The WFE's Women Leaders 2025 - Katherine Ng, Head of Listing at HKEX
Name: Katherine Ng
Job title: Head of Listing
Organisation: Hong Kong Exchanges and Clearing Limited (HKEX)
1. Brief description of nominee’s role and job.
Based in Hong Kong, Katherine leads HKEX’s Listing Division and is responsible for overseeing the company’s listing processes for equity and debt securities and structured products, the regulation of over 2,600 listed companies, and the continuous improvement of its Listing Rules to ensure they reflect international best practices.
With a team of about 270 people, Katherine’s division works on strategic planning, policy development, market consultations and regulator relations.
Katherine reports to the HKEX CEO Bonnie Y Chan, is a member of HKEX’s Management Committee and serves as a member of the Disciplinary Committee of Hong Kong Futures Exchange, Hong Kong Securities Clearing Company and The Stock Exchange of Hong Kong.
2. Short bio (career highlights, education, interests/hobbies).
Katherine joined HKEX in 2013, first serving as Head of Policy for the Listing Division, then Head of Policy and Secretariat Services for the Listing Division from 2014 before assuming her current role as Head of Listing in February 2023.
Katherine has 25 years’ experience in legal and financial services in London and Hong Kong. She began her career in private legal practice, having worked in an investment bank as legal counsel, and served as political assistant to the Secretary for Financial Services and the Treasury of the Hong Kong Government prior to joining HKEX in 2013.
Katherine is a member of various industry associations in Hong Kong. She is an adviser to Our Hong Kong Foundation, an ex-officio member of the Standing Committee on Company Law Reform, a director of the Worldwide Fund for Nature Hong Kong, a fellow of the Aspen Institute, a member of the Hong Kong Academy of Finance and a senior fellow of the Hong Kong Securities and Investment Institute (HKSI).
She was a director of HKSI from December 2014 to December 2022 and its chairman between 2018 and 2021.
Katherine holds an MA in Law from Trinity College, the University of Cambridge, and is a qualified lawyer in Hong Kong and England and Wales.
Outside of work, Katherine enjoys swimming, hiking, cooking, yoga, composting, making red vinegar and looking after her pet Labrador.
3. What were your professional highlights and challenges of 2024?
As the Head of Listing, I have the privilege of leading key transformative initiatives to advance Hong Kong’s position as a leading global financial centre and bring long-term positive impacts to our markets and stakeholders.
Coming into 2024, my focus was on taking the necessary steps to enhance the competitiveness of Hong Kong’s listing regime, increase the efficiency of the listing process and further raise market quality.
To enhance the listing regime, we made temporary modifications to requirements for Specialist Technology Companies and De-SPAC Transactions, making it easier for new economy companies to raise funds in Hong Kong. In addition, we also implemented GEM Listing Reforms to create a platform for quality SMEs to grow and realise their potential.
Seeing Hong Kong reclaiming its position among the world’s top four IPO venues was exceptionally rewarding.
As of 20 December 2024, HKEX IPOs raised a total of $83 billion from 66 new listings, including those of Midea and S.F. Holding, two of the city’s largest IPOs since 2021. HKEX’s new listing chapters supported evolving market needs with two listings under the specialist technology Chapter 18C, three GEM listings following its reforms, and the first De-SPAC transaction.
As well as enhancing the listing regime, we took major steps to improve market efficiency. We introduced a new treasury share regime to give issuers greater flexibility in managing their capital structure through share buy-backs and resales of treasury shares.
We also announced an enhanced timeframe for the new listing application process, together with the Securities and Futures Commission (SFC). This initiative will provide greater certainty and transparency for potential applicants and their advisers in formulating their listing plans.
In addition, we proposed to enhance the Listing Rules’ requirements to facilitate IPO price discovery processes and maintain an open market to support high quality companies from around the world to list and thrive in Hong Kong.
Lastly, regarding market quality, HKEX has been a first mover on climate change regulation for years.
I am particularly proud of our progress in enhancing climate-related disclosures by listed issuers. Our efforts to implement new rules that reference the International Sustainability Standards Board’s (ISSB) inaugural climate disclosure standard have been well-received and are on track to add depth to the climate analysis conducted by our listed issuers.
As a strong advocate for gender diversity, I was thrilled to see HKEX become one of the first international stock exchanges to ban single-gender boards.
Since the policy's inception, over 200 new female board positions have been created, and the number of companies with all-male boards has dropped from 800 in 2022 to close to 100 as of December 2024. We hope the diversity brought by this change will permeate from boardrooms through whole organisations and become a workplace norm.
Finally, we were pleased to announce majority support for our proposals to enhance our Corporate Governance Code and Listing Rules to strengthen board effectiveness and independence, which has further enhanced diversity of perspectives and promoted better capital management. These enhancements align with heightened global investor expectations on governance standards, ensuring our markets remain internationally competitive and attractive, while supporting the continued vibrancy of Hong Kong’s capital market ecosystem.
However, 2024 was not without its challenges. One of the biggest challenges we faced was navigating the increasingly complex regulatory landscape. The scope of our regulatory responsibilities has expanded significantly over the years, now encompassing ESG, corporate governance and internal controls, in addition to traditional financial performance reviews.
4. Tell us about a few of your key achievements throughout your career?
One of my earliest significant achievements was during my time at London, where I developed a strong foundation in corporate finance and a deep understanding of complex financial transactions and the strategic reasons behind them.
My transition to the HKSAR Government in 2008 marked another major milestone. Joining the government gave me a unique perspective on how real-world politics, policies and the legal world intertwine.
At HKEX, I am very happy to be in a role that combines my knowledge in law, private practice and investment banking to navigate the regulatory environment. My background has helped me grasp the subtleties of new policies and their effects on listed companies and investors.
I am proud to have had the chance to lead many transformative initiatives, including the successful implementation of new listing rules in 2018, a new listing regime for special purpose acquisition companies (SPACs) in 2021, the Specialist Technology Companies Chapter 18C in 2023 and, most recently, GEM Reforms in 2024.
These initiatives have had a significant impact on Hong Kong’s markets, supported many early-stage technology companies and solidified Hong Kong's position as a leading global financial centre.
I am also pleased to see the progress we have made in digitalising so many of our processes. Twelve years ago, AI was scarcely used in regulation due to limited resources. With over 2,600 listed companies, manual review of annual reports was impractical. By adopting AI, we now efficiently screen all annual reports, enabling comprehensive reviews instead of mere sampling. This advancement has significantly enhanced our regulatory effectiveness and underscores our commitment to leveraging technology for future regulatory and operational strategies.
Finally, I am pleased with the progress along our ESG journey over the past decade. From first introducing ESG disclosure requirements in 2013, to requiring all listed issuers to publish ESG reports on an annual basis from 2016, to ending single gender boards in 2024, we have delivered on our commitment to providing listed companies with clear frameworks and to advance the ESG agenda both here in Hong Kong and around the world.
5. What and who inspires, and has inspired, you to achieve your professional success?
My mother is my main inspiration. She worked full-time while raising me and my brother, and inspired me to believe in myself and that, with determination, one can achieve anything.
My mother taught me the importance of creating a relaxed, comfortable, yet disciplined environment for my team, because a positive and stress-free atmosphere leads to better performance and job satisfaction.
6. How have you overcome setbacks, and what advice would you give to others dealing with setbacks?
I don’t see setbacks as failures, but as opportunities to learn and grow. Setbacks are inevitable in any career, but how one responds to them makes all the difference. By staying resilient and adaptable, you can navigate through challenges more effectively and emerge stronger.
There is huge value in seeking support from mentors and colleagues. Having a strong support network can provide valuable guidance and encouragement during difficult times. I have benefited from the advice and support of my mentors throughout my career, and I encourage others to build and nurture their own support networks.
7. What advice do you have for other women who aspire to be in leadership positions? What is the biggest takeaway you want to leave with the reader?
You must truly know yourself to grow your career. Understanding who you are and what type of leader you want to be is crucial before you can effectively lead others. This self-awareness comes from facing different challenges, learning from each experience, and proactively analysing your successes.
You have to find your own way to manage stress and maintain balance. I’m an early riser and activities like running, swimming and yoga help clear my mind and prepare me for the day ahead.
Another key thing is to embrace continuous learning and adaptability. The ability to pivot and learn new skills is vital. Staying informed about market trends and regulatory developments, networking and building relationships are also crucial for career advancement.
The biggest takeaway I want to stress is the significance of creating a supportive and inclusive work environment. Fostering a fulfilling work environment where colleagues feel happy, satisfied and valued contributes to their overall well-being and productivity. My leadership style is centred around leading by example, maintaining balance, and always doing the right thing.