Sergio Ermotti

So the legacy is always to see that when you leave, after a couple of years, things are going even better.

Well, actually it's also great for me to be back here.

Last year was quite an important year for China.

I think that we saw a huge interest coming back on the Chinese market.

Stock performance was great and we see it today.

I mean, we have almost 3,600 participants.

You go through

across the board from corporates, institutional clients, family offices, and coming from also all over the world, we see also more interest from overseas, which is indicating the momentum of the Chinese market.

So I think that we believe this is going to continue, the secular trend support in China in terms of growth, in innovation, in technology, in biotech,

It's a year to stay and investors are realizing that.

Yeah, I mean, look, it's a good mix of businesses, but when you look at, for example, the underweight of international investors to China, almost half, from around 2.5% internationally,

in 2024 to 1.3% or so in 2025.

So this is a significant change on a year-on-year basis.

And this is the main driver.

We continue to see a lot of activity around IPOs, particularly you saw the record

IPO issues last year in Hong Kong, which are probably going to stay with us also in 2026.

We see a lot of activity across Asia, inbound and outbound.

M&A in Japan is up threefold.

So in general, I would say that you will continue to see momentum of Chinese investors investing abroad, but also capital coming into the country.

We are working on all of this.