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Markets

Hong Kong stock exchange CEO to depart after 10 years at helm

Charles Li to stay until end of contract in October 2021 or successor appointed

During his time at HKEX, Charles Li earned the nickname "Mr. China" for shaping the exchange as a gateway to the mainland's financial markets through programs such as Stock Connect.   © Reuters

HONG KONG -- Charles Li, the chief executive officer of Hong Kong Exchanges & Clearing since 2010, is leaving the stock exchange operator, and a search is underway to name his successor.

The decision by Li, 58 years old and the architect of the failed $36.5 billion bid for London Stock Exchange Group last year, comes as the exchange reported a 13% decline in first-quarter profit to 2.26 billion Hong Kong dollars ($291.5 million) as investment losses and higher operating expenses negated a surge in trading and clearing fees.

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