Former Chair, Hong Kong Stock Exchange
UW Major: French
Cha had long been interested in global cultures and perspectives, and she minored in European history at UW–Madison alongside her French major. She arrived at the university from Hong Kong in 1968 and had to quickly adjust to American culture as well as the turbulence of the Vietnam War era. Fifty years later, she still vividly recalls the intensity of those years — clashes between students and authorities, classmates being drafted or losing loved ones in the war. “You hear or read about the strikes and protests, but it’s nothing like being in the middle of it with fellow students,” she says. “When I told my kids this, when they were growing up, they couldn’t even imagine it.”
It was also in Madison that she met and married her husband, Victor Mou-Zing Cha ’72. After graduation, the couple went home to Hong Kong but returned to the United States a few years later. While her husband pursued an MBA at Stanford, Cha spent six years as a stay-at-home mother before taking the then-uncommon step of enrolling in law school as a mother of two young children. She earned her JD from Santa Clara University and joined a San Francisco law firm.
When the family moved back to Hong Kong in 1985, Cha joined a New York law firm, advising multinational companies entering the Chinese market, including Coca-Cola and McDonald’s. Cha transitioned to regulatory and public policy work in 1991 and advanced through Hong Kong’s Securities and Futures Commission to become deputy chair in 1998.
In 2001, Cha became the first — and, to date, only — person from outside mainland China appointed to a vice-ministerial role in the Chinese Central Government. As vice chair of the China Securities Regulatory Commission, she helped modernize China’s capital markets amid rapid economic transformation. “I was lucky to have a front-row seat and participate in the reform and opening up of China,” she says.
Cha went on to hold senior leadership roles across business, government, and global organizations. As the first female chair of Hong Kong Exchanges and Clearing Limited, she guided the exchange through growth and reform from 2018 to 2024 and established its first international advisory council to strengthen global integration and governance. She was also the longest-serving member of the Hong Kong government’s Executive Council, advising on major policy decisions. And she served on the boards of multinational companies and institutions, including HSBC, Unilever, the Rockefeller Foundation, and the Bretton Woods Committee.
Throughout her career, Cha drew on the perspective she first encountered at the UW. “I distinctly remember the diversity of the student body,” she says, noting her exposure to different cultures and perspectives. “It made me more inquisitive and inclusive in how I work with people.”
In a career spanning continents and systems, Cha approached opportunity with openness and preparation. “I felt I was very fortunate to be at the right place at the right time,” she adds, “and when opportunities arose, I was ready.”
