Hong Kong stock exchange to appoint first woman CEO

Current CEO Nicolas Aguzin oversaw some of the most challenging years for the Hong Kong Exchanges and Clearing Limited (HKEX) as fresh listings dried up and profits plunged.

The company said in an exchange filing on Friday that Aguzin will not seek reappointment when his contract expires, without specifying a reason.

He will be replaced by Chan, the current co-chief operating officer, who joined HKEX in 2020 as head of listing.

"I am confident that under the guidance of its Board of Directors and with Ms Chan's devoted efforts, HKEX will continue to achieve greater success in the future," said Hong Kong's financial secretary Paul Chan in a statement.

Aguzin said he will work with his team to "ensure a smooth and seamless transition of leadership" in the coming months.

Hong Kong's stock exchange -- once a regular contender for the world's top IPO venue -- last year saw the fewest new listings in more than a decade, as the city's economy was hard-hit by strict pandemic curbs.

The bourse was further hamstrung by a regulatory crackdown in mainland China that waylaid initial public offerings from Chinese mega-companies.

HKEX's share price has fallen 54 percent from peak levels in February 2021, shortly before Aguzin was appointed.

The company said Aguzin oversaw the delivery of "significant strategic initiatives" and led efforts to promote the bourse internationally.

Changes ushered in by Aguzin included expanded trading links to mainland China as well as Chinese yuan counter-trading.

Before Chan joined HKEX, she was a partner at Davis Polk & Wardwell where she oversaw client portfolios in Hong Kong and across Asia, according to the bourse.