Hong Kong stock exchange boss Charles Li hints he will set up his own financial business after leaving the bourse
- Li’s right-hand man at Hong Kong Exchanges and Clearing, Calvin Tai, will take his place on an interim basis from January 1
- The exchange’s market capitalisation has almost tripled since Li took over in January 2010
Charles Li Xiaojia hinted on Monday that he would set up his own financial business based in Hong Kong after he steps down as chief executive of the Hong Kong Exchanges and Clearing in two weeks.
“My passion is in finance, and I will stay in Hong Kong which has been my home for 26 years,” Li said in Mandarin during a media video conference on Monday.
The exchange’s market capitalisation has almost tripled since Li took over in January 2010 to HK$45.7 trillion (US$5.897 trillion) at the end of last month, and Hong Kong has been the world’s largest hub for initial public offerings (IPO) in seven of the past 11 years.
Since announcing that he would step down from HKEX, rumours have swirled that Li would pursue political office in Hong Kong or serve in government in Shenzhen. “I may go to Shenzhen to visit my friends but not to work there,” he said.
“It would be better for Mr Li to run a financial business instead of joining politics as that is what he know the best,” said Christopher Cheung Wah-fung, lawmaker for financial services sector in Hong Kong.