Hong Kong Exchange renews CEO Bonnie Chan’s contract as IPOs boom

Chan, 56, will receive an annual basic salary of HK$12 million (S$1.95 million).

Hong Kong Exchanges and Clearing (HKEX) has renewed chief executive officer Bonnie Chan's contract for a three-year term starting March 2027. The bourse is benefiting from a surge in initial public offerings (IPOs) and strong trading volumes, which has bolstered her position. Chan, who is 56 years old, will earn a yearly basic salary of HK$12 million (S$1.95 million) and a performance-related discretionary bonus, as per a statement released on August 17.

In 2025, her total compensation amounted to HK$50.6 million, including a basic salary of HK$10.3 million, according to HKEX's annual report. Chan became HKEX's first female CEO at a time when IPOs and trading volumes were declining due to stringent Covid-19 restrictions and poor economic growth in mainland China and Hong Kong. During her leadership, HKEX relaxed listing rules to attract advanced technology firms and companies with dual-class share structures, aiming to capitalize on the global artificial intelligence boom.

HKEX has reported record earnings, and analysts estimate its second-quarter net income to rise by 10% year on year, according to Bloomberg. The exchange has also focused on expanding its business footprint, refining its listing framework, and improving its technology infrastructure and market microstructure under Chan's leadership.

Chairman Carlson Tong highlighted these advancements in a statement. Despite the positive developments, HKEX and Hong Kong's Securities and Futures Commission have expressed concerns about IPO sponsorship, leading to tighter rules to limit bankers' caseloads and stricter oversight of listing applications. Chan, a trained solicitor, previously led Morgan Stanley's legal function for Asia capital markets and was a partner at Davis Polk & Wardwell from 2010 to 2019.

She rejoined HKEX to head listings in 2020 and was later appointed co-chief operating officer and CEO in 2024. Her appointment was approved by Hong Kong's Securities and Futures Commission.

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