The Board of Directors of Hong Kong Exchanges and Clearing Limited (HKEx) today (Wednesday) agreed with Paul Chow on the renewal of his employment contract as the Chief Executive of HKEx for a further two-year term from 1 May 2007 to 30 April 2009.

Under HKEx’s Articles of Association, Mr Chow in his position as the Chief Executive, is an ex-officio director of HKEx with a term coterminous with his employment as the Chief Executive.  The reappointment of Mr Chow as the Chief Executive is subject to the written approval from the Securities and Futures Commission pursuant to Section 70 of the Securities and Futures Ordinance.  A press release will be published by HKEx upon obtaining such approval. 

Mr Chow was first appointed as the Chief Executive and a director of HKEx on 1 May 2003.  His biographical details are available on the HKEx website (www.hkex.com.hk).

The Board would like to take this opportunity to express its appreciation for Mr Chow’s excellent effort in further enhancing HKEx’s regulatory and business performance in the past three and a half years.  With his extensive experience and expertise in financial markets and management, Mr Chow has been instrumental in leading the executive management of HKEx to achieve the current three-year strategic plan (2004 – 2006) with the mission of operating a world-class securities and derivatives marketplace for Hong Kong and the Mainland.  The Board looks forward to his continuous contribution to the further growth of HKEx.