HKEX will continue to go international: outgoing chair
The outgoing chairwoman of Hong Kong Exchanges and Clearing (HKEX), Laura Cha, on Wednesday said the city’s stock exchange operator would continue to go “international” as it considered all options to stimulate market turnover. This came as Cha hosted her last annual general meeting with shareholders before stepping down from the role she held over the past six years after reaching a two-term limit. Speaking at the meeting, Cha, 74, said the city’s bourse would continue developing connectivity with other exchanges in the world. “With regard to our international development, it’s not going to stop, it will continue,” Cha said. “It’s not just about opening two [new] offices. Over the past year we have done a lot of work, we have also signed expressions of interest with two exchanges elsewhere, so that we will also be able to broaden the scope of listing to move forward,” she added. She also noted the group would consider measures that could stimulate trading volumes, adding HKEX welcomes all firms - no matter if they are big or small - to list in the SAR. “Do we want bigger companies or smaller companies, that's not up to us to choose, it depends on what companies make applications. We extend fair and equal treatment to all applicants. Even for small companies if they can satisfy all the standards, they can still be listed,” she said. Her remarks came as some shareholders questioned whether the bourse would try and go after larger enterprises, such as electric-vehicle battery maker CATL, to list in Hong Kong. As the exchange’s first female chair, Cha thanked shareholders and colleagues for their support over the past six years. "It's been a privilege and an honour to have presided over this great organisation over the past six years," Cha said. As Cha stepped down, the exchange’s new board of directors immediately appointed former Securities and Futures Commission chair, Carlson Tong, as the new HKEX chairman for a three-year term until 2025. Tong's appointment is subject to the written approval of the Chief Executive, and a further announcement will be issued later. Cha, meanwhile, will continue to serve as senior advisor to the exchange’s board until April next year.