In the latest annual rotation, Pai, JPMorgan’s head of Hong Kong IPO and corporate finance group, and Schrantz, a Citi managing director, were among those named to the Listing Committee of Hong Kong Exchanges & Clearing Ltd, the people said, asking not to be identified discussing private information.

The two incoming members will replace Stephen Clark of HSBC Holdings Plc and Terence Keyes of Morgan Stanley, who are stepping down after serving the maximum six-year term limit, the people said. Keith Choy, who retired in 2024 as the longest-serving regulator at the Securities and Futures Commission (SFC) overseeing intermediaries, is also joining the committee, they said. 

The exchange declined to comment on the appointments, adding in a statement that it “welcomes experienced industry participants” to the committee and that it will share any changes in “due course.”

HSBC and JPMorgan didn’t immediately respond to requests for comment. Spokespeople at Morgan Stanley and Citigroup declined to comment. 

The rotation underscores a delicate balancing act for Hong Kong officials. They need to leverage the market experience of senior investment bankers while simultaneously tightening oversight of their advisory work.

Earlier this year, HKEX and the SFC scolded 13 banks for substandard performance as IPO sponsors. The regulators are also expanding their focus to the bookbuilding process to ensure fairer share allocations.

The Listing Committee operates as an independent administrative decision-maker and advisory body for the exchange, according to its website. It comprises bankers, auditors, lawyers, and investor representatives, with the HKEX chief executive officer serving as an ex-officio member.

After applications are vetted and cleared by both the exchange’s listing department and the SFC, the committee meets weekly to scrutinise the candidates and grant the final approval required for IPOs to debut on the market.

The committee approved 133 listing applications in 2025. The group also decided to cancel listings of 35 firms last year.

Uploaded by Liza Shireen Koshy