RMB Rising


Event date:

12 January 2012

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Kingchi Au
Permanent Secretary for Financial Services and the Treasury (Financial Services)
Financial Services and the Treasury Bureau
Armstrong Chen
Deputy Director, Supervisory Rules & Regulations Department
China Banking Regulatory Commission
Ping Chew
Managing Director, Greater China
Standard & Poor's
Steve Chiu
Managing Director
Bosera Asset Management (International)
Eric Chow
Regional Head of Sales and Relationship Management, Asset Managers Sector in Client Management Group Asia-Pacific
Diana Choyleva
Lombard Street Research
Sean Craig
Hong Kong Representative
International Monetary Fund (IMF)
Dr. Meiji Fong
Econometrics Committee Advisor
China People's Party Consultative Conference (CPPCC)
Amir Gal-Or
Founder and Managing Director
Infinity Equity
Sheldon Gao
China Universal Asset Management
Zhen Gao
Managing Partner
Mandarin Capital Partners
Anette Jönsson
Equities Editor
Ann Lin Khoo
Executive Director
J.P. Morgan Treasury Services
Curt Lam Yau Fung
Executive Director
Yuexiu Property Company
Veronique Lafon-Vinais
Adjunct Associate Professor
Hong Kong University of Science and Technology (HKUST)
Andrew Leung
Andrew Leung International Consultants
John Sun
Executive Director, Deputy Head of Fixed Income Sales and Trading
CITIC Securities Company
Paul Mackel
Head of Asia Currency Research
Nichols Pang
Chief Financial Officer
Hui Xian Asset Management Limited
Joseph Tong
Chief Executive Officer of the Wealth Management, Brokerage & Capital Markets Division
Sun Hung Kai Financial
Changhong Wang
Managing Director, Deputy Head of Corporate Finance
CITIC Securities International Company
Leanne Wang
Tae Seok Clement Yoo
Senior Vice President, Market Development
Hong Kong Exchanges and Clearing
Ben Zhang
Joint Managing Director
Haitong International Asset Management
Kingchi Au, Permanent Secretary for Financial Services and the Treasury (Financial Services), Financial Services and the Treasury Bureau

Ms Au Kingchi is currently Permanent Secretary of Financial Services and the Treasury (FSTB) of the Financial Services and Treasury Bureau of the Hong Kong SAR. Her career with the Hong Kong Government began since 1982, first as an Administrative Officer in the City and New Territories shortly thereafter. From 1984-1988, Ms. Au served in a diversity of roles, including the Medical and Health Department, Education Commission, and the Municipal Services Branch. A year after the 1987 global stock market crash, she joined the newly formed Secretariat of the Securities Review Committee. While serving in the Monetary Affairs Branch from 1989-1991, Ms. Au also played an important role in the establishment of the Securities and Futures Commission. Moving on from the Monetary Affairs, she joined the Trade and Industry Branch to help promote protection of consumers and intellectual property rights. In 1996, in preparation for the handover, Ms Au oversaw, as deputy director in the information services department, the media arrangements for the Handover Ceremony for the return of sovereignty of Hong Kong to China. After the handover, Ms Au became Press Secretary to the Chief Executive of the Hong Kong Special Administrative Region. Ms Au later became deputy secretary to the Financial Services in the Financial Services Bureau to reform laws governing the securities market. Thereafter, in 2004-2006, she then served as a Deputy Secretary for Planning and Lands in the Housing, Planning and Lands Bureau to engage the public on the West Kowloon Cultural District project. Just before her role as Permanent Secretary, she was appointed as the Commissioner for Tourism in the Commence and Economic Development Bureau to formulate tourism policy and oversee development of tourism infrastructure. Then in 2009, Ms Au was appointed to serve as the Permanent Secretary for Financial Services and the Treasury (Financial Services) in the Financial Services and the Treasury Bureau to formulate policies to maintain and enhance Hong Kong’s status as a major international financial centre. She received her master’s degree in Public Administration from the John F Kennedy School of Government at Harvard University and training from Oxford University.

Armstrong Chen, Deputy Director, Supervisory Rules & Regulations Department, China Banking Regulatory Commission

Mr Armstrong Sheng Chen is currently the Deputy Director of the Supervisory Rules & Regulations Department of the China Banking Regulatory Commission. He has been awarded the Chevening Scholarship by the British Foreign & Commonwealth Office and received an LLM on Banking & Finance Law from Queen Mary, University of London.

He graduated from Northwest University of Politics & Law and was awarded a Master Degree on Economic Law before beginning work for the People’s Bank of China (the Central Bank of China) and the China Banking Regulatory Commission.  His position in PBC and CBRC includes the departments responsible for foreign exchange administration,bank supervision, regulations review,in-house counsel, and banking legislation.

Mr Chen is an experienced arbitrator and has already adjudicated more than 70 cases concerning disputes in a variety of different areas such as commercial contracts, international trade&investment, syndicated loan and bond issuing, IP and employment issues. At present, he is an arbitrator of the China International Economic and Trade Commission (CIETAC), the China Maritime Arbitration Commission, the Hong Kong International Arbitration Center, Kuala Lumpur Reginal Centre for Arbitration and Shanghai/Guangzhou Arbitration Commission.

He is also a mediator of the China Chamber of International Commerce Mediation Center, a director of the China Banking Law Research Institute, and the director of the Banking Law & Practice Center of the Shanghai Law Society.

His book China Banking Rules Review & Practice Guides was published by LexisNexis in the end of 2008.

He was the visiting Scholar of IMF and Gorgetown University.

Ping Chew, Managing Director, Greater China, Standard & Poor's

Mr. Ping Chew is Managing Director and Head of Standard & Poor’s in the Greater China region, which includes Mainland China, Hong Kong, and Taiwan. Mr. Chew is responsible for strategic planning, business development, and stakeholder outreach in this rapidly growing region. Mr. Chew began his career as a sovereign analyst at Standard and Poor’s in 1998 and led teams of analysts who evaluate the credit standing of Corporate and Government entities in Asia. He was a primary credit analyst covering China from 2003 to 2008. Prior to joining Standard & Poor’s, Mr. Chew was responsible for research, analysis and strategic planning at the Singapore Ministry of Defence.
Mr. Chew graduated from the London School of Economics & Political Sciences with a B.Sc. (Econ) degree and obtained an MBA degree from the National University of Singapore.

Steve Chiu, Managing Director, Bosera Asset Management (International)

Steve has over 20 years of experience in the financial services industry and extensive knowledge in wealth management products. He is currently Managing Director of Bosera Asset Management (International) Co., Limited, the Hong Kong subsidiary of Bosera Asset Management, one of the top five fund management companies in China, and is responsible for the company’s sales and marketing functions in Hong Kong and other overseas markets. Before joining Bosera, Steve was Managing Director of AIA Wealth Management Company Limited from July 2009 to December 2010. Prior to that he served as Head of Retail Business, Asia ex Japan of Invesco Hong Kong Limited, where he was in charge of the mutual fund distribution in the region. From 1991 to 2006 he served in HSBC, where his last position was Senior Manager Investment Services. Steve graduated from the University of Hong Kong with a B.Sc. degree. In 1995 he also attained Master of Business Administration degree from the Hong Kong University of Science and Technology. He was awarded qualifications of Chartered Financial Analyst in 1999 and Certified Financial Planner CM in 2001. Since 2008 Steve has been serving as Vice-President (External) of Institute of Financial Planners of Hong Kong.

Eric Chow, Regional Head of Sales and Relationship Management, Asset Managers Sector in Client Management Group Asia-Pacific, HSBC

Eric Chow is regional head of sales and relationship management, asset managers sector in client management group Asia-Pacific, which is part of HSBC Securities Services.  He is based in Hong Kong and is responsible for new business development and client relationship management in the Asia-Pacific region around asset manager sector. Eric has over 19 years experience in the financial services industry and has held a number of senior positions in Hong Kong.  In 2004, he became director of Tanrich Asset Management, and in 2000 was the managing director of Haussmann International Asia Ltd, where he was responsible for the regional business development of Haussmann International Funds in Hong Kong, Taiwan, Singapore, Japan and Korea.  Prior to this, he was a Senior Investment Advisor at Citibank and Matheson InvestNet Ltd, a subsidiary of the Jardine Matheson Group. Eric graduated from the University of Hong Kong with a Bachelor’s Degree in Business Administration (BBA).  He also holds a Master’s Degree in Law (LLM) from the University of Northumbria, United Kingdom and a Master’s Degree in Financial Engineering (MSc) from the City University of Hong Kong.   



Diana Choyleva, Director , Lombard Street Research

Diana joined Lombard Street Research in 2000 and became a director of the company in 2005. Between 2005 and 2009 she was the head of their UK Service. She relocated to the Hong Kong office in 2010 to develop their expansion in Asia. Her work covers global issues, with a current focus on China, Asia, the US, and Spain. Diana has pioneered coverage of China since 2002, when she correctly identified its expansion as the key global force pointing to a sustained upswing in commodity prices. In 2004 she warned of China’s imminent domestic demand slowdown and anticipated the yuan appreciation that started in mid-2005. In 2006 Diana co-authored a book, The Bill from the China Shop, on the dangers of the Asian savings glut. In early 2007 she warned of the trouble to befall US banks and the ensuing credit crunch. Diana holds a masters degree in Economics from Warwick University.


Sean Craig, Hong Kong Representative, International Monetary Fund (IMF)

Sean Craig has been IMF Resident Representative in Hong Kong SAR since January 2011, reprenting both the Asia and Pacific and the Monetary and Capital Markets Departments. He has been with the IMF for 11 years, and before that worked at the Bank for International Settlements (4 years) and the U.S. Federal Reserve Board (10 years). Over the last year, he has worked on the IMF Early Warning Exercise and on Executive Board papers on the IMF’s surveillance mandate. In 2007-09, Mr. Craig spent several years in the IMF’s London office doing capital markets surveillance for the Global Financial Stability Report (GFSR). Mr Craig holds a Ph.D in economics from Boston University. He was born in London and hold both UK and US citizenship.

Dr. Meiji Fong, Econometrics Committee Advisor, China People's Party Consultative Conference (CPPCC)

Dr. Fong has been a council member of the China People's Political Consultative Conference for over a decade, and a researcher for the State Institute of Market Economics at the China State Council. His financial exposures span from corporate levels to states levels, including submitting advisory papers on issuances of municipal bonds, NPL, NPA, BOT, BT financing in both China and Thailand. Further experiences also include government financing for South-East Asian sovereign markets and advisory roles which include positions in China for foreign trade, education, banking regulation. Dr. Fong has served as an adjunct professor at the Sun Yat-Sen University Business School for over seven years. Here he also conducts research lectures on this topic in and other finance and management science topics China and Singapore.  He also possesses 16 years of experience in all classes of asset management. He continues to actively participate in alpha and delta trading. Dr. Fong also developed his own gamma trading model know-how, involving market intelligence (Eq of Markets) meta-analytic quant-theory of market behaviors, which derive from underlying needs of an economy.  

Amir Gal-Or, Founder and Managing Director, Infinity Equity

Amir Gal-Or is the founder and China based managing partner of the Infinity Group, the leader in cross border China, RMB and dollar private equity funds backed by the China Development Bank and the IDB Group (the largest conglomerate in Israel).  Mr. Gal-Or has a stellar track record in identifying, leading and building growth companies and securing significant returns for fellow investors. The chairman of 12 locally owned Chinese companies and funds with cities throughout China, Mr. Gal-Or has led three IPOs, 12 M&A deals and eight alliances in the last few years. Infinity Group is also a controlling shareholder of Maayan Ventures, a publicly traded chain of technology incubators that Mr. Gal-Or founded and for which he served as chairman for years. Infinity leverages its know-how, global network and experience to make sound investments in companies that show leadership in the Chinese market.  As part of this activity, it recently established the first IP Bank in China.  IPB is a central location in China for banking and licensing proven intellectual property and advanced technology as well as commercialization of the same through hosting companies. The IP Bank is also a hub for financial as well as management support for Chinese companies with a global strategy. Mr. Gal-Or is the only “non-Chinese” entrepreneur credited with establishing and leading 10 local Chinese funds as well as the novel IP Bank. He earned an MBA from Tel Aviv University and is a graduate of Harvard University's program in venture capital and private equity investments. He is a former pilot in the Israeli Air Force and its acrobatic team, where he flew the F-16, the F-4 and the A-4.  Mr. Gal-Or is a member of the World Economic Forum.

Sheldon Gao, President, China Universal Asset Management

Dr. Gao has more than 25 years of experience in global asset management industry, including spells in portfolio management, product development, quantitative research, marketing and sales, business development, and executive management. He previously served as Schroders’ China CEO and Head of Investment Analytics at AllianceBernstein in New York. He also worked at Morningstar as Head of Global Research and at Dow Jones Indexes as Senior Director of Research and Strategic Development. As a portfolio manager, he managed global long/short equity portfolios
in the U.S. for 5 years. Dr. Gao is the author of four books and more than 200 articles. He received his MBA and Ph.D. degrees from Cornell University, both majoring in Finance.

Zhen Gao, Managing Partner, Mandarin Capital Partners

Ms. Gao is Managing Partner of Mandarin Capital Partners. Her responsibilities cover Chinese operations and cross border deals. She worked on Zoomlion CIFA deal which is the largest Chinese investment in the Italian industrial sector.  Ms Gao joined Mandarin Capital Partners in 2007 with more than 11 years experience in international finance. She is responsible for operations in a major Business Department at the Export Import Bank of China. Before this, she was country manager and loan officer, managing the portfolios of several countries in the Asian and African Region. She worked on a number of projects in manufacturing, energy and telecommunication sector including several cross-border M&A deals. Ms Gao holds a cum laude degree in Finance from the University of International Business and Economics in Beijing and a MBA in Finance from Chinese University of Hong Kong. She attended a couple of Harvard Business School Executive Programs, such as Corporate Restructuring, Mergers and Acquisitions, High Potential Leadership  Program, Private Equity and Venture Capital, Drive Corporate Performance and Manage Board Effectively. She also attended Global CEO Program co-sponsored by CEIBS, IESE and Harvard Business School.

She is fluent in both Chinese and English.

Anette Jönsson, Equities Editor, FinanceAsia

Anette Jönsson has been with FinanceAsia since January 2006 and is responsible for the editing of its website and daily newsletter. She also covers equity capital markets news. She started her financial journalism career with Dow Jones Newswires in London in late 1994, and spent a total of eight years as a correspondent with that company, also working in Stockholm and Hong Kong. Before joining FA she spent a year in Taiwan studying Mandarin and worked as the markets editor for the South China Morning Post in Hong Kong. A Swedish national, Anette studied journalism at Mid-Sweden University and English at Stockholm University.

Ann Lin Khoo, Executive Director, J.P. Morgan Treasury Services

Ann Lin is the Treasury Services Product Executive for Hong Kong and leads the commercialization of International RMB Settlement for the business. Having joined J.P. Morgan in January 2007, Ann Lin has 12 years of experience in the financial services industry starting her career in as an external auditor with Arthur Andersen followed by over 3 years in J.P. Morgan, with the credit & rates division responsible for business analysis for the credit management business, and as client service manager for the Treasury Services business in Singapore. Prior to joining J.P. Morgan, Ann Lin worked in HSBC as the payment and liquidity product manager for Hong Kong.  Ann Lin holds an Australian CPA and a Certificate in International Cash Management with the Association of Corporate Treasurers (ACT) in UK.


Curt Lam Yau Fung , Executive Director, Yuexiu Property Company

Mr. Lam was appointed executive director of Yuexiu Property Company Limited in 2010. He is also the Group Financial Controller of the Yue Xiu Group. Mr Lam was previously Head of Corporate Finance and Business Development at GOME Electrical Appliances Holding Limited (Stock Code: 00493), one of China’s largest electronics retailers, which is listed on the Hong Kong Stock Exchange. Prior to joining GOME, he spent about 10 years working in investment banking and capital markets at Schroders Asia, ABN AMRO Rothschild, and Deutsche Bank. Mr Lam has extensive experience in financial management, investment and transaction analysis, capital markets, and corporate finance. He is a Chartered Financial Analyst (CFA) and holds a MBA from Rice University in the US.

Veronique Lafon-Vinais, Adjunct Associate Professor, Hong Kong University of Science and Technology (HKUST)

Veronique Lafon-Vinais is a seasoned market professional with over 20 years of banking and capital markets experience.  She has worked in all the major financial markets, starting with European markets (Paris, London, Madrid), moving to North America (Chicago), and most recently Asia (Hong Kong). She has extensive experience in all the major developed debt markets, including: loan syndications and assets sales (par and distressed debt); money markets; debt capital markets (including derivatives structured products distribution); structured trade; and, project finance. Veronique is now dedicating herself to education and teaching as adjunct associate professor at the Hong Kong University of Science and Technology, where she teaches in the MBA and MSc programs, the undergraduate finance programs, and professional training for the finance industry.

Andrew Leung, Chairman, Andrew Leung International Consultants

Andrew is a prominent international China specialist with 40 years of experience in many senior government positions in Hong Kong, including commerce, industry, banking, finance and overseas diplomatic representation. He oversaw the migration and transformation of Hong Kong's industries into the Pearl River Delta, now the Factory of the World. During a mid-career sabbatical, Andrew helped set up Standard Chartered Asia Ltd, the bank's first merchant banking subsidiary in Hong Kong. He was twice sponsored by the U.S. Government for month-long visits across the US, including a month-long visit in 1990 to brief Chairmen and CEOs of Fortune 50 multinationals on China beyond Tiananmen Square. In London, he was invited to brief the Duke of York and a former Lord Mayor of London prior to their respective maiden official visits to China.

Andrew's last position was Hong Kong’s chief official representative for the United Kingdom and 14 EU and non-EU countries, including Russia, Switzerland and Norway. He is now Chairman of Andrew Leung International Consultants Limited, which was first established and based in London. Since Andrew's permanent relocation back to Hong Kong on 19 May 2010, the company has now been re-incorporated in Hong Kong


Andrew provided advisory consultancy to McCreight and Company Inc, USA, a leading international corporate strategy implementation firm, on Lenovo’s cultural integration with IBM. He was Editor-at-large for MEC International for a substantial international consultancy on China's energies, including geopolitical, economic, security, financial and climate change implications. He made a presentation on this at a Windsor Energy Group international conference at St George's House, Windsor Castle, to an audience of leading energy experts including senior corporate executives, academics, and the Executive Director of the International Energy Agency.

Andrew has graduate qualifications from the University of London, postgraduate qualifications from Cambridge University, PMD from the Harvard Business School, and Solicitors’ qualifying examination certificate from the Law Society, London.

Andrew has been included in UK’s Who’s Who since 2002.  He was awarded the Silver Bauhinia Star (SBS) in the July 2005 Hong Kong Honours List.

John Sun, Executive Director, Deputy Head of Fixed Income Sales and Trading, CITIC Securities Company

Mr. Sun, CFA, is the Deputy Head of Fixed Income Sales and Trading of CITIC Securities. Based in Hong Kong, Mr. Sun is charge of the overseas fixed income business of CITC Securities. Before joining CITIC Securities, Mr. Sun was an associate director at JP Morgan / Bear Stearns, covering portfolio strategy and MBS/ABS trading in Asia. Mr. Sun also served as a senior quantitative analyst at IndyMac Bank, a US based Alt-A and Subprime mortgage origination bank, overseeing the credit risk of the mortgage portfolio and origination pipeline. His other experiences included asset allocation, portfolio optimization and quantitative research in asset management company.

Mr. Sun holds BS degree from Tianjin University, China and graduate degree from Case Western Reserve University, US.

Paul Mackel, Head of Asia Currency Research, HSBC

Paul Mackel leads HSBC's Asian Currency Research team and is based in Hong Kong. He joined HSBC in June 2006 and was previously based in London, covering G10 currencies while working alongside David Bloom. Prior to joining HSBC, Paul worked in similar roles for other financial institutions. He is a regular contributor to the FX strategy publications and appears regularly in the media.


Nichols Pang, Chief Financial Officer, Hui Xian Asset Management Limited

Nichols Pang serves as executive director and chief financial officer of Hui Xian Asset Management Limited, manager of Hui Xian Real Estate Trust, the first RMB-dominated equity listed in Hong Kong.  Nichols is a veteran in  the financial market with more than 20 years  of experience in sell-side research, capital market operation and investment management.  Previously, he  held such positions as investment director of family offices, chairman and executive director of a listed fund,  and head of equity research with major investment banks. Nichols has received much recognition for his works in the industry,  including being named one of the top-ranked analysts by Institutional Investors and an emerging market superstar by Global Finance. He holds a bachelor’s degree in law, master’s degrees in applied finance and business administration, and a PhD in Business and Management. Nichols is also author of three books on real estate investment, equity valuation and investmen

Joseph Tong, Chief Executive Officer of the Wealth Management, Brokerage & Capital Markets Division, Sun Hung Kai Financial

Mr. Joseph Tong, was appointed executive director of Sun Hung Kai & Co. on 4 December 2003 and was the group chief operating officer of the Company from 1 December 2004 to 31 December 2006. Mr. Tong is the chief executive officer of the wealth management, brokerage and capital markets division of Sun Hung Kai Financial, a position he has held since 1 January 2007. He has over 26 years of experience in the financial services industry, and previously held senior positions with a number of international banks and financial institutions, including ABN AMRO Bank, CCIC Finance Limited, Bain & Co. Securities Limited and Bali International Finance Limited. Mr. Tong has a bachelor’s degree in Social Sciences from the University of Hong Kong and a master’s degree in Business Administration from the Chinese University of Hong Kong, and is a fellow member of the Association of Chartered Certified Accountants.


Changhong Wang, Managing Director, Deputy Head of Corporate Finance, CITIC Securities International Company

Mr. Wang gained over 17 years of corporate finance experience. Having served at Manchel, Lundy and Lessin (USA), Court of Common Pleas of Pennsylvania (USA), Peregrine Capital Ltd and Nomura international (Hong Kong) Limited, his last position held was managing director, head of Greater China, corporate finance at ING Bank, N.V., Hong Kong. Mr. Wang attained Doctor in Law, PhD in American Literature and Master in English from University of Pennsylvania and Degree in English from Nanjing University. He is a member of the Pennsylvania and New Jersey Bar.

Leanne Wang, Reporter, AsianInvestor

Leanne Wang covers buy-side investment institutions in Greater China region for both the web site and the magazine of AsianInvestor. Previously, she was a reporter at China Business News, a leading financial news paper in China, covering equity, commodities, investment funds, listed companies, regulatory issues and legal disputes. Before embarking on her career in journalism, Leanne served at multinational companies in charge of marketing in Greater China.

Tae Seok Clement Yoo, Senior Vice President, Market Development, Hong Kong Exchanges and Clearing

Tae Seok Clement Yoo serves as senior vice president, platform development and strategy which is responsible for identifying, evaluating and developing specific new initiatives, platforms, products and services with HKEx primary business units.  He is also responsible for formulating HKEx's strategic plan and high-level strategy, as well as evaluating and pursuing, if appropriate, strategic alliances and partnerships with technology providers, industry participants and regional and global exchanges and trading platforms.


Yoo has 18 years of financial market and derivatives industry experience.  Prior to joining HKEx, he served 15 years at CME Group as special advisor to chief operating officer, director of equity products and Asia head of strategic sales with responsibilities for developing and executing CME Group’s business strategy.  He also held various key roles in CME Group’s corporate development strategy and clearing house risk management division. Prior to joining CME, he was an associate vice president of Asia business development at Sumitomo Mitsui Bank (formerly Sakura Dellsher, Inc.) and at Goldman Sachs & Co. in Chicago. 


He holds a bachelor’s degree in business administration from the University of Notre Dame, MBA from the Stuart School of Business at the Illinois Institute of Technology, and GSAL program at the University of Chicago, Graduate School of Business.  He has been named an inventor on nine U.S. patents on derivatives risk management applications.


Ben Zhang, Joint Managing Director, Haitong International Asset Management

Yibin Zhang (“Ben”) is the joint MD of Haitong international asset management Limited, which launched the first RMB bond fund in the middle of 2010. He obtained Ph.D. in Financial Economics from Duke University and worked at various financial services companies in New York, including Moody’s KMV and UBS before relocating back to China. Before Haitong international, Ben worked as head of international business and portfolio manager of a QDII fund for China Merchants Fund in Shenzhen China.

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