At the 2026 Bund Summit held in Huangpu District, Shanghai, from October 19 to 22, Hong Kong Exchanges and Clearing Ltd (HKEX) Chairman Carlson Tong took part in a roundtable discussion on the theme of technology, geopolitics, and the global economy.
Mr. Tong stated that against the major trend of diversified global capital allocation, Asia will continue to serve as a destination for global capital.
Citing OECD statistics, he noted that in 2025, Asia's stock market capitalization accounted for 29% of the global total, Asian listed companies made up 56% of all listed companies worldwide, and Asia's venture capital volume represented 52% of the global figure last year. He also pointed out that China, South Korea, and India have all produced a number of innovative industrial clusters, with substantial investment in AI.
As a result, Mr. Tong believes Asia offers considerable room for high-quality growth. He added that Asia will remain a compelling asset allocation destination in the future. However, he cautioned that this outlook should not be taken for granted, and one area where improvement is possible is connectivity, because capital markets are critically important as a bridge linking investment opportunities with capital.
He therefore looks forward to cross-border capital flows, which can support innovation, help some countries build infrastructure, and drive development in new areas of technology.
Mr. Tong pointed out that capital markets will play a vital role in supporting Asia's growth. The more interconnected markets become, the more products and services can be offered, and market liquidity and other aspects will also improve. The more ample liquidity is, the better Asia becomes as an investment destination. Moreover, if these markets can become further interconnected, capital can find good investment opportunities while friction costs are reduced.
Mr. Tong further noted that policymakers can strengthen connectivity among Asian capital markets through two approaches. First, cross-border capital flows need to be enhanced and permitted. Barriers must be lowered and channels opened up so that capital can move freely. Second, the Asian region should not focus only on equities but should develop more diversified product portfolios, such as commodities and derivatives, because foreign investors need to hedge and manage their risks, and diversified instruments will make investment more attractive to them.
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