On July 16th, the "2026 Sina Global Capital Summit," organized by Sina Finance, was held in Hong Kong, China. The event, themed "Rooted in Hong Kong, with a Global Vision," brought together leading figures from global politics, business, academia, and research for in-depth discussions on key topics including global capital market trends, cross-border capital allocation, and the international expansion of technology firms.
The summit featured a distinguished lineup of speakers, including former Hong Kong Chief Executive and Vice Chairman of the National Committee of the Chinese People's Political Consultative Conference, Leung Chun-ying; former World Bank Vice President and Oxford University Professor Ian Goldin; Academician Wang Zhonglin, founding director and chief scientist of the Beijing Institute of Nanoenergy and Nanosystems, Chinese Academy of Sciences; Charles Li, founder of Micro Connect and former Chief Executive of Hong Kong Exchanges and Clearing Ltd. (HKEX); Ding Chen, CEO of CSOP Asset Management; and Xing Ziqiang, Chief China Economist at Morgan Stanley. The discussions centered on new trends in global financial markets.
Charles Li, founder of Micro Connect and former Chief Executive of Hong Kong Exchanges and Clearing Ltd. (HKEX), delivered a keynote address at the summit.
Li expressed his view on the fundamental nature of traditional secondary markets. He stated that their essence lies in the expectation that someone else will be willing to pay a higher price for the same asset. He likened this to "checking if there's a line of people behind you" – investors are willing to buy at a price-to-earnings (P/E) ratio of 20, believing a "greater fool" will come along to buy it at an even higher price. However, once an investor realizes they might be the last one in line, they cannot exit even at a P/E ratio of 5.
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