Staff reporter
As many as 300 senior executives of global financial institutions are expected to attend today’s investment summit – up from 240 last year – as Hong Kong seeks to lure overseas capital to the city and the mainland amid confidence concerns over China.
The three-day Global Financial Leaders’ Investment Summit started with a dinner reception and a tour of the Palace Museum in West Kowloon last night for bankers and managers from financial institutions across the globe.
More than 90 of them were seen to be represented by their group chairmen or chief executives – double last year’s number, when the summit was held for the first time to restore confidence after years of Covid isolation and the imposition of the national security law.
Wall Street heavyweights – including Morgan Stanley’s chairman James Gorman and his counterpart in Goldman Sachs David Solomon, Citadel’s founder Ken Griffin, and Bob Prince, co-chief investment officer at Bridgewater Associates – are scheduled to share their insights during the summit.
Citigroup chief Jane Fraser and Blackstone president Jonathan Gray, who pulled out of last year’s event after contracting Covid, are also expected to join this year.
Under the theme of “living with complexity,” industry leaders will discuss topics that include the macroeconomic headwinds from weakening global growth, tightening financial conditions, as well as the opportunities and challenges related to China at the main summit at the Four Seasons Hotel in Central, the Hong Kong Monetary Authority has said. There will be an investment forum tomorrow as well.
As international investors are more concerned about the economic performance of Hong Kong and China and the related risks, the first session of the summit will cover China’s economy and policies, the property market, and the financial situation of local governments, HKMA chief Eddie Yue Wai-man said.
Representatives of mainland regulators will update foreign investors on China’s situation in person, Yue said.
People’s Bank of China deputy governor Zhang Qingsong, National Financial Regulatory Administration vice minister Xiao Yuanqi, and China Securities Regulatory Commission vice chairman Wang Jianjun will speak at the summit.
Yue said he recently met with the chief executives of two of the largest asset management firms in the United States and learned that their allocation of Chinese assets was on the rise despite the geopolitical tension.
The companies had indicated that their clients’ interest and demand for investing in the mainland has not been reduced. Their cutbacks in Chinese exposures were also temporary as they had not been to the mainland for some time and had been affected by a lot of negative coverage, Yue said, adding that they would return once they gain a better understanding of the situation.
Last month, active long-only funds net sold a combined US$3.1 billion (HK$24.18 billion) in China and Hong Kong stocks in the third straight month of over US$3 billion in net sales, according to Morgan Stanley.
The HKMA has arranged a roundtable meeting with the chief executives of several large Swiss private banks, where government officials will brief them on the changes in Hong Kong’s wealth management market and the measures related to family offices, with a view to attracting them to encourage their clients to invest in or set up family offices, Yue said.
While declining to comment if this year’s summit would be the last one, Yue said he would like to listen to the participants’ views before making a decision later.
”[Professional tennis players] Rafael Nadal and Novak Djokovic are thinking about the same question: whether to quit when they are at their peak or to play longer until they reach certain limits and then retire,” Yue said.
Editorial: Page 4
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