Hong Kong to name ex-KPMG China head Carlson Tong to chair stock exchange

The Hong Kong government plans to name Carlson Tong Ka-shing, the former chairman of KPMG China, to preside over the city’s stock exchange. 

Tong is expected to take over as the next chairman of the Hong Kong Exchanges & Clearing Ltd. chairman after April 24, according to people familiar with the matter. Chief Executive John Lee Ka-chiu will formally make the appointment as mandated by the local securities law, the people said. 

The city owns about 5.9% of the stock exchange and appoints half of the board, including Tong himself. 

He will take over at difficult time, in the wake of struggling trading and still muted initial public offerings. 

Tong and a spokesperson for HKEX declined to comment. Spokespeople for the Chief Executive Office and the Financial Secretary Office were not immediately available for comment. Reuters reported the news earlier. 

(Bloomberg)