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Cao Li

Investors in the West are underestimating the scale of innovation, entrepreneurship and economic momentum happening in China, leading to missed opportunities, according to William Ford, chairman and CEO of US private equity firm General Atlantic.
“Investors avoid investing in China at their own peril,” Ford said in an exclusive interview with the Post on the sidelines of the 2025 Family Business Summit in Hong Kong last week. “They’ll miss some tremendous investment opportunities.”
Ford noted that a new, ambitious generation of Chinese entrepreneurs was emerging, with companies spanning various sectors – from industrial automation to medical technology – pursuing a “China for global” strategy.
“They want to access global markets and really be global leaders,” he said, following a recent two-week trip to China.
While geopolitics may pose challenges, the easing of US-China tensions and the booming Hong Kong equity market presented renewed investment opportunities, according to Ford. “With the Hong Kong market becoming reactivated, it will make investing here very attractive.”

US-China relations appeared to improve after Chinese President Xi Jinping met his US counterpart Donald Trump during the Asia-Pacific Economic Cooperation summit in South Korea in late October, addressing issues such as trade tariffs, soybean purchases and rare earth export bans.
“I think we’ve reached a new equilibrium in the US-China relationship,” Ford said.
After a multi-year slump, Hong Kong’s capital market began to recover late last year, attracting companies from home appliance giant Midea to the world’s largest electric vehicle battery maker, Contemporary Amperex Technology, to raise funds in the city.
Hong Kong regained its position as the top initial public offering (IPO) market in the first half of this year, with 42 listings raising HK$107.1 billion (US$13.8 billion).
Founded in 1980 in New York, General Atlantic has invested about US$8 billion in around 40 companies in China since 2000, from Lenovo Group to Meituan and Alibaba Group Holding, owner of the Post. Historically, China represented about 10 to 15 per cent of the firm’s global portfolio, reaching 20 per cent at its peak.
The company had scaled back its investments in recent years while awaiting greater certainty in US-China relations, Ford said. The firm had also faced a global “exit recession”, he added, referring to challenges in capitalising on investments.
However, he believed the situation had reversed.

Since 2023, Chinese regulators have expedited the approval process for companies seeking overseas listings. Mergers and acquisitions activity was also on the rise, with projections for high double-digit growth this year, according to PwC.
“We now can have a view that, if we can find a great company in China that we invest in, then we have a wonderful IPO opportunity in Hong Kong,” Ford said.
General Atlantic saw major opportunities in China’s industrial automation, consumer electronics and life sciences sectors, according to Ford. The firm invested in Wuxi Biologics, a pharmaceutical research and services company, as early as 2006 and has increased its investment in that area since 2021.
“China has moved into a very, very different phase, where they really are a true innovator in therapeutic innovation,” Ford said.
In addition, China was now striving to compete not only on cost but also on quality, he said. “China is trying to be ‘N plus one’ instead of ‘N minus two’.”
An “N minus two” mentality focused on winning through lowering costs and exporting cheaper products globally, Ford said. In contrast, “N plus one” meant producing superior products at competitive prices. “All you have to do is go look at a BYD car or a Xiaomi car right now, and it’s N plus one.”


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Easing of US-China tensions and strong Hong Kong equity market present new opportunities, William Ford says at the Family Business Summit


Easing of US-China tensions and strong Hong Kong equity market present new opportunities, William Ford says at the Family Business Summit.


General Atlantic CEO sees China investment boom after Xi-Trump talks

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Easing of US-China tensions and strong Hong Kong equity market present new opportunities, William Ford says at the Family Business Summit

Easing of US-China tensions and strong Hong Kong equity market present new opportunities, William Ford says at the Family Business Summit