Hong Kong Exchanges & Clearing Ltd has extended Chief Executive Officer Bonnie Chan Yi-ting’s contract for a three-year term from March 2027, as the bourse rides a surge in initial public offerings and strong trading volumes.

Chan, 56, will receive an annual basic salary of HK$12 million ($1.5 million), along with performance-related discretionary bonus and other benefits, according to a statement on Monday. She received total compensation of HK$50.6 million in 2025, including a basic salary of HK$10.3 million, according to HKEX’s annual report.

Chan took the helm as HKEX’s first female CEO during a challenging period, when IPOs and trading volumes slumped following years of the COVID-19 pandemic.

During her tenure, HKEX relaxed listing rules to attract advanced technology firms and companies with dual-class share structures, seeking to capitalize on the global artificial intelligence boom. The exchange has reported record earnings, reclaiming the global top spot for fundraising.

HKEX is due to report results on Wednesday. The bourse’s second-quarter net income is set to rise 10 percent year-on-year, according to analysts’ estimates compiled by Bloomberg.

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The bourse has focused on broadening the business footprint, evolving its listing framework, and delivering many enhancements to its technology infrastructure and market microstructure under Chan’s leadership, said Chairman Carlson Tong Ka-shing in a statement.

HKEX’s shares have surged 69 percent since the Harvard University-educated Chan assumed the role on March 1, 2024, compared with a 53 percent gain in the Hang Seng Index.

Despite the resurgence, HKEX and the Securities and Futures Commission have raised concerns about IPO sponsorship, prompting tighter rules to limit bankers’ caseloads and more stringent oversight of listing applications.

A trained solicitor, Chan once led Morgan Stanley’s legal function for the investment bank’s Asia capital markets business before joining HKEX to head IPO transactions in 2007. She was a partner at law firm Davis Polk & Wardwell from 2010 to 2019, and rejoined the exchange to head listings in 2020 before being elevated to co-chief operating officer and then CEO in 2024.

Chan’s appointment has been approved by the SFC.