Bonnie Y Chan

Bonnie Chan was appointed CEO of Hong Kong Exchanges and Clearing (HKEX) in March, becoming the first woman to lead the operator of the city’s stock exchange, which has struggled in recent years. Once the world’s top IPO market, Hong Kong sank to 12th globally in the first half of 2024 as measured by proceeds. Still, Chan, a lawyer by training and previously HKEX’s co-COO, is attempting a turnaround by championing Hong Kong as a superconnector between mainland China and the rest of the world. “The very basics of an exchange is connecting capital with opportunities, so whoever has the money with whoever needs the money,” Chan told Fortune in March. She is also spearheading HKEX’s effort to eradicate all-male boards among companies listed on the bourse by the end of 2024, making it the first major global exchange to do so. As of September, the number of listed firms with all-male boards had dropped from 800 to fewer than 350, and women now occupy 30% or more of board seats at 19% of issuers. Hong Kong stocks are showing signs of life: The city’s benchmark Hang Seng Index, which tracks the largest companies on the city’s stock exchange, was up 8.5% for the year as of mid-September after four consecutive years of declines. And in September, home-appliance maker Midea Group raised nearly $4 billion, the largest Hong Kong IPO in more than three years. “[There are] a lot of challenges in front of us, but at the same time I see even more opportunities,” Chan said in March.