Hong Kong stock exchange operator HKEX picks former securities watchdog head Carlson Tong as chairman
- Tong will work with CEO Bonnie Chan as the exchange grapples with low market turnover and a decline in new listings
- Tong is considered by a former colleague as an ‘open-minded, highly diligent chairman who is able to bring the board to focus on the big picture’
Hong Kong Exchanges and Clearing (HKEX), which operates Asia’s third-largest stock market, has named former Securities and Futures Commission (SFC) chairman Carlson Tong Ka-shing, a veteran accountant and market regulator, as its new chairman.
Tong was elected by the board on Wednesday to succeed Laura Cha Shih May-lung, who retires after a six-year term.
“I am committed to spearheading our collective efforts to continuously reinforce Hong Kong’s strategic role as a global financial hub,” Tong said in a statement after taking on the new role. “We recognise that we operate in a dynamic and evolving environment, presenting both challenges and opportunities.
“While certain external factors like geopolitics and interest rates remain beyond our direct control, we must be proactive in preparing ourselves to seize opportunities when the external environment improves.
“Simultaneously, we shall focus on diversifying our product ranges, enhancing our trading mechanisms and bolstering our competitiveness. By navigating the immediate challenges and positioning ourselves for long-term opportunities, we will fulfill HKEX’s obligations to the investing public while delivering value to its shareholders.”