Bonnie Chan

So much for being “uninvestable”: Hong Kong shares are surging as investors bet on DeepSeek, a Chinese recovery, and cheap valuations. At the center of Hong Kong’s rally is Bonnie Chan, CEO of Hong Kong Exchanges and Clearing (HKEX). Chan is perhaps the city’s second-most important financial ambassador, after financial secretary Paul Chan (no relation). Her efforts are paying off, as the city wins a flood of new listings from mainland China and Southeast Asia. Trading volume is breaking records and the city is back among the world’s top IPO venues. Hong Kong could stand to benefit as the U.S. looks more unfriendly to Chinese companies hoping to tap global capital. HKEX’s mandate to end single-gender boards for listed companies may also be bearing fruit. After years of cajoling, just 0.7% of the city’s 2,600 listed companies have all-male boards.