Powerful Women in Business: A Snapshot of Leaders
Bonnie Y. Chan, the CEO of Hong Kong Exchanges and Clearing (HKEX), has secured the 15th position in this year’s Most Powerful Women list. She stepped into her role at a crucial time when the exchange was working hard to regain its global standing. In 2025, Hong Kong made a significant comeback, topping the IPO rankings by raising HKD286 billion (about $37 billion) from 119 listings, a remarkable threefold increase from 2024.
Under Chan’s leadership, HKEX is focused on becoming a vital link between Chinese companies and global investors, especially those looking to tap into China’s growth and innovation. Last year, HKEX reported its highest-ever revenue at HKD29.2 billion ($3.7 billion), reflecting a 30% increase, alongside a profit of HKD17.8 billion ($2.3 billion).
In 20th place is Malina Ngai, who now leads AS Watson, the world’s largest health and beauty retailer, boasting 17,000 stores across 31 markets. Since becoming group CEO in 2024, Ngai has emphasized a business model that merges physical retail with online shopping, aiming to create a seamless experience for customers. AS Watson, part of the CK Hutchison conglomerate, saw its revenue rise to HKD209 billion ($26 billion) last year, an increase of 10%.
Ngai is also planning to invest an additional $490 million to expand AS Watson by opening 1,000 new stores and enhancing its technology and supply-chain systems. There are discussions within CK Hutchison about potentially listing AS Watson on both the Hong Kong and London stock exchanges.
Speaking at a recent conference, Ngai reflected on the legacy of AS Watson’s founder, Alexander Skirving Watson, stating she believes he would be pleasantly surprised to see how the business has grown from one store to a vast network of 17,000.
This year’s Most Powerful Women list by Fortune includes influential leaders from some of the largest companies globally, with participants representing firms from both the Fortune 500 and Global 500 lists. This 29th annual ranking features 100 women leading 94 companies that collectively employ about 11.8 million people and generate around $7.3 trillion in annual revenue.
At the top of the list is Jane Fraser, the chair and CEO of Citigroup. Having made history in 2021 as the first woman to lead a major Wall Street bank, Fraser continues to be a trailblazer in the industry during her five years in charge.
