In normal times, the $39bn proposal might have been hailed as visionary
RECENT MONTHS have been eventful for bosses in Hong Kong, including Charles Li, the head of the island’s stock exchange. Last month, just days after a huge deal in his industry was announced—an agreement by the London Stock Exchange Group to buy Refinitiv, a data provider, for $27bn—the Chinese People’s Liberation Army released a video of troops performing anti-riot drills, a scenario that Mr Li had warned Beijing against.
But most of the LSE’s shareholders look likely to back the bourse’s prompt rebuff of HKEX. The board will examine the bid in detail, but called it “unsolicited, preliminary and highly conditional”. It reiterated its commitment to the Refinitiv transaction, which is due to be approved by shareholders before the end of the year.
Mr Li is no patsy for China. Last summer he tussled with Beijing when the Shenzhen and Shanghai exchanges blocked mainland investors from buying shares in Hong Kong-listed firms with dual-class structures. Nevertheless, six members of HKEX’s 13-strong board are appointed by Hong Kong’s government, notes an investment banker close to the LSE.
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