2026 IDEAS Webinar Series: Chinese Market Perspectives: Navigating the Rally and Beyond

Tian Li

Head of Research & Portfolio Manager, Springs Capital

Tian is head of research, a real dollar portfolio manager, and a member of the Investment Management Committee, which oversees research priorities, process, and evaluation. He also focuses on talent development and proprietary investment systems. Real dollar portfolio managers directly manage client capital across China markets, and directly inform the approximately USD 13bn China Growth Strategy.

Tian joined Springs Capital in 2016 and covered the internet, agriculture, media, education, and entertainment sectors before being promoted to head of the consumer team. Prior to Springs, Tian was a senior associate in Shanda Group's CEO office. Before joining Shanda, Tian worked at Bank of America Merrill Lynch in Hong Kong as an analyst.

Tian holds a Master of Business Administration from Harvard Business School, a Bachelor of Science in Engineering (summa cum laude in Electrical and Computer Engineering) and a Bachelor of Science in Economics from Duke University.

William Ma

Global CIO, GROW Asset Management

William Ma is CAIA Global Board of Director, SBAI Asia Pacific Committee Member, Shanghai Municipal Bureau of Finance QDLP advisor, Eurekahedge Asia Hedge Fund Award judge and Overseas Golden Bull Award judge panel advisor.

Previously he was the Chief Investment Officer of Noah Holdings and Gopher Asset Management before founded GROW, and responsible for overseeing all investment management, asset allocation and investment products due diligence of combined USD 80 billion of asset. He launched the first China multi strategy hedge fund and managed different China domestic public market hedge funds including a Greater China multi-managers fund, ranked the best emerging market fund of hedge funds globally (3 years annualized return) by BarclayHedge, and led the team won the prestige Golden Bull Award - Best Domestic Fund of Hedge Funds in China in 2018 as well as won numerous awards from InvestHedge, HFM and AsianInvestor.

Mr. Ma co-founded Penjing Asset Management(PAM) in 2005 prior to joining Noah in 2015, managing USD 2 billion in client assets. Mr. Ma was Asia CIO of Gottex Fund Management (GFM) in 2012 when PAM was acquired by GFM. • Over his 20-year investment experience, Mr. Ma has analyzed over 2500 Asian hedge funds and invested in 250 of them.

Mr. Ma holds a Bachelor of degree of Engineering from the University of Hong Kong, and a holder, and member of the Hong Kong Institute of Financial Analysts. Master degree of Business Administration (Finance and E-Commerce) from University of San Francisco. He is a Chartered Financial Analyst and Chartered Alternative Investment Analyst holder, and member of the Hong Kong Institute of Financial Analysts.

Thomas Tey

Co-Head of Public Markets, Khazanah Nasional Berhad

Thomas Tey is Co-Head of Public Markets at Khazanah Nasional, where he is jointly responsible for the design and implementation of active and passive strategies across global markets.

He is a member of both the Investments Committee and Management Committee, and serves on the Board of Khazanah’s Shanghai office.

Steve Zhang

CEO, Ubiquant Asset Management Company Ltd

Mr. Zhang is the CEO of Ubiquant Asset Management Co., Ltd. He has over 23 years of global investment management experience, including 7 years in New York and 8 years in Singapore, before he moved to Hong Kong in 2017.

Prior to joining Ubiquant in 2023, Mr. Zhang was the deputy CIO of Ping An of China Asset Management (HK) Limited, looking after overseas capital markets investments for the Ping An Group. Prior to joining Ping An, Mr. Zhang was the head of external managers research at Avanda lnvestment Management in Singapore from 2015 to 2017. Prior to that, Steve was a multi-strategy portfolio manager at the global Fund of Funds industry leader, Permal Group, where he managed multiple billion USD assets on the strategy level from 2002 to 2014. The Permal Emerging Markets Holdings under his management was awarded the best emerging markets fund of funds in the world by the Barron's and Invest Hedge, respectively.

Mr. Zhang graduated from Indiana University Bloomington with an MBA degree in Finance. He is a CFA charterholder.