Open QuestionsHong Kong must embrace ‘bipolar’ role to thrive in ‘Stage 3.0’: ex-HKEX boss Charles Li

Veteran deal maker urges an IPO link to lure global resource giants and turn Chinese buyers into owners as city solidifies role as East-West bridge and global capital hub

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Published: 6:00am, 1 Jun 2026Updated: 10:45am, 1 Jun 2026

Charles Li Xiaojia, the longest-serving CEO of Hong Kong Exchanges and Clearing (HKEX), defined a decade of city finance by bridging the gap between Chinese and global capital.

From his early days as an offshore oil worker in northeastern China to serving as chairman of JPMorgan Chase’s China division, Li’s career has resembled China’s own economic opening.

In his 11 years as HKEX CEO before stepping down in 2021, Li masterminded the landmark Stock Connect schemes, linking Hong Kong with Shanghai and Shenzhen. He also pushed through contentious reforms allowing dual-class shares and pre-revenue biotech listings, helping transform the city into a tech-fundraising hub.

Now the co-founder of Micro Connect, Li is focused on bringing institutional capital to China’s small businesses.

This interview first appeared in SCMP Plus. For other interviews in the Open Questions series, click here.

How are shifting geopolitical tensions and war in the Middle East affecting Hong Kong’s capital markets?

The impact of geopolitical tensions on Hong Kong is not fundamentally different from that on global markets. Obviously, hostilities in the Middle East or Ukraine have a slightly less direct and more remote impact here because we are not primarily an oil or commodity market.

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