The head of Hong Kong’s stock exchange has announced he will step down months after leading a failed £32bn bid to buy its London counterpart, casting doubt over the bourse’s strategy at a time when the city’s status as a financial hub is under pressure.
In a statement on Thursday, Hong Kong Exchanges and Clearing said Charles Li “would not seek” reappointment as chief executive when his current contract expires in October 2021. HKEX has put a committee in charge of finding a successor for Mr Li.
Mr Li, an outspoken former oil-rigger, won plaudits for his efforts to internationalise HKEX in his decade at the helm by luring global companies to the exchange and building ties with mainland Chinese markets.
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