Huang Tianyou of the Hong Kong Securities and Futures Commission: Asian markets differ in cycles, valuations, and growth engines, which may offer active investors excess returns.

Dr. Tim Lui, Chairman of the Securities and Futures Commission (SFC), and Ms Julia Leung, Chief Executive Officer, today attended the "Dialogue with Global Investors" forum co-organised by the SFC, the Hong Kong Monetary Authority and the Hong Kong Academy of Finance, and exchanged views with global financial leaders. In his welcome remarks, Dr Lui emphasised that Asia is not a single story: markets within the region differ in cycles, valuations and growth engines. Markets often treat such differences as risk, but for active investors, these differences are not only risks to be managed but may also be a source of excess returns. The question investors need to consider is not whether they should be bullish on Asia, but whether global portfolios adequately reflect the diversified opportunities arising from Asia's transformation. Dr Lui noted that active investing is not only about seeking excess returns, but also about scrutinising companies, questioning management decisions, and assessing strategy and capital allocation to ultimately determine whether a company remains worthy of investment. Active investors can both uncover corporate value and promote rigorous capital deployment, strengthen corporate accountability and drive companies to continuously create value, ultimately enhancing corporate quality. This is particularly important in Asia's rapidly transforming markets. He noted that regulators set the rules, but regulation alone cannot build an excellent market; it also requires the capital discipline of investors. Hong Kong is not only a gateway to Asia, but also a market where global investors can understand, participate in and uncover value in Asia's transformation. Ms Leung moderated the first panel discussion on the macroeconomic landscape. She noted at the outset that global markets remain broadly resilient, but risks from sovereign debt, geopolitical tensions, concerns about AI and policy changes are mounting. She asked the chief executives of four of the world's top asset management firms: amid intensifying pressures, should they make tactical adjustments now or fundamentally reshape their strategies? The panellists then discussed how companies and investors should respond to challenges under macroeconomic risks and the AI growth cycle, and assessed opportunities in the mainland China and Asia-Pacific markets. The forum brought together more than 300 local and global financial leaders, concluding the three-day "Global Financial Leaders' Investment Summit 2026".