The person who brought Alibaba and other Chinese concept stocks back to Hong Kong has retired.

Abstract:"If we refrain from reform just to avoid controversy, that's not my style." —Li Xiaojia

Quick Highlights:

1. Li Xiaojia, whose term was originally scheduled to expire in October 2021, announced that he would not renew his contract, but later stated that he would step down ahead of schedule on December 31, 2020.Hong Kong Stock ExchangeThe Chief Executive Officer will remain as a Senior Advisor to the Board of Directors.

Li Xiaojia is the first CEO with a mainland background in the history of the Hong Kong Stock Exchange. At the time, Hong Kong media believed that he could strengthen financial cooperation between Hong Kong and the mainland. Upon taking office, he stated that he would devote 30% of his efforts to long-term plans that align with opportunities on the mainland.

During his 11 years at the HKEX, Li Xiaojia mainly did four things: 'adding liquidity,' 'changing sectors,' crossing boundaries, and modernizing the HKEX's trading system. The reforms he strongly advocated have always been accompanied by controversy.For example,Extend trading hoursAll have encountered obstacles. How...Coordinate effectively with local Hong Kong securities firms,Once wasIt is one of the difficult problems before him.。

"Connecting the waters" refers to promoting the interconnection between Hong Kong's capital market and the mainland's capital market, such as the launch of the Shanghai–Hong Kong Stock Connect and the Shenzhen–Hong Kong Stock Connect.

"Switching stocks" means shifting from traditional bank and real estate stocks to new-economy stocks;

"Cross-border" refers to expanding from traditional equity business into commodities business, as well as extending from the Hong Kong market to international markets.

Finally, it is about further modernizing the HKEX's trading infrastructure, including revising trading hours, upgrading the trading system, and reforming the clearing and settlement systems.

5.Li Xiaojia recovers.$BABA-W (09988.HK)$The story is widely circulated; behind it all lies his.Despite widespread opposition, it launched two rounds of IPO reform initiatives for the Hong Kong stock market., ultimately bringing Chinese concept stocks back to Hong Kong.

Following this round of reform,Companies with dual-class share structures, pre-revenue biotechnology firms, and companies seeking a secondary listing in Hong Kong are permitted to list on the Hong Kong Stock Exchange.$XIAOMI-W (01810.HK)$、$MEITUAN-W (03690.HK)$、$JD-SW (09618.HK)$All companies that have listed in Hong Kong have benefited from the reforms implemented during Li Xiaojia's tenure.

Li Xiaojia once stated in his blog: Ultimately, we need to make the decision that is most suitable and beneficial for Hong Kong, rather than the safest and easiest one.

Produced by: NetEase Finance | Little Sister in Business | Knowledge Highway

Supervising Producers: Yao Changsheng, Gao Yu

Copywriter: Ma Li

Voice Acting: Ma Li

Editing: Ma Xinghao, Ming Yuzhen

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