31st CITIC CLSA Investors' Forum

Alexander Redman joined CLSA as chief equity strategist in August 2021. His 25 years of sell-side industry experience includes 19 years at Credit Suisse London, where he headed the global emerging market strategy team since 2013. Prior to that, he had run the bank’s emerging EMEA strategy product since 2006. Alex was an author for the Credit Suisse Research Institute in-house think tank, with his publications being referenced by the World Economic Forum. Before Credit Suisse, Alex had held emerging market equity strategy and quantitative analyst research roles at Donaldson, Lufkin & Jenrette and Robert Fleming in London, as well as Jardine Fleming Hong Kong from 1995 through 1998. Alex holds a bachelor’s degree of engineering in aeronautical and aerospace engineering from Loughborough University, and is a licenced general aviation pilot with over 200 hours of experience on single engine aircraft.

Eric Fishwick joined CLSA in July 1999 and has been Chief Economist since 2007. He is now based in London after living in Asia for 15 years. Eric has 32 years’ experience in financial markets and worked in developed-economy fixed-income markets, with the Industrial Bank of Japan (1991-96) and Nikko Europe (1997-99), before focusing on Asia. Eric was voted Asiamoney’s best regional economist in 2009 and again in 2015, 2016, 2017 and 2018. Before moving into the financial sector, Eric served as a permanent advisor to the British Parliament working at the House of Commons. Eric holds an MA in economics and an MPhil in international relations from the University of Cambridge.

Ms Bonnie Y Chan was appointed the Chief Executive Officer of HKEX on 1 March 2024. She brings more than 30 years of global capital markets leadership and expertise, and has played a leading role in supporting the transformation of Hong Kong’s listed market and infrastructure, enhancing market quality, attractiveness, and efficiency, and helping position HKEX as a leading global exchange group. Before becoming CEO, Ms Chan was HKEX’s Co-Chief Operating Officer, where she oversaw the Group’s key operational and strategic functions. Ms Chan first joined HKEX as Head of IPO Transactions in 2007 from Morgan Stanley. She rejoined HKEX in 2020 as Head of Listing, after serving as a partner at Davis Polk & Wardwell focusing on capital markets.

Allan Zeman is chairman at Lan Kwai Fong Group, a major property player in one of Hong Kong’s top entertainment districts. He holds directorships at numerous HKEX-listed companies, including Star Ferry, TVB and Sino Land, and serves as non-executive chairman at Wynn Macau. Zeman is passionate about government and community services, and has sat on the boards of Ocean Park and countless other Hong Kong household names. He is a member of numerous advisory committees, including the HKSAR Chief Executive Council of Advisors; he was also invited to be a governor to the Our Hong Kong foundation. Zeman is highly recognised, having been appointed Justice of the Peace; and awarded the Grand Bauhinia Medal, Business Person of the Year, and an honorary Social Enterprise Research Academy fellowship.

Frank Luntz is a world-renowned communication and polling professional. He has worked in numerous roles across the public and private sectors, having consulted for over 50 “Fortune 500” firms; worked in every British general election from 1997 to 2015; served as a news analyst and commentator for the press and nearly every talk show; and visited over half-a-dozen countries on behalf of the US State Department. More media outlets have turned to Luntz than any other pollster, winning him countless honours from outlets such as Bloomberg news and BBC. He authored three New York times bestsellers, and often writes about the power of language. Luntz has taught at many top universities, including the University of Pennsylvania and Harvard University.

James Mitchell joined Tencent in 2011, where he is responsible for strategic planning and implementation, mergers and acquisitions, investment activities and investor relations. Before joining Tencent, Mitchell was a managing director at Goldman Sachs in New York, leading the bank’s communications, media and entertainment research team, which analysed internet, entertainment and media companies globally. Mitchell is a CFA® charterholder and received a degree from Oxford University.

Over 20 years, Christopher Thomas has worked in Silicon Valley, China, Japan and Europe at the intersection of semiconductors, strategy, finance and policy. He is the founder of Integrated Insights, an advisory firm serving senior management and board members of global companies; he also founded Acorn River Capital, an investment company specialising in emerging technologies. Thomas serves on the board for the Atlantic Council’s Global China Hub and TMRW Foundation, as well as delegation lead for US-China Track II Dialogues on the Digital Economy. His career experience includes stints at McKinsey & Co, Intel, Blackstone and Tsinghua University. In 2021, the State Council of the People’s Republic of China recognised Thomas as a national-level foreign expert in science and technology.

Ben Darwin is founder and director of Gain Line Analytics. A former professional rugby player, Darwin’s experience includes coaching, player development and performance analysis for teams around the world. He is currently involved at every level of the business, from developing models and presenting findings to consulting with clients. Gain Line Analytics’ clients include international football and Formula 1 teams, financial services firms and other multinational businesses.

Jams Zhang is founder and CEO at Moore Threads. He has over 30 years of experience in the IT sector and spent 15 years working with GPUs in particular, covering product development, market ecosystem and product marketing. As Nvidia’s former global vice president and Nvidia China’s previous CEO, he spearheaded the firm’s China expansion, building the network and making it one of Nvidia’s key markets. Jams has leveraged his deep knowledge of the GPU space to spearhead the industry’s development in China and shape Moore Threads into a world leader.

Nicholas Smith has ranked No.1 for Japan strategy in Asiamoney’s Brokers Poll eight years in a row from 2013 to 2020 then a ninth time in 2022. He writes a popular weekly strategy report called Benthos, whose name means the creatures that live at the bottom of the sea - reflecting a value-oriented and activist slant to the market as well as his passion for deep diving. Nicholas has been in Japan since 1987, covering Japanese equities since 1990. He first came to Japan as British Universities and Royal Navy & Royal Marines judo champion, before joining Jardine Fleming Securities in the tumult of 1990. During his 10 years there, he ranked No.1 in the chemicals & oil sector and was head of the global oil & chemicals team. He then worked for four years in hedge funds, making investments across all sectors. Nicholas joined CLSA in 2011. He has a BSc in Physics from London University and is fluent in Japanese.

Jongmin Shim is deputy head of Korea research and covers Korean strategy and financials. He joined CLSA in 2014 as part of the Korea technology, media and telecom (TMT) team. Prior to CLSA, he was the cofounder at two internet startups and worked at another. Jongmin holds a bachelor’s degree in business administration from Sungkyunkwan University in Korea.

Sanjeev Rana has been the head of Korea research since 2023. He joined CLSA in Seoul in June 2015 as a senior analyst covering Korean technology. He has 20 years of experience in Korean equities, having covered a variety of sectors such as autos, industrials, shipbuilding and machinery. Prior to CLSA, he worked at Deutsche Bank and Merrill Lynch in Seoul. Before entering the finance industry, he spent four years in technology planning and overseas business development roles at Korean conglomerates Samsung and Hyundai Motor. He has a bachelor's degree in computer science and engineering from National Institute of Technology in India.

Oliver Matthew is our Japan Head of Institutional Equities and Head of Consumer Research for Asia. Oliver covers Korea and Japan consumer companies, and, in Japan, he also covers internet and telecoms. He joined CLSA in April 2008 after working for Jardine Matheson, Diageo and Moet-Hennessy in various marketing roles. Oliver graduated in Chinese studies from the University of Cambridge and is also fluent in Japanese. Oliver has been consistently ranked the leading Japan consumer discretionary analyst by Asiamoney since 2016 and has won multiple awards for his consumer staples, telecoms and internet coverage.

Douglas Eu is Grab’s director of investor relations and strategic finance, responsible for shareholder engagement and working closely with internal business leaders to oversee strategic finance activities, including financial forecasting, benchmarking and resource allocation. He joined the firm in 2021 as one of the first members of its IR team, before the company went public. Previously, Eu worked at Goldman Sachs as an investment research analyst in its Asia Pacific real estate team. He graduated with a Bachelor of Business Administration (Accountancy) from the National University of Singapore.

After graduating from the University of Tokyo in 2012, Shun Hashimoto joined DeNA as a game producer, before taking charge of new business development, such as a matching service for private parking spaces as well as autonomous driving. While addressing social issues, Hashimoto gained exposure to the importance of health and disease prevention for individuals and society. In response, he founded Base Food in 2016 with the mission of reinventing staple foods to make a healthy and sustainable lifestyle accessible to all, developing the nutritionally-complete “Base Pasta”; he subsequently launched a series of other food products, including Base Bread, Base Cookies, and Base Food Deli. The firm listed on the Tokyo Stock Exchange Growth Market in 2022.

Dian Yu is the principal researcher of the ferrous industry at CITIC Futures Research Institute, where she specialises in fundamental research on the global industry chain, leveraging her extensive experience in enterprise risk management. She maintains close contact with leading companies and large financial institutions to provide market analysis and frequently comments in major financial and economic media.

Suheng Li is the deputy director of the nonferrous metals and new materials group at CITIC Futures. A respected professional in her field, Li has over six years of experience as a nonferrous metals researcher for both futures companies and private equity firms. She brings a unique perspective, combining sellside service and buyside trading expertise.

Cong Chen, a sellside analyst boasting a long career in China real estate research, has been consistently named Best Analyst by Asiamoney, Institutional investor and other notable trade publications. He delves deep into the sector's transformation and new development models, having tracked the property service industry from its inception. Key companies under his coverage include Ke Holdings, CR Land and CR MixC.

Junyun Chen is the chief innovative technology analyst at CITICS. He holds a master's degree in management science and engineering from Nankai University. Before joining CITIC Securities in 2015, Chen worked at Huawei and Tencent, where he was involved in strategic analysis. At CITICS, his research focuses on innovative technology, covering areas such as cloud computing and software, artificial intelligence and semiconductors.

Chris Gao joined CLSA in 2021 as an analyst covering the consumer sector with a focus on discretionary spaces, including global luxury goods, cosmetics, duty free and retail. Prior to CLSA, she was a consumer discretionary analyst at China Renaissance Securities. She previously worked at Daiwa Capital Markets, where she covered Macau Gaming, and at DBS Vickers Securities, where she covered China/HK healthcare. Chris holds a bachelor’s degree in business administration from the University of Hong Kong.

Jennifer Widjaja joined CLSA in October 2021, covering the consumer sector. Prior to that, she worked as research analyst at several local securities houses. She holds a bachelor’s degree from Curtin University Singapore with a double major in finance and marketing.

Mandy Jiang is the chief consumer industry analyst at CITICS. She holds a master's degree in management from Fudan University and joined CITIC Securities Research in July 2007. Mandy specialises in research on the consumption of services such as leisure, catering, hospitality and education. She was named the #1 Best Analyst in Services by New fortune from 2009 to 2011 and ranked #4, #2, and #3 from 2012 to 2014. She has also been among the top three Best Analyst recipients of the Golden Bull and Crystal Ball Awards during external rankings between 2009 and 2014. In 2015, Mandy was ranked #2 Consumer Discretionary Analyst by Asiamoney and in 2017, she was #3 Gaming, Lodging & Leisure Best Analyst by Institutional investor. Her team was recognised as the Best Analyst (Casino), #1 China (A & B Shares), and #2 China (H Shares) by Asiamoney in 2018.

Oliver Matthew is our Japan Head of Institutional Equities and Head of Consumer Research for Asia. Oliver covers Korea and Japan consumer companies, and, in Japan, he also covers internet and telecoms. He joined CLSA in April 2008 after working for Jardine Matheson, Diageo and Moet-Hennessy in various marketing roles. Oliver graduated in Chinese studies from the University of Cambridge and is also fluent in Japanese. Oliver has been consistently ranked the leading Japan consumer discretionary analyst by Asiamoney since 2016 and has won multiple awards for his consumer staples, telecoms and internet coverage.

Vikash Kumar Jain joined CLSA in April 2008 as a research associate covering the oil & gas sector and subsequently took up analyst responsibility. Since 2019, he has also taken on the role of India Strategist, and he has even covered the Indian sugar sector during his tenure at CLSA. He previously worked with Morgan Stanley as an associate for about two years, covering the European integrated oil & gas companies. He holds an MBA from Narsee Monjee Institute of Management Studies, Mumbai and a BCom (Hon) degree from St Xavier’s College, Calcutta University. He is also a qualified chartered accountant.

Pamela Ambler heads up JLL's Investor Intelligence programme, partnering closely with its regional capital markets and global research teams, and engaging with existing and prospective clients. She coordinates JLL's market-leading capital analysis and research products; she also provides external commentary on the latest real estate investment and macroeconomic themes. Ambler joined the firm from regional broadcaster CNA and brings over a decade of experience as a financial correspondent. Throughout her career, she has worked for global media platforms, including Forbes, Reuters, Bloomberg and CNBC.

Charles Zhang is the Vice President of XPeng, overseeing corporate finance, investment and corporate development. Charles is also responsible for the strategic partnership with Volkswagen, including platform and electrical/electronic (E/E) architecture technology collaboration as well as the joint sourcing programme. He led the firm’s US and HK IPO as well as series financing before IPO. Before joining XPeng in 2018, Charles worked in JPMorgan’s investment banking unit. He holds an MBA from Columbia Business School.

Secretary Frederick D. Go is the Special Assistant to the President for Investment and Economic Affairs. He serves as Chairperson of the Economic Development Group, and is directed to supervise and monitor, on behalf of the President, the NEDA, DOF, DBM, DTI, and their respective attached agencies. He also sits as Member of the NEDA Board Committees and the Fiscal Incentives Review Board (FIRB). His office is tasked to ensure the effective integration, coordination and implementation of the various investment and economic policies and programmes of the Government. He is likewise mandated to drive the timely delivery of investment projects, trade agreements and pledges, including those originating from international state visits and foreign trips. Before joining government, he served as Chairman, Vice-Chairman, President, CEO, and/or Director in six (6) listed companies and over 100 corporations in various industries including media, retail, real estate, food, banking, finance, airline, airport, petrochemicals, gaming, and power over a span of 35 years. Prior to his appointment as SAP-IEA, he was the Presidential Adviser for Investment and Economic Affairs for a year.

Aadit Palicha is the founder and CEO of Zepto, India’s fastest-growing consumer internet company. In just three years, Palicha has transformed Zepto into a ₹30,000 crore enterprise, revolutionising how India shops. The company is valued at US$3.6bn following its recent Series F fundraising of US$665m, with support from investors like Avenir, Lightspeed and Avra. Palicha's leadership has driven Zepto's rapid expansion across India’s major cities, and his focus on creating an unparalleled grocery delivery model has driven the firm's remarkable success. He oversees business strategy, compliance, delivery and expansion. A computer science dropout from Stanford University and a Y Combinator alum, Palicha exemplifies relentless innovation and excellence.

Fan Yang is CLSA's head of HK/China research and CITICS' chief policy analyst. She joined the latter in 2013 and helped establish the company's policy research team, adopting a top-down approach to conduct systematic research. In addition, she advised policymakers on China's capital markets reform and securities industry development, and participated in CITIC Group's listing and E-Capital Transfer Company's launch. Fan holds bachelor's degrees in physics and economics (China Center for Economic Research) from Peking University and a master's degree in economics from The University of Hong Kong.