Is HKEx a Public Body or Private Club?

It was the crack of dawn on Tuesday, October 20, 1987 in Hong Kong. The U.S. stock market had tanked more than 22 percent on Monday. Inside Financial Secretary Piers Jacobs’ residence the clang of the wailing phone shattered the morning silence. The caller at the other end was Ronald Li, patriarch of The Stock Exchange of Hong Kong, an amalgam of four previously independent stock exchanges. What happened afterwards is history.

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