Portfolio Manager, Bridgewater China; Partner, Bridgewater Associates
桥水中国基金经理, 美国桥水合伙人
Joanna Alpert
孙悦

Joanna Alpert joined Bridgewater China Investment Management Co. (BCIM) in 2018 as Portfolio Manager and is responsible for overseeing BCIM’s research, account management, and trading functions. She is also a Partner at Bridgewater Associates. Prior to joining BCIM, Joanna was the co-founder and co-CEO of BlueVirgo Capital Management, one of the largest originators and servicers of real estate tax liens in the US. From 2005-2008, Joanna was a Senior Investment Associate at Bridgewater Associates in Westport, CT, where she held roles in Research and Client Service. She began her career as a management consultant at McKinsey & Company, and subsequently worked on strategy development at The World Bank. Joanna holds a BA from the University of Chicago and an MBA from Harvard Business School.

Deputy General Manager, Goldman Sachs Gao Hua Securities
高盛高华副总经理
Tian Lu
陆天

Tian is deputy general manager of Beijing Gao Hua Securities Company Limited and is a member of the Beijing Gao Hua Securities Company Limited Risk Management Executive Group. He is also deputy general manager of Goldman Sachs Gao Hua Securities Company Limited (GSGH) and a member of the Management Group of GSGH.

Previously, Tian led Chinese banks and brokers within Global Investment Research and was also co-head of China Equity Research. Prior to that, he was co-head of the Asia industrials business unit and covered Chinese machinery, electrical equipment and engineering and construction sectors from 2010 to 2017. Tian joined Goldman Sachs as an analyst in London in 2007, covering European multi-industry companies and related stubs situations. He was named managing director in 2017.

Prior to joining Goldman Sachs, Tian served on the Securitization team at KPMG LLP for three years. Before that, he was a chartered accountant working in Assurance and Advisory.

Tian earned an MSc in Finance from the London School of Economics and is a CFA charterholder.

Managing Director and Co-Head of Markets, Hong Kong Exchanges and Clearing
香港交易及结算所有限公司董事总经理兼市场联席主管
Wilfred Yiu
姚嘉仁

Wilfred is Managing director and Co-Head of Markets for Hong Kong Exchanges and Clearing Limited. Previously, he was Deputy Chief Executive Officer and Chief Operating Officer for Beijing Gao Hua Securities Company Limited, and Chairman of its wholly-owned subsidiary, Qian Kun Futures Co., Ltd. Prior to that, he was Head of Credit Structured Products for Asia at Goldman Sachs (Asia) L.L.C.

 

Wilfred served as a governor for the Board of Dalian Commodity Exchange in China from 2015 to 2017, and is currently an advisor for the Strategic Advisory Committee of Dalian Commodity Exchange. He is an adjunct professor at the Hong Kong Polytechnic University.

 

Wilfred earned a Master’s degree in Computer Science from Stanford University and an MBA in Finance from the Stern School of Business at New York University.

Panelists

Moderator

Professor He is interested in the implications of agency frictions and debt maturities in financial markets and macroeconomics with a special focus on contract theory and banking. His recent research focuses on the role of financial institutions in the 2007/08 global financial crisis. He teaches an elective MBA course, “Chinese Economy and Financial Markets,” and is conducting academic research on Chinese financial markets including the stock market, local government debt, shadow banking, and interbank markets together with recent regulation changes. Professor He has also been writing academic articles on new progress in the area of cryptocurrency and blockchains.

Professor He is interested in the implications of agency frictions and debt maturities in financial markets and macroeconomics with a special focus on contract theory and banking. His recent research focuses on the role of financial institutions in the 2007/08 global financial crisis. He teaches an elective MBA course, “Chinese Economy and Financial Markets,” and is conducting academic research on Chinese financial markets including the stock market, local government debt, shadow banking, and interbank markets together with recent regulation changes. Professor He has also been writing academic articles on new progress in the area of cryptocurrency and blockchains.

 

His research has been published in leading academic journals including the American Economic Review, Econometrica, the Review of Economic Studies, the Journal of Finance, the Review of Financial Studies, the Journal of Financial Economics, and Management Science. He has been an associate editor for the Review of Financial Studies and Management Science and currently serves as an associate editor for the Journal of Finance. He serves as the guest editor of the Review of Finance for the “Special Issue on China” in 2020-2021.

Zhiguo He
何治国
Fuji Bank and Heller Professor of Finance and Jeuck Faculty Fellow, Chicago Booth
芝加哥大学布斯商学院Fuji Bank and Heller金融学讲席教授

Capital Markets

​资本市场

Against the backdrop of industrial upgrading and rising per capita income, capital markets become ever more important in the Chinese economy, linking vast savings with investment opportunities. Much of the continuing development and opening of China’s capital markets are powered by regulatory reforms over the past decade, including the registration-based IPO system (2016), tightened regulation on asset management products (2018), and the removal of foreign ownership limits in securities and fund management firms (2020). Under the impacts of Coronavirus and the shaken global economy, China’s capital markets are experiencing extraordinary changes and creating exciting opportunities. From the dynamic world of fund management and securities brokerage to the strategic planning and regulation within a stock exchange, our special panelists will share their unique perspectives on China’s capital markets.

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UChicago Graduate China Forum 2022