When Ralph Leung relocated to Hong Kong from Morgan Stanley’s New York offices, he was a newlywed eager to energize the financial world as one of the bank’s senior deal makers for the Asia Pacific region. Four years later, when he accepted a call from a U. S. recruiter, he had been credited with having helped led numerous transactions (mostly IPOs) from the region, including Alibaba Group’s historic $25 billion IPO. What’s more, Leung had become the father of two. “It was time to go back home,” recalls Leung, who would relocate to San Francisco’s Bay Area after accepting a finance leadership role for an online video and entertainment company.  Looking back on his Hong Kong years, Leung tells us that the experience was a departure from his previous Morgan experience because it involved advising more early-stage founders and entrepreneurs.    “I learned what Series A, Series B, and Series C meant and how to grow a business from different capital perspectives,” continues Leung, who credits the experience with having helped to open the door to CFO roles within early-stage companies. Still, Leung tells us that some of the best learning experiences from his banking years came from transactions that never occurred, including one IPO that after 2 years of persistent effort failed to capture the necessary investor attention.    “It was taking a lot of time to educate investors, and while we thought that we could get over the hump by using industry research and really demonstrating how the company could be a profitable business, we underappreciated the difficulty of advancing the narrative,” explains Leung, who tells us that the IPO was “shut down” when the company opted instead to reposition itself according to investor feedback and give itself an operations boost to make it more attractive to investors. “So, the business responded and made some changes, rather than just trying to have us sell through certain obstacles,” reports Leung, who adds that ultimately the business went public a year or so later.   He concludes: “Some obstacles just have to be respected and resolved.” –Jack Sweeney