In recent years, the Hong Kong economy has gone through a prolonged period of difficulties. However, many resilient conglomerates, small and medium sized enterprises have proactively implemented changes to successfully weather the economic storms or even turn adversities into opportunities. To reap the benefits from these valuable knowledge and experience, HKACE appointed Hong Kong Productivity Council (HKPC) in August 2003 to carry out a research entitled "Riding out Adversities". This publications details the result of the research.