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HKEX boss Li sells US$21.4 million worth of shares

HKEX boss Li sells US$21.4 million worth of shares

A man walks out of the Stock Exchange of Hong Kong offices in the Central district of Hong Kong on Sep 11, 2019. (Photo: AFP/Nicolas Asfouri)

HONG KONG: The CEO of Hong Kong stock exchange operator HKEX on Wednesday sold around US$21.4 million worth of shares in the group, the company said on Thursday (Dec 19).

This is the first time CEO Charles Li has sold shares in Hong Kong Exchanges and Clearing Ltd (HKEX) during his nine years in the job.

The exchange operator has had a turbulent year. The company made an unsolicited US$39 billion dollar bid for the London Stock Exchange, in September. But the company was forced to withdraw the bid a month later after failing to convince LSE's management and investors to back the move.

HKEX's trading volumes and initial public offerings fell over the summer as Hong Kong was hit by months of anti-government protests.

But two multi-billion dollar listings in the autumn, Budweiser's Asia Pacific operations' IPO and Alibaba's secondary listing helped to push the exchange higher in fundraising league tables.

The Hong Kong exchange is in third place in global rankings for IPO fundraising this year, having raised US$24.2 billion, behind Nasdaq and Riyadh, based on Refinitiv data. Riyadh's exchange recently launched the up-to US$29 billion IPO of Saudi oil company Aramco.

Refinitiv league tables do not include secondary listings. If the Alibaba listing were included, Hong Kong would have topped the chart with US$37.1 billion.

Li sold 650,000 HKEX shares at an average price of HK$256.53 (US$32.90) a share on Dec 18, the exchange filing showed, bringing his stake down to 0.03 per cent from 0.08 per cent. HKEX did not say why Li had sold the shares.

His current CEO contract runs until October 2021.

Source: Reuters/nh

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