Stephen Carroll

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This is the 26th annual GCC here in Shanghai.

We've been covering a lot of them, and we are very pleased to bring in the guest of honor.

Not the guest, he's the host.

I'm the guest here at the GCC, and that is Sergio Almaty, UBS Group CEO.

Thanks so much for having us here this again.

What is your message to the 3,600 or thereabout participants here at the GCC this year?

And what's your general outlook for business in China for your bank?

What kind of deal flow are you starting to see?

As we are starting to see China get some momentum, you talked about the stock market, the CSI 300 up about 17% last year.

So it's gaining some steam, but also outbound deal flow seems to be growing quite a bit.

whether it's investing in factories in Europe or in the global south.

It seems like capital is not only coming into China, where foreign interest is obviously looking at that rebound, but also the capital is moving abroad.

What's going to be your priority onshore for 2026?

Last year you got the full 100% securities license.

What's going to be the priority now?