Charles Li, The CEO of Hong Kong Exchanges and Clearing Ltd, has announced his exit from the role after serving in the position for ten years. The departure of the CEO is coming at the times when the organization already has a tough time.
Charles Li Steps Down as CEO of the Hong Kong Stock Exchange
Charles would be serving the exchange until October 2021 until the completion of his contract, or before that, in case his successor is found earlier. The chairperson of the Hong Kong Exchange has appreciated the leadership of Charles and praised him for proving the board enough time for a smooth transition.
Charles Li: Key Player in the Hong Kong Stock Exchange
Under leadership pf Charles Li the revenue of the exchange ever since he took over the role. He failed in a bid to takeover LSE last year due to which the Hong Kong Stock Exchange faced much backlash. There has been political unrest in Hong Kong, which led to economic depression in the city. Moreover, China is pushing to build its own Stock Exchange due to which the Hong Kong Stock Exchange is facing issues.
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Spearheaded many Acquisitions and reforms
Charles Li is a former banker. He has spearheaded numerous market reforms and acquisitions. In 2019, he failed to pursue the bid to buy the London Stock exchange. Earlier, he has been a key player in designing the UK Capital metal exchange deal in 2012. Mr. Li has also played a pivotal role in linking Shanghai and Schengen markets and enabled stock trading in mainland China.
Li spoke about his tenure,
“I have passed the most exciting ten years of my career at the exchange with a dream team, and we have achieved what we want to achieve”
The first Chinese to Lead the Bourse
Charles Li is the first Chinese citizen and investment banker to lead the Hong king Stock exchange. He wrote a memo to the staff in which he said that his time in the role was simply the most exciting and most rewarding time of his life.
He informed the board of his decision to step down from the position a year in advance so that there is clarity of direction that can help maintain confidence and continuity.