HONG KONG – Hong Kong Exchanges and Clearing Limited on Wednesday announced that Carlson Tong Ka-shing will become its new chairman with immediate effect.

Tong was appointed chairman during HKEX's 2024 annual general meeting on Wednesday, subject to the written approval of the chief executive of the Hong Kong Special Administrative Region.

He will succeed Laura Cha Shih May-lung who retires after six years in the post.

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Expressing his commitment to spearheading the efforts to continuously reinforce Hong Kong’s strategic role as a global financial hub, Tong said in a statement, “We recognize that we operate in a dynamic and evolving environment, presenting both challenges and opportunities.”

As SFC chairman, Tong oversaw the launch of several major policy initiatives including the introduction of the Stock Connect program and the mutual recognition of funds between the mainland and the SAR

“While certain external factors like geopolitics and interest rates remain beyond our direct control, we must be proactive in preparing ourselves to seize opportunities when the external environment improves.”

The HKEX will, simultaneously, focus on diversifying its product ranges, enhancing its trading mechanisms and bolstering our competitiveness, he said.

“By navigating the immediate challenges and positioning ourselves for long-term opportunities, we will fulfill HKEX’s obligations to the investing public while delivering value to its shareholders.”

Tong has been actively involved in capital markets throughout his career, with deep expertise in corporate governance and regulatory compliance, the HKEX said in a statement.

Tong also served as a chairman of the Securities and Futures Commission from 2012 to 2018. He oversaw the launch of several major policy initiatives during his term, including the introduction of the landmark Stock Connect program and the mutual recognition of funds between the Chinese mainland and the special administrative region.

He also served as an independent non-executive director of MTR Corporation Limited, the Hong Kong Investment Corporation Limited, and Standard Chartered PLC.

He was chairman of KPMG China and Hong Kong from 2007 to 2011, and was chairman of the Asia-Pacific region and a member of KPMG’s global board from 2009 to 2011.

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Also a former chairman of the English Schools Foundation, the Hong Kong Sports Institute, and the University Grants Committee of Hong Kong, Tong was awarded the Silver Bauhinia Star and the Gold Bauhinia Star by the HKSAR government in 2014 and 2019, respectively.

HKEX is a Hong Kong-listed company and one of the world's leading international exchange groups, offering a range of equities, derivatives, commodities, fixed-income products, and other financial products and services, including the London Metal Exchange.