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The Institute for Financial Research at the Hong Kong University of Science and Technology (HKUST) and the Institute for Global Development at Tsinghua University jointly hosted the “Hong Kong Financial Market Development Forum,” bringing together leaders from government, industry, and academia to explore new opportunities for Hong Kong amid a changing global landscape. At the event, the two institutions also launched a collaborative research initiative titled "Challenges and Opportunities for Hong Kong’s Financial Market Development." This initiative aims to provide solid theoretical insights and policy recommendations to support the advancement of Hong Kong’s financial market, enhance dialogue between policymakers and market participants, strengthen Hong Kong’s position as a global financial hub, and attract international capital and institutions. It also serves to reinforce Hong Kong’s strategic role in China's broader agenda of financial openness and global competitiveness.
Amid complex geopolitical shifts and mounting global uncertainty, Hong Kong’s financial market faces a highly intricate environment. The forum featured keynote addresses and panel discussions with senior policymakers, regulators, industry leaders, and academics. Speakers included Mr. Bin Qi, Deputy Director of the Liaison Office of the Central People’s Government in Hong Kong; Mr. Kelvin Wong, Chairman of the Securities and Futures Commission; and Mr. Jian’ge Li, Chairman of the Sun Yefang Economic Science Foundation.
The first roundtable, moderated by Prof. KC Chan—Chairman of the Board at WeLab Bank, former Secretary for Financial Services and the Treasury of Hong Kong, and former Dean of HKUST Business School—focused on strategies to attract high-quality companies to list in Hong Kong. Panelists included Mr. Charles Li, Founder of Micro Connect Group and Chairman of Micro Connect Macao Financial Asset Exchange; Mr. Peng Shen, Founder of Waterdrop Group; Mr. Chunbo Li, Executive Committee Member of CITIC Securities and Chairman & CEO of CLSA; and Mr. Joe Lai, CEO of Deutsche Bank Hong Kong and Chairman of Investment Banking Asia at Deutsche Bank.
The second roundtable explored how to draw more diverse investors to Hong Kong’s financial markets. Moderated by Prof. Jianfeng Yu, Chair Professor at Tsinghua University’s PBC School of Finance and Deputy Director of the Institute for Fintech Research, the panel featured Mr. Haizhou Huang, Member of the Monetary Policy Committee of the People’s Bank of China and former Managing Director of CICC; Mr. Johnson Chui, Managing Director and Head of Global Listing Services at HKEX; Ms. Helen Zhu, Managing Partner and Chief Investment Officer of Nan Fung Group’s Asset Management arm; and Mr. Anyuan Zhang, Chief Economist at Sequoia China.
Representatives from both universities also gave remarks, including Prof. Yike Guo, Provost of HKUST; Prof. Chong’en Bai, Dean of Tsinghua University’s School of Economics and Management and Director of the Institute for Global Development; Prof. Dong Lou, Director of HKUST Institute for Financial Research and Associate Dean of HKUST Business School; and Prof. Keyu Jin, Chair of the Center for Geoeconomics at HKUST Institute for Financial Research.
Prof. Yike Guo remarked, “Hong Kong is rapidly emerging as a global center for both technology and finance. As more mainland enterprises return and tech companies rise, Hong Kong has the potential to become the listing venue of choice for the world’s leading high-tech firms—fueling innovation and powering the next wave of technological progress.”
Prof. Chong’en Bai noted, “Hong Kong and mainland China’s financial systems are highly complementary. Hong Kong should leverage its global connectivity and market-oriented ecosystem to align closely with national strategies. From RMB internationalization to capital account liberalization, Hong Kong can play a central role. At the same time, it must actively integrate with China’s broader development agenda to reinforce its role as an international financial center.”
Prof. Dong Lou emphasized, “Hong Kong’s financial market is at a critical crossroads, where multiple equilibria can lead to divergent outcomes. Its future depends on creating a positive feedback loop that attracts capital and high-quality listings—solidifying its global role as a hub for RMB internationalization and cross-border financial activity.”
Prof. Keyu Jin added, “Hong Kong stands as a vital bridge between East and West and a key node in global capital flows. Amid evolving geoeconomic dynamics, Hong Kong has the opportunity to lead with diversified strategies—transforming risks into innovation and challenges into growth.”
Mr. Bin Qi, Deputy Director of the Liaison Office of the Central People’s Government in Hong Kong, delivers a keynote address at the forum.
Mr. Kelvin Wong, Chairman of the Securities and Futures Commission, delivers a keynote address at the forum.
Mr. Jian’ge Li, Chairman of the Sun Yefang Economic Science Foundation, delivers a keynote address at the forum.
Roundtable on Attracting High-Quality Listings: Moderated by Prof. KC Chan (far left), Chairman of WeLab Bank Board, former Secretary for Financial Services and the Treasury of Hong Kong, and former Dean of HKUST Business School. Panelists include Mr. Charles Li (far right), Founder of Micro Connect Group and Chairman of Micro Connect Macao Financial Asset Exchange; Mr. Peng Shen (center), Founder of Waterdrop Group; Mr. Chunbo Li (second from right), Executive Committee Member of CITIC Securities and Chairman & CEO of CLSA; and Mr. Joe Lai (second from left), CEO of Deutsche Bank Hong Kong and Chairman of Investment Banking Asia at Deutsche Bank.
Roundtable on Diversifying Investor Base: Moderated by Prof. Jianfeng Yu (far left), Chair Professor at Tsinghua University’s PBC School of Finance and Deputy Director of the Institute for Fintech Research. Panelists include Mr. Haizhou Huang (far right), Member of the Monetary Policy Committee of the People’s Bank of China and former Managing Director of CICC; Mr. Johnson Chui (second from right), Managing Director and Head of Global Listing Services at HKEX; Ms. Helen Zhu (center), Managing Partner and CIO of Nan Fung Group’s Asset Management arm; and Mr. Anyuan Zhang (second from left), Chief Economist at Sequoia China.
Prof. Yike Guo, Provost of HKUST, delivers opening remarks at the forum.
Prof. Chong’en Bai, Dean of Tsinghua University’s School of Economics and Management and Director of the Institute for Global Development, delivers opening remarks at the forum.
Prof. Dong Lou, Director of the HKUST Institute for Financial Research and Associate Dean of HKUST Business School, delivers opening remarks at the forum.
Prof. Keyu Jin, Chair of the Center for Geoeconomics at HKUST Institute for Financial Research, delivers opening remarks at the forum.
