Markets Media spoke with Gigi Shen, Managing Director, Head of China Equity, Citigroup Global Markets Asia Limited, who won Excellence in Equities at the 2025 Women in Finance Asia Awards.

What does this award mean to you, especially given the fast-changing and often volatile nature of the Chinese market?

Receiving the Women in Finance Asia Excellence in Equities Award is a tremendous honor for me and our team, especially considering the current landscape of Chinese markets. This recognition comes at a pivotal moment, as we are witnessing early signs of recovery following a multi-year equity market downturn since 2021, marked by significant fund outflows, challenged investor performance, and shrinking market liquidity. Competing for market share within an overall declining wallet has demanded innovative strategies and heightened commitment to our clients. I take greater pride in this award now than I would have during the market booming years, as it reflects our resilience and dedication in challenging times.

What are some of the biggest shifts you’ve witnessed in China equities over the past few years, and how have you and your team adapted to stay ahead?

One of the most notable changes has been the narrative surrounding the economy. The drivers have shifted from traditional sectors like property and infrastructure to a focus on manufacturing and technological innovation. Additionally, market cycles have become shorter, with themes shifting more rapidly.  This dynamic requires us to remain agile and responsive to emerging trends. Also notably there had been significant outflows of capital from global investors up until late last year, and domestic investors have started to play a more important role. Recently, the likes of DeepSeek have bolstered confidence in domestic investors and attracted some global investors to come back and re-assess China, helping to stabilize the market.

How do you balance global investor expectations with the on-the-ground realities and regulatory developments in China?

Balancing what global investors expect with the actual situation on the ground in China has gotten tricker, especially since COVID. A lot of investors still have a pre-COVID view of China, which is why I always stress the importance of visiting regularly.  Seeing things first hand allows investors to gain a more accurate and nuanced perspective. Our sales team also serves as a bridge, connecting the two and sharing the China story effectively. I also encourage investors to connect more with the younger generation in China.  These folks are driving new industries and becoming a major part of the consumer market. Lastly, the backgrounds of regulatory representatives have changed meaningfully over the years. Understanding this shift is essential for more accurately interpreting the information one receives.

What’s your approach to building a high-performing equities platform, and how do you cultivate talent in a high-pressure environment?

First and foremost, it’s essential to establish clearly defined and measurable goals. This clarity helps the team to focus on what matters most and drives accountability. A deep understanding of shifting market trends and client needs is also crucial; and the ability to analyze and articulate the opportunities and challenges in Chinese equities, ensuring that internally our senior management is well-informed for resource allocation and risk management. We believe in fostering a team with diverse talent, where their skill sets and personalities compliment each other. Delegation and empowerment are also key to our culture.

As a senior female leader in finance, what advice would you give to aspiring professionals—especially women—who are building careers in research, sales, or trading?

Always strive to be helpful to others – whether it’s clients, colleagues, or industry contacts – even if it’s not part of your job description. People will notice your efforts, and this mindset can lead to more opportunities down the road. And be confident in your voice.  Don’t hesitate to share your ideas and insights.  I personally find that younger people often provide valuable perspectives. 

When you’re not immersed in markets, how do you decompress and stay grounded? Are there any personal habits or passions that help you maintain perspective?

Like many others, I take advantage of Hong Kong’s beautiful landscape, doing quite a bit of hiking.  Another passion of mine is interior decoration. While I don’t do it professionally, I enjoy re-arranging my apartment to experiment with different themes, color tones and decorative pieces. I also love watching Chinese drama. It not only helps me relax but also keeps me connected to the latest trends and topics in China, which sometimes finds their way into my investment ideas.