Generation 40s – 四十世代

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Once again, speculation fever hits Hong Kong’s resident scalpers

South China Morning Post
Comment›Insight & Opinion

Yonden Lhatoo

Yonden Lhatoo despairs at the number of people who try to turn a quick profit on tickets, gadgets, stamps – and, most recently, HSBC banknotes

So let me get this straight. HSBC has printed two million HK$150 banknotes and is selling them for HK$380 each. And the good people of Hong Kong practically climbed over one another to get their hands on them.

They had to enter a lottery first to earn the privilege of being selected to buy these notes at prices more than double their face value, and then lined up for hours to pick them up.

Is it just me or is there something ludicrous about this? HSBC must be laughing all the way to the – well, bank. OK, the profits will go to charity, so that makes this circus all right then.

But the point is, this peculiar exercise highlights what I consider to be a scourge of Hong Kong and the wider world: the culture of scalping.

What most people are after is the set of three uncut notes going for HK$1,380 or the sheet of 35 uncut notes costing HK$23,880. They expect to at least double their investment by scalping their purchases on internet platforms targeting cash-rich mainlanders. Some are already charging HK$108,000 on the Taobao auction site for a set of 35 notes.

When the notes were distributed at the Convention and Exhibition Centre on Tuesday, mainland touts were already gathered in the lobby to pounce on the buyers. For the past three days, they’ve been creating a public nuisance by hawking their goods and clogging up human traffic on one of the busiest thoroughfares in the world – the Immigration Tower footbridge. Apart from the handful of genuine collectors at such events, the vast majority were just locals trying to make a fast buck.

This happens every time Apple releases a new gadget, and manifests into criminal behaviour when some flavour-of-the-month pop star comes to town.

I sympathised with Hong Kong’s Lady Gaga fans back in 2012 when ticket scalpers were making life a living hell for them. I wouldn’t watch her concerts for free, but, putting my personal prejudices aside, I can understand how frustrating it must have been for the fans.

It’s the same year after year at the Rugby Sevens, when fans from all over the world travel to Hong Kong to be fleeced by touts and fraudsters. It’s a blight on our city’s reputation.

As we’ve seen at the Sevens, the culprits are not poor people but well-heeled rugby club members and corporate types who snap up their share of allocated tickets and go and scalp them online or through brokers. Ticket scalping is illegal in Hong Kong, but that’s no deterrent when instant profits eclipse the statutory fine of HK$2,000.

Our city takes this unsavoury phenomenon to new heights, with organised syndicates hiring gangs of South Asians to stand in lines, and housewives sending out their domestic helpers to do the dirty work in the heat and rain.

One way to curb the practice is to simply ramp up supply to meet demand, as the Post Office was forced to do when speculation over special edition stamps went out of control in the late 1990s.

There’s nothing wrong with people trying to make some extra money, but there should be limits. It’s not something to be proud of when people involve their children or entire families in wholesale scalping and price gouging. Greed is not good, folks.

I’ve heard the reverse side of the argument. After all, doesn’t most of basic global commerce boil down to scalping at the end of the day? Buy cheap and sell dear – that’s what all retailers do. It’s what drives the stock market and the property business.

But what happened to making money through productivity and creativity? What happened to innovation, to actually making something that’s worth buying, and contributing to society?

And to all of you who are not collectors yourselves but are the proud owners of these HK$150 banknotes: I hope you end up having to actually spend them one day and you get your money’s worth – HK$150 to be precise.


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Amid rapid advances in science, we need wider debate on ethical issues involved

South China Morning Post
Comment›Insight & Opinion

Edgar Cheng

Edgar Cheng says new centre for bioethics will ensure Hong Kong becomes a platform for discussion

The word “bioethics” is not part of the common vocabulary in Hong Kong. When it comes up in conversation, my friends and colleagues often ask: “What does it mean? Why does it matter?”

The first question is relatively easy to answer. The second is more difficult, given the many different issues crowding for our attention in a hyperactive Hong Kong.

Bioethics is an ever-widening set of questions about the areas of life in which medicine and biotechnology affect human wellbeing.

It encompasses medical ethics, questions about the beginning and end of life, the impact of thrilling and frightening new technologies for human enhancement, and even climate change.

But most of all, it is a conversation across the generations and across cultures about the ways in which individuals and a society can make decisions about health that are ethically informed, responsible, uncoerced and non-coercive.

It is thinking laterally about issues of social justice in the health system, even given a public health system as inclusive and effective as Hong Kong’s. How can we make it better? How can we make sure that no one is left out?

Centrally, it is about respect for people, defined in the broadest manner possible.

We understand these things instinctively, and expect our doctors to do their jobs. Why take things another step? One reason is that Hong Kong has become a laggard in bioethics compared to its regional peers, such as South Korea and Singapore, both of which have advisers or councils on bioethics at the most senior levels of government.

The United States established its first presidential advisory commission on bioethics as early as 1974. In the US, the National Institutes of Health offers a free teaching guide on bioethics for secondary school teachers, aimed at getting students thinking about key concepts, such as fairness, minimising harm, maximising benefits, and respect for human beings and the natural world.

Whether or not Hong Kong needs to play catch-up in bioethics, the fact is that developments in medicine and biotechnology are advancing at a breakneck speed, well beyond the ability of even trained physicians to keep up with the literature, let alone our neighbours.

The first human genome was sequenced in 2003, at a cost of US$3 billion.

Today, the cost of sequencing an average human genome has dropped from US$10 million to under US$1,000 and is still falling, opening the door to mass genetic sequencing.

Genetic sequencing is making it possible to screen for diseases in embryos prior to implantation in the womb, or even sequence the entire embryonic genome. Other pre-implantation techniques, designed to block inherited diseases, introduce the DNA of unrelated individuals to eggs. The catch-all term for this phenomenon is “designer babies”.

And that represents just the beginning of technologies for human enhancement, from nano-medicine to “mind uploading”.

We need to put our resources together and develop a common platform to share ideas about how to deal with the technological future that is rushing at us.

At the Chinese University of Hong Kong, Vice-Chancellor Joseph Sung Jao-yiu is leading an effort that will put bioethics into the general education curriculum and make it an integrated requirement for all six years of medical training.

The new Centre for Bioethics, to be formally launched in January, will sponsor interdisciplinary research and collaboration, joining forces with the Hong Kong Bioethics Association and other universities in Hong Kong, mainland China, and the world to examine the profound ethical issues raised by technological change in the biomedical sciences.

Its launch conference will seek to begin a debate on how the new technologies will affect the future of our city.

These two steps together – educating our undergraduates in bioethics and inviting wide participation in the new Centre for Bioethics – will help to build bioethics capacity in Hong Kong.

Beyond these, however, there is a need to find ways to bring the community into the debate, not just health practitioners and students.

At its most basic, bioethics represents a way forward in developing the values that should inform our health systems, as they fall under new pressures from demographic change and science.

Bioethics is not a panacea, but it represents a moral compass in societies facing change, as we all are.

Edgar Cheng was educated as a medical doctor and is senior adviser to the Council of the Chinese University of Hong Kong. He is a board member of the Hastings Centre, the premier institution in the US for public policy and thinking on bioethics