Professors YU Jianzhen and JI Yan from The Hong Kong University of Science and Technology (HKUST) have been selected for fellowship awards under the 2025/26 Research Grants Council (RGC)'s Senior Research Fellow Scheme (SRFS) and Research Fellow Scheme (RFS) respectively. Their research projects, which focus on atmospheric analytical chemistry and investigating AI-powered imperfect competition in financial markets, have secured over HK$13.6 million in grants.
Prof. Tim CHENG, HKUST Vice-President for Research and Development, lauded the awardees, stating, "This year's projects tackle critical global challenges such as quantifying air quality and investigating AI-driven market manipulation, reflecting HKUST's commitment to high-impact research. With the RGC's ongoing support, our faculty can deepen their scholarly contributions while nurturing the next generation of research talent. We anticipate these initiatives will yield transformative breakthroughs with far-reaching benefits for society."
Awardees and Their Research:
Senior Research Fellow: Prof. Yu Jianzhen - Decoding Atmospheric Aerosols for Cleaner Air
Quantifying the different chemical forms of carbon, nitrogen, and sulfur in atmospheric aerosols is essential for tracing pollution sources, tracking particle evolution, and assessing environmental and health risks. Prof. Yu Jianzhen's project employs advanced mass spectrometry and chemometric analysis to develop an integrated, multi-level chemical speciation framework that offers unprecedented insights into aerosol chemical composition. This approach aims to uncover previously undetected molecular species and make significant contributions to accurately predicting the effects of these pollutants on the environment and human health, as well as inform mitigation strategies.
As a leading atmospheric chemist with over 25 years at HKUST, Prof. Yu, Head and Chair Professor of Department of Chemistry, Chair Professor of Division of Environment & Sustainability, specializes in analytical methods for airborne organic compounds, aerosol characterization, and atmospheric reaction modeling. Her lab provides key analytical support for the Hong Kong's PM2.5 monitoring network, operated by the Environmental Protection Department. Recently, she has secured HK$53.29 million under the RGC's Theme-based Research Scheme 2025/26 to advance public health and promote sustainable development of the atmospheric environment in the Greater Bay Area.
Research Fellow: Prof. Ji Yan - Safeguarding Financial Markets in the Age of AI
Algorithmic trading with advanced AI technologies has recently gained significant momentum, and its future progression seems inevitable. One of the most pressing concerns is the risk of AI-driven market manipulation, which benefits a small group of sophisticated speculators equipped with AI technologies while harming broader market participants by undermining competition, liquidity, and market efficiency. Prof. Ji Yan's project will develop a comprehensive, data-driven quantitative framework, incorporating estimated synthetic trading environments from real market data and state-of-the-art reinforcement learning strengthened by deep learning techniques. Such a framework will enable quantitative assessments of how multiple self-interested AI-powered trading algorithms interact, leading to phenomena such as speculative bubbles, crashes, and collusion. The framework will also be used to quantitatively investigate regulatory policies aimed at countering AI-driven market manipulation.
Prof. Ji, the Liwei Huang Associate Professor of Business, is a financial economist whose research spans asset pricing, macro finance, and AI in finance. His research integrates insights and tools from industrial organization into theoretical models in asset pricing and capital market research. His latest work studies the economic consequences and financial implications of the widespread adoption of AI technologies by institutional investors.
Empowering Research Excellence
The annual RFS and SRFS provide continuous research support to outstanding researchers, along with relief from teaching and administrative duties, for a five-year period. Each year, approximately 10 mid-career Associate Professors (RFS) and 10 senior Full Professors (SRFS) are selected across all eight UGC-funded universities. Each RFS awardee receives a fellowship grant of around HK$5.5 million, while each SRFS awardee will receive approximately HK$8.2 million over the duration of the fellowship.
