The China International Finance Forum · Hong Kong Summit was held on November 6, 2025, under the theme "A New Financial Ecosystem in a Changing Landscape: Openness, Innovation, and Sustainability." Hu Zhizhi, President of UBS Group AG China, Chairman of UBS Securities, and Head of UBS Global Investment Banking in China, participated in the "Fireside Chat" session and delivered a speech.

Below is an excerpt from the dialogue:

**Moderator**: First, we invite Ms. Hu to share her insights on today’s conference theme, followed by a discussion on key topics. It is a great honor to gather in Hong Kong today to explore the critical topic of "The Financial Ecosystem in Transformation."

Indeed, the global economic landscape and financial system have undergone profound changes in recent years. However, looking back at history, since the emergence of "globalization," free trade, market openness, and multilateralism have jointly driven global economic prosperity and significantly improved the living standards of billions.

For China, after more than four decades of reform and opening-up, we have become the world’s second-largest economy, the largest manufacturing country, and consistently held the top position in foreign exchange reserves. In finance, within just over three decades of capital market development, we have leaped from scratch to the world’s second-largest stock and bond markets.

Behind these milestones and achievements, "openness" is undoubtedly a key theme.

Today, amid rising trade barriers, geopolitical tensions, and supply chain restructuring, globalization faces skepticism. Yet, despite external doubts, China’s commitment to openness remains unwavering, and global expectations for further market liberalization in China remain high.

This gives us renewed hope for reshaping the future trade landscape.

Thus, I believe the global system, rooted in openness, will not collapse but rather shift its focus—from "expanding scope" to "redefining connectivity." In other words, we are no longer solely pursuing the breadth of market openness but focusing more on establishing stable, efficient, and trustworthy connectivity mechanisms in a complex and evolving environment.

In this process, Hong Kong’s unique role in China’s financial openness serves as a dynamic example of continuous innovation and development.

The launch of the Shanghai-Hong Kong Stock Connect in 2014 exemplifies successful financial innovation, marking the beginning of two-way capital flows between China and the world. Over 11 years, this connectivity has significantly enhanced market liquidity and product diversity in both markets. It has not only made Chinese assets a favored category for global investors and advanced RMB internationalization but also bolstered Hong Kong’s liquidity, reinforcing its status as an international financial hub bridging China and the world. As of September this year, the average daily turnover of the Shanghai-Shenzhen-Hong Kong Stock Connect exceeded RMB 300 billion, while the Hong Kong Stock Connect surpassed RMB 150 billion.

Moreover, with the rise of "new quality productive forces" and the development of the Greater Bay Area, Hong Kong’s role has evolved beyond being a capital flow bridge to becoming an efficient platform for integrating innovation and capital. This enables Chinese innovation to access global funding while allowing global investors to share in China’s growth opportunities. Hong Kong’s mature market system, international platform, and expertise in risk management and product innovation provide unparalleled advantages.

Against this backdrop, Hong Kong saw 66 IPOs in the first three quarters of this year, raising a total of $23.9 billion, securing its position as the world’s top IPO hub. Many of these listings were innovative mainland Chinese firms, including CATL’s $5.3 billion IPO in May—one of the largest globally—where UBS served as a joint global coordinator.

Financial innovation extends beyond serving innovative firms to transforming the industry itself.

For instance, the Cross-Boundary Wealth Management Connect breaks geographical barriers, enabling seamless cross-border asset allocation for mainland and Hong Kong residents—another milestone in connectivity innovation. Meanwhile, Hong Kong’s proactive exploration of stablecoins, digital currencies, and AI-driven investment research offers valuable experimentation and inspiration for China’s financial sector.

In summary, decades of deep financial integration between China and the world, coupled with the convergence of capital and innovation, have driven rapid and sustainable financial development in China. Innovation keeps the industry vibrant and forward-looking—a key reason why finance continues to captivate me, as it constantly seeks new equilibrium amid change.

I hope the future financial ecosystem will continue evolving in an open, interconnected, and innovative environment.

**Q1**: Against the backdrop of global economic restructuring and technological revolution, China attracts global capital through financial openness and innovation while enhancing its influence on international rules. How has UBS participated in China’s financial openness and innovation?

UBS has a long history with China’s financial market liberalization. As one of the earliest foreign financial institutions to enter China, I am proud to say that UBS has walked hand-in-hand with China’s financial reforms over nearly four decades.

As early as 1985, UBS began providing corporate financing services to Chinese firms. In 1989, we established representative offices in Beijing and Shanghai, marking our formal entry into the mainland market. Over the years, UBS has built a mature platform covering investment banking, wealth management, and asset management, benefiting from China’s progressive openness.

Throughout this journey, UBS has seized market and policy opportunities, contributing landmark cases to China’s financial reforms: - In 2003, UBS became one of the first foreign institutions to obtain QFII status and executed China’s first A-share QFII trade. - In 2005, UBS became the first foreign firm to hold a 49% stake in a Sino-foreign joint venture fund management company—SDIC UBS Fund Management. Post-Credit Suisse acquisition in 2023, UBS now holds a 20% stake in ICBC Credit Suisse Asset Management, partnering with local firms to offer global asset allocation opportunities. - In wealth management, UBS (China) was established in 2012 as the first Swiss wholly-owned bank in China, later launching the first fully digital wealth management platform for foreign institutions. - In 2006, UBS Securities broke ground as the first foreign-invested full-license securities firm in China. Following further liberalization, UBS increased its stake to 67% by 2022 and achieved full ownership in 2025.

Innovation remains central to UBS’s China strategy.

We actively support China’s "finance serving the real economy" policy and "new quality productive forces," helping high-quality tech firms access global capital markets while channeling global funds into Chinese innovation.

For example, in late September, UBS facilitated Alibaba Group’s $3.17 billion zero-coupon convertible bond—the largest SEC-registered convertible bond in global TMT history and the largest in Asia-Pacific for 2025.

In May, beyond CATL’s record-breaking A-to-H IPO ($5.29 billion post-greenshoe), UBS also attracted strong investor interest for Hengrui Medicine’s $1.47 billion IPO.

These projects exemplify how financial openness and innovation support Chinese firms in global markets, and I am honored to bridge China and the world in this process.

**Q2**: Sustainable financial openness and policies are essential for building a financial powerhouse and optimizing resource allocation. What are your views on achieving sustainability in finance?

A financial powerhouse is not just about scale but also institutional maturity, structural optimization, and enhanced efficiency and resilience—progress in both "quantity" and "quality."

A robust financial system channels capital to areas creating long-term value, requiring inclusivity, acute resource sensitivity, and efficient allocation capabilities.

To achieve this, the financial sector must embrace sustainability—not just stability and risk resilience but also continuous self-renewal and adaptation to future trends.

Here, technology, especially generative AI, is pivotal. UBS research shows that finance, with its vast data assets and language-intensive tasks, has greater potential for AI-driven transformation than other industries.

At UBS, we aim to be an AI-powered institution—deploying AI tools responsibly to maximize positive impacts, empowering employees to boost efficiency, and delivering personalized, timely, and seamless client experiences.

Currently, UBS has deployed 50,000 Microsoft Copilot licenses, generating ~18 million AI requests in Q3 2025—a ninefold increase from 2024. Over 85,000 employees use UBS’s proprietary AI assistant, "Red," while 340 active AI use cases and a new governance framework guide responsible adoption.

In conclusion, building a financial powerhouse requires synergy across scale, institutions, and structure—with institutions adapting to openness, structures aligning with economic transformation, and technology driving industry evolution.