June 22, 2026, Dalian, China — Cheung Kong Graduate School of Business convened a special session at the 2026 Summer Davos, also known as the World Economic Forum’s Annual Meeting of the New Champions, to explore one of the most consequential issues facing China’s private sector today: intergenerational succession in family businesses.
The session, titled “Intergenerational Resilience: A New Paradigm for Family Business Succession Amid Global Change,” brought together business leaders, CKGSB alumni, and World Economic Forum representatives for a focused discussion on how Chinese private enterprises can build lasting institutions across generations while navigating an increasingly complex global market.
Delivering the keynote speech, Professor Li Haitao, Dean of CKGSB, Dean’s Distinguished Chair Professor of Finance and Director of CKGSB’s Research Department on Family Business and Wealth Management, argued that succession is no longer simply a private family matter. It is a structural issue with broad implications for China’s economic future.
Dean Li noted that after more than four decades of reform and opening-up, many of China’s first-generation entrepreneurs are going through large-scale succession for the first time, unlike Europe, where many family businesses have accumulated experience over several generations.
This transition, he said, comes at a particularly difficult moment. The global environment that enabled Chinese companies to grow rapidly over the past two decades is changing. Globalization is retreating, geopolitical tensions are rising, and artificial intelligence is reshaping industries at unprecedented speed. At the same time, generational differences in values, ambitions and worldviews are creating new internal challenges for family businesses.
“Succession is not just about passing on wealth or ownership,” Dean Li said. “The greater challenge is how to pass on culture, values and a code of conduct.”
To address this challenge, Dean Li introduced CKGSB’s “dual-wheel” framework for family business succession. The first wheel is institutional design, centered on ownership, control and management (OCM). He emphasized that families must carefully structure ownership, control rights and management responsibilities, so that the founding family fully owns and controls the business, while also attracting capable professional managers where needed.
The second wheel is values. Dean Li highlighted three essential principles: long-termism, collectivism and altruism. Long-termism, he said, is necessary because building both a sustainable enterprise and a resilient family culture is a “long-term game.” Collectivism helps maintain unity within the founding family and prevents internal conflict. Altruism ensures that family wealth is treated not only as a blessing, but also as a responsibility to society.
“Without values, even companies with a sound OCM structure cannot last,” Dean Li said.
Dean Li further emphasized that successful succession requires patience and preparation over decades, rather than a last-minute transfer of power. Families that endure, he argued, are those that combine clear governance structures with a shared sense of purpose and responsibility.
He also reflected on his own experience as a “second-generation” leader, noting that succeeding a founding leader is among the most difficult leadership roles. The challenge is not only to preserve what has been built, but also to continue evolving the organization for a new era.
The keynote was followed by a roundtable discussion featuring prominent first-generation and second-generation Chinese business leaders, including Jiang Xipei, Founder and Chairman of Far East Holding Group (CKGSB alumnus), Zhou Chaonan, Founder and President of Range Intelligent Computing Technology Group (CKGSB alumna), and Zhang Chao, Co-President of Mingyang Smart Energy Group. Speakers discussed real-world succession practices, the role of women in family business leadership, the balance between long-term family interests and capital market expectations, and the importance of trust, culture and shared values in global expansion.
Several speakers echoed Dean Li’s emphasis on long-termism. Participants noted that listed family businesses must respond to market expectations but should not allow short-term fluctuations to distract them from strategic investment, technological transformation and sustainable value creation.
The discussion also highlighted the role of the next generation in helping Chinese companies globalize. As Chinese enterprises expand overseas, younger leaders often bring international experience, cross-cultural communication skills and a greater ability to build trust across markets. Participants noted that this capability is especially important in an era of rising geopolitical complexity.
Dean Li concluded by underscoring CKGSB’s role as a platform for research, dialogue and practice on family business succession. With a community of more than 25,000 alumni, many of whom are leading private enterprises, CKGSB is uniquely positioned to support Chinese companies as they navigate the next stage of institutional development.
“All Chinese private enterprises are facing this issue of business succession,” Dean Li said. “Should we fail to overcome this common challenge, it will become a major obstacle to China’s continued economic development.”
He added that CKGSB looks forward to deepening cooperation with the World Economic Forum and learning from long-established family enterprises in Europe, while also sharing the experiences of China’s emerging business leaders.
The session reflected CKGSB’s continued commitment to connecting Chinese business practice with global dialogue, and to helping private enterprises build the resilience needed to thrive across generations.
