In this file photo, Laura Cha, the chairperson of Hong Kong Stock Exchange, meets the media at Exchange Square, Central on April 26, 2018. (Parker Zheng/China Daily)

HONG KONG - Hong Kong Special Administrative Region (HKSAR) Chief Executive Carrie Lam has approved the reappointment of Laura Cha as chairperson of the Hong Kong Exchanges and Clearing Limited (HKEX) with immediate effect, the HKSAR government announced Tuesday.

The HKSAR government said it is confident that with Cha's leadership, the HKEX will strive to further enhance Hong Kong's competitiveness, and strengthen its position as the premier fund raising and risk management platform in the region

The approval was made under the Securities and Futures Ordinance. The HKSAR government said it is confident that with Cha's leadership, the HKEX will strive to further enhance Hong Kong's competitiveness, and strengthen its position as the premier fund raising and risk management platform in the region.

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Cha's chairmanship will coincide with her term of appointment as a member of the board of directors of HKEX, which will conclude at the end of the 2022 annual general meeting of the HKEX.

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Meanwhile, Bloomberg reported taht the exchanges's head of market development will leave by the end of this year, the latest senior executive to announce a departure from the bourse.

Li Gang, who had been with the exchange since 2013, will depart “to pursue other career interests,” according to an internal memo from Chief Executive Officer Charles Li obtained by Bloomberg News.

HKEX has seen a number of senior officials depart in recent months and also reorganized departments. CEO Li said in early May he’s stepping down after 10 years, adding his departure to the rising challenges for the bourse at a turbulent time for the Asian financial hub.

With Bloomberg inputs