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HKEx extends CEO Charles Li's contract by 3 years

[HONG KONG] Hong Kong Exchanges and Clearing Ltd renewed the contract of Chief Executive Charles Li for a further three years, it said in a filing on Wednesday.

Mr Li's contract will now end on Oct 15, 2018 and his pay remains unchanged at HK$9 million a year, the exchange said.

Mr Li has overseen a 66 per cent increase in the exchange operator's stock price this year, as increased trading volumes from the stock connect programme with Shanghai and a fee increase on the HKEx-owned London Metal Exchange boosted profits.

Former JPMorgan banker Li, whose Chinese name is Li Xiaojia, joined HKEx in 2009 and set out a strategy of tying the exchange's fortunes more closely to mainland China.

The next step in his strategy of mutual market access with China is to establish a commodities trading link similar to the Shanghai stock connect programme, Mr Li said in May.

REUTERS