File Photo: Xinhua

 
Li Xiaojia, chief executive of Hong Kong Exchanges and Clearing (HKEX), intends to leave his position at the end of his current contract, in October 2021, according to a statement released by HKEX on Thursday.

Li confirmed his full commitment to continuing to lead the organization until that date, or earlier, and a successor should be appointed beforehand, the statement said. 

A spokesman at HKEX declined to comment on Li’s departure and who will be his successor.

Xu Hongcai, an economist at the China Center for International Economic Exchanges, told the Global Times on Thursday that Li had made a significant contribution to Hong Kong’s financial system. Due to the downturn pressure in the global economy and the COVID-19 pandemic, there are now some difficulties in the Hong Kong financial system, like increasing competition.

According to the latest Global Financial Centers Index, Hong Kong was ranked sixth in the index, failing three slots and overtaken by Tokyo, Shanghai and Singapore. 

“It is still uncertain who will be the next chief executive at HKEX, but the next successor must meet some challenges in the future,” Xu said.

Li has been the longest-serving Chief Executive of HKEX, having been there for 11 years since HKEX listed in 2000.

Shi Meilun, chairman of the Hong Kong Stock Exchange, acknowledged Li's outstanding leadership and contribution to the Hong Kong market over the past decade. She thanked Li for giving the board as much time as possible to ensure a smooth transition.

Li has promoted many important strategic initiatives in HKEX’s history, vigorously promoting reform and development of the listing system in Hong Kong. The schemes include the acquisition of the world ’s largest metal pricing center, the London Metal Exchange in 2012, and the launch of OTC clearing in 2013.

Li was also one of the key decision makers for the groundbreaking Shanghai-Hong Kong Stock Connect cross-border trading scheme in 2014, which was expanded to include the Shenzhen-Hong Kong Stock Connect in 2016 and Bond Connect in 2017.

Before joining the HKEX, Li served as chairman at JP Morgan, and as president at Merrill Lynch.

Li was awarded Bachelor of Arts (English Literature) at Xiamen University, in East China’s Fujian Province, Master of Arts (Journalism) at the University of Alabama, and Juris Doctor at Columbia University in the US.

Global Times