-
08:15
Inside the rise of hybrids and convertibles*
PRE-CONFERENCE WORKSHOP (OPTIONAL) - 45 mins
- What is driving the resurgence in hybrid instruments, convertible & exchangeable bonds across APAC since 2025?
- How are hybrid structures evolving and why are notching outcomes diverging?
- How do we assess equity credit for hybrids and what are the credit implications?
- What are the common features of rated convertible and exchangeable bonds and how do they affect credit?
*Limited capacity. Registration is required.
-
09:00
Registration & coffee
-
09:30
Introduction
-
09:35
The great rewiring: Fragmentation, resilience and credit risk
BIG PICTURE PRESENTATION
- How are geopolitics, trade shifts and energy security changing the outlook for growth and credit?
- How resilient are sovereigns, companies and financial markets in a more fragmented environment?
- Are markets fully pricing the structural shifts in trade, capital flows and technology?
-
09:50
Reconfiguring growth with technology
MACRO FIRESIDE CHAT
- As trade, capital and technology become more fragmented, what will drive the next phase of China's economic growth?
- What do shifting trade corridors and industrial policies mean for North Asia growth and credit differentiation amongst corporates?
- Is AI becoming a genuine new growth engine for North Asia, or simply another investment cycle with uncertain returns?
- Can technology-driven consumption compensate for weaker property-related wealth effects and demographic headwinds for China?
-
10:40
Coffee break
-
11:10
Navigating a fragmenting world
MARKET VIEW PANEL
- As companies diversify supply chains amidst policy shifts, which sectors or companies are more resilient, and which may find their business models challenged?
- To what extent has Chinese government's "rebalancing growth drivers" policy worked, and what kind of credit impact have we seen on corporates?
- Is AI a "bubble" for companies in North Asia? How are companies across sectors adopting AI, how are they funding such adoption, and how are investors participating in this growth?
*more speakers to be confirmed
-
12:00
Networking lunch
-
alt_route
Breakout round 1
-
13:00
Power utilities
Balancing growth, energy transition and digital disruption
- What factors are driving power demand and supply in key APAC markets?
- How will APAC's energy transition evolve amid energy security priorities, extreme weather, and rapid growth in data center demand?
- What are the opportunities and challenges for APAC power utilities?
-
13:00
Consumer markets and real estate
Wealth effects and wallets: Consumption rewired
- How are technology, policy support and service-led consumption offsetting structural weakness in traditional retail channels in China?
- How do shifting household wealth dynamics reshape consumption patterns?
- How durable is the rebound in office, retail and residential property demand in Hong Kong, and what factors could derail the recovery?
-
-
13:45
Transition break
-
alt_route
Breakout round 2
-
14:00
New technologies
Chips, cars and supply chain shifts
- How are AI and EV demands reshaping semiconductor and technology supply chains?
- Does technology convergence create shared bottlenecks and cross-sector vulnerabilities?
- Which parts of the tech value chain will benefit and which may come under pressure?
-
14:00
Commodities and energy supply chain
Changing order for Asia’s commodities
- How are geopolitics and policy interventions reshaping commodity sectors?
- Can oversupplied industries such as chemicals rebound, or is deeper restructuring inevitable?
- How will companies adjust capex and leverage to a shifting competitive landscape?
-
-
14:45
Transition break
-
15:00
Spending to compete: US and China hyperscalers in the AI investment race
THEMATIC VIEW PANEL
- Is China's AI spending bigger than it looks?
- Will monetization catch up with spending?
- How will credit quality change over time?
-
15:45
An error occurred trying to play the stream. Please reload the page and try again.
CloseMoody's Events
closeSue Su is a Vice President in the Corporate Finance Group at Moody’s Ratings, based in Beijing.
She supports ratings and research on Chinese issuers across sectors including technology, consumer, manufacturing, construction, metals and mining, as well as conglomerates and investment holding companies.
Sue joined Moody’s in 2019. Prior to that, she spent over a decade at HSBC, across Beijing, Shanghai, Hong Kong, Kuala Lumpur and London, most recently as a Senior Vice President in Wholesale Credit Risk Approval. She also served as an Associate Director for Credit Analysis Unit in HSBC’s Global Banking and Markets.
Sue is a CFA charterholder, and holds a BA from Beijing Foreign Studies University and an MBA from Peking University.
Shawn Xiong is a Senior Vice President with Moody’s Corporate Finance Group. Based in Hong Kong, Shawn is the Lead Analyst for a portfolio of China non-property companies, including those in the metals and mining, healthcare services, retail and telecom and IT services sectors.
Before his relocation to Hong Kong, Shawn worked for five years with Moody’s in Sydney, where he covered the Australian mining services, building materials and gaming sectors.
Prior to joining Moody’s, Shawn worked for the Commonwealth Bank of Australia as an Associate in its Debt Capital Markets division.
Shawn has also worked as a Senior Analyst in the Corporate Finance division of KPMG in Sydney.
Shawn holds a Bachelor of Applied Finance and a Bachelor of Commerce – Accounting from Macquarie University in Sydney. He is also a CFA Charterholder and a CA.
Ning Loh is Managing Director, Global Head of Credit Strategy at Moody’s Ratings, based in Hong Kong. In this role, he is responsible for defining, articulating and promoting Moody’s global house views on credit drivers, macroeconomic forecasts, financial markets and emerging markets dynamics. Concurrently, he is also Chief Credit Officer for APAC and works with rating groups throughout the region to develop Moody’s perspectives and research regarding macroeconomic, policy, and thematic trends that affect credit risk.
Since joining Moody’s in London in 2005, Ning has held roles across various markets and rating groups in Europe, Asia, and the US. In 2015, he moved to Hong Kong to lead the structured finance new ratings franchise for South and Southeast Asia. In 2018, Ning led the U.S. Corporate Asset-Backed Securities (ABS) team. He later returned to Hong Kong to head the North Asia (excluding Japan) team in the Project & Infrastructure Finance Group before taking on his current position.
Before joining Moody’s, Ning practiced law in London, specialising in structured finance and debt capital markets. Ning holds a Master's in Civil Engineering from Imperial College London and is a Solicitor of the Senior Courts of England and Wales.
Robin Xing is a managing director at Morgan Stanley who joined the Firm’s Asia ex-Japan economics research team in 2016 as Chief China Economist, leading the firm’s macro and FX research on China. Prior to joining Morgan Stanley, he was an investment strategist at Goldman Sachs’ investment management division. Previously, he worked as director of China macro research at S.A.C Capital, and vice president and economist at China International Capital Corporation. Robin’s team was ranked #1 for Economics from 2021 to 2025 in Institutional Investor All-Asia survey, and he has written extensively on China’s long-term economic outlook, including the Urbanization 2.0 in China, the supply chain transition in a multipolar world, and the transition of China’s capital flows. He has presented his views frequently to senior policymakers in China.
Gary Lau is the Managing Director for the Corporate Finance Group in Hong Kong. Gary manages analytical teams in Hong Kong, covering corporate ratings in North Asia (ex-Japan). He has extensive experience with Moody’s in analytical and management positions with responsibilities across different industries and geographies. He has been with Moody’s since 1998.
Before joining Moody’s, Gary worked for Barclays Bank Plc and Bank of America in the Financial Institutions and Corporate Banking Divisions.
He holds an MBA and a Bachelor of Social Science, both from The Chinese University of Hong Kong.
Hemant Lodha is a Managing Director and Head of Global Financing Solutions, Asia-Pacific at The Hongkong and Shanghai Banking Corporation Limited.
He leads corporate finance analytics and ratings advisory and is responsible for origination and structuring across hybrid and regulatory capital as well as liability management. With 22+ years of financial services experience and at HSBC since 2004, Hemant has advised on 300+ ratings assignments across Asia, including numerous inaugural ratings for corporates, financial institutions and sovereigns. He has also supported high-profile APAC hybrid and FIG capital transactions and led complex liability management exercises across the region.
Gabriel Yu is a Portfolio Manager with Ping An of China Asset Management (Hong Kong) and has 17+ years of investment experience. He currently oversees and manages investment grade mandates and tailored solutions in USD and CNH. Along with his team he covers global investment grade credits across sectors including technology, financials, and consumers. Prior to joining Ping An, he was an analyst covering Chinese and other Asian credits for the Emerging Markets Corporate Debt team in Baring Asset Management.
Clement Wong is a Managing Director and team leader with Moody’s Ratings Corporate Finance Group. Based in Hong Kong, he oversees a team of rating analysts covering Chinese industrial corporate entities in sectors including internet, technology, auto, chemicals, food and beverage and more. He and his team are also actively involved in Moody’s Greater China investor outreach activities and have been authoring sector- , issuer- and credit trend-specific research reports.
Clement is an auditor by training with PricewaterhouseCoopers and Deloitte. He has over 20 years of credit experience in the banking industry.
Prior to joining Moody’s in 2014, he was Country Credit Officer for Wholesale Banking in Hong Kong and Japan at Standard Chartered. Clement has also worked for several international banks, including Citibank, where he helped set up the commercial banking risk management team in China while stationed in Shanghai for almost five years. During his time at Citibank Shanghai, he also collaborated with other teams to build the bank’s framework for lending and approving credits; and before relocation to Shanghai, as Senior Credit Officer, worked on assessing large corporates’ credit exposure; and had been in charge of problem loan recovery for small-medium-sized companies.
Clement holds a Master’s degree in International and Public Affairs and a Bachelor of Social Science degree from The University of Hong Kong. He is also a CFA charterholder and a CPA.
Andrew Leung is currently the Regional Head of Capital Structure & Rating Advisory (CSRA) for Greater China & North Asia at Standard Chartered Bank. The CSRA team is an integral part of the bank’s corporate client coverage model, where it excels in providing regular thematic, capital structure, rating advisory and risk management insights to key clients. Andrew joined Standard Chartered Bank in 2008 through the management associate programme and has since advised many corporate and FI clients in the region. Prior to joining the bank, he began his career at PricewaterhouseCoopers.
Andrew holds a Bachelor of Business Administration degree from the University of Hong Kong, and a Masters in Finance degree from London Business School.
Ivy Poon is a Vice President with Moody’s in Hong Kong. She covers corporate ratings in a portfolio of power and gas utilities companies and conglomerates in Asia Pacific.
Prior to joining Moody’s, Ivy worked for KBC Bank N.V., as a credit assistant manager and a senior marketing officer.
Ivy holds a Bachelor of Commerce from McMaster University and a Postgraduate Diploma in Professional Accounting from the Chinese University of Hong Kong. She is also an affiliate member of CPA.
Ray Tay is an Executive Director and team leader for Moody’s Project and Infrastructure Finance team for South and South-East Asia. In this role, based in Singapore, he oversees the ratings team responsible for Moody’s extensive coverage across the project finance and infrastructure sectors, including transport infrastructure, power & utilities, and credit enhanced issuances.
Ray is also the Franchise Lead for Digital Infrastructure in the Asia Pacific region. This role sits across various rating groups and oversees our growing portfolio in this fast-moving infrastructure sector. Ray serves as a single point of contact for our analytical coverage of Data centers and other Digital Infrastructure in this region.
Ray is passionate about topics such as project bonds and the role of funding diversity and credit enhancement in bridging the infrastructure gap, particularly in emerging markets.
Before joining Moody’s in 2012, Ray was a Director with the Global Infrastructure & Projects Group in KPMG. Ray has also worked as a Senior Business Analyst with the Singapore Power Group.
Boris Kan is a Vice President with the Project & Infrastructure Finance Group. Based in Hong Kong, Boris covers a portfolio of Chinese utilities and infrastructure companies across a range of sectors.
Before joining Moody’s, Boris was the Head of Regional Utilities & Power Equipment (Asia-ex-Japan) with J.P. Morgan’s Equity Research team, where he spent more than 12 years covering a wide range of power and gas utilities companies in Greater China.
Boris has also worked as a Senior Associate for more than five years — first at PricewaterhouseCoppers and then at Deloitte & Touche Corporate Finance — providing assurance and M&A advisory services to corporate clients in Greater China.
Boris holds an MBA majoring in Finance from Simon Fraser University and is a member of the Hong Kong Institute of Certified Public Accountants.
Sean Hwang is a Vice President in Moody’s Corporate Finance Group. Based in Hong Kong, he covers a portfolio of corporates in Korea.
Prior to his current role, Sean covered a range of project and infrastructure companies in Korea and Hong Kong as well as South and Southeast Asia. Before joining Moody’s in 2014, Sean was with Bank of America Merrill Lynch, where he worked as a credit analyst looking after a portfolio of global corporates.
Sean is a Chartered Financial Analyst (CFA) charter holder. He graduated top of his class from Sogang University with a degree in Business Administration.
Stephanie Lau is a Senior Vice President for the Corporate FinanceGroup in Asia. Based in Hong Kong, she covers mainly a portfolio of Hong Kong property companies. She has also covered other non-property sectors, including gaming, education, manufacturing, and logistics.
Stephanie has over fifteen years of experience as an equity research analyst. Prior to joining Moody’s in 2015, Stephanie was a Vice President at Mirae AssetSecurities in Hong Kong, where she was the Lead Analyst for the China property sector.
Stephanie has also worked as a sell-side equity analyst at MainFirst Securities in Hong Kong, CLSA Asia Pacific Markets in Shanghai, and Lehman Brothers in New York.
Stephanie holds an MA from the Paul H. Nitze School of Advanced InternationalStudies at Johns Hopkins University, where she specialized in China Studies and International Economics. She also holds a BA in International Studies from JohnsHopkins University.
Ying Wang is a Vice President within Moody’s Corporate Finance Group. Based in Hong Kong, Ying covers a portfolio of consumer and internet companies across China.
Prior to joining Moody’s, Ying worked in Hong Kong as a Lead Equity Research Analyst at J.P. Morgan Securities (Asia Pacific) Limited, BNP Paribas and Standard Chartered Bank, focusing on a wide range of sectors including oil & gas, utilities, environmental protection and renewable energy.
Ying started his career as a journalist at Bloomberg and China Daily News Group, covering the energy, commodities and industrial sectors. He has also worked for a major Chinese oilfield service company in Beijing.
Ying holds an MBA in Finance from INSEAD Business School in France and Singapore, and a BA with honors from Xi’an International Studies University.
Gloria Tsuen is a Vice President in Moody’s Corporate Finance Group. Based in Hong Kong, Gloria covers a portfolio of corporates in Hong Kong, China, and Korea across a diverse range of industries.
Prior to joining Moody’s, Gloria worked as an equity research analyst at Cantor Fitzgerald and prior to that at CIMB. She started her career at JPMorgan in New York, and has worked as an analyst on both the sellside and the buyside.
Gloria is a Chartered Financial Analyst (CFA). She holds a Master’s in Political Science from the Massachusetts Institute of Technology, and a Bachelor’s in Economics from Harvard University.”
Daniel Zhou is an AVP-Ratings within Moody’s Corporate Finance Group. Based in Hong Kong, Daniel covers a portfolio of Chinese property companies.
Prior to his current role, Daniel worked as an Associate Analyst in Moody’s Ratings and Research Support team, and supported ratings for Chinese non-financial corporates, including utilities and property companies. Daniel also helped analyze project and infrastructure companies in South and Southeast Asia.
Daniel holds an MBA and BBA in Accounting and Finance from The University of Hong Kong. He is also a CFA charterholder.
Nidhi Dhruv is a Vice President with Moody’s Corporate Finance Group. Based in Singapore, Nidhi covers a portfolio of issuers across the telecommunications, telecom towers, mining, construction and airline industries in South and Southeast Asia.
Before joining Moody’s in 2007, Nidhi was an analyst with Citigroup Investment Banking in India and Singapore for three years.
Nidhi is a CFA charterholder and a Chartered Accountant with the Institute of Chartered Accountants of India. She also has an MBA in Finance from Mumbai University.
Shawn Xiong is a Senior Vice President with Moody’s Corporate Finance Group. Based in Hong Kong, Shawn is the Lead Analyst for a portfolio of China non-property companies, including those in the metals and mining, healthcare services, retail and telecom and IT services sectors.
Before his relocation to Hong Kong, Shawn worked for five years with Moody’s in Sydney, where he covered the Australian mining services, building materials and gaming sectors.
Prior to joining Moody’s, Shawn worked for the Commonwealth Bank of Australia as an Associate in its Debt Capital Markets division.
Shawn has also worked as a Senior Analyst in the Corporate Finance division of KPMG in Sydney.
Shawn holds a Bachelor of Applied Finance and a Bachelor of Commerce – Accounting from Macquarie University in Sydney. He is also a CFA Charterholder and a CA.
Sue Su is a Vice President in the Corporate Finance Group at Moody’s Ratings, based in Beijing.
She supports ratings and research on Chinese issuers across sectors including technology, consumer, manufacturing, construction, metals and mining, as well as conglomerates and investment holding companies.
Sue joined Moody’s in 2019. Prior to that, she spent over a decade at HSBC, across Beijing, Shanghai, Hong Kong, Kuala Lumpur and London, most recently as a Senior Vice President in Wholesale Credit Risk Approval. She also served as an Associate Director for Credit Analysis Unit in HSBC’s Global Banking and Markets.
Sue is a CFA charterholder, and holds a BA from Beijing Foreign Studies University and an MBA from Peking University.
Soe Jung Baek is an Assistant Vice President in Moody’s Corporate Finance Group. Based in Hong Kong, Soe Jung covers a portfolio of Korean corporates across various industries.
Prior to her current role, Soe Jung worked as a Ratings Associate in Moody’s Ratings and Research Support team and supported ratings for non-financial corporates in Korea.
Prior to joining Moody’s in 2021, Soe Jung was with BNP Paribas Seoul Branch as a credit analyst in Corporate Coverage Group.
Soe Jung is a Chartered Financial Analyst (CFA) and certified Financial Risk Manager (FRM). She has a B.A. in Business Administrations from Korea University.
Sean Hwang is a Vice President in Moody’s Corporate Finance Group. Based in Hong Kong, he covers a portfolio of corporates in Korea.
Prior to his current role, Sean covered a range of project and infrastructure companies in Korea and Hong Kong as well as South and Southeast Asia. Before joining Moody’s in 2014, Sean was with Bank of America Merrill Lynch, where he worked as a credit analyst looking after a portfolio of global corporates.
Sean is a Chartered Financial Analyst (CFA) charter holder. He graduated top of his class from Sogang University with a degree in Business Administration.
Rachel Chua is a Vice President with the Corporate Finance Group in Singapore. She covers a portfolio of high-profile investment grade companies in Southeast Asia, with a focus on government related issuers. During her time at Moody’s, Rachel has led coverage of various sectors across the region including oil and gas, mining and property.
Before joining Moody’s in 2012, Rachel was with KPMG Corporate Finance, where she advised clients on financing infrastructure transactions.
Rachel holds an MSc in Accounting and Finance from the London School of Economics and Political Science.
Daniel Zhou is an AVP-Ratings within Moody’s Corporate Finance Group. Based in Hong Kong, Daniel covers a portfolio of Chinese property companies.
Prior to his current role, Daniel worked as an Associate Analyst in Moody’s Ratings and Research Support team, and supported ratings for Chinese non-financial corporates, including utilities and property companies. Daniel also helped analyze project and infrastructure companies in South and Southeast Asia.
Daniel holds an MBA and BBA in Accounting and Finance from The University of Hong Kong. He is also a CFA charterholder.
Mark Fiteny is a Managing Director at J.P. Morgan and runs the TMT and New Economy businesses for Asia-Pac and the Internet business globally. As the Head of APAC TMT, he is responsible for helping clients in one of the most important growth regions prosecute strategy and access global capital markets. As the Head of New Economy, he is responsible for clients leading the technology-driven transformation of every industry. As the Global Head of Consumer Internet, a franchise he has helped scale since 2004, he is responsible for companies ranging from the emerging disruptors to the largest global platforms. Mark joined J.P. Morgan in 2004, and leads equity, debt and convertible financings, as well as mergers & acquisitions transactions. Mark has an MBA from Stanford Graduate School of Business and a BS in Chemical Engineering from UT-Austin.
Ms. Cao is a senior vice president and credit research analyst in the Hong Kong office, responsible for the technology, media and telecommunications (TMT), consumer and retail sectors in the Asia-Pacific region. Prior to joining PIMCO in 2012, Ms. Cao was a vice president in Credit Suisse's investment banking division, where she covered the U.S. retail and consumer industry out of New York from 2007 to 2011 and the China technology industry out of Hong Kong from 2011 to 2012. Previously, she was with Dairy Farm International in Hong Kong, responsible for evaluating business development opportunities in North Asia. She has 20 years of investment experience and holds an MBA from Harvard Business School. She received an undergraduate degree from Princeton University.
Annalisa Di Chiara is a Senior Vice President in Moody’s Corporate Finance Group. Based in Hong Kong, Annalisa covers a portfolio of telecommunications, media and beverage companies throughout South and South East Asia. Annalisa is also a lead coordinator for Moody’s high-yield research and outreach initiatives for the Asia Pacific region.
Prior to joining Moody’s, Annalisa worked for UBS in credit related roles across debt capital markets and leveraged finance. She spent a significant portion of her career as a senior ratings advisor covering corporates across a variety of industries throughout the US, Asia and Europe. Annalisa has also worked for Credit Suisse and the Bank of New York as a Ratings Advisor and a Corporate Finance Banker. She has worked in Hong Kong for over 13 years.
Annalisa holds a double major from Brown University in Business Economics and English & American Literature.
Shawn Xiong is a Senior Vice President with Moody’s Corporate Finance Group. Based in Hong Kong, Shawn is the Lead Analyst for a portfolio of China non-property companies, including those in the metals and mining, healthcare services, retail and telecom and IT services sectors.
Before his relocation to Hong Kong, Shawn worked for five years with Moody’s in Sydney, where he covered the Australian mining services, building materials and gaming sectors.
Prior to joining Moody’s, Shawn worked for the Commonwealth Bank of Australia as an Associate in its Debt Capital Markets division.
Shawn has also worked as a Senior Analyst in the Corporate Finance division of KPMG in Sydney.
Shawn holds a Bachelor of Applied Finance and a Bachelor of Commerce – Accounting from Macquarie University in Sydney. He is also a CFA Charterholder and a CA.
Terry has over 30 years of experience in credit ratings and bank credit risk management. As a Managing Director, he leads Moody’s Public, Project & Infrastructure Finance in Asia Pacific. He assumed his position in February 2015.
In this role, Terry oversees ratings teams in Hong Kong, China, Singapore. Australia and Japan which are responsible for Moody’s extensive coverage across the public and infrastructure sectors, including transport infrastructure, regulated utilities, power and social infrastructure.
Prior to this role, Terry spent seven years as an Associate Managing Director and Head of Corporate, Project and Infrastructure Finance ratings for Australiasia, based in Sydney. During that period, Moody’s ratings coverage for this region grew substantially to more than 100 rated issuers.