The Hong Kong Exchanges & Clearing Ltd on Tuesday appointed Chung-Kong Chow, former chief executive of subway operator MTR, as its new chairman.
Chow's selection as the chairman was widely expected after the Hong Kong government declared him as the chosen one earlier this month. The board of HKEx comprises members, half of whom are appointed by the government and half elected by shareholders.
Chow announced that he will carry forward his predecessor's strategy of marketing the bourse globally, while continuing to depend on China's economic growth to propel HKEx's expansion.
We continue to look for opportunities coming from China's economic development and policies, Chow said. It's not the first time we're talking about international growth, and we've seen substantial results in the past two years, he added.
Chow replaces Ronald Arculli, who stepped down as chairman following a term limit of six years. Chow's appointment will require the approval of Hong Kong Chief Executive Donald Tsang.
Chow, a member of the Council of the Hong Kong Institute of Certified Public Accountants, was knighted in the UK in 2000 for his contribution to the industry. He retired from MTR, the government-controlled Hong Kong rail operator, at the end of 2011.
We have a commercial role as a public listed company, he said. On the other hand, we also have public responsibility to ensure an orderly and fair trading platform for Hong Kong, he added.
Chow's comments on fair trading come after Hong Kong's securities regulator fined Mega Capital, a brokerage firm, for HK$42 million ($5.4 million) and revoked its corporate finance license over troubles relating to an initial public offering of Hontex International in December 2009.