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Hongs are very large, widely diversified conglomerates that have played a critical role in Hong Kong''s economy. The histories and business activities of five major Hongs - Hutchison Whampoa, CITIC Pacific, Swire Pacific, Jardine Matheson and New World - are reviewed in this note. Like the Keiretsu of Japan and the Chaebol of Korea, the Hongs owe much of their growth and development to the historical failure of Asian management and financial markets. Through market advantages that come through internalization, the Hongs provide an interesting contrast to the diversified conglomerate models of North America and Europe that have largely fallen out of favor. With globalization and rapid technological change, the Hongs now face increasing pressure to focus product lines and open new markets outside Asia. This note reviews the argument for and against geographic diversification and product focus and provides an excellent vehicle for discussing corporate strategy and culture-specific management models.