Li Xiaojia Retired Early At The End Of The Year And Dai Zhijian Took Over The Post Of Acting Chief Executive Of Hkex

The HKEx's statement on the implementation of the business objectives of strategic planning 2019-2021 also reveals its determination to continue Li Xiaojia's strategic plan of "focusing on China, connecting the world and embracing science and technology".

Li Xiaojia, who was scheduled to retire in October 2021, announced an early curtain call.

On September 29, the official wechat of the Hong Kong Stock Exchange announced that Li Xiaojia would step down as the chief executive of the group on December 31, 2020, but remain as a senior adviser to the board of directors.

At the same time, Dai Zhijian, the current co president and chief operating officer of HKEx, will assume the post of acting CEO of the group on January 1, 2021.

As early as may this year, after Li Xiaojia announced that he would not renew the CEO contract of the group, the HKEx established a selection committee led by the chairman of the Hong Kong stock exchange, Mr. Smith, together with the directors of the Hong Kong stock exchange, Mr. ABO bagari, Mr. Hong Pizheng and Mr. sibolen. The process of identifying a new CEO of the group has been formally launched.

According to the HKEx, the selection of the chief executive of the new group is progressing well and will be announced in due course.

Li Xiaojia retired early

It is worth mentioning that according to the announcement published by the Hong Kong Stock Exchange on May 7, 2020, Li Xiaojia will no longer seek to serve as the chief executive of the HKEx group after the expiration of his current contract in October 2021. The reason why Li Xiaojia applied for early resignation was not disclosed by the HKEx.

According to the HKEx, Li Xiaojia informed the board of directors of the Hong Kong Stock Exchange (HKEx) on September 29 that he hoped to retire from the post of chief executive of the HKEx group earlier. Subsequently, with the full support and consent of the board of directors, Li Xiaojia's term of office as chief executive officer and ex officio member of the board of directors of the Hong Kong stock exchange group was transferred to December 31, 2020.

From January 1, 2021, Li Xiaojia will be transferred to the senior adviser of the board of directors for a period of six months to continue to provide guidance and ensure smooth transition arrangements.

During this period, the appointment of Mr. Dai Zhijian, the chief executive officer of the Hong Kong stock exchange, has also been approved in writing by the securities and Futures Commission of the Hong Kong stock exchange.

It is understood that Dai Zhijian, 58, is currently the co president and chief operating officer of the Hong Kong stock exchange. After his appointment of acting group chief executive takes effect on January 1, 2021, Dai Zhijian will continue to hold these positions at the same time. Dai Zhijian joined the Hong Kong Stock Exchange Group (HKEx) in July 1998. He has extensive experience and deep understanding of the group.

The HKEx said that the board of directors is confident that under the leadership of Dai Zhijian, HKEx will continue to successfully implement the business objectives under the strategic plan 2019-2021, and the business operation of the group will continue to benefit from sound supervision and implementation.

It is worth mentioning that "strategic planning 2019-2021" is a heavyweight plan launched by Li Xiaojia during his term of office. On February 28, 2019, the Hong Kong Stock Exchange officially announced the strategic plan 2019-2021, which outlines the development blueprint of the Hong Kong Stock Exchange in the next three years. He also shared the similarities and differences of this strategic plan, the origin and the future of this strategic plan with Li.

It is understood that the strategic plan focuses on China, providing safe, effective, transparent and cross asset investment channels; connecting the world and embracing technology.

The HKEx's statement on the implementation of the business objectives of strategic planning 2019-2021 also reveals its determination to continue Li Xiaojia's strategic plan of "focusing on China, connecting the world and embracing science and technology".

"I am very happy to be entrusted with the responsibility of leading the company during the transitional period and preparing for the next chapter," said Dai. The HKEx is one of the most successful companies in Hong Kong, and the strategic plan of China based, global connected and technology embracing will continue to be our development focus, making the HKEx more important and driving our growth. "

Steering the HKEx for more than ten years

In fact, looking back on Li Xiaojia's term of office for more than ten years, as the first "non Hong Kong person" President of the Hong Kong stock exchange whose ancestral home is in Northeast China, born in Beijing and growing up in Gansu Province, Li Xiaojia attaches great importance to opening up, innovating and strengthening the connection between the Hong Kong Stock Exchange and the mainland and the international community.

On January 16, 2010, Li Xiaojia succeeded Zhou Wenyao as the chief executive of the Hong Kong stock exchange. Before joining the Hong Kong stock exchange, Li Xiaojia served as chairman of JPMorgan Chase in China. In addition, he also worked in Merrill Lynch Securities Investment Banking, securities law of two large law firms in New York, and merger and acquisition consulting. Earlier, Li Xiaojia also worked as a drilling worker and journalist.

At the age of 48, when he was invited by the Hong Kong stock exchange to serve as chief executive, Li Xiaojia was highly expected by the market, but he also faced market concerns about his lack of regulatory experience and non Hong Kong nationality.

However, in the following ten years, Li Xiaojia fulfilled the expectations and successfully transformed the Hong Kong stock exchange from a regional exchange to one of the world's leading financial infrastructure groups through a series of strategic policies.

During his term of office, Li Xiaojia has been actively seeking to strengthen Hong Kong's role as an offshore RMB center in an all-round way. He has also vigorously promoted the reform and development of Hong Kong's listing system, maintaining Hong Kong's competitiveness and consolidating the leading position of Hong Kong's IPO center.

In 2012, the Hong Kong Stock Exchange acquired the London Metal Exchange (LME), the world's largest metal pricing center, and established an OTC Clearing Company in 2013; in 2014, the Shanghai Hong Kong stock connect was launched, and two years later, the Shenzhen Hong Kong stock connect was launched; in 2017, the "bond link" was launched, and the interaction and connectivity between the mainland and Hong Kong markets were continuously enhanced, and the door of A-share internationalization was also opened.

In 2018, in the context of the emergence of a number of new economy companies, the Hong Kong stock exchange conducted another round of listing system reform, accepting different rights for the same share, relaxing the listing restrictions of biotechnology companies, and relaxing the restrictions on Hong Kong stock market as the secondary listing channel. In Li Xiaojia's view, this is "the most significant and controversial reform of the listing mechanism in the Hong Kong market in the past 25 years."

Driven by the reform of the Hong Kong stock exchange, in the second half of 2018, Xiaomi, meituan and other companies concentrated on listing in Hong Kong. In the same year, the Hong Kong stock exchange ranked first in the global IPO fund-raising.

"He plays an important role in the development of Hong Kong's capital market and ensures that the Hong Kong stock exchange is in a very favorable position to meet the opportunities and challenges in the future," Mr. Smith, chairman of the Hong Kong stock exchange, commented on Li Xiaojia

Li Xiaojia said: "being the chief executive of HKEx group is the most proud and unforgettable page of my career. It is a great honor for me to work with such a group of outstanding colleagues to overcome difficulties and open up new territory, so that the business of the Hong Kong stock exchange can be at the forefront of the global financial market, connect China with the world, and support Hong Kong to become a brighter international financial center. I am afraid we will never find the perfect time to retire from such a unique position as the Hong Kong stock exchange. At present, I think it's a good time to make steady business development with the group. I am very happy that Dai Zhijian will lead the company during the transitional period until the appointment of a new group chief executive. He is one of the most experienced and trusted colleagues in the group. I will continue to give him and the HKEx the greatest support in 2021. Thank you to all my friends who supported me during my tenure. It's my pleasure to support you. "

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