Former HKEX CEO Paul Chow, who brought mainland Chinese shares to Hong Kong, has died

Paul Chow Man-yiu, a former CEO of Hong Kong Exchanges and Clearing (HKEX), who was instrumental in bringing mainland companies to list in the city three decades ago, has died, his family told the Post. Chow died peacefully at a Hong Kong hospital late on Thursday night, with family members by his side. He was 76. He headed the stock exchange for 13 years, first from 1992 to 1997, and then from 2003 until his retirement in 2010 at the merged HKEX, which was formed by combining the stock exchange and futures exchange and related clearing houses in 2000. In the interim, he served as chief executive of HSBC Asset Management (Hong Kong). During his tenure at the exchange, he brought mainland Chinese companies to list here as H shares, with Tsingtao Brewery the first to list on July 15, 1993. Mainland Chinese companies now form the core of the market, with over 1,200 firms representing more than 80 per cent of the market’s capitalisation and turnover. He also introduced electronic trading and centralised clearing platforms in Hong Kong in the 1990s, establishing the foundation for the market’s modernisation and growth. Financial Secretary Paul Chan Mo-po expressed deep sorrow over the passing of Chow, crediting his contributions as former head of the local exchange as well as chairman of Hong Kong Cyberport Management Company. “He made substantial contributions to the development of financial services and innovation and technology in Hong Kong,” Chan said. “Mr Chow was sincere and warm-hearted, and devoted himself to serving the community, having served in various professional and advisory bodies, courts and councils of universities and charitable organisations.” Secretary for Financial Services and the Treasury Christopher Hui Ching-yu, who worked with Chow at the HKEX, said Chow’s work “enhanced the strengths of the HKEX, making Hong Kong one of the global premier financial and investment centres”. “During the time when I worked at the HKEX, I had the privilege of witnessing Mr Chow’s outstanding and pragmatic leadership and management skills, which are still beneficial to me today,” Hui added. His success as a regulator brought him the respect and praise of brokers and the public for upgrading the quality of the market and its efficiency. “Mr Paul Chow was a veteran regulator and reformer who achieved many important goals in Hong Kong, including the introduction of H shares listing,” said Stephen Hui Chiu-ching, the chairman and CEO of Luk Fook Financial and a former director of HKEX. “Mr Chow had deep knowledge of the markets and good relationships with mainland and Hong Kong regulators and other stakeholders. His achievements laid down the foundation for Hong Kong [to become] a fundraising centre.” Hong Kong has been the world’s largest fundraising centre in seven of the past 14 years. Hui was a former colleague of Chow. They both worked at Hong Kong brokerage Sun Hung Kai Securities in the 1980s. “Mr Paul Chow was a respected leader in Hong Kong’s financial industry and a much loved member of the HKEX family,” an HKEX spokesman said. “During his tenure, Mr Chow was instrumental in driving many of our key market developments, laying a solid foundation for the continued growth and vibrancy of HKEX and Hong Kong’s markets. “Our thoughts are with his family at this time. He will be greatly missed.” Charles Li Xiaojia, who took over from Chow as HKEX CEO in 2010 and stayed until the end of 2020, said: “Paul was a great guy and an inspiring mentor. He was taken too early and will be deeply missed.” Former Securities and Futures Commission chairman Carlson Tong Ka-shing, who served for two years as chairman of the listing committee during Chow’s tenure as HKEX CEO, said Chow was “very fair minded and always put the quality of the market ahead of the short-term financial gain of the exchange”. “He would only offer his opinion when consulted by listing-committee members, and his advice was always most thoughtful, pragmatic and appreciated by members. I found Paul a most wonderful colleague and person to work with,” Tong said. Henry Fan Hung-ling, former director of HKEX during Chow’s era, said Chow’s passing was “sad news that is totally unexpected”. “I had the pleasure of working with Paul at HKEX and on other public office occasions,” Fan said. “He was always so fully dedicated and devoted to whatever task he was given responsibility for.” Chow leaves behind his wife, two sons, two daughters-in-law and two grandchildren.