Hong Kong Exchange and Clearings chief executive Charles Li will not seek reappointment after serving the remainder of his current contract.
Li Xiaojia, who earned the moniker of «Mr. China» for tightening ties between the Hong Kong Exchange and mainland China, will step down after his contract ends in October 2021. Meanwhile, HKEX has formed a selection committee led by chairman Laura Cha to find Li’s successor, according to a statement from the bourse.
«I would like to extend my sincere gratitude to Charles for his extraordinary leadership and contribution to the Hong Kong market over the last decade, and to thank him on behalf of the board, for giving us as much time as possible to ensure a smooth transition,» Cha said.
«The board is confident that the succession process will be smooth and orderly and that the Group is on a strong foundation.»
Mr. China
Prior to joining HKEX in 2010, Li had a diverse career as an oilfield worker, journalist and investment banker before becoming J.P. Morgan’s China chairman.
And under his leadership, HKEX has forged closer ties with the mainland market most notably through «Connect» programs that have enabled two-way flows between Hong Kong and China’s capital markets. This has been a critical factor that has routinely made Hong Kong a top IPO hub by size.
But the rapid expansion has not come at no cost, with increasing governance risk especially from the listing of small-cap companies. Such issues came to light following a charge issued by the city’s anti-graft body against former HKEX senior executive Eugene Yeoh Kim-loong for accepting nearly $1.2 million in bribes between 2017 and 2019 to approve IPOs.
