The growth of Hyflux Limited (Hyflux) required it to become more financially sophisticated. As part of its “asset-light” funding strategy – optimising the use of capital by realising asset values early to keep a lean balance sheet - Hyflux spun off 13 water plants to a business trust, Hyflux Water Trust (HWT).

MAS Holdings is a family-owned manufacturer of women's apparel, founded by three brothers who have built the firm into a US$570 million business. Clients include the biggest brands in lingerie and sportswear. The textile industry makes up 50% of Sri Lankan exports, especially from China. The case is about using corporate social responsibility as a strategic tool in global competition.

Danfoss is one of Denmark’s largest family firms, producing components for a wide range of industrial control activity. Spanning the period 1996-2004, the case begins by looking at Danfoss’ globalisation strategy, then focuses on its specific experience and learning in China, before returning to the wider challenges that globalisation in China poses for Danfoss as a whole.

This is a series of four case studies illustrating a number of key financial issues facing many small to medium sized companies.