-struggling industrial One particularly exciting startup to opportunity for growth and development. area as the perfect location for Seoul Startup emerge from Seongsu that has enormous “We came here to form a network, to get Hub Seongsu, which is focused on fostering potential for social impact is The Wave Talk, expertise and ideas. We need innovation to social impact ventures. whose core product measures the quality of meet challenges in the bioscience field, and drinking water with easy-to-use, inexpensive we want to help mature all of these ideas,” Established in 1998, the Seoul Business laser technology. says Lee Joon-youp, Manager, Janssen Korea. Agency added the startup division in 2009, “We’re all striving to meet challenges that are selecting 1,000 entrepreneurs for compre- The Wave Talk CEO Kim Youngdug says he more important than at any other time.” hensive early-stage support. The group has was motivated to find a solution since it can prioritized not just the firms’ rate of return but be difficult to tell the difference between safe Seoul’s startups are using a diverse range also the development of a startup culture in and unsafe water with the naked eye. The of ideas, locations and technologies to find Korea and inspiring young entrepreneurs. Wave Talk has raised more than US$10 million solutions. Throughout a maze of alleys in Another aim is to establish a space for shared in funding and plans to launch portable sen- northeastern Seoul, disused university prop- economies to address social issues. sors that can be installed in homes around erties and converted shipping containers the world to potentially prevent millions of now serve as office space for startups, and a Its annual 5 billion won (US$4.4 million) people from drinking tainted tap water and former underground parking lot is a hub for investment in the program is paying off with save lives. cutting-edge 3D printing technology. participating startups posting an average annualized rate of return of 160%. “Our goal “The technology measures bacteria, plas- The initiative was launched by Campus was to create a culture where socially minded tic, heavy metal and viral impurities and gives Town Startup at Korea University—a broad startups could pursue their vision without a numerical reading,” Kim says. “It currently effort to merge technology innovation with having to worry about money, and then pro- takes 10 seconds, and we will get that down the revitalization of the local community vide direct investment when they advance to to five.” through collaboration between the govern- company form,” Lee says. ment, the university, entrepreneurs and local http://english.seoul.go.kr/ residents. Ted Kwon, CEO of Coolidge Corner Invest- ment, a Seoul-based venture capital fund, With a 10 billion won (US$8.7 million) says Seoul Startup Hub Seongsu is a constant investment from the Seoul government, the source of the kind of startups to which he is project provides office space and equipment, most drawn. “Before, questions of investment including desks, printers and Wi-Fi, to fledg- ling companies along with facilities for the community, such as library space and public work stations. Campus Town organizers also hold local events and forums for dialogue between students and residents. “We focus on more than supporting startups. We also find ways to link them with the local com- munity and make those connections sustain- able,” says Kong Jung-sik, a Professor at Korea University’s School of Civil, Environmental and Architectural Engineering. “Creating a good living environment is our ultimate goal.” One of the most promising startups to come out of Campus Town is AEOL Korea, which makes next-generation, energy-effi- cient heating and cooling ventilation sys- tems. The company is in talks to supply its products to two large public companies in South Korea, and plans to continue devel- oping energy-saving materials that can be applied across industries. Baek Jae-hyun, CEO of AEOL Korea, says, “Our technology

TECH CONNECTOR 17 By Rich Karlgaard We Are Where We’ve Been At Google, Aron displayed his talents as a lead engineer on the company’s file system technology. In 2009 Aron cofounded his first data management startup, Nutanix, and served as its chief technology officer. In 2013 he started Cohesity. The company has an estimated $300 million in revenues growing at 70% a year. Its backers include Qualcomm Ventures, Sequoia Capital, SoftBank and Wing Ventures. Aron says the reason for Cohesity is simple. Data growth is exploding, but it is also becom- ing more fragmented. Aron wants Cohesity to become a single platform that makes managing all forms of data easy. Cohesity’s customers in- Mohit Aron (right) receives a Citation of the Distinguished Alumni Award from clude the Hyatt hotel chain, big pharma’s No- ISRO chief Kailasavadivoo Sivan at the Indian Institute of Technology (IIT). vartis, and a major smartphone manufacturer. Cohesity recently announced a partnership with Amazon Web Services to manage cloud data as Physical place is often a powerful influence on entrepre- a service. neurs. One thinks of Steve Jobs growing up in the suburbs After a successful career as an engineer, what is like to south of San Francisco. The unique mashup of cultural reb- be a CEO? “I’m the first to admit, when I started Cohesity, els and computer geeks inspired Jobs to locate Apple at the I was not ready to be a CEO,” Aron says in an exclusive, vir- intersection of science and art. It’s still the Apple address. tual interview with Forbes Asia. “I had to learn that the CEO The influence of place can also be seen in Mohit Aron, the role is an inspection job. A technologist likes to go deep. A founder and CEO of Cohesity, a Silicon Valley data-manage- CEO can’t go deep on any one thing for long.” ment firm and, with a valuation of $2.5 billion in its latest “I was also very naïve when it came to hiring business- round of funding—a unicorn. Aron, 47, grew up in Chandi- people,” he continues. “Technology people are easy. You give garh, India’s most modern and affluent city, 250 kilometers them a puzzle. Hiring businesspeople is so much different. north of Delhi. Chandigarh is young, its birth the result of You must use back-channel references. Don’t just talk to the India-Pakistan partition of 1947. Suddenly the ancient the ex-bosses. Talk to people who worked for the candidate and beautiful Punjabi city of Lahore found itself on the Paki- or were peers of the candidate. Otherwise, you might miss stan side of the border. The Indian Punjab region needed its possible problems.” own state capital. Chandigarh was chosen, then built out by Back to place. “I lived a few hours away from Pakistan. Not VIPIN KUMAR/HINDUSTAN TIMES/GETTY IMAGES cosmopolitan Indian, American and European architects. much terrorism, but there was some, and it shaped my life,” Aron grew up in a city built from a vision, which taught Aron says. “It taught my father resiliency. Always get up from him that anything is possible when you dream and execute. defeat. Aside from my father, I was influenced by my adviser Aron’s college-educated father (a government forester) re- at Rice. He told me, ‘It’s one thing to acquire knowledge. It’s flected this ethos. He encouraged his son to study at the In- another to generate knowledge. That’s growth.’” dian Institutes of Technology in Delhi. Then, in the spirit of new and possible, he encouraged his son to continue his Rich Karlgaard is editor at large at Forbes. studies in the U.S. Aron landed in Houston (“even hotter As an author and global futurist, he has and more humid than Punjabi summers”) and earned a published several books, the latest of Ph.D. in computer science at Rice University. Once more, which is Late Bloomers, a groundbreaking the magic of place interceded. Aron moved to Silicon Valley exploration of what it means to be a late and joined a growing company with fewer than 600 people bloomer in a culture obsessed with SAT called Google. scores and early success. For his past columns and blogs visit our website at www.forbes.com/sites/richkarlgaard. DECEMBER 2020 FORBES ASIA





THE INVESTIGATION 20 HOW SPACS BECAME What’s driving SPAC mania on Wall Street? Not the billionaires and bankers making headlines daily, but a mob of little-known h e d g e f u n d i n v e s t o r s , t h e “ S PAC M a f i a ,” w h o are incentivized to gobble up these opaque public offerings with little concern over whether they ultimately succeed or fail. WALL STREET’S MONEY TREE BY ANTOINE GARA, ELIZA HAVERSTOCK A N D SERGEI KLEBNIKOV • P H OTO G R A P H BY DA N SA E L I N G E R FORBES ASIA DECEMBER 2020



THE INVESTIGATIONif22 million portfolio of at least 40 SPACs, in clearer Eng- you want to see the future of so many of the special purpose lish: “We love the risk/reward of it.” JACOB LEWKOW FOR FORBESacquisition companies currently flooding the market, look to the recent past. Nearly five years ago, Landry’s Seafood billion- What’s not to love when “risk” is all but risk-free? aire Tillman Fertitta took Landcadia Holdings public to the There’s only one loser in this equation. As always, it’s tune of $345 million. No matter that, true to the SPAC “blank the retail investor, the Robinhood novice, the good- check” model, there was not yet any operating business—doz- intentions fund company like Fidelity. They all bring ens of hedge funds piled into its $10-per-unit IPO. their pickaxes to the SPAC gold rush, failing to un- In May 2018, Landcadia finally located its target: a bud- derstand that the opportunities were mined long be- ding online restaurant delivery service called Waitr that would fore they got there—by the sponsors who see an easy merge with the SPAC in exchange for $252 million in cash. Fer- score, the entrepreneurs who get fat exits when their titta touted the fact that the Louisiana startup, with $65 million companies are acquired and the SPAC Mafia hedge in revenue, would now have access to 4 million loyalty mem- funds that lubricate it all. bers of his restaurant and casino businesses, and a new partner- ship with his Houston Rockets NBA franchise. Two years later, It’s about to get far worse for the little guy. Giant though, you very likely have never heard of Waitr. As such, its quant firms—Izzy Englander’s Millennium Manage- stock recently traded at $2.62, down more than 70% from its ment, Louis Bacon’s Moore Capital, Michael Platt’s IPO price (the S&P 500 has climbed 76% over the same period). BlueCrest Capital—have recently jumped in. Sure, Waitr was a disaster for pretty much anyone who bought the they all raised billions based on algorithmic trading stock early. But the hedge funds that purchased Landcadia’s strategies, not by buying speculative IPOs in com- IPO units did just fine. Virtually all recouped their initial in- panies that don’t even have a product yet. But you vestment, with interest, and many profited by exercising war- don’t need AI to tell you the benefits of a sure thing. rants in the aftermarket. “SPACs are a phenomenal yield alter- And that means torrents of easy cash for ever more native,” says David Sultan, chief investment officer at Fir Tree specious acquisitions. Says NYU’s Ohlrogge: “It’s go- Partners, a $3 billion hedge fund that bought into Fertitta’s ing to be a disaster for investors that hold through Landcadia SPAC IPO—and pretty much any other it could get the merger.” its hands on. The SPAC boom of 2020 is probably the biggest Wall Street I n the first 10 months or so of 2020, story of the year, but almost no one has noticed the quiet force 178 SPACs went public, to the tune of driving this speculative bubble: a couple dozen obscure hedge $65 billion, according to SPACInsider funds like Polar Asset Management and Davidson Kempner, —more than the last ten years’ worth known by insiders as the “SPAC Mafia.” It’s an offer they can’t of such deals combined. That’s just refuse. Some 97% of these hedge funds redeem or sell their IPO one indication that the current wave of blank-check stock before target mergers are consummated, according to a companies is different from previous generations. recent study of 47 SPACs by New York University Law School professor Michael Ohlrogge and Stanford Law professor Mi- In the 1980s, SPACs were known as “blind pools” chael Klausner. Though they’re loath to talk specifics, SPAC and were the domain of bucket-shop brokerage Mafia hedge funds say returns currently run around 20%. “The firms infamous for fleecing gullible investors un- optionality to the upside is unlimited,” gushes Patrick Galley, a der banners such as First Jersey Securities and The portfolio manager at Chicago-based RiverNorth, who manages Wolf of Wall Street’s Stratton Oakmont. Blind pools a $200 million portfolio of SPAC investments. Adds Roy Beh- circumvented regulatory scrutiny and tended to fo- ren of Westchester Capital Management, a fund with a $470 cus on seemingly promising operating companies— those whose prospects sounded amazing during a FORBES ASIA cold-calling broker’s telephone pitch. The stockbro- kers, who typically owned big blocks of the shares and warrants, would “pump” prices up, trading shares among clients, and then “dump” their hold- ings at a profit before the stocks inevitably collapsed. Shares traded in the shadows of Wall Street for pen- nies, and the deal amounts were tiny, typically less than $10 million. In 1992, a Long Island lawyer named David Nuss- baum, CEO of brokerage GKN Securities, structured a new type of blank-check company with greater in- vestor protections, including segregating IPO cash in an escrow account. He even came up with the gussied- up “special purpose acquisition company” moniker. The basics of the new SPACs were as follows: A sponsor would pay for the underwriting and le- gal costs of an initial public offering in a new shell company and have two years to use the proceeds DECEMBER 2020

to buy an acquisition target. To entice IPO investors to park significantly, they could vote yes to the merger and 23 their money in these new SPACs as the sponsors hunted for still redeem their shares. In effect, this gave spon- a deal, the units of the IPO, which are usually priced at $10 sors a green light on any merger partner they chose. each, included one share of common stock plus warrants to It also made SPAC IPOs a no-lose proposition, ef- buy more shares at $11.50. Sometimes unit holders would also fectively giving buyers a free call option on rising receive free stock in the form of “rights” convertible into com- equity prices. As the Fed’s low-rate, easy-money mon stock. If a deal wasn’t identified within two years, or the policy propelled the stock market higher for over a IPO investor voted no, holders could redeem their initial in- decade, it was just a matter of time before SPACs vestment—but often only 85% of it. came back into vogue. And so they have, with un- precedented force. GKN underwrote 13 blank-check deals in the 1990s, but ran into regulatory trouble with the National Association of Secu- H edge funders may be the enablers SPAC rities Dealers, which fined the brokerage $725,000 and forced of the SPAC boom, but they certain- it to return $1.4 million for overcharging 1,300 investors. GKN ly aren’t the only ones getting rich. In closed in 2001, but Nussbaum reemerged in 2003 running EarlyBirdCapital, which remains a big SPAC underwriter today. September, a billionaire-sponsored SPACs fell out of favor during the dot-com bubble years, when SPAC called Gores Holdings IV said traditional IPO issuance was booming. In the early 2000s, in- terest in SPACs returned with the bull market, and the deals it would give Pontiac, Michigan–based entrepre- started getting bigger. Leading up to the 2008 crisis, dealma- kers Nelson Peltz and Martin Franklin both turned to SPACs neur Mat Ishbia, owner of mortgage lender United for financing, raising hundreds of millions of dollars each. Wholesale Mortgage, a $925 million capital infu- Around 2015, SPACs began to offer IPO investors 100% money-back guarantees, with interest; the holder would also sion, which would value his company at $16 billion. be entitled to keep any warrants or special rights, even if they voted against the merger and tendered their shares. Even more If the deal is completed, Ishbia’s net worth will rise In 2000, United Wholesale Mortgage’s Mat Ishbia won a national basketball to $11 billion, making him one of the 50 richest peo- championship with Michigan State University but missed his only shot in the finals. His first attempt at the SPAC game could be a slam dunk. ple in America. “I never knew what a SPAC was,” Ish- bia admits. “I felt like it was a more efficient process.” There are also the sponsors, underwriters and lawyers who create SPACs, each taking their pound of flesh from the deals. Sponsors, who pay under- writing and legal fees to set up and merge SPACs, A HANDFUL OF BILLIONAIRES ARE STRUCTURING FAIRER DEALS WITH THEIR SPACS. BUT MOST SPAC DEALS DON’T COME WITH BENEVOLENT BILLIONAIRES ATTACHED. normally wind up with a generous shareholder gift known as the “promote”—roughly 20% of the SPAC’s common equity after the IPO. Alec Gores, the private equity billionaire who helped take United Wholesale public, has listed five SPACs and raised over $2 billion. In the United Wholesale deal, Gores and his partners are entitled to purchase $106 million worth of “founder shares” for $25,000, or $0.002 a share. Gores’ private equi- ty firm hasn’t raised a new fund since 2012. With easy scores like this, why would he? Among SPAC sponsors, few can match Chamath Palihapitiya’s frenetic pace. Palihapitiya, 44, is a for- mer Facebook executive who founded Silicon Valley venture capital firm Social Capital in 2011. With his FORBES ASIA

THE INVESTIGATION venture business slowing down, Palihapitiya has recently turned SUSPICIOUS SPACS to the public markets. In the span of 37 months, he has raised $4.3 billion in six New York Stock Exchange–listed SPACs that MORE THAN 180 SPACS ARE NOW RACING go by the tickers IPOA, IPOB, IPOC, IPOD, IPOE and IPOF. THE CLOCK TO FIND MERGER PARTNERS. The founder’s stock he has received for his “promote” will BELOW ARE FIVE OF THE MORE DUBIOUS amount to no less than $1 billion, by Forbes estimates. In late 2019, Palihapitiya used one of his SPACs to take Virgin Galactic DEALS, RANKED BY IPO FUNDING. public. Two other deals have already been announced: mergers with home-buying platform Opendoor at a $5 billion valuation SPAC: Orisun Acquisition 24 and with medical-insurance company Clover Health at $3.7 bil- IPO FUNDING: $700 million lion. Palihapitiya and Gores point out that they intend to invest MERGER PARTNER: Ucommune hundreds of millions via private placements in their deals. VALUATION: $769 million Of the $65 billion raised in SPAC IPOs so far in 2020, Forbes PROBLEM: Red flag. The “Chinese WeWork,” with 211 office estimates that, all told, sponsors like Gores and Palihapitiya locations in mainland China and Singapore, is going the should net more than $10 billion in free equity. Great for them, SPAC route after underwriters Citigroup and Credit Suisse but terrible for the rest of the shareholders. In fact, by the time abandoned a traditional IPO effort, citing an unrealistic the average SPAC enters into a merger agreement, warrants IPO valuation for the money-losing company. afforded to hedge funds, underwriting fees and the generous sponsor’s promote eat up more than 30% of IPO proceeds. SPAC: Landcadia Holdings II According to the study of recent SPACs by Ohlrogge and IPO FUNDING: $300 million Klausner, a typical SPAC holds just $6.67 a share in cash of MERGER PARTNER: Golden Nugget its original $10 IPO price by the time it enters into a merger Online Gaming agreement with its target company. VALUATION: $745 million “The problem with the typical founder-shares arrangement PROBLEM: Blatant conflicts of interest. Debt-laden Till- is not just the outsized nature of the compensation or the in- man Fertitta is selling his Golden Nugget Online Gaming herent misalignment of incentives, but also the fact that the operation to his own SPAC (his second). When the dust massively dilutive nature of founder stock makes it difficult to settles he will own 11% of the new company and his debt complete a deal on attractive terms,” says billionaire Bill Ack- load will be reduced by $150 million. (Despite this, and a man. A handful of billionaires like Ackman are structuring dismal performance on his first SPAC, Fertitta raised $500 fairer deals with their SPACs. In July, Ackman raised a record million in Landcadia Holdings III in October.) $4 billion SPAC called Pershing Square Tontine Holdings. He’s shopping for deals, but his shareholders will face much less di- SPAC: Forum Merger II lution because his SPAC has no promote. IPO FUNDING: $200 million MERGER PARTNER: Ittella International Billionaire hedge fund mogul Daniel Och, backer of unicorn VALUATION: $482 million startups Coinbase, Github and Stripe via his family office, re- cently raised $750 million in a SPAC IPO called Ajax I but re- PROBLEM: Hype. Shares doubled to $20 as day traders duced its promote to 10%. His investing partner in Ajax, Glenn and Robinhood speculators flocked to the maker of Fuhrman, made billions in profits running Michael Dell’s fami- Tattooed Chef frozen vegan and gluten-free meals. Retail ly office; the SPAC’s board includes an all-star lineup of innova- ownership is so high that the SPAC had difficulty finding tors: Kevin Systrom of Instagram, Anne Wojcicki of 23andMe, enough voters to approve its merger—bullish holders used Jim McKelvey of Square and Steve Ells of Chipotle. The group Twitter, Reddit and message boards to solicit votes during has pledged their personal capital into Ajax’s future deal. a month-long delay. “We’re lowering the sponsor economics to make clear that SPAC: HL Acquisition this is not about promoting someone’s capital,” Och says. “It’s IPO FUNDING: $55 million about investing our own capital, and then finding a great com- MERGER PARTNER: Fusion Fuel pany that we can hold for a long period of time.” VALUATION: $96.7 million M ost SPAC deals don’t come with benevolent PROBLEM: Wallflower. A merger with a Singaporean hydro- billionaires attached. In fact, if history is any carbon logistics company fell apart in March. In June, the guide, the average post-merger SPAC investor SPAC committed to Fusion Fuel, a Portuguese company that claims it has “proprietary” technologies to produce is in for a fleecing not unlike the ones dealt out emissions-free renewable hydrogen. Yet as time runs out, its merger vote has already been extended twice. in the shoddy blind-pool deals peddled by those SPAC: Mountain Crest Acquisition bucket shops of the 1980s and ’90s. IPO FUNDING: $50 million MERGER PARTNER: Playboy Enterprises According to NYU’s Ohlrogge, six months after a deal is an- VALUATION: $381 million nounced, median returns for SPACs amount to a loss of 12.3%. PROBLEM: Debt. Three years after the death of founder Hugh Hefner, the once iconic nudie-magazine company A year after the announcement, most SPACs are down 35%. The is being resuscitated with a focus on “sexual wellness”— think hair-loss treatments and erectile dysfunction pills— returns are likely to get worse as the hundreds of SPACs current- and more bunny-ear licensing. Buzzkill: perennial losses and heavy debt. ly searching for viable merger partners become more desperate. DECEMBER 2020 FORBES ASIA

Problems are already surfacing in the great SPAC gold rush have traded down 36% from where they stood 25 of 2020. Healthcare company MultiPlan, one of the most when the SPAC merger was completed. prominent recent deals, may already be in trouble. Acquired SPAC by a SPAC called Churchill Capital Corp. III in a $1.3 billion Electric vehicles aren’t the only overhyped deal, its shares plunged 25% in November after a short seller SPAC sector. So far 11 cannabis SPACs have ei- published a report questioning whether its business was dete- ther announced a deal or are searching for one. riorating more than it let on. And in online gaming, there are no fewer than 10 SPACs in the works. It wasn’t long ago that frack- The Churchill SPAC is one of five brought to market by former ing was all the rage on Wall Street, too, and SPAC Citigroup banker Michael Klein, which have raised nearly $5 IPOs provided quick and easy capital infusions. billion. Klein and his partners now sit on stock holdings worth Energy private equity firm Riverstone Holdings hundreds of millions, thanks largely to the lucrative promotes. issued three large SPACs—one in March 2016, Klein’s investment bank, M. Klein & Co., has made tens of mil- for $450 million; then two more IPO’d in 2017, lions of dollars in fees advising his own SPACs on their deals. In raising $1.7 billion—all intent on profiting from the case of MultiPlan, Klein’s bank earned $30 million in fees to shale oil-and-gas investments. advise Churchill to inject SPAC capital into MultiPlan. IPO pro- ceeds, however, are now worth only 70 cents on the dollar. Riverstone’s Silver Run II SPAC acquired Alta Mesa Resources in 2018, but the company quick- “Coming out of the financial crisis there was all this talk ly went bankrupt, incinerating $3.8 billion of about the expected outcomes when you have all these traders market capitalization on oil fields in Oklahoma. who have heads-they-win-tails-they-don’t-lose incentives, be- Its other two SPACs completed mergers, and now cause it’s somebody else’s money,” says Carson Block, the short both are trading below $3 per share. seller who called out MultiPlan. “Those incentive structures are alive and well on Wall Street in the form of SPACs.” Despite its dismal track record, Riverstone had no trouble raising $200 million in October Nikola Motor, the SPAC that broke the dam on electric-ve- for its fourth SPAC IPO, “Decarbonization Plus hicle speculations, now faces probes from the U.S. Depart- Acquisition.” Shale fracking is yesterday’s game, ment of Justice over whether it misled investors when rais- so Riverstone has moved on to clean tech. Hope ing money. Its founder, Trevor Milton, is gone, and a much- springs eternal—especially when you can count hyped partnership with General Motors is in doubt. Shares on hedge fund money to back you up. BLANK CHECKS FOR BILLIONAIRES SPACS WERE ONCE SHUNNED BY SAVVY INVESTORS. TODAY THEY’RE BELOVED BY THE WEALTHIEST. BILLIONAIRE SPAC TICKER IPO PROCEEDS TA R G E T Bill Ackman Pershing Square PSTH $4 bil Largest SPAC ever is hunting a megadeal. Rumors are Tontine Holdings swirling around Bloomberg and Airbnb. Daniel Och Ajax 1 AJAX-UN $750 mil Star-studded group of strategic advisors. Pledge to cut the Barry Sternlicht Jaws Acquisition JWS $690 mil “promote” by 50%. In search of market leaders in software, internet or fintech. Richard Branson VG Acquisition VGAC-UN $509 mil In November, the SPAC struck a $4.4 billion deal to take senior- Sam Zell Equity Distribution EQD $414 mil care provider Cano Health public. Acquisition Leon Black Spartan Energy SPAQ $552 mil According to the filing, Branson is looking for a pandemic bargain. Acquisition Think travel and leisure, financial services and renewable energy. Tony Tamer and H.I.G. Acquisition HIGA-UN $325 mil Sami Manaymneh The legendary investor is hunting for a big industrial company. Alec Gores and Gores Metropoulos GMHI $400 mil Perhaps replacing Anixter International, which Zell sold in January. Dean Metropoulos Yucaipa Acquisition YAC $345 mil Apollo is working to close a $1 billion investment in electric-car Ron Burkle $345 mil company Fisker Automotive. Fortress Value FVAC $201 mil Wes Edens Acquisition OAC Instead of a traditional “2 and 20” PE fund, this public financing will let the buyout superstars take their 20% promote up front. Howard Marks Oaktree Acquisition and Bruce Karsh Struck a $2.9 billion deal with autonomous-vehicle startup Luminar Technologies that will make its 25-year-old founder America’s youngest billionaire. Grocery-store billionaire’s SPAC has given scant details about the industries in which it’s looking. In October, made a $1.5 billion bet on a company producing rare-earth materials used to make batteries for electric vehicles. Will take telehealth company Hims & Hers public at a $1.6 billion valuation. DECEMBER 2020 FORBES ASIA

THE LIST 100 DIGITAL STARS 26 FORBES ASIA DECEMBER 2020

CINDY ORD/GETTY IMAGES FOR SIRIUSXM Asia-Pacific’s Most Influential Celebrities on Social Media 27 Forbes Asia’s inaugural 100 Digital Stars list highlights 100 singers, bands, and film and TV THE LIST • 100 DIGITAL STARS stars from across the Asia-Pacific region who have taken the digital world by storm. With their powerful social media presence, these trailblazers have garnered millions of loyal followers across popular platforms, making them as famous online as they are on stage and screen. This list, which is unranked, comes at an exceptional time. Much of the region’s population is spending time isolated at home, where people are relying on their screens for communication and entertainment. We’ve given special focus to celebrities who, despite cancelled physical events and activities, managed to remain active and relevant, largely by using social media to interact with their fans, raise awareness and inspire optimism. Many also used their influence to help worthy causes, especially those with a Covid-19 focus. EDITED BY RANA WEHBE WATSON With reporting by John Kang, Khong Loan, Jeanhee Kim, Emma Chi Wei Lee, Yue Wang and Jennifer Wells. DECEMBER 2020 BTS Band • SOUTH KOREA The seven-member band is one of the world’s most successful musical groups ever, with over 33 million Instagram followers. This year, BTS ranked 47th on the Celebrity 100 list, with earnings of $50 million. Last year, BTS grossed $170 million on the road, more than any American band except Metallica. The band in early 2020 topped the Billboard 200 album chart four times in less than two years—which only the Beatles have done faster, back in 1968. In October, BTS became the first group since the Black Eyed Peas in 2009 to clinch the top two spots on Billboard’s Hot 100 chart. The band’s song “Dynamite” reportedly made YouTube history as the first video to get over 100 million views within 24 hours of being posted. FORBES ASIA





ANGELABABY • AGE: 31 Actress and model • HONG KONG Angelababy, whose real name is Angela Yeung, has over 100 million Weibo fans. This year she earned the title Weibo God- dess of the Year and has endorsements deals with Adidas, Dior and UGG. In Feb- 30 ruary, she performed “With You by My Side” with three other singers, paying trib- ute to frontline Covid-19 medical workers. THE LIST • 100 DIGITAL STARS KJ APA • AGE: 23 CHOU: VISUAL CHINA GROUP/GETTY IMAGESActor and singer • NEW ZEALAND The actor, whose real name is Keneti J.F. Apa, has been the most-followed Kiwi on Instagram for two years, with nearly 19 million followers. His upcoming film Songbird is a thriller about a virus called Covid-23. He teamed with dating app Bumble last year to raise funds for an animal rescue group. ARASHI Band • JAPAN Arashi’s 5x20 All the Best!! was the world’s bestselling album last year, selling 3.3 mil- lion copies. In September, the band re- leased their first English song, “Whenever You Call,” written and produced by Bruno Mars. The group, which started its Insta- gram page in November 2019 and gained 4.2 million followers in just one year, will take an indefinite break starting next year. ATIF ASLAM • AGE: 37 Actor and singer • PAKISTAN Released in May, his song “Asma-ul-Husna,” recites Allah’s 99 names to encourage hope during the pandemic, and has over 22 mil- lion views on YouTube. Aslam urged his 20 million Facebook followers to stay home to curb the spread of the coronavirus. Jay Chou Known as the king of Mandopop, Chou is the AMITABH BACHCHAN • AGE: 78 most-followed artist from Taiwan on Instagram, AGE: 41 with over 6 million followers. The singer has Actor • INDIA Actor and singer • TAIWAN won more awards at Taiwan’s Golden Melody Awards—15—than any other artist, in addition to A veteran of over 200 movies, Bachchan in two MTV Asia Awards. This year, Chou launched May used his star power and 105 million his own Netflix travel show J-Style Trip and, in social media followers to help raise $7 June, the release of his single “Mojito” caused million for Covid-19 relief. Over his long music streaming service QQ Music to crash due career he has held elected office and been to high demand. In January, Chou and his wife the subject of at least 11 biographies. donated 3 million yuan ($455,000) to support frontline medical workers in Wuhan. The singer BAE SUZY • AGE: 26 is a global brand ambassador for Tudor watches. Actress • SOUTH KOREA Bae, whose real name is Bae Su-ji, is the second-most popular Korean actress on Instagram, with 13.5 million followers, af- ter fellow Digital Star IU. In December, she starred in the hit film Ashfall. Often seen in TV commercials, Bae has endorse- ment deals with Dior, Guess and Lancôme. FORBES ASIA DECEMBER 2020

Chi Pu CHI PU • AGE: 27 JACQUELINE FERNANDEZ • AGE: 35 31 KATHRYN BERNARDO • AGE: 24 Actress, model, producer, singer and TV host Actress • SRI LANKA THE LIST • 100 DIGITAL STARS • VIETNAM FERNANDEZ: SUJIT JAISWAL/AFP/GETTY IMAGES; CHI PU: COURTESY OF CHI PU Actress • PHILIPPINES A former Miss Universe Sri Lanka, Fernan- With over 19 million social media follow- dez is now a Bollywood star, with her latest Bernardo starred in the Philippines’ two ers, Chi, whose real name is Nguyen Thuy role in the Netflix series Mrs. Serial Killer. highest grossing films: 2018’s The Hows Of Chi, is one of Vietnam’s most popular fe- With over 46 million Instagram followers, Us and 2019’s Hello, Love, Goodbye, gross- male celebrities. A model-turned-actress her July endorsement of Pizza Hut’s meal- ing roughly $20 million. For her perfor- and singer, her music video “Anh oi o lai” in-a-box collaboration with Pepsi garnered mance in the latter, she was named both has over 92 million views on YouTube. 3 million views. Film Actress of the Year and Phenomenal She donated $50,000 this year to local Star of Philippine Cinema at October’s Box Covid-19 relief efforts. Jacqueline Office Entertainment Awards in Manila. Fernandez KIM CHIU • AGE: 30 ALIA BHATT • AGE: 27 VICE GANDA • AGE: 44 Actress and singer • PHILIPPINES Actress • INDIA Comedian and TV host • PHILIPPINES Chiu used a viral video gaffe during a live Part of a Bollywood family dynasty, Bhatt stream in May as the basis for The Class- Ganda starred with fellow Digital Star has appeared in 24 films and is one of India’s room Song. A live performance of the hit Anne Curtis in the 2019 hit film The Mall, highest-paid actresses. With 74 million so- has over 9 million views on YouTube. Chiu The Merrier. Ganda also won Best Male cial media followers, this U.K. citizen endor- then sold The Classroom Song branded TV Host for Television at last year’s Philip- ses at least 18 brands including Coca-Cola, T-shirts to raise money for pandemic relief. pine Movie Press Club Star Awards event. Garnier and UberEats, and has started Co- He is one of the most popular male celeb- exist, an eco- and animal-focused website. ANNE CURTIS • AGE: 35 rities in the Philippines, with 17 million Facebook followers. BLACKPINK Actress and TV host • PHILIPPINES G.E.M. • AGE: 29 Band • SOUTH KOREA Curtis starred in last year’s hit The Mall, The Merrier with fellow Digital Star Vice Ganda, Singer • HONG KONG Blackpink’s members—Lisa (23), Jennie and won Best Female TV Host at the Philip- (24), Rosé (23), and Jisoo (25)—are Korea’s pine Movie Press Club Star Awards for Tele- G.E.M.’s latest album City Zoo won the jury most-followed celebrities on Instagram. vision. As the Philippines’ most popular In- prize at Taiwan’s Golden Melody Awards Lisa has over 42 million followers and is stagram celebrity, the actress has roughly this year, and she was also nominated for the global brand ambassador for Celine, 16 million followers and endorsement deals Best Mandarin Album and Best Mandarin while Jennie is the face of Chanel, Jisoo with Jollibee, Louis Vuitton and Pantene. Female Singer. G.E.M., whose real name is Dior and Rosé for Saint Laurent. In Octo- Gloria Tang Tsz-kei, has almost 35 million ber, Blackpink became the first girl group DILRABA DILMURAT • AGE: 28 Weibo followers and endorsement deals to top the Billboard Artist 100 chart. with Cartier and Dior. Actress, model and singer • CHINA EASON CHAN • AGE: 46 SARAH GERONIMO • AGE: 32 Xinjiang-born Dilmurat has starred in Singer • HONG KONG many popular TV series, with her perfor- Actress and singer • PHILIPPINES mance in Eternal Love of Dream helping Chan’s 2017 album C’mon In earned him the romance drama rack up over 100 mil- Geronimo starred in the 2018 hit film Best Male Vocalist (Mandarin) and Album lion online views an episode since its Janu- Miss Granny, earning her a Best Actress of the Year at Taiwan’s Golden Melody ary launch. Dilmurat, who has 70 million award for Movies (along fellow Digital Star Awards in 2018. This year he released a Weibo followers, endorses Audi, Louis Kathryn Bernardo) at last year’s Philip- duet with fellow Digital Star Jolin Tsai hon- Vuitton, Mikimoto and Saint Laurent. pine Movie Press Club Star Awards event. oring those fighting Covid-19, and joined In March, Geronimo and husband Matteo April’s “One World: Together At Home,” MADHURI DIXIT • AGE: 53 Guidicelli sang a duet at a Covid-19 benefit a global broadcast supporting frontline concert that raised roughly $5 million. healthcare workers and the WHO. Actress • INDIA Dixit hosted an online dance class in April to teach fans new moves during lockdown, and has a subscription-based dance app that she launched with her husband in 2013. Dixit was nominated for Best Sup- porting Actress at India’s 2020 Filmfare Awards for her role in the film Kalank. EXO Band • SOUTH KOREA Exo members Baekhyun, 28, Chanyeol, 28, and Sehun, 26, are among Korea’s 10 most-followed celebrities on Instagram. The title song of the band’s sixth album Obsession topped Billboard’s 2019 list of the 25 best K-pop tunes. DECEMBER 2020 FORBES ASIA

Akshay Bollywood’s highest-paid actor, Kumar is also SHREYA GHOSHAL • AGE: 36 one of the most-followed Indian stars, with over 131 million followers on Facebook, Instagram Singer • INDIA Kumar and Twitter. He was nominated as Best Actor Named Female Vocalist of the Year in 2020 at India’s Filmfare Awards 2020 for his role as at India’s Mirchi Music Awards, her song a soldier in the 2019 historical action-war film “Apni Maati” has over 1.5 million views on YouTube since its August release. Ghoshal 32 Kesari. Kumar also starred in Mission Mangal took part in a virtual concert in Septem- and Good Newwz, which were among the top ber to support Indian musicians hit by the AGE: 53 10 highest-grossing Indian films of 2019. As a pandemic, with her Instagram post pro- Actor • INDIA philanthropist, Kumar donated $4 million to moting the event drawing 95,000 likes. THE LIST • 100 DIGITAL STARS Covid-19 relief in India and took part in the CHRIS HEMSWORTH • AGE: 37 KUMAR: VIKAS KHOT/FORBES INDIA “I For India” fundraising concert on Facebook Actor • AUSTRALIA Live in May, which raised 520 million rupees Hemsworth starred in the 2020 action- thriller Extraction, which became Netflix’s ($7 million) for GiveIndia’s Covid-19 fund. most-watched original film. In January, he shared on Instagram that he was giving FORBES ASIA A$1 million ($705,000) to Australia’s bushfire relief, urging his 45 million followers to donate as well. He will star in the upcoming Thor: Love and Thunder, slated for release in 2022. DAVIKA HOORNE • AGE: 28 Actress • THAILAND This Belgian-Thai, also known as Mai Da- vika, earned a Best Actress nomination at Thailand’s Nataraja Awards for her role in the TV series My Ambulance. She is Thai- land’s second-most popular Instagram ce- lebrity, with 12 million followers, after fellow Digital Star Aum Patchrapa. Her en- dorsement deals include Gucci and L’Oreal. HUA CHENYU • AGE: 30 Singer • CHINA Hua’s latest album New World has raked in over $15 million since its release earlier this year. He counts almost 40 million Weibo fol- lowers—and his posts endorsing brands such as Gentle Monster, Helena Rubenstein and Volvo have been shared millions of times. HYUNA • AGE: 28 Singer • SOUTH KOREA With 15 million Instagram followers, HyunA, whose real name is Kim Hyun-ah, is known for co-starring in PSY’s Gang- nam Style, one of the most-watched videos of all time. HyunA has been managed by PSY’s P Nation label since 2018. IU • AGE: 27 Singer and actress • SOUTH KOREA IU, whose real name is Lee Ji-eun, is the most-followed solo singer in Korea on Instagram, with over 16 million followers. In May, her single “Eight,” featuring BTS’s Suga, topped Billboard’s World Digital Song Sales chart and has 100 million YouTube views. DECEMBER 2020

HUGH JACKMAN • AGE: 52 33 THE LIST • 100 DIGITAL STARS LOCSIN: COURTESY OF GEE PLAMENCO JR. AND METRO.STYLE Actor • AUSTRALIA Angel With over 19 million followers, Locsin is the Locsin second-most popular Filipina celebrity on Jackman played Wolverine in the X-Men Facebook after fellow Digital Star Marian series for 16 years, earning him a record AGE: 35 Rivera-Dantes. She starred in last year’s hit for the longest career as a live-action Actress • PHILIPPINES Philippine TV series The General’s Daughter, superhero and 23 million likes on his earning Best Drama Actress for Television at the Facebook page. He cofounded Laughing 2019 Philippine Movie Press Club Star Awards Man Coffee, which donates his profits to ceremony. Locsin has donated about 15 million local farming communities. pesos ($310,000) over the past decade to various causes, earning her a spot on last year’s Heroes of JI CHANG-WOOK • AGE: 33 Philanthropy list. Recently, Locsin helped raise 11.3 million pesos for the purchase of 246 hospital Actor • SOUTH KOREA tents for medical workers fighting the pandemic. One of Korea’s romantic leading men, Ji FORBES ASIA won Best Actor and Best Celebrity (Actor) in 2019 at Korea’s Asia Artist Awards. Ji, who has 177 million social media followers, donated this year to the Korea Red Cross. An Instagram campaign supporting the disabled also received 1.6 million likes. KRYSTAL JUNG • AGE: 26 Actress and singer • SOUTH KOREA Jung, an American whose given name is Chrystal Soo Jung, spent a decade in the K-pop band f(x). She now stars in Korean TV series Search. With 12 million Instagram and Weibo followers, Jung is a brand ambassador for Audi Korea. NEHA KAKKAR • AGE: 32 Actress and singer • INDIA For her wedding in October to actor Rohan Preet Singh, Kakkar posted thanks for her wedding gown, a gift from the designer, that got over 4 million likes from her over 49 million Instagram followers. A related plug for Tissot drew 2.5 million views. She won the Listeners Choice Song of the Year at India’s Mirchi Music Awards 2020. SHAHID KAPOOR • AGE: 39 Actor • INDIA The son of Bollywood actors, Kapoor starred in Kabir Singh, the second-highest grossing film of 2019. That year he earned nominations for Best Actor and won Entertainer of the Year at India’s Screen Awards 2020. With over 67 million social media followers, his endorsements include Colgate and Fanta. AIMAN KHAN • AGE: 21 Actress • PAKISTAN With nearly 8 million followers, Khan is the most-followed Pakistani celebrity on Instagram. She and twin sister Minal run the clothing site Aiman Minal Closet, with 249,000 Instagram followers. Last year she was nominated for Best Actress at Pakistan’s Hum Awards for roles in TV shows Ishq Tamasha and Baandi. DECEMBER 2020

MAHIRA KHAN • AGE: 35 KUN • AGE: 22 LI XIAN • AGE: 29 Actress • PAKISTAN Actor and singer • CHINA Actor • CHINA The star of Pakistani musical Superstar The singer, whose real name is Cai Xukun, Li rose to stardom last year with roles in will return to the screen this year in saw his latest album Young top streaming the Chinese TV comedy Go Go Squid! and action drama The Legend of Maula Jatt, service QQ Music’s sales chart in Febru- web series Sword Dynasty. He was among Pakistan’s most expensive film to date. ary, selling over 110,000 copies in a single Baidu’s ten most-searched celebrities in Khan uses her social media presence— week. With almost 34 million Weibo fol- 2019, and has over 22 million Weibo fol- 34 nearly 7 million Instagram followers and lowers, Cai is China brand ambassador for lowers. Li is a brand ambassador for Ten- over 4 million on Facebook—to raise Givenchy and Prada. In January, he donat- cent’s mobile battle game Honor of Kings. awareness about mental health issues, ed $90,000 to help Wuhan fight Covid-19. JJ LIN • AGE: 39 violence against women and breast cancer. KATHERINE LANGFORD • AGE: 24 Singer • SINGAPORE Mahira Khan Actress • AUSTRALIA In October, Lin, whose full name is Wayne Lim Jun Jie, launched his fourteenth album With 18 million Instagram followers, Lang- THE LIST • 100 DIGITAL STARS ford’s endorsements include L’Oréal. Her Drifter • Like You Do with a livestream KHAN: JOE MAHER/GETTY IMAGES; LIN: EDWARD BERTHELOT/GETTY IMAGES posts in June supporting LGBTQ+ inclu- concert on his YouTube channel. The three- sion and Black Lives Matter have a million time winner of Taiwan’s Golden Melody views. Since her breakout role in the Net- Awards has over 54 million Weibo followers, flix series 13 Reasons Why, Langford has and has the most-followed celebrity Face- made three films, including the 2019 Gold- book page in Singapore with 3 million likes. en Globes-nominated mystery Knives Out. JJ Lin LEE DONG-WOOK • AGE: 39 Actor • SOUTH KOREA SHAH RUKH KHAN • AGE: 55 With a string of dramatic leads under his LU HAN • AGE: 30 belt, Lee now stars in Tale of the Nine- Actor • INDIA Tailed and last year hosted his own talk Singer and actor • CHINA show, Wook Talk. With over 11 million One of India’s best-known movie stars, followers on Instagram and Weibo, Lee This former member of group Exo is be- Khan has appeared in about 80 films. was an honorary ambassador to the 2018 coming known for playing a serial killer While his last starring role was in 2018, PyeongChang Olympics and Paralympics. in the web series Sisyphus. With over Khan continues to do voice work for films 60 million Weibo followers, Lu was tapped and documentaries and has 106 million so- LEE MIN-HO • AGE: 33 in September by Gucci as a brand ambas- cial media followers. The World Economic sador in China. Forum honored him in 2018 for champion- Actor • SOUTH KOREA ing women’s and children’s rights. MARIO MAURER • AGE: 32 One of Korea’s leading men, he starred this CINTA LAURA KIEHL • AGE: 27 year in the Korean TV series The King: Eter- Actor • THAILAND nal Monarch. He recently became Lazada’s Actress and singer • INDONESIA first regional brand ambassador. In 2014 Maurer won Best Actor at Thailand’s TV Lee founded Promiz, a site where his over Gold Awards in February for his role in Kiehl’s two singles “Vida and “Caliente,” re- 70 million social media followers can give to the Thai TV series The Pharmacist Of leased last year, have almost 5 million views charity. In March he donated $252,000 to Chaloang. The German-Thai star has on YouTube. The German-Indonesian eight pandemic-focused causes. 11 million Facebook followers, which he actress also starred in two Indonesian uses to support charities and sponsors horror films in 2019. With nearly 8 million LEE SUNG-KYUNG • AGE: 30 including King Power. Instagram followers, Kiehl’s endorsement deals include Bulgari, Oppo and Uniqlo. Actress • SOUTH KOREA MAYDAY KIM SO-HYUN • AGE: 21 A star of 2019 Korean crime comedy Miss Band • TAIWAN and Mrs. Cops and hit Korean TV drama Actress • SOUTH KOREA Dr. Romantic 2, Lee has 14 million social The five-piece band is one of the most popu- media followers. She is brand ambassador lar musical groups in the region. Lead vocal- A former child actress, Kim has grown up to for Laneige and typically draws over 5 mil- ist Ashin has Taiwan’s most-liked Facebook star in top-rated series including The Tale of lion views to her Instagram endorsements page, with nearly 4 million followers. In Nokdu and Netflix’s Love Alarm. With 11.5 for Daniel Wellington watches. May, the four-time winner of Taiwan’s Gold- million social media followers, she has many en Melody Awards held a virtual concert endorsement deals. In April, Samsung de- SAI SAI KHAM LENG • AGE: 41 that received 42 million views on YouTube. buted Kim’s voice as a celebrity choice for its smartphones’ voice assistant Bixby. Actor and singer • MYANMAR The artist is the most-followed celebrity on Facebook in Myanmar, with over 9 million followers. In 2020, he collaborated with uab bank and launched the SaiSai Pay app, which supports Covid-19 relief and the lo- cal film and music industry. FORBES ASIA DECEMBER 2020

KIKO MIZUHARA • AGE: 30 35 Actress and model • JAPAN THE LIST • 100 DIGITAL STARS NEELOFA: JAMIE MCCARTHY/GETTY IMAGES FOR MARC JACOBS; AGNEZ: WONG SIM /TATLER INDONESIA Mizuhara, whose real name is Audrie Kiko Agnez Agnez Mo, whose full name is Agnes Monica Daniel, starred in 2019 in the Japanese TV Mo Muljoto, has been performing for 28 years, drama The Good Wife and Netflix’s Queer including collaborations with U.S. artists Steve Eye: We’re in Japan! In 2018, she became Aoki, Chris Brown and Timbaland. With 47 brand ambassador for Coach and Dior. million social media followers, Mo campaigns Mizuhara is one of the Japan’s most popu- against drugs and human trafficking. In May lar celebrities on Instagram with nearly she joined in a charity concert that raised over 6 million followers. $100,000 for the United Way Worldwide’s Covid-19 relief efforts. When accepting the PORI MONI • AGE: 28 Top Social Artist award at the Year 2020 Billboard Indonesia Music Awards, she said: Actress • BANGLADESH “Let’s focus on using social media to be a better person.” Mo also has a fashion line, a paid- With nearly 10 million Facebook followers, subscription app, and is a brand ambassador in Moni, whose real name is Shamsunnahar Indonesia for Vivo mobile phones and Lazada. Smrity, won Best Actress (Critics) at the country’s 2019 CJFB Performance Awards for her role in Amar Prem Amar Priya. Her current projects include a film about Bangladesh’s war for independence, while the release of her drama Bishwoshundori was postponed due to the pandemic. NAM JOO-HYUK • AGE: 26 Actor • SOUTH KOREA The star of The Light in Your Eyes, one of the country’s highest-rated TV series, Nam in April 2019 became the first Korean brand ambassador for Dior Men. He has 13 million Instagram followers and this year donated $45,000 to support healthcare workers fighting Covid-19. NEELOFA • AGE: 31 Actress and TV host • MALAYSIA A Forbes 30 Under 30 Asia alumni, Nee- lofa, whose full name is Noor Neelofa Mohd Noor, is the most-followed Malay- sian celebrity on Instagram. In October, the actress got a mostly positive response from her 8 million followers when she said she would start wearing a niqab. Neelofa runs Naelofar, a modest-wear business, which she launched in 2014. Neelofa AGE: 34 Singer • INDONESIA DECEMBER 2020 FORBES ASIA

DONG NHI • AGE: 32 Singer • VIETNAM Nhi is one of Vietnam’s most beloved stars, with 2.3 million followers on Instagram, 8.4 million on Facebook and 858,000 on TikTok. After failing an audition for Vietnam Idol in 2007, Nhi, 36 whose real name is Mai Hong Ngoc, started posting songs to social media platforms until her boyfriend and now husband Ong Cao Thang became her manager and helped propel her to stardom. THE LIST • 100 DIGITAL STARS SITI NURHALIZA • AGE: 41 PATCHARAPA: COURTESY OF CHANNEL 7 HD Singer • MALAYSIA Earlier this year, the singer posted food reviews of restaurants affected by Covid-19, hoping to boost their business among her 8 million Instagram followers. In July, she released her 18th solo album ManifestaSITI 2020 and continues to run her successful halal-certified beauty brand SimplySiti, launched in 2009. PARK SHIN-HYE • AGE: 30 Actress • SOUTH KOREA Star of many films and TV shows, Park appears in the zombie thriller #Alive, which in September was No. 1 on Netflix’s daily chart in 35 countries. The “Park Shin-Hye effect” reportedly boosts sales of lipsticks she’s worn onscreen. With 11 million Instagram followers, she has a dozen endorsement deals, including with Bruno Magli, Swarovski and Visa. Aum Patchrapa EDDIE PENG • AGE: 38 AGE: 41 The star of Thai TV drama From Enemy To The Actor • TAIWAN Actress • THAILAND Heart, Aum, whose real name is Patcharapa Chaichua, is Thailand’s most popular Instagram With 33 million followers on Weibo and celebrity, with over 12 million followers. She was almost 5 million on Instagram, Peng is nominated for Best Actress at Thailand’s Nataraja one of the most-recognizable actors in the Awards 2018 for her role in A Lady’s Flames, Mandarin language film industry. In 2018, which was 2017’s highest-rated Thai soap opera. he starred as the lead actor in Hidden Aum uses her popularity on social media to sup- Man. He is the global brand ambassador port charities such as the Queen Sirikit Centre for LVMH’s menswear label Berluti. for Breast Cancer Foundation. A former beauty queen, she endorses many brands on Instagram, RAISA • AGE: 30 including Furla and Thai brand Chame. Singer and songwriter • INDONESIA After selling 10,000 tickets in just 14 hours for a concert planned for June in Jakarta, Raisa Andriana, who goes by her first name, had to cancel due to the pandemic. With 40 million social media followers, Raisa’s music video “Bahasa Kalbu” has 9.5 million views on YouTube and 9 million on Spotify since its release in August. RED VELVET Band • SOUTH KOREA The group’s single “Psycho,” released late last year, has almost 200 million views FORBES ASIA DECEMBER 2020

on YouTube and earned band members a Troye When Sivan released his single “Take Yourself 37 nomination for best K-pop music video Sivan Home” during lockdown, he crowdsourced at this year’s MTV Video Music Awards. artists over Instagram for its music video THE LIST • 100 DIGITAL STARS Members Irene and Seulgi’s duo “Monster,” AGE: 25 along with designers for related T-shirts, with released in July, has 70 million views Singer and songwriter • proceeds going to Covid-19 relief. The video on YouTube. clocked 5 million views on YouTube, with his AUSTRALIA more recent single “Easy” getting 9 million views MARIAN RIVERA-DANTES • AGE: 36 since July. Other collaborations this year include “Louder than Bombs,” which Sivan cowrote for Actress • PHILIPPINES BTS’ album Map of the Soul: 7. Sivan played a young Wolverine in X-Men Origins: Wolverine. Rivera-Dantes is the Philippines’ most He also had a supporting role in Boy Erased, popular celebrity on Facebook, with 23 from which his song “Revelation” received a million followers. While not appearing Golden Globe nomination. on screen since the birth of her second SIVAN: JAMES BRICKWOOD/FAIRFAX MEDIA/GETTY IMAGES child in 2019, she has been busy on social media, endorsing brands that include Nestlé Nido, Philippine National Bank FORBES ASIA and appliance maker Tough Mama. MARGOT ROBBIE • AGE: 30 Actress • AUSTRALIA Robbie appealed in January to her 22 million Instagram followers to donate to Australian bushfire relief. The Academy Award-nominated actress this year reprised her role as Harley Quinn in Suicide Squad spinoff Birds of Prey, which she also produced. She ranks among the world’s highest-paid actresses. ROLA • AGE: 30 Actress and model • JAPAN An advocate for the environment and animal welfare, Rola (real name Eri Sato) is one of Japan’s most-followed personalities on Instagram and Twitter. Rola launched her lifestyle brand, Studio R330, earlier this year, while her endorsements include YSL Beauty and Puma. Sato appeared in Netflix’s Japanese drama Followers, which premiered in February. HRITHIK ROSHAN • AGE: 46 Actor • INDIA With 33 million Instagram followers, the star appeared in May’s “I for India” concert to raise funds for Covid-19 workers; his Instagram post of the event drew over 2 million views. Roshan, whose real name is Hrithik Rakesh Nagrath, was nominated for Best Actor at India’s 2019 Star Screen Awards for his role in War, the year’s highest-grossing Indian film. RUBY ROSE • AGE: 34 Actress • AUSTRALIA Her short film Break Free has 53 million views on YouTube and in May, Rose live- streamed a reading of Shakespeare’s Twelfth Night to raise funds for Covid-19. In June, she helped Crocs footwear design the Just Love shoe for its Pride collection. DECEMBER 2020

SEVENTEEN Jackson Wang’s album Mirrors was named most popular Band • SOUTH KOREA album of the year by NetEase Cloud Music in 2019. A member of Korean band GOT7 and a This year, the group released two mini-al- bums that each sold over a million copies: Wang fencing champion, Wang also has a booming Heng:garæ in June and Semicolon in October. career in China, attracting 25 million Weibo Despite its name, the band has thirteen mem- followers. Last year he won “Male God of the bers, all between 21 and 25 years old. Last 38 Year” at the Weibo awards in Beijing—given year, Seventeen was ranked No. 6 on Bill- to a star who combines talent, popularity and board’s Social 50 chart, just after Billie Eilish. AGE: 26 style. In the same year he was a guest on James ANUSHKA SHARMA • AGE: 32 Singer • HONG KONG Corden’s U.S. talk show Late Late Show. He is also THE LIST • 100 DIGITAL STARS China brand ambassador for Fendi, and this year Actress and producer • INDIA WANG: GARETH CATTERMOLE/MTV EMAS 2017/GETTY IMAGES FOR MTV launched his own label, Team Wang Design. His With 84 million social media followers, song “Hundred Ways” has racked up 48 million Sharma recently turned to producing, views on YouTube since its release in March. and is an advocate for women’s and environmental causes. Sharma is a brand ambassador for Google Duo and Standard Chartered Bank. RANVEER SINGH • AGE: 35 Actor and singer • INDIA With multiple best actor awards, Singh starred in 2018 drama Padmaavat, the 10th-highest grossing Bollywood film ever. He has three new films in the works and last year launched his own record label. With over 62 million social media followers, he endorses everything from condoms to Swiss tourism. RICH BRIAN • AGE: 21 Rapper • INDONESIA Brian, whose real name is Brian Imanuel Soewarno, worked on his latest album, 1999, while in quarantine. In April he released the first of two versions of his music video “Bali,” which has over 8 million views on YouTube. Brian was 17 when his debut single “Dat $tick” went viral. VICTORIA SONG • AGE: 33 Actress and singer • CHINA Song was voted this year’s Golden Eagle Goddess in China, a national award for excellence in the TV industry. Starting her career in Korea as leader of girl group f(x), she returned to China to appear in films, TV series and variety shows. Song has almost 50 million Weibo followers, where she has campaigned for Cartier. URASSAYA SPERBUND • AGE: 27 Actress • THAILAND The star of hit 2018 TV series The Crown Princess, Sperbund is Thailand’s most pop- ular actress, according to a recent Bangkok University survey. The Norwegian-Thai has over 10 million Instagram followers, the third-highest in the country. Among the brands she endorses are Louis Vuitton, Pantene and Uniqlo. FORBES ASIA DECEMBER 2020

39 THE LIST • 100 DIGITAL STARS Naomi Watanabe TRAN THANH • AGE: 33 AGE: 33 One of Japan’s leading comedians, Watanabe is the Actor, emcee and comedian • VIETNAM Actress and comedian • JAPAN most-followed Japanese celebrity on Instagram with over 9 million followers. The Taiwan-born star With 29 million followers on Facebook, shot to fame with her impersonations of celebrities Instagram, TikTok and YouTube, Thanh is such as Beyoncé. Her latest parody music video of Vietnam’s best known TV host. Known for Ariana Grande and Lady Gaga’s “Rain On Me” gar- his impersonations of other Vietnamese nered over 19 million views on YouTube in just celebrities, he was named Outstanding three months. In 2014 she launched Punyus, a fash- Celebrity Star in the 2019 Metub WebTV- ion label that caters to plus-sized women. A brand Asia Awards in Ho Chi Minh City. ambassador for Coca-Cola, Gap, Kate Spade, Shu Uemura and Toyota, Watanabe in 2018 was named PHOEBE TONKIN • AGE: 31 one of the “25 most influential people on the inter- net” by Time magazine. Actress • AUSTRALIA WATANABE: SHUNICHI ODA/FORBES JAPAN STEFANIE SUN • AGE: 42 SUNMI • AGE: 28 Tonkin, whose endorsement deals include Chanel and Tod’s, launched her own Singer • SINGAPORE Singer • SOUTH KOREA clothing line Lesjour! via Instagram in October. The actress told her 6 million This year, the five-time MTV Asia Awards Lee Sun-mi, who goes by her first name, per- followers that Lesjour! is suited for those winner celebrated the 20th anniversary of formed last year in 18 cities for her first world working from home. Her first short film her musical career with two impromptu tour “Warning.” Her new single, “Pporappip- Furlough, which she wrote and directed, Facebook Live concerts. In January, Sun, pam,” has 12 million YouTube views, while was screened worldwide this year. whose real name is Sun Yanzi, collaborated her duet with J.Y. Park, “When We Disco,” with Singaporean singer JJ Lin on “Stay has 28 million views. Both works led to mul- JOLIN TSAI • AGE: 40 With You.” Paying tribute to frontline tiple nominations for Korea’s Mnet Asian Covid-19 workers, the pair performed it at Music Awards 2020, with winners due to be Singer • TAIWAN Singapore’s National Day show in August. announced as Forbes Asia went to press. Tsai has over 43 million followers on Weibo and 4 million on Instagram. The singer has won six awards from Taiwan’s Golden Mel- ody Awards, the latest for Ugly Beauty, the bestselling album in Taiwan in 2019. She resumed her fifth world tour in November after it was postponed due to Covid-19. DECEMBER 2020 FORBES ASIA

KATRINA KAIF • AGE: 37 Actress • INDIA Kaif ’s Instagram posts endorsing Reebok have scored over 15 million likes. Kaif, whose real name is Katrina Turquotte, also shares news about her cosmetics line Kay Beauty with her 45 million Instagram fol- 40 lowers. Kaif starred in Bharat, the fourth- highest grossing Bollywood film in 2019. TWICE Band • SOUTH KOREA The nine-member band Twice has 15 mil- lion Instagram followers. Earlier this year, it won in the music category at the U.S. Shorty Awards for social media and, in June, released its single “More & More,” with over 200 million views on YouTube. THE LIST • 100 DIGITAL STARS KEITH URBAN • AGE: 53 MI: IMAGINE CHINA/NEWSCOM Singer and songwriter • AUSTRALIA Urban’s duet with singer Pink from his new album The Speed of Now has racked up over 10 million views on YouTube since September, while his music channel has drawn 765 million views. He performed an impromptu concert via Instagram in March and gave a free concert for healthcare workers in Nashville in May. KARRY WANG • AGE: 21 Actor and singer • CHINA A member of the band TFBoys, Wang, whose real name is Wang Junkai, has almost 80 million Weibo followers, where he endorses brands including Dior and Swatch. Known for his hits “KarryOn” and “Beautiful,” Wang is also a goodwill ambassador for the United Nations Environment Programme in China. Yang Mi With almost 110 million Weibo fans, Yang has WANG YIBO • AGE: 23 multiple endorsement deals that include Crocs, AGE: 34 Estée Lauder, Stuart Weitzman and Victoria’s Actor and singer • CHINA Actress and singer • CHINA Secret. Since 2018, Yang has been among China’s top three most-commercially powerful This member of band UNIQ shot to fame celebrities according to rankings by Shanghai for his role in the China TV series The Un- research firm CBNData. After making her screen tamed. With 36 million Weibo followers debut at age 6, Yang has starred in dozens of and 12 million on video app Douyin, Wang films and TV shows, notably the 2018 TV series is also a professional motorcycle racer. In Legend of Fuyao. In 2019, Yang was named 2019 he joined the Yamaha China Racing Super IP Actress at the China Literature Awards Team to compete in the Asia Road Racing and in January was crowned Weibo Goddess at Championship. the annual Weibo Awards. In 2013, she started her entertainment agency, Jay Walk Studio. JANNINE WEIGEL • AGE: 20 Actress and singer • THAILAND This German-Thai starred in last year’s horror-comedy Pee Nak, which, though widely panned by critics, was a box-office smash. Her single “Passcode” has had 4 million YouTube views since its September release, while her YouTube channel has almost 4 million subscribers. FORBES ASIA DECEMBER 2020

REBEL WILSON • AGE: 40 YANG ZI • AGE: 28 subscribed. In August, he released his fifth 41 studio album Stray Sheep, performing it Actress • AUSTRALIA Actress • CHINA in a virtual concert on Fortnite—the first THE LIST • 100 DIGITAL STARS Asian to do so in the popular online game. YEE: JAMIE MCCARTHY/GETTY IMAGES; YEN: JULIE EDWARDS/LFI/AVALON/NEWSCOM; YI: U AUNG XINHUA NEWS AGENCY/NEWSCOM Wilson declared 2020 her “Year of Health” A former child actress, Yang has performed and kept her 9 million Instagram followers in dozens of films and TV series, and was ZHAO LIYING • AGE: 33 updated on her fitness and weight-loss named Popular Artist of the Year at this journey. An October post captioned “Just year’s Weibo Awards. With 56 million Actress • CHINA call me: Fit Amy” attracted 545,000 likes. Weibo followers, she starred in campaigns Last year was busy: Wilson starred in four for Chopard and in January donated Zhao has in the past decade starred in films, including Isn’t It Romantic, which $75,000 to support the fight against over two dozen Chinese TV series and won she also produced. Covid-19 in Wuhan. multiple awards, including Influential Actor of the Year at the annual Weibo KRIS WU • AGE: 30 Jackson Awards in January. She has 88 million Yee Weibo followers and 20 million on video Actor and singer • CHINA app Douyin, and has endorsement deals JACKSON YEE • AGE: 20 with Dior and Longines, among others. Commanding over 50 million fans on Weibo and 7 million on Instagram, this Actor and singer • CHINA ZHOU DONGYU • AGE: 28 Chinese-Canadian has endorsement deals with brands including Bulgari, Burberry A member of the band TFBoys, Yee, whose Actress • CHINA and Louis Vuitton. Wu’s 2019 rap song real name is Yi Yangqianxi, starred in the “Big Bowl, Thick Noodle” has almost 180 2019 film Better Days, for which he won Zhou has starred in over two dozen million views on streaming site Miaopai. Best New Performer award at the 39th movies, including 2019’s Better Days, annual Hong Kong Film Awards event. for which she won Best Actress this year WUTT HMONE SHWE YI • AGE: 32 With over 86 million Weibo followers, at both the Hong Kong Film Awards Yee’s posts endorsing Emporio Armani and and China’s Hundred Flower Awards. Actress • MYANMAR Tiffany & Co. have had millions of shares. She has 31 million Weibo followers, and endorsement deals with brands such as Last year, the two-time Myanmar Acade- DONNIE YEN • AGE: 57 Burberry and Victoria’s Secret. my Award-winning actress starred in the Myanmar horror film The Only Mom, the Actor • HONG KONG ZHU YILONG • AGE: 32 highest-grossing film in Myanmar that year. For her role, she was also nominated Yen last year released his final installment Actor • CHINA in 2019 for Best Actress by Singapore’s on martial arts master Ip Man with Ip Man Asian Academy Creative Awards. She is 4, which won awards for film editing, sound Known for his roles in the drama The Story Myanmar’s most-followed Facebook fe- design and action choreography at the of Minglan and the web series Guardian, male celebrity, with 6 million followers. 2020 Hong Kong Film Awards. Yen donat- Zhu has almost 30 million Weibo followers ed $130,000 in February to frontline medi- and is a brand ambassador in China for Wutt Hmone cal workers fighting Covid-19 in Wuhan. Chopard and Tom Ford. He donated Shwe Yi $150,000 in January to fight Covid-19 in his hometown of Wuhan. Donnie Yen KENTO YAMAZAKI • AGE: 26 KENSHI YONEZU • AGE: 29 Actor • JAPAN Singer and songwriter • JAPAN Yamazaki is due to star in Netflix’s Alice In In July, Yonezu became Japan’s first artist Borderland, set to premiere December 10. to reach 5 million YouTube subscribers and With 4 million followers, Yamazaki is al- his channel ranks among Japan’s 10 most- ready among the 10 most-followed celebri- ties on Instagram in Japan. Yamazaki last M E T H O D O L O G Y: To determine the finalists, Forbes Asia evaluated the candidates’ combined year became the first Japanese actor social media reach and engagement. We also considered their recent work, impact and advocacy, to model for Armani Exchange. brand endorsements and business endeavors, and their recognition profile on a local, regional and global level. Only those active in film, music, and TV were eligible. Entries use the name of the person or band most widely known, while real names are provided in most cases for individual celebrities, and names of prominent members are included in some of the band entries. For more information go to forbes.com/asiadigitalstars. DECEMBER 2020 FORBES ASIA

PROMOTION HILTON: A LUXURIOUS ESCAPE FROM REALITY Make new memories with those who matter the most at these paradise island resorts. Terra at Waldorf Astoria Maldives Ithaafushi Have you been imagining what your next Private Island Estate can accommodate up to treetops at Terra or enjoy the magnificent sun- travel destination will be? When you are ready 24 persons in two villas, and features five swim- set at Amber, the resort's signature bar. to explore again, Hilton is ready to help you ming pools, a dedicated team of chefs, a spa, For more details: create exciting new memories at their luxury a yacht mooring and its own entertainment www.waldorfastoriamaldives.com resorts located in some of the world’s dreami- clubhouse. est destinations. Conrad Bora Bora Nui There is an extensive range of activities at Whether it is in the Maldives or Bora Bora, the resort to keep you entertained throughout For those who desire a luxurious getaway, these all-villa resorts will not only live up to your your holiday; whether it is snorkelling in the Conrad Bora Bora Nui is an ideal choice. Guests dreams of a perfect getaway, but also offer an island’s pristine waters, indulging at the luxuri- can leave their worries behind while strolling enhanced level of cleanliness to give you peace ous Waldorf Astoria Spa, or enjoying a private along the longest private stretch of soft, white of mind during your stay. curated dinner on the sandbank while watch- sand beaches on the island of Motu Toopua, ing the sun set. with the soaring Mount Otemanu presenting Waldorf Astoria Maldives a breathtaking backdrop. Ithaafushi To satisfy discerning tastes, you can choose from no fewer than 10 destination dining ven- A range of accommodation options are avail- Located in one of the world’s most desirable ues—the largest variety of dining options avail- able to suit every guest’s specific needs, from island locales, the award-winning Waldorf able in the Maldives. Notable among them is the spacious Lagoon View Suites designed Astoria Maldives Ithaafushi offers memorable The Ledge by celebrity chef Dave Pynt—the for families to the spectacular overwater villas experiences in a highly exclusive setting. award-winning chef behind Michelin-starred and Presidential Villas. The resort’s six restau- Singapore restaurant Burnt Ends—which fea- rants and bars cater to all tastes and appetites. Guests can choose from one of the resort’s tures an elevated barbecue set against the Enjoy innovative French cuisine amid stunning 119 overwater, beach or reef villas. For an even stunning backdrop of the Indian Ocean. Diners views of the lagoon at the resort’s signature more extraordinary experience, a stay on your can also soak in spectacular views among the Iriatai French Restaurant or indulge in modern very own private island awaits. The Ithaafushi

PROMOTION Chinese fare at Banyan Chinese Restaurant. Royal Villa at Conrad Bora Bora Nui “Today, we remain committed to being at Whether you want to fill your days with the forefront of invigorating the essence of lux- restaurants and bars, two spas and a selection ury travel to create the most unforgettable and vibrant activity or simply relax at your own lei- of cultural activities. One notable highlight inspiring experiences for our guests all around sure, there are many ways to spoil yourself at is Ithaa, the world’s first undersea restaurant the world,” he adds. “Being in two of the most Conrad Bora Bora Nui. The more adventurous that allows you to dine five meters below the sought-after destinations in the world, our can explore the island surrounded by incred- surface of the ocean with panoramic views of all-villa Waldorf Astoria and Conrad resorts in ible views while biking, swimming among coral gardens and tropical fish. Bora Bora and the Maldives offer the highest sharks or hiking. Those who wish to take it easy levels of exclusivity and privacy. From arrival to can unwind at the stunning infinity pool or Guests also get to revel in the privacy of departure, our guests are assured of a safe and pamper themselves at the hilltop Hina Spa. Rangali Island while enjoying access to the facil- uninhibited environment during this unique ities of the larger and livelier Rangali Finolhu time where they can stay with peace of mind Top off your stay with a truly memorable Island, which is linked by a 500 meters bridge. whilst enjoying unparalleled, bespoke service experience by spending a day at the resort’s Indulge yourself at The Spa Retreat, an overwa- delivered by our dedicated team members at private islet, Motu Tapu, and enjoy a picnic ter destination spa set 100 meters off of the tip every turn.” prepared by chefs in one of the world’s most of the main island. exclusive settings. If you have been yearning to travel again, the For more details: For a truly unique experience at Conrad time has come for you to plan your next travel www.conradboraboranuiresort.com Maldives, the resort offers the world’s first memory with Hilton. undersea residence that will allow you to social Conrad Maldives Rangali distance in the most exclusive setting possible. Hilton Honors Island The MURAKA is a first-of-its-kind, two-level resi- dence with a master bedroom submerged 5 Hilton Honors is the award-winning guest Diving and snorkelling enthusiasts will mar- meters below sea level. MURAKA, which means loyalty program for Hilton’s 18 world-class vel at the sight of the sparkling waters off the coral in Maldivian, is an awe-inspiring reflection brands. Through the current challeng- Conrad Maldives Rangali Island, where an of how the resort exists in harmony with the ing times, the program continues to pro- exceptional underwater experience awaits. natural landscape of the Indian Ocean. vide flexibility and value to members and For more details: guests—from offering flexible booking Nestled in atolls surrounded by azure blue www.conradmaldives.com and cancellation policies, digital enhance- waters and powdery white sand, the resort ment through the Hilton Honors App for a inspires travelers by offering them a memo- Hilton CleanStay seamless booking and stay journey, to loy- rable respite from the bustle of modern life. It alty status extensions with no points expiry, features more than 150 purposefully designed To ensure the safety and comfort of guests to making it easier for members to qualify villas and suites, a choice of 12 award-winning during this unprecedented time, Hilton has for higher tier status with reduced require- implemented Hilton CleanStay, an industry- ments, and much more. Conrad Maldives Sunset Water Villas leading program that delivers an even cleaner stay from check in to check out at their proper- *To stay up to date on the latest policies and ties worldwide. programs, visit covid.hilton.com. “For over 100 years, Hilton has been at the Hilton Honors offers its 108 million mem- center of hospitality and was one of the first bers worldwide hundreds of ways to earn in the industry to foresee the global growth and redeem points, including Hilton Honors of luxury travel, setting the benchmark for dis- Experiences, which gives greater opportu- cerning travelers all over the world. The brands nity for members to use their points outside in our luxury group, Waldorf Astoria Hotels of redemption stays. Members can redeem & Resorts; Conrad Hotels & Resorts and LXR a wide range of exciting Hilton Honors Hotels & Resorts, have all helped define the Experiences, such as private beach dining hospitality experience for the modern-day trav- at Waldorf Astoria Maldives, cocktail hour eler,” says Nils-Arne Schroeder, Vice President, at Ithaa at Conrad Maldives or a relaxing Luxury and Lifestyle, Asia Pacific. 60-minute spa massage at either resort. www.hilton.com

FORBES ASIA CEO WEBINAR By Shu-Ching Jean Chen, Jeanhee Kim and Jessica Tan 44 The Way Forward The Forbes Asia CEO Webinar, this year’s digital alternative to the annual Forbes Global CEO Conference, convened virtually on Dec. 1 and Dec. 2. Business leaders from around Asia delved into the long journey back from the pandemic, the opportunities created by the new normal, and the way forward. Here are some key insights from those discussions. Webinar In Conversation with Steve Forbes, now being incurred to support the global economy. Doing chairman and editor-in-chief, Forbes Media so, he said, would hinder recovery. Instead, “we should treat it like we have just fought a major war,” he said. In a wide-ranging conversation, Steve Forbes, chairman “When you fight a major war, debt levels go up to levels and editor-in-chief of Forbes Media, shared his views that were inconceivable during peacetime. And so the on geopolitical and economic issues, including his pre- question is, ‘What do we do about the debt?’ We put in dictions for the administration of U.S. President-elect policies that allow for economic growth and realize that Joseph Biden and a possible economic aftermath of the government spending really doesn’t stimulate an econo- global pandemic. my long-term.” For Asia, Biden’s presidency will likely be a “very mixed “A government does not create resources, it is the pri- bag,” Forbes said. “The good news is no new tariffs, but vate sector that creates resources,” Forbes said. “What a lot of work is going to be done to try to have a smooth kind of environment will we have to allow the private sec- relationship with our allies, and coming up with a modus tor, entrepreneurs to get back and do the things that they vivendi with Beijing.” He predicted that U.S.-Japan ties do so well: create and come up with new ideas, new busi- would remain close and that relations with India would nesses, new ways of doing things, more productive ways continue to deepen. “The problem on trade, though, which of doing things. That is how you create the resources to is not good news for anybody, is that the Democrats are make sure that, in the future, assets grow faster than our even more protectionist than Donald Trump was,” he said. liabilities.” —J.T. Forbes expressed optimism that potential new vaccines DECEMBER 2020 could help ease the immediate effects of the pandemic. “The worst of the Covid-19 overhang will be over but that still leads to the question of economic policies and the af- termath,” he said. “But at least this nightmare will be be- hind us within the very foreseeable future.” Governments will need to resist the temptation, Forbes said, to use higher taxes to pay down the growing debts FORBES ASIA

Dec. 1 - First Panel ECONOMY & TRADE: WHAT DOESN’ T KILL US Just weeks after announcements by three major phar- Ho Kwon Ping, founder and executive chairman of Sin- 45 maceutical companies that their Covid-19 vaccines had gapore-based resort operator Banyan Tree Holdings. The achieved protection rates of at least 90%, four panelists new trend will be “purposeful” travel, he said, travel that FORBES ASIA CEO WEBINAR focused on how widespread vaccinations might impact the has a special purpose, either for business or leisure. global economy and geopolitics. Lohia said his Bangkok-based company would cut its own The successful development of vaccines “will lead to a business trips in half now that Zoom is so widely used. “I much more secure environment for economic rebound,” personally find it hard to believe people will travel,” he said. said Kiran Mazumdar-Shaw, founder of Biocon, a leading biotech firm in India. “We are likely to see the green shoots Domestic travel, on the other hand, is likely to dominate coming back” by the first quarter of next year and a return the sector, panelists agreed. People will stay closer to home, to pre-pandemic levels by the end of 2021. “Vaccine-in- Lohia predicted, which will require infrastructure spend- duced herd immunity is extremely important to economic ing to handle rising demand on roads and mass transit. revival,” she said. Panelists concurred that Biden presidency would bring But vaccines must be accessible, Mazumdar-Shaw greater geopolitical calm. “I expect Biden will undo the warned. “The pandemic shows one thing: there are no confusion and chaos,” said Mazumdar-Shaw. But the dam- boundaries,” she said. “We all have to be immunized. One age to the U.S. influence has been extensive and irrevo- part of the world immunized doesn’t protect the other.” cable, panelists said. “In the Trump chaos, the U.S. gave up the technological lead,” said Gaw. The U.S. forced China to Aloke Lohia, group CEO of global petrochemical maker develop its own tech standards, he said, “bifurcating the Indorama Ventures, also saw “a very positive outcome, world.” Ho cautioned that, even without Trump, the U.S.- post-Covid,” but he pegged it to government policies. China rift would not heal unless Americans accept China “Stimulus will drive the economy,” he said. “I see a good as an equal competitor. “America has to recognize it is no deal of corporate activity coming back.” longer exceptional, as the Brits had to.” The panelists predicted long-term changes to the belea- Ho called Covid-19 a “creeping disaster” that would trig- guered travel industry. Goodwin Gaw, chairman of Hong ger a paradigm shift. “Covid has opened the eyes of Asia to Kong-based private equity firm Gaw Capital Partners, said Western exceptionalism,” he said. “The fact that Western leisure travel would be first to rebound. Business travel, on economies performed so badly doesn’t mean Asia will be the other hand, is unlikely to revive completely as people superior, but does mean Asia will have to find its own way may no longer see the need for short business trips, said forward.” —J.K. From top left to bottom right: Goodwin Gaw, managing principal and chairman of Gaw Capital Partners; Ho Kwon Ping, executive chairman of Banyan Tree Holdings; Aloke Lohia, group CEO of Indorama Ventures; Kiran Mazumdar-Shaw, executive chairperson of Biocon; Wayne Arnold, executive editor, Forbes Asia (moderator). DECEMBER 2020 FORBES ASIA

Dec. 1 - Second Panel FAMI LY BU S IN ES S: E XPE DIT I ON I N TO TH E U N KN OW N 46 Digitalization amid the pandemic dominated this discus- house with just a video viewing?’ But, hey, it works. Sales sion, with panelists sharing how their family businesses have kept on going, even during the lockdown.” FORBES ASIA CEO WEBINAR are pivoting to the new normal. “I think the keyword this Damen Shipyards in the Netherlands has managed to year has been acceleration,” said Roshni Nadar Malhotra, remain fully operational. “We had a rapid-test facility at chairperson of India’s IT services giant HCL Technologies. the shipyards to test our employees,” said Rose Damen, “For a lot of businesses, industries and clients that we ser- family shareholder of the group and managing director of vice, as well as our own, initiatives and strategies that were Damen Yachting. “Shipbuilding is not something you can to be played out over the next two to three years are now do from home.” all of a sudden pushed forward.” Damen said initial concerns about dwindling orders as While HCL was able to quickly transition its the pandemic unfolded in March were swiftly dispelled. 150,000-strong workforce to working from home, Nadar “Actually, our order intake for 2020 has been very strong Malhotra said she expected more shifts as vaccines restore because families still want to get away, and yachting is a confidence. “Employees would want to come back to work way for them to do that in a safe way,” she said. because it’s also a sort of a break from the personal issues, Damen said the pandemic “has opened our eyes” to a lot psychological issues, that they could have been feeling at of opportunities in the digital space. “We used to fly our home,” said Nadar Malhotra. Offices and other workplaces subcontractors all over the world, for example, to do com- provide space for a “certain level of collaboration and missioning work. But for now we’ve figured that actually a creativity,” she said. lot of that can also be done virtually,” she said, adding that GSH Corporation COO Kenneth Goi said his business, some of that virtual commissioning would likely continue founded by his billionaire father Sam Goi and which has post-Covid. interests in property, hospitality and food, was tested by Axton Salim, executive director of Indonesia’s diversified the sudden drop in occupancies, construction shutdowns Salim Group, said that “digital transformation in the coun- and supply-chain disruptions. He emphasized the impor- try is starting to develop very quickly.” Yet, with opportu- tance of being “fluid enough to make changes so that we nities come challenges. “If we look at the whole Covid-19 can adapt to the new situation.” situation, it further highlights the gaps and inequalities, The pandemic has pushed GSH to think outside the and different sets of problems for consumers who are in box, Goi said, citing his sales teams’ use of WeChat and the outer islands and in the lower income households, who Skype to conduct virtual showroom tours. “Prior to this now have to face digital obstacles and afford internet ser- pandemic, we always wondered: ‘Why would people buy a vices,” he said. —J.T. From top left to bottom right: Rose Damen, family shareholder of Damen Shipyards Group, managing director of Damen Yachting; Kenneth Goi, COO and executive director of GSH Corporation; Roshni Nadar Malhotra, executive director and CEO of HCL Corporation, chairperson of HCL Technologies; Axton Salim, executive director of Salim Group; Rana Wehbe Watson, senior editor-special projects, Forbes Asia (moderator). FORBES ASIA DECEMBER 2020

47 From top left to bottom right: Cheah Cheng Hye, co-chairman and co-CIO of Value Partners Group; JP Gan, founding partner of INCE Capital; FORBES ASIA CEO WEBINAR Janet Henry, global chief economist of HSBC; Jean Eric Salata, chief executive and founding partner of Baring Private Equity Asia; Wayne Arnold, executive editor, Forbes Asia (moderator). Dec. 1 - Third Panel MONEY & INVESTING: WASHING THE ‘INVISIBLE HAND’ This discussion brought together some leading finan- continue to outperform quite significantly,” she said. cial experts, who offered insights on how to invest in the China remains on everyone’s radar as well. “The ele- coming months. The waves of liquidity unleashed by global central banks are here to stay, panelists said. “You phant in the room right now is the opening and devel- cannot go on forever, but in the next few years, that seems opment of China's capital market,” said Cheah. The po- to be where we are,” said Janet Henry, global chief econo- tential is huge: while China may already be home to the mist at HSBC. As a result, expectations for a long period world’s most-traded stock market and its second-largest of low interest rates have been priced into valuations of by market cap (after New York), he said, 80% of national companies, yielding both sky-high stock prices and ever- savings are still tied up in real estate, or in money market pricier deals, according to Jean Eric Salata, founding part- funds and cash. ner of Hong Kong’s Baring Private Equity Asia. Meanwhile, the pandemic hasn’t slowed down the deal While today’s low rates may seem mind-boggling com- flow, said JP Gan, founding partner of INCE Capital. pared with those 20 years ago, said Salata, the market’s Serious money is still being raised through digital road- seemingly “irrational exuberance, if you would call it that, shows and Zoom calls. “This is going to change the finan- is not necessarily a bad thing if it is funded by equities cial industry. Maybe in the future, there will be no more rather than debt.” Often, equity investments go straight roadshows. Just Zoom calls all day. That’s all,” Gan said. into the locomotive of businesses, he said, feeding innova- “We can have robots for the presentation and switch to tion and creativity along the way. But Cheah Cheng Hye, humans for Q&A.” co-chairman at Hong Kong investment firm Value Part- ners, sounded a note of caution: “Sooner or later, the real Digitalization and the relentless rise of technology will world will catch up with us.” continue post-pandemic, and tech remains one of the best investment opportunities. The panelists all liked Hopefully, the pandemic represents only a temporary tech as an investment, and, in an instant online poll of disruption in earnings, Salata said, as opposed to perma- attendees, 33% of them also picked tech stocks as the nent destruction of value. And the loss of one year’s earn- asset class most likely to perform best over the next year, ings isn’t enough to ruin a good company. Overall, the pros- beating Asian stocks, bonds, crypto-assets, gold, private pects for much of Asia remain bright, Henry said. “Asia will investments and property. The likeliest laggard? Trea- sury bonds. —J.C. DECEMBER 2020 FORBES ASIA

From top left to bottom right: Jane Sun, CEO of Trip.com Group; Hendra Soetjipto Tan, group CEO of Star Energy Geothermal Group; David Yeung, founder and CEO of Green Monday Group; Wayne Arnold, executive editor, Forbes Asia (moderator). 48 FORBES ASIA CEO WEBINAR Dec. 2 - First Panel INNOVATION: GERM OF AN IDEA What do food, online travel, and green energy have in plant-based diet at least one day a week—on Monday. common? A relentless pursuit of innovation, according Investors are also becoming increasingly aware of the to three top executives in their respective fields. After a long and painful slump, travel is now one of the industries climate-change imperative. In Indonesia, Star Energy spearheading China’s economic revival, said Jane Sun, Geothermal, the largest local geothermal energy producer CEO of China’s leading online travel agency Trip.com. and among the world’s top three, was able to raise $1.1 bil- To make up ground lost to the pandemic, the company lion in October selling green bonds that were the first is- started 3D online streaming of tourist attractions—from sued by an Indonesian firm to win an investment-grade museums to hotels, inside and outside China. It has also rating, said Hendra Soetjipto Tan, Star Energy Geother- launched a service for online sales of luxury items. “When mal’s group CEO. our customers want to buy luxury products such as Rolex watches, our finance arm helps them to do it,” Sun said. Star Energy Geothermal is working to transform Indo- nesia into the world’s largest producer of clean power from Green Monday, a Hong Kong-based company, is develop- the earth’s volcanic heat, Tan said. “Geothermal energy is ing plant-based food alternatives for various Asian cuisines, very reliable and stable, unlike wind and solar, which de- said David Yeung, founder and CEO. Green Monday’s lat- pend on the weather, and certainly can reduce carbon emis- est product is designed to taste and cook just like luncheon sions.” Star Energy Geothermal already produces enough meat. Demand is soaring, Yeung said, as the pandemic electricity to power up 900,000 homes, and has 875 mega- awakens people to the fragility of the planet and food sup- watts in gross capacity. Geothermal power also stands to ply chains. “Even today, not many people realize that we can reduce Indonesia’s oil import bill. The shift in attitudes, he simply reduce our meat consumption to create an impact,” said, is unmistakable. “The benefit is very, very clear,” Tan Yeung said. Green Monday’s name comes from eating a said. “Young people want to see bluer skies. It’s a trend, and I would say, a one-way street going forward.” —J.C. FORBES ASIA DECEMBER 2020