Hong Kong Exchanges and Clearing chief executive Charles Li Xiaojia plans to leave in October next year, the bourse announced on Thursday.

Li told the board that he will not seek reappointment when his current term expires at the end of October 2021.

HKEX has formed a selection committee, led by chairwoman Laura Cha to find a replacement.

The announcement came as HKEX missed profit forecasts, reporting a 13 per cent decline in net profit for the first three months of this year mainly due to investment losses resulting from the coronavirus-induced global market slump.

A view of HKEX at Exchange Square. Photo: Nora Tam alt=A view of HKEX at Exchange Square. Photo: Nora Tam

The operator of Asia’s third largest exchange said net profit came in at HK$2.26 billion