2025 Conference Recap

Conference Summary

On April 27, the 19th Kellogg Greater China Business Conference (GCBC) was successfully held at Northwestern University’s Kellogg School of Management.

Centered on the theme "Shaping the Path Forward – Bridging Viewpoints and Embracing Turbulence", the conference gathered 27 distinguished speakers across sectors such as investment, technology, healthcare, mobility, and consumer, and attracted nearly 300 attendees including alumni, industry leaders, professors, and students.

Opening Remarks

Mark Cho ’01 MBA — Managing Director, Blackstone China

Mark shared encouraging macro signals from China, such as the momentum from AI innovation, supportive policies, and consumer stimulus. He encouraged the audience to stay optimistic, passionate, and proactive in times of uncertainty.

Fireside Chat

The Hon. Dr. Kevin Rudd AC – Ambassador of Australia to the U.S., Former Prime Minister of Australia

Moderator: Francesca Cornelli – Dean, Kellogg School of Management

Ambassador Rudd and Dean Cornelli discussed the strategic dynamics between China and the U.S., addressing the framework of managed strategic competition. This timely and insightful discussion explored potential collaboration, sources of misunderstanding, and opportunities ahead. Ambassador Rudd emphasized the importance of fostering cross-cultural understanding and urged students to engage with the broader political, economic, and social forces shaping global business. His message to the next generation: rebuilding trust across borders starts with those willing to understand difference—deeply, thoughtfully, and with purpose.

Panel 1 | Investment, Technology, and Global Collaboration in Energy Transition

Jie (Alex) Sun – CSO, Envision Energy
Alvin Tian – Founder, BlockCarbon
Dr. Hengwei Liu – CTO & Head of Green Hydrogen, Wison Group

Moderator: Dean Greg Hanifee – Associate Dean, Kellogg School of Management

The panel explored the future of green hydrogen, carbon asset digitization, and global energy innovation. China's green tech firms are evolving from supply chain manufacturers to solution providers. The panel also provided deep insights into China-U.S. energy and sustainability policy landscapes.

Panel 2 | AI x Venture: Navigating the Next Wave of Innovation

Monica Xie – Investor, ZhenFund
Jing Conan Wang – Co-founder & CEO, Hachi.AI
Hatim Rahman – Associate Professor, Northwestern University

Moderator: Mohammed Anwarul Alam – Assistant Professor, Northwestern University

The AI panel explored how startups can thrive in a fast-moving landscape shaped by foundation models and generative AI. The discussion focused on what it means to build sustainable innovation

amid rapidly advancing technology, highlighting the need for clear market insight, differentiated data strategies, and effective go-to-market execution.

Panelists emphasized that traditional technical moats are diminishing, and successful founders must now anticipate future user needs, craft emotionally resonant experiences, and move quickly from idea to product. Whether targeting B2B or consumer markets, understanding when and how AI truly adds value and when it doesn’t is key to building products that endure.

As the hype around AI continues to grow, the conversation stressed the importance of domain expertise, pragmatic MVP design, and a deep focus on the real-world problems being solved. Ultimately, the next wave of AI innovation will be defined not just by new technologies, but by how effectively they are grounded in human need and imagination.

Panel 3 | From China to the World: Chinese Biotech Global Expansion through M&A and Strategic Partnerships

Scott A. Lipman ’18 MBA – CBO, Avenzo Therapeutics
Steven Ladd ’17 MBA – VP of Business Development, BeOne Medicines (formerly BeiGene USA)
Tim Wang, CFA – CBO, Duality Biologics

Moderator: Craig Garthwaite – Professor of Strategy and Director of Healthcare, Kellogg School of Management

In 2024, Chinese-developed innovative drugs accounted for 30% of global in-licensing transactions by international pharmaceutical

companies—underscoring China’s rising influence as a major driver of global biopharmaceutical innovation. During the panel discussion “From China to the World: Chinese Biotech Global Expansion through M&A and Strategic Partnerships,” experts explored how Chinese biotechs are scaling globally through partnerships and strategic initiatives.

Scott A. Lipman, Chief Business Officer of Avenzo Therapeutics, emphasized the world-class quality of Chinese biotech innovations. He highlighted how partnerships with U.S. pharmaceutical companies enable Chinese firms to access global markets while retaining leadership in their domestic market.

Tim Wang, Chief Business Officer of Duality Biologics, identified several factors contributing to the rapid growth of China’s biotech sector:

The return of internationally trained Chinese scientists bringing global R&D expertise.
Efficient capital deployment, enabling faster progression from discovery to clinical development.
A robust ecosystem supported by strong CDMO (Contract Development and Manufacturing Organization) and CRO (Clinical Research Organization) infrastructure.
Active public funding and financial backing from private equity and venture capital firms.

Steven Ladd, Vice President of Business Development at BeOne Medicines (formerly BeiGene USA), outlined the company’s approach to globalizing oncology drug commercialization. He stressed the importance of synchronizing clinical development and regulatory filings across China, the U.S., and Europe.

Prof. Craig Garthwaite aptly summarized the discussion: “Healthcare innovation rises above borders.” The global expansion of Chinese biotechs not only introduces competition but also creates collaboration opportunities, delivering life-saving therapies to global patient populations and reshaping the future of pharmaceutical innovation.

Panel 4 | Innovating Beyond Borders: The Evolution of Chinese Biotech from License-In to Self-Innovation

Dr. Michael Shi – Head of R&D and CMO, HUTCHMED
Ian Woo – President and CFO, Everest Medicines
Dr. Tony Xue – CEO & Founder, Medilink Therapeutics

Moderator: Dr. Li Yan – Managing Director, US Chinese Anti-Cancer Association

Chinese biotech companies are transitioning from licensing foreign assets to developing cutting-edge, internally driven innovations. The panel “Healthcare – Innovating Beyond Borders: The Evolution of Chinese Biotech from License-In to Self-Innovation” explored this strategic evolution.

Ian Woo, President and CFO of Everest Medicines, shared the company's journey—from initially licensing global assets to building a strong internal R&D engine and platform innovation capabilities to achieve sustainable, long-term competitiveness.

Dr. Michael Shi, Head of R&D and Chief Medical Officer at Hutchmed, showcased the development and globalization of Fruquintinib, an oncology drug developed in China. Partnering with Takeda accelerated its global commercialization. Hutchmed’s strategy is to double down on its expertise in small molecules and antibody-drug conjugates (ADCs).

Dr. Tony Xue, CEO and Founder of MediLink Therapeutics, discussed the strategic trade-offs Chinese biotech firms face between licensing out assets and pursuing full internal development. While global deals offer validation, early-stage partnerships often come with lower valuations. MediLink takes a case-by-case approach to maximize long-term value and align with its financial capacity.

Dr. Li Yan, Managing Director of USCACA and former CMO of Brii Biosciences, concluded that operational excellence and highly efficient teams are essential for attracting global partners. For future success, Chinese biotech companies must prioritize developing truly differentiated therapies that meet significant unmet medical needs, rather than pursuing saturated indications. Moreover, recruiting top-tier talent in business development and strategic planning will be critical for their continued globalization.

Panel 5 | Autonomous Driving at a Turning Point: Commercial Challenges and Strategic Opportunities

Bin Ran – Vilas Distinguished Achievement Professor, University of Wisconsin-Madison
Paul Lam, CFA, FRSA – CSO & Head of Finance, BOT Auto
Yun Luo – Managing Director, SophonX LLC

Moderator: Adam Deng ’19 MBA – Director, AlixPartners

The autonomous driving panel examined the industry at a pivotal moment. The panelists discussed how China has become a testing ground for rapid innovation, enabled by cost advantages, looser regulatory constraints, and an intensely competitive environment that accelerates iteration and deployment.

In contrast, the U.S. benefits from a well-established research ecosystem and deep integration across sectors such as software, hardware, and academia. Different innovation environments — whether driven by speed and scale in China or by deliberation and system integration in the U.S. — offer valuable and complementary models for developing future mobility solutions.

The conversation emphasized that success in this space goes beyond advancing autonomy itself. It requires a deep understanding of user needs, regulatory landscapes, and the broader societal role of mobility technologies. From autonomous goods delivery to robotaxis, panelists argued that the next stage will be shaped not by technical breakthroughs alone, but by strategic partnerships, global standards, and a willingness to bridge divides for collective progress.

Panel 6 | From the East to the Globe: Redefining Brands from China on the World Stage

Anqi Xu – U.S. Head of SHEIN X, SHEIN
Eric Villines – Head of Global Communications, Anker
Boyu Hu ’09 MBA – Partner, XVC

Moderator: Tim Calkins – Clinical Professor of Marketing, Kellogg School of Management

The e-commerce panel showcased a broad landscape of global brands from East to West, underscoring the importance of cultural understanding, localization, and delivering genuine experiences.

The speakers highlighted the complex journey of changing the perception of Chinese brands from being seen as "cheap" to being recognized as leaders in innovation and quality. They emphasized the necessity of employing local teams, understanding cultural nuances, and crafting brand narratives that go beyond simple pricing advantages.

The discussion emphasized a strategic shift from traditional marketing approaches to more experiential and consumer-centric methods that prioritize direct engagement, constant experimentation, and flexibility.

As Chinese brands continue to expand globally, they are weaving stories that bridge cultural gaps, break stereotypes, and build meaningful connections with a diverse group of consumers.

Closing Remarks

Bo Li – Deputy Managing Director, International Monetary Fund

In his closing speech titled “Eastern Wisdom for Global Challenges”, Bo Li encouraged the next generation to embrace global thinking and promote openness, collaboration, and sustainable development.

Special Thanks

We sincerely thank our generous sponsors for making this conference possible:

🏅 Gold Sponsors: Tims China, Yanshang x Yanshang Xinzou
🥈 Silver Sponsor: Rendr
🍵 Refreshment Sponsor: TE’AMO Boba & Dessert

Special thanks to alumni David He ’02 EMBA, Matt Ce Yang ’12 MBA, and Will Cai ’07 MBA for their invaluable support.

This year’s GCBC would not be possible without the help of the Kellogg alumni network. We are especially grateful to:

Ming Hua ’98 MBA – Managing Director, eChinaHealth
Dicky Kwok – Associate Director, Alumni Relations & Development (Asia), Kellogg School of Management
Tony Zhang ’14 MBA – Managing Director, Morgan Stanley, 2014 GCBC Co-Chair
Tony Yu ’13 MBA – Partner, Vecture Consulting, 2013 GCBC Co-Chair

Your support made this celebration of ideas and dialogue truly possible — thank you!

If you’re interested in the future of China-related business, technology, and global collaboration, we warmly invite you to stay connected with us! We look forward to seeing you next year at the 20th Anniversary of the Greater China Business Conference!