In its campaign to win the approval of members of the London Metal Exchangefor its £1.4bn cash offer, Hong Kong Exchanges & Clearingwent to great lengths to convince them it was not a stooge for Beijing.
At the same time, the exchange argued that it could convince the Chinese government to make big concessions, such as approving LME warehouses in China and allowing more Chinese companies to trade on the bourse.
Charles Li, HKEx chief executive, has tried to defend these two positions – being distant from Beijing and close to it at the same time – in spite of the potential contradiction.
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