Carlson Tong Appointed as Chairman of Hong Kong Exchanges and Clearing
Hong Kong Exchanges and Clearing (HKEX), operator of Asia’s third-largest stock market, has appointed former Securities and Futures Commission (SFC) chairman Carlson Tong Ka-shing as its new chairman. Tong was elected by the board on Wednesday to succeed Laura Cha Shih May-lung, who retires after a six-year term.
In his new role, Tong will receive an annual director’s fee of HK$4.55 million (US$583,333). His term runs until the end of his directorship at HKEX’s annual general meeting in 2025, when he could be reappointed.
Tong, a veteran accountant and market regulator, has extensive experience in the financial industry. He served as SFC chairman from 2012 to 2018, during which time the commission tightened oversight of the market and imposed substantial fines and compensations in high-profile cases of misconduct.
In his previous roles, Tong also chaired KPMG China from 2007 to 2011 and headed HKEX’s listing committee from 2006 to 2008. HKEX has high expectations for Tong’s leadership, aiming to enhance competitiveness and expand its business under his guidance.
Tong’s appointment comes as HKEX grapples with challenges such as poor liquidity and declining new listings. In the first quarter of 2023, Hong Kong’s bourse fell to 10th place globally for new listings, with just 12 deals raising US$604.4 million, a significant decline compared to previous years.
Industry experts have expressed confidence in Tong’s ability to navigate these challenges. Frederick Ma Si-hang, chairman of Hong Kong insurer FWD Group Holdings, described Tong as the ideal person for the role due to his deep understanding of the capital markets and exceptional leadership skills.
Kelvin Wong Tin-yau, chairman of the Accounting and Financial Reporting Council, praised Tong’s open-mindedness, diligence, and ability to build consensus among diverse views. Local brokerages have also welcomed Tong’s appointment, expressing optimism that his experience will benefit the local capital market and enhance HKEX’s global status.