UBS Mid-Year Outlook 2026

Fangzhou Jiang is the co-founder of Crimson Education, a published author, and a graduate of the joint MPA/MBA program at Harvard Kennedy School and Stanford Graduate School of Business. Born in Shaanxi, China, Fangzhou moved to New Zealand as a teenager, where he became the first international student in the country’s history to receive the Premier Scholarship - New Zealand’s highest academic honor.

He went on to earn dual degrees in Computer Science and Commerce from the Australian National University on a full merit scholarship, followed by an MS in Management Science & Engineering from Stanford University and an MA in Global Affairs from Tsinghua University as a Schwarzman Scholar. At Harvard, Fangzhou was named a John F. Kennedy Scholar and was also a recipient of the Presidential Public Service Fellowship. He has also been admitted to many of the world’s leading institutions, including Yale, MIT, Columbia, Wharton, and others.

At Crimson, Fangzhou leads global business development and drives the company’s AI strategy, helping shape how technology can transform personalized education and student outcomes at scale. Over the past decade, he has guided students to offers from all eight Ivy League universities and Oxbridge every year.

Fangzhou published his book Classroom CEO: Think Like an Entrepreneur, Thrive as a Student, which helps students develop entrepreneurial thinking to succeed in the AI era. He was named to the Forbes 30 Under 30 list and has been recognized by APEC as a global young leader. Beyond Crimson, Fangzhou serves as an Industry Advisor and Entrepreneurship Coach at MIT Sloan School of Management and as an Adjunct Associate Professor in the Faculty of Business and Economics at the University of Auckland.

John Lam joined UBS in October 2018 and is currently head of Asia property team. His team covers >80 stocks across mainland China, Japan, Singapore, Australia, HK and ASEAN Property. In 2022, 2024, 2025 All-Asia Institutional Investor survey, John and team were the top ranked property team, and top 3 ranked team in 2017-2025 All-Asia Institutional Investor Survey. Prior to UBS, he was with Morgan Stanley in 2010-18, where he was originally a top ranked China cement analyst in 2014-2018 and cement analyst in 2010-2014, switching to property in early 2015.

Cheng Li is professor of political science and founding director of the Centre on Contemporary China and the World at the University of Hong Kong. Dr. Li’s research areas include the transformation of political leaders, the Chinese middle class, technological development in China, Sino-U.S. relations, and global governance. Li is the author and editor of 20 books, including more recently China-U.S. Relations: Converging Visions in a Shifting Global Landscape (2025), Middle Class Shanghai: Reshaping U.S.-China Engagement (2021), The Power of Ideas: The Rising Influence of Thinkers and Think Tanks in China (2017), and Chinese Politics in the Xi Jinping Era (2016).

Prior to joining the University of Hong Kong, Li served as director and senior fellow at the Brookings Institution’s John L. Thornton China Center. Dr. Li is also a director of the National Committee on U.S.-China Relations, a member of the Council on Foreign Relations, a Distinguished Fellow of the Munk School of Global Affairs and Public Policy at University of Toronto, and a scholar-in-residence in the Asia Society Hong Kong. Li received an M.A. in Asian Studies from the University of California at Berkeley and a Ph.D. in Political Science from Princeton University.

Dr. Li Xinyan has 5 years of clinical practice experience, over 10 years of experience in immunology and biotechnology R&D and dedicated more than 25 years to engagement in innovative drug research and development. She brings extensive experience overseeing global drug development through its full life cycle.

Prior to founding Frontera Therapeutics, she spent over 16 years at Zensun (Shanghai) Sci. and Tech. Co., Ltd, advancing multiple candidate drugs to implementation. She subsequently served as Chief Medical Officer at KPC Pharmaceuticals, Inc and served as senior vice president at CARsgen Life Sciences Co., Ltd. She has deeply participated in core operation and management of multiple innovative biotech enterprises, amassing abundant industry expertise.

Her expertise covers the CGT (Cell and Gene Therapy) sector, full-process R&D of innovative biological products, medical affairs planning, and comprehensive operation management of pharmaceutical companies. She has accumulated profound professional capabilities and hands-on experience in clinical drug development, regulatory registration and industrialization, making her a senior industry expert in China’s innovative biomedicine sector. 

Delwin Limas is a lead global technology strategist in the UBS Chief Investment Office (CIO), where he oversees the firm’s flagship AI portfolio. With over a decade of industry experience, he has previously managed thematic technology portfolios spanning 5G, digital subscriptions, distributed ledger technology, and the ABCs of tech (AI, Big Data, and Cybersecurity).

Based in Singapore, Delwin regularly shares insights through weekly tech newsletters and has authored thought leadership pieces on quantum computing, humanoids, and next-generation connectivity. He graduated with First-Class Honours in Mathematics from Nanyang Technological University, earning double minors in Computing and Risk Management, and was awarded the prestigious Koh Boon Hwee Scholars Award. Delwin also holds the Chartered Financial Analyst (CFA) designation.

Kishore Mahbubani has dedicated three decades of his life to public service. In his 33 years as a Singapore diplomat, Kishore took on many challenging assignments. He also served two stints as Singapore’s Ambassador to the UN (1984-1989 and 1998-2004) and held the position of Permanent Secretary of the Ministry of Foreign Affairs from 1994 to 1998.

Kishore had an equally illustrious career in academia. He was the Founding Dean of the Lee Kuan Yew School of Public Policy from August 2004 to December 2017. He has been a prolific author and has published ten books. His ninth book, The Asian 21st Century, is an open access volume which has been downloaded over 4.35 million times. His latest book, a memoir titled Living the Asian Century, was published in August 2024.

Kishore has also been listed among the world’s top 100 public intellectuals by Foreign Policy and Prospect magazines and among the Top 50 individuals who would shape the debate on the future of capitalism by the Financial Times. He was inducted into the American Academy of Arts and Sciences in October 2019. 

Masaki Nakamura (Tokyo) joined KKR in 2014 and is a member of the Health Care and Semiconductor industry teams within Private Equity. Mr. Nakamura originally joined the firm as a member of KKR Capstone before transitioning to the Private Equity team. From 2019 to 2020, he worked on KKR’s U.S. Health Care investment team in Menlo Park. He has been actively involved with KKR’s investments in PHC Holdings (formerly Panasonic Healthcare), KOKUSAI ELECTRIC (formerly Hitachi Kokusai Electric), Bushu Pharma, and Hoken Minaoshi Hompo.

Prior to KKR, he was an engagement manager at McKinsey & Company in their Tokyo, Stuttgart and New Jersey offices, where he was a member of the health care practice. He holds a degree in Medicine (M.D.) from University of Tokyo.     

Jean Eric Salata is Chair of EQT Group and Chair of EQT Asia. He previously founded Baring Private Equity Asia in 1997, which eventually became one of the largest private equity firms in the region. In 2022, BPEA merged with EQT to create a global private markets firm spanning the US, Europe, and Asia.

EQT is a purpose-driven global investment organization with US$316 billion in total assets under management as of March 31, 2026. It is the second largest PE firm globally, and the largest firm headquartered outside the United States. In Asia, EQT has 350 team members across 9 offices in Hong Kong, Singapore, Mumbai, Tokyo, Seoul, Beijing, Shanghai, Sydney and Bengaluru. The group has invested approximately USD35 billion in Asia Pacific since 1997, and its portfolio today employs more than 280,000 people in the region.

Mr. Salata brings an international perspective, having lived in Chile as a child, completed his education in the United States, and lived and worked in Asia since 1989. Mr. Salata graduated magna cum laude from the Wharton School of the University of Pennsylvania with a B.S. in Finance and Economics.  

Simone Song is the founder of ORI Capital (“ORI”), and the senior partner of ORI Healthcare Funds which focus on investing in early stage and innovative healthcare companies globally.

Simone chairs the Investment Committee of ORI and formulates ORI’s quantamental investment strategy that incorporates artificial intelligence with human analyses. She is the architect of ORI’s proprietary AI-empowered ecosystem specifically developed for healthcare venture investment. She also oversees deal origination, due diligence, valuation, making investment, and portfolio management. Simone currently serves as investor director on several companies that ORI Healthcare Funds have invested in, including AffyImmune, Enable Injections and Pillar Biosciences.

Simone was the former Head of Goldman Sachs Healthcare Investment Banking for Greater China. Prior to joining Goldman Sachs, she was a Managing Director of Cowen Group; a member of the advisory board of AXA Investment Managers, and an executive board advisor to AXA Asia Pacific Holdings.

Simone received a BA in Economics from Fudan University in China and a MA in Economics from Claremont Graduate School in America.

Wing Ching Shih was born in Shanghai and brought up in Hong Kong. Shih founded Centaline Group and acts as its Chairman. Centaline has been majoring its business in property agency and has now developed as an enterprise involving in diversified businesses including surveying and valuation, mortgage agency, data consolidation, financial services, wealth management, securities brokerage, credit reporting, property management and online media.

Apart from involving in commercial activities, Shih actively participates in public services. Shih served respectively as the Member of the Advisory Committee of Hong Kong Independent Commission Against Corruption, the Hospital Governing Committee of The Hospital Authority, The Hong Kong Housing Authority, The Commission on Strategic Development, Task Force on Economic Challenges, The Estate Agents Authority and The Consumer Council.
 
With enthusiasm for charity and public welfares, and for cultural development, Shih also served as the Council Member of Oxfam Hong Kong, the Honorable Director of Sowers Action, Chairman of Green Council and Chairman of the Board of Governors of Hong Kong Sinfonietta.
 
Outside of work, Shih is a newspaper columnist and a host for electronic media. As Shih has keen interests in academic activities, he frequently delivers speeches for the tertiary institutions on topics not limited to the real estate, but also on wide range of issues such as politics, the economy, and even natural science and philosophy. Owing to the uniqueness of his point of view coupled with strong ability of expression, Shih is a well received commentator with his comments widely concerned by the society.

Min Lan Tan  is the Head of the Asia Pacific Investment Office at UBS Global Wealth Management Chief Investment Office, since July 2013. She serves as a member of the House View Investment Forum and Asia Investment Meeting, which formulate the regional and global UBS House View.

Prior to joining UBS Global Wealth Management, Min Lan spent eleven years with the UBS Investment Bank where she held a number of senior appointments. From 2002-2012, Min Lan was the Head of Research and Strategist at UBS Securities Singapore. Over this period, Min Lan was ranked the number 1 analyst in Singapore by Asiamoney for ten straight years. From 2006, she was concurrently appointed the Head of Equities for Singapore, with oversight of research, sales, trading and execution, prime brokerage and exchange traded derivatives. In 2012, Min Lan was made the Global Head of FICC Macro Strategy Research, where she was in charge of teams covering global asset allocation, global emerging markets, fixed income, FX and credit research.

Before joining UBS, Min Lan worked as a senior economist with the Econometric Modelling unit at the Monetary Authority of Singapore, as well as an economist and strategist at Merrill Lynch covering the Asian equities markets.

Min Lan holds a Bachelor in Accountancy (Hons) from the National University of Singapore and is a CFA charter holder. She sits on the Board of Trustees of the Singapore University of Technology and Design (SUTD).