Biography
Mr Xiaojia Charles Li is the Founder and Chairman of Micro Connect and the Chairman of Micro Connect Macao Financial Assets Exchange (MCEX). He was formerly the Chief Executive of Hong Kong Exchanges and Clearing Limited (HKEX) from January 2010 to December 2020. Under his visionary leadership, HKEX accomplished many significant milestones in its history, notably the acquisition of the London Metal Exchange in 2012, the launch of the Shanghai-Hong Kong Stock Connect cross-border trading scheme in 2014, Shenzhen-Hong Kong Stock Connect in 2016, Bond Connect in 2017, and the Listing Reforms in 2018. These strategic initiatives were pivotal in strengthening Hong Kong’s position as a prominent international financial hub and an initial public offering centre.
Prior to joining HKEX, Mr Li served as the Chairman of JP Morgan China and the President of Merrill Lynch China. Earlier in his career, Mr Li practiced law at Brown & Wood and Davis Polk & Wardwell in New York. He also serves on the Board of Trustees of the Asia Business Council and was a member of the Chinese People’s Political Consultative Conference from January 2018 to January 2023. He received the Silver Bauhinia Star in 2020 in recognition of his contributions to Hong Kong’s financial services development. Mr Li earned a Bachelor of Arts in English Literature from Xiamen University, a Master of Arts in Journalism from the University of Alabama, and a Juris Doctor from Columbia Law School. The Hong Kong Polytechnic University and Mr Li share a common vision of advancing the socio-economic development of Hong Kong.
Citation
Mr Council Chairman,
Presenting Mr Xiaojia Charles Li with this well-deserved doctorate is an immense pleasure. Throughout his illustrious career, Mr Li has demonstrated remarkable vision and capability across various professional domains, with his accomplishments in the financial services sector standing out particularly.
His career journey illustrates how one can aspire to great heights despite humble beginnings. He began his career in China’s oil industry, where, in his own words, there was sometimes “not enough to eat.” Yet, when he retired from his job as Chief Executive of Hong Kong Exchanges and Clearing Limited (HKEX), he was one of the most respected executives in Hong Kong's financial services industry.
In between, he spent time writing about the news as a reporter and editor for the China Daily. He attended the prestigious Columbia Law School, where he earned a Juris Doctor Degree, then practised corporate and securities law at the highest levels in both the United States and Mainland China.
That valuable experience won him a position at Merrill Lynch where he became President of its China business, before moving to JP Morgan Chase China as Chairman in 2003. After joining HKEX in 2010 he made global news by putting Hong Kong on an irreversible path to connecting its market with Mainland China.
If there is one thing Mr Li thrives on it is transformation. “My generation went through many changes. So, we learned to adapt, anticipate, prepare for, and make sure they reflected our values, so that they would do good,” he told the media in 2019.
He has spent the majority of his career putting that philosophy into practice, fuelled by a belief that the core of any successful financial services industry is an excellent market infrastructure. The results speak for themselves. During his time at HKEX, he led numerous initiatives that have strengthened Hong Kong’s position as a prominent international financial hub and an initial public offering centre. One of his first achievements was the 2012 acquisition of the London Metal Exchange. This was followed by a string of successful initiatives, including the launch of the Shanghai-Hong Kong Stock Connect cross-border trading scheme in 2014; Shenzhen-Hong Kong Stock Connect in 2016; Bond Connect in 2017, and the listing reforms in 2018.
His former colleague hailed Mr Li as a “visionary leader”, and someone who “can simplify complex issues for the market”. For example, the idea of linking Hong Kong’s exchange with Shanghai and Shenzhen was long thought to be unfeasible. The rationale was that the concept of creating free and open markets couldn’t be integrated with China’s capital control priorities. However, Mr Li proved everyone wrong with an approach so elegant, he light-heartedly calls it “the Magic Sauce.”
“International investors settle with Hong Kong Clear every day, while Chinese investors investing into Hong Kong settle with China Clear. Each day we essentially exchange a bag of money – a single amount. That’s the real key,” he explained.
These pivotal developments have cemented Hong Kong’s position as a key part of the global financial ecosystem, where innovation and regulation combine to create new opportunities.
Mr Li isn’t finished transforming the financial services landscape. Far from it. As the Founder and Chairman of Micro Connect, his latest ambition is to enable a million small businesses in Mainland China to achieve individual annual profits of RMB 1 million. However, his ultimate aim is to connect global capital with China’s immense volume of consumer cash flow.
In practice that means leveraging China’s digital progress to expand beyond the financing available via traditional markets, to support the “little guys” – China’s mom-and-pop shops and micro, small and medium enterprises – which is where he believes the real money can be made. So far, his firm has invested in over 10,000 brick-and-mortar stores in more than 240 cities, in sub-sectors ranging from food and beverage to culture and sports.
In addition to his financial services success, Mr Li was a member of the Chinese People’s Political Consultative Conference from January 2018 to January 2023. He received the Silver Bauhinia Star in 2020 in recognition of his contributions to Hong Kong’s financial services development. He was inducted into the Future Industry Association’s “Futures Hall of Fame” in 2021 for his outstanding impact on the global futures and options community.
Mr Council Chairman, in recognition of his remarkable achievement in the financial service industry, I have the great honour of presenting Mr Xiaojia Charles Li for the conferment of the degree of Doctor of Business Administration honoris causa.
Response Speech
Chairman Dr Lam, President Professor Teng, Distinguished Guests, Ladies and Gentlemen,
It is with great pleasure that I participate in today's prestigious honorary degree conferment ceremony. I am profoundly honoured to receive an honorary doctoral degree from The Hong Kong Polytechnic University.
The last occasion at which I wore a graduation gown was over three decades ago, at an esteemed university also located in a bustling metropolitan area. Today, I stand before you with immense pride as I become an alumnus of The Hong Kong Polytechnic University. May I take the opportunity to express once again my heartfelt gratitude to you all.
The pursuit of knowledge knows no bounds. Two years ago, I completed a comprehensive programme offered by the Hong Kong Stock Exchange. In my thesis, I explained the intricate interconnections prevailing within the realm of capital markets. In addition, I submitted quite a few insightful assignments during the programme. Subsequently, I embarked upon an entirely novel educational voyage, still within the domain of capital markets. However, my aspirations this time were centred on forging a symbiotic union between substantial capital and small-scale enterprises, ultimately culminating in the establishment of Micro Connect.
Our generation has been a blessed one. We have been able to witness and actively participate during the prime of our lives in an era defined by decades of major socio-economic developments, allowing us to undertake a variety of intellectually stimulating endeavours. We now find ourselves situated within an unprecedented era, characterised by the relentless march of digital technology and the perpetual evolution of artificial intelligence. As students, you are confronted with an abundance of opportunities and challenges. As an entrepreneur, I am deeply appreciative of this digital age, for it has bestowed upon us the means to empower the micro economy in ways that are aligned with its developmental nuances. Embracing an open-minded mindset and leveraging the frontiers of scientific achievement, we can infuse these micro enterprises with economic vitality, showcasing to the world the power encapsulated within small and micro enterprises.
As a humanities student, I have always had a deep admiration for those students from the fields of science and technology. Fortunately, through Micro Connect, I have had the opportunity to deconstruct the very fabric of finance down to its elemental core, subsequently reshaping its foundational logic, like science students do in their experiments. This intellectual endeavour has catalysed novel chemical reactions that connect global capital with small and micro enterprises, bridging the gap that once separated these disparate entities, cultivating and fostering a reciprocally beneficial and harmonious relationship. Today, the conferment of an honorary doctoral degree from The Hong Kong Polytechnic University serves as a great source of encouragement, propelling me forward as I endeavour to overcome obstacles and strive for excellence.
Once more, I extend my deepest gratitude to The Hong Kong Polytechnic University for bestowing upon me this distinguished honour. I consider myself immensely fortunate to be counted among the esteemed members of this illustrious institution.
Thank you very much.