HKEX Insight

HKEX Chairman Carlson Tong gave welcoming remarks, stressing that “something important is happening in China, with global implications. China’s innovators may well be the ones who write the next chapter of history.”

Hong Kong’s role was emphasised by Paul Chan, Financial Secretary for the Government of the Hong Kong Special Administrative Region, who highlighted the city’s vibrant capital markets, diverse investor base and deep fundraising ecosystem.

Chairman Tong added “We must ensure that the ideas and talent leading the next great technological leap are adequately nurtured. It is essential that Hong Kong anticipates how innovation is evolving and adapts accordingly.”

To explore these dynamics, leaders from technology, education and finance joined a panel discussion moderated by Johnson Chui, HKEX Head of Global Issuer Services.

A fourth industrial revolution is underway, according to Dr. Zhang Ya-Qin Chair Professor of AI Science at Tsinghua University.

Dr. Zhang pointed to the release of DeepSeek’s R1 model as a pivotal moment, noting that there are now “10 other models that perform just as well [as Deepseek].”

Beyond model development, Chinese companies are applying AI at scale across industries, from new energy to autonomous driving to biotech, positioning China as a global leader in real-world AI deployment.

Feng Chan, CEO of Arm China, said “The ecosystem is already very, very big - from smartphones to electric cars to robotics. The customer side is right there, and they need the chips.”

China’s intense domestic competition creates firms battle-tested and ready for international growth. “If you can win in China, you can win in the rest of the world,” said Dr. Zhang, citing the dominance of Chinese apps in global app stores.

Global demand for AI services is rising, and Chinese companies are well-positioned to meet it.

Joleen Liang, Co-founder and CEO of Squirrel AI Learning US, said, “For the AI education industry, we think it is really, really good timing.”

Liang cited China’s stable AI Large Model infrastructure and vast learning behaviour data – “and that’s just our company – imagine the scale across all of China.”

As China invests in AI and digital infrastructure, its tech giants are poised to reshape the global competitive landscape.

Favourable policy, robust infrastructure and talent pools position China to lead in breakthrough technologies. “The country is home to world-class science and technology clusters which have nurtured millions of innovators,” noted Chairman Tong.

China's substantial STEM talent, strong market demand, and heavy R&D spending are fueling exponential AI growth. Chen pointed out.

Liang emphasised, “Our funding strategy is technology oriented – instead of spending money on marketing, we spend 70% of our funds on R&D into AI.”

“The convergence of AI with sectors like biotech and energy represents a significant opportunity for transformative change,” Dr. Zhang said.

Goldman Sachs’ Sneader pointed out, “We’re not at the end of generative AI – we're at the beginning of the beginning. Returns have largely been made in the infrastructure layer, while those from platforms and the applications are still to be proven.”

This is a moment of excitement and opportunity for China and the world.

But, as Chairman Tong reminded the audience, innovation needs capital, and Hong Kong is uniquely positioned to connect China’s innovators with global investors.

Now more than ever, capital markets, innovators and investors must collaborate to harness today’s momentum and propel the next wave of global innovation.