HKEx calms fears in London and China
Charles Li highlights partnership and co-operation in the bourse's move to diversify into commodities trading
Hong Kong Exchanges and Clearing chief executive Charles Li Xiaojia tried to assure members of the London Metal Exchange and mainlanders yesterday that HKEx's plans to expand into commodities would not be a threat to them.
HKEx completed the acquisition of the LME in December last year to diversify into commodities trading as part of the city's plan to develop into a centre for such trading. Some mainland and London players are worried Hong Kong is going to capture part of their business.
Speaking at an LME Week seminar packed with Westerners and mainlanders yesterday, Li first spoke in English, unveiling HKEx's plan to introduce new commodities products in Hong Kong and emphasising it would not hurt trading on the LME.
The Beijing-born Li then surprised the audience by switching to Putonghua to directly address mainland exchange officials and users, assuring them Hong Kong would not be a threat.
"There will be competition between the Hong Kong commodities trading platform and the mainland's, but then we will also be partners as we can co-operate with each other," he said.
Li said he grew up in a farming family, where they had a saying: "We will not take away the food from your bowl, your pot or your farm. We will share the food with you from the field we grow together."