The annual merger & acquisition (M&A) case competition jointly organised by the Asia Investment Banking Conference (AIBC) and the Hong Kong Shanghai Banking Corporation (HSBC) is one of the longest-standing and prestigious competitive events in the mergers and acquisitions scene, and our students did us proud this year by winning the champions title!
The undergraduate team comprising students Ethan Liew, Lee Yi Ren, Lim Wei Jun and Rachel Goh originally met through various finance interest groups and internships, and decided to have a go at the competition, in the spirit of gaining exposure to the investment banking industry. While the team was uncertain if they could juggle the load of a competition and their ongoing internships, the opportunity was simply too compelling to forgo.
The team decked out in formal attire to make a strong virtual showing on Zoom.
The arduous road to victory
Upon release of the case material, the team immediately arranged a kick-off meeting to apportion the work. While working on their individual parts, they made regular check-in calls with one another to make sure that everyone was up to speed, and that the workflows were progressing as planned. Nearing the submission date, they ramped up the frequency and intensity of discussions, going the extra mile to talk through the various intricacies to ensure that everyone was on the same page.
Ironically the greatest challenge for the team was not the case challenge itself but coordinating their busy schedules! As all four team members were doing full-time internships, finding the time and energy to meet and discuss was the trickiest bit. However, the team managed by staying focused and being intentional in their use of free time. Staying up late after a long day’s work to deliver on their respective tasks also became a necessary sacrifice, and the gruel of the preparation process really tested the limits of team.
The winning edge
The race to the championship spot was a close fight, and what the team believes made them stand out was the level of detail in their analyses. The team was able to pool their knowledge from their past and present internships to ensure no stone was left unturned, ensuring a thorough case preparation. Their comprehensive and diligent preparation also equipped them well to answer the questions from the judging panel.
The team took a great deal of learning away from the experience. Having simulated the execution of a live merger and acquisition deal, they now have a first-hand taste of the depth and granularity that goes into the deal-making process of an M&A transaction.
The team is glad that we managed to pull through and finish on a high. While the process was long and arduous, I think it made for a very fulfilling experience and it definitely made us value the result even more.
Ethan Liew
