Laura Cha Bids Farewell to HKEX After 30 Years (AI Translation)
Listen to the full version
文｜财新周刊 王端 王小青（发自香港）
By Caixin Weekly's Wang Duan, Wang Xiaoqing (from Hong Kong)
这次见到史美伦之前，她刚和香港交易所新任行政总裁陈翊庭开完内部会议。
Before meeting this time, Laura Cha had just concluded an internal meeting with Nicolas Aguzin, the new CEO of Hong Kong Exchanges and Clearing.
2024年4月24日，史美伦将退任港交所主席。从1991年加入香港证监会，2001年赶赴北京任中国证监会副主席，到2018年出任香港交易所主席，史美伦在中国香港和内地多个监管机构担任要职30余年。
On April 24, 2024, Laura Cha will step down as the Chairperson of Hong Kong Exchanges and Clearing Limited (HKEX). Since joining the Hong Kong Securities and Futures Commission in 1991, moving to Beijing in 2001 to serve as the Vice Chairperson of the China Securities Regulatory Commission, and then taking up her role as the Chairperson of HKEX in 2018, Laura Cha has held key positions in various regulatory bodies across both Hong Kong and Mainland China for over 30 years.
史美伦于1949年12月出生在上海。两岁时，她和家人一起移居香港。上世纪60年代，中学毕业后的史美伦远赴美国求学。1972年在拿到了美国威斯康星麦迪逊大学的文学学士学位后，史美伦结了婚，丈夫为美国求学期间结识的查懋成，查懋成的父亲查济民是香港著名实业家。史美伦与查懋成有一双儿女。
Shi Meilun was born in December 1949 in Shanghai. At the age of two, she and her family moved to Hong Kong. In the 1960s, after graduating from high school, Shi Meilun went to the United States for further studies. In 1972, after obtaining a Bachelor of Arts degree from the University of Wisconsin-Madison, Shi Meilun married Zha Maocheng, whom she met during her studies in the U.S. Zha Maocheng's father, Zha Jimin, is a renowned industrialist in Hong Kong. Shi Meilun and Zha Maocheng have two children.
- DIGEST HUB
Digest Hub
Back
- Laura Cha, also known as Shih May-lung, will step down as the Chairperson of the Hong Kong Stock Exchange on April 24, 2024. She has held significant regulatory positions in both mainland China and Hong Kong for over 30 years, including Vice Chairman of the China Securities Regulatory Commission (CSRC) and various roles within the Hong Kong Securities and Futures Commission.
- During her tenure at CSRC starting in 2001 amidst a tumultuous period for Chinese securities markets characterized by rampant malpractices like IPO frauds and market manipulation, she implemented numerous reforms including establishing legal frameworks for securities regulation which led to public censures and administrative penalties against numerous companies.
- As Chairperson of the Hong Kong Stock Exchange since 2018, Cha pushed for internationalization of the exchange though faced challenges due to social movements, COVID-19 pandemic, and geopolitical conflicts. Under her leadership, despite a decline in IPOs and global ranking, she maintained efforts towards enhancing international dialogue and cooperation with other exchanges such as Saudi Arabia’s stock exchange.
Laura Cha, who has been a significant figure in financial regulation across Hong Kong and Mainland China for over three decades, is set to retire as the Chairperson of Hong Kong Exchanges and Clearing Limited (HKEX) on April 24, 2024. Her career began in 1991 at the Hong Kong Securities and Futures Commission, moving through various pivotal roles including Vice Chairperson of the China Securities Regulatory Commission in Beijing in 2001, before her appointment at HKEX in 2018 [para. 2][para. 6][para. 7].
During her tenure at HKEX, Cha focused on internationalizing the exchange amidst challenges such as social movements, the COVID-19 pandemic, and geopolitical tensions. Despite these hurdles, she made significant strides although not fully achieving all her goals. Under her leadership, HKEX faced a decline with the Hang Seng Index falling for four consecutive years and a drop in global IPO fundraising rankings [para. 5][para. 9].
Shi Meilun (Laura Cha), born in Shanghai and moved to Hong Kong during her early years, pursued higher education in the United States before returning to Asia where she embarked on her regulatory career. Notably tough on regulatory standards from early on, she earned the nickname "Iron Lady" similar to other formidable leaders like Wu Yi [para. 3][para. 5].
In Mainland China's chaotic securities market of 2001, Shi Meilun played a crucial role by implementing over 50 new regulatory laws aimed at stabilizing the market. These efforts were part of broader reforms that significantly shaped China’s financial landscape during a period rife with fraud and speculative trading practices [para. 6][para. 7].
Her work also included pioneering initiatives such as introducing H-shares on the Hong Kong Stock Exchange which fundamentally changed its capital market structure by allowing mainland enterprises to raise funds overseas. This move positioned Hong Kong as an essential gateway for Chinese companies seeking international capital [para. 5][para. 7].
Despite facing unprecedented challenges during her time at HKEX—including declining stock listings and global ranking—Cha remained committed to enhancing HKEX's stature globally. She continued advocating for international dialogues and partnerships such as those with Middle Eastern exchanges which could diversify the exchange’s listings and investor base [para. 9].
As Laura Cha prepares to step down from HKEX, she leaves behind a legacy of stringent yet transformative regulatory policies that have not only shaped Hong Kong’s financial markets but also extended influence into Mainland China’s economic reforms. Her career reflects a blend of resilience and strategic foresight amid evolving financial landscapes [para. 5][para. 9].
- Hong Kong Exchanges and Clearing Limited
香港交易所 - Summary： Hong Kong Exchanges and Clearing Limited (HKEX) is a significant financial marketplace in Asia, overseeing the operations of its securities and derivatives markets. It has faced challenges such as social movements, the COVID-19 pandemic, and geopolitical tensions, impacting its internationalization efforts. Recently, HKEX has seen a decline in IPOs and global fundraising rankings, posing unprecedented challenges to its status as a global financial hub.
- March 28, 1984：
- Jardine Matheson Group announces plans to change the place of incorporation for its five Hong Kong-listed subsidiaries from Hong Kong to Bermuda.
- 1991：
- Laura Cha joins the Hong Kong Securities and Futures Commission as an Assistant Director in charge of Corporate Finance.
- May 1992：
- With the support of Zhu Rongji, then Premier of the State Council, the Mainland China-Hong Kong Joint Working Group on Securities Affairs is established.
- June 10, 1993：
- "Mandatory Provisions for the Articles of Association of Overseas Listed Companies" is issued and implemented, laying the legal framework for H-share listings.
- July 15, 1993：
- Tsingtao Brewery becomes the first mainland enterprise to list on the Hong Kong Stock Exchange.
- January 1, 1995：
- Five listed companies of the "Jardine Group" are delisted from the Hong Kong stock market.
- January 1, 1998：
- Laura Cha assumes the role of Vice Chairman and Chief Operating Officer of the Hong Kong Securities and Futures Commission.
- March 2001：
- Laura Cha is appointed as the Vice Chair of the China Securities Regulatory Commission (CSRC) in Beijing.
- February 26, 2001：
- The China Securities Regulatory Commission (CSRC) issues the "Measures for the Suspension and Termination of Listing of Loss-making Listed Companies."
- April 23, 2001：
- PT Shuixian becomes the first company to be delisted from the A-share market.
- 2004：
- Laura Cha steps down as the Vice Chairman of the China Securities Regulatory Commission and returns to Hong Kong.
- 2018：
- Laura Cha becomes the Chairman of Hong Kong Exchanges and Clearing Limited (HKEX).
- 2020：
- HKEX launches the Sustainable and Green Exchange (STAGE).
- 2022：
- HKEX introduces the international carbon trading platform, Core Climate.
- 2023：
- HKEX launches the HKEX Synapse, a settlement acceleration platform, and FINI, a new IPO settlement platform.
- June 2023：
- HKEX establishes an office in New York.
- September 2023：
- HKEX establishes an office in London and signs a memorandum of understanding with the Saudi Exchange.
- March 1, 2024：
- Calvin Tai takes office as the new CEO of HKEX.
- April 9, 2024：
- French skincare brand L'OCCITANE suspends trading on the Hong Kong Stock Exchange.
- April 24, 2024：
- Laura Cha steps down as the Chairperson of Hong Kong Exchanges and Clearing Limited (HKEX).
- PODCAST
- MOST POPULAR
Sign in with Google
Sign in with Facebook
Sign in with 财新