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港交所主席:更关心整个市场的健康,而不仅是市场参与者

港交所主席:更关心整个市场的健康,而不仅是市场参与者

Claire Zillman 2020年05月11日
查史美伦说,由于没有太多历史经验可以借鉴,所以她在疫情期间的管理策略就是维护交易所的“核心价值观”。

香港交易及结算所有限公司主席查史美伦。摄于2020年1月23日瑞士达沃斯,世界经济论坛的第三天。图片来源:Simon Dawson— 彭博社经盖蒂图片社提供

查史美伦曾经经历过多次经济危机,比如1987年的股灾、亚洲金融危机和大衰退。但与以往不同的是,新冠疫情导致的经济危机并非源自金融行业。现任香港交易所主席的查史美伦已经在金融领域从业数十年。她表示:“此次危机与以往不同。”因此度过危机的难度更大。

与此同时,香港在疫情期间采取的公共卫生响应措施表现出色,包括较早开始要求所有人佩戴口罩,执行严格的隔离措施,现在抵达香港机场的所有人都需要接受病毒检测。上周五,香港的健身房和电影院重新开放,政府解除了部分社交隔离限制,并允许八人以下的聚会。

查史美伦此前曾在中国证券监督管理委员会和香港证券及期货事务监察委员会任职,现任汇丰控股和联合利华董事。香港防疫的良好表现使查史美伦必须比其他国家的同行更早一步,考虑经过一段时间的远程办公之后交易所如何“复工”。

此外,查史美伦接受《财富》杂志采访后不久,香港交易所宣布CEO李小加将在明年卸任,查史美伦的角色或许又会有所转变。

史美伦说,由于没有太多历史经验可以借鉴,所以她在疫情期间的管理策略就是维护交易所的“核心价值观”:“尽我们所能,对市场稳定和运营韧性保持高度警惕。”

《财富》杂志的专栏中采访了多位女性商界领袖,包括登上《财富》“最具影响力商界女性”年度榜单的女性,邀请她们讨论在公共健康与经济危机期间如何发挥领导力。查史美伦是最新一期的采访嘉宾。本采访内容经过编辑和精简。

《财富》:关于新型冠状病毒和您的工作,您最大的担忧是什么?

一直以来,我们都坚持以人为本。所以我们最关心的是员工的健康和安全。香港在应对疫情方面表现非常出色,随着全球病毒感染人数增长速度放缓,我们现在正在谨慎地开展分阶段复工。我们将采取严格的“分班上岗”措施,为全体员工复工做好准备。尽管如此,在这个关键时期,我们依旧鼓励尽量采用数字通信和远程会议等形式,以最大程度减少面对面接触。保持工作场所的卫生也是我们的首要任务,彻底清洁和配戴口罩已经成为新的常态。

您认为从长远来看,这场疫情危机会对您公司的业务产生哪些影响?

香港交易所本周公布的季度业绩显示,我们的核心业务营收年比增长了约20%,充分证明了业务的稳健性和韧性。IPO业务部门表现依旧抢眼,在第一季度,香港交易所的IPO数量再次在全球排名第一。随着全球经济逐步进入恢复期,我们的工作重点将是继续保持竞争力,并抓住眼前的机会。香港和香港交易所将继续利用其独特的地理位置,作为连接亚洲与世界的桥梁,为全球经济复苏做出贡献。 [编者按:香港交易所公布的第一季度净利润下降了13%。]

面对此次前所未有的危机,您利用了哪些管理方面的经验或原则?您有没有路线图?如果有的话,是什么样的路线图?

今天我的立场,与之前的危机中作为政府监管者的立场截然不同。在之前的经济危机中,我们担心出现系统性风险,比如小型经纪商可能无法存活下去。我想现在肯定也有一些小型经纪商因为业务量减少等原因,面临着类似的情况,但这是政府监管部门需要担心的问题。作为一家市场监管机构,我们更关心的是整个市场的健康,而不仅仅是市场参与者的健康状况,因为小型经纪商在我们的市场参与者中只占很小一部分,所以这是现在与之前的区别。

您的公司有没有针对疫情采取直接援助措施?

早在二月份的董事会会议上,我们就承诺捐款1,000万港币(约合130万美元),用于新冠疫情救济。[编者按:香港交易所表示这笔资金已经通过其所在市场的本地慈善合作伙伴捐出,例如心灵鸡汤儿童基金(ChickenSoup)和长者安居协会(Senior Citizen Home Safety Association)等。香港交易所将继续与其他机构合作,向更多有需要的人群和社区提供支持。]

如果说这次危机带来了某些好处的话,您认为是什么

可持续发展……当然是减少碳足迹。这次危机证明,金融服务业在商务旅行领域占很大一部分,现在我们可以大幅减少出行。我想这会在业内产生连带效应。

在这场危机中,您的职业生活发生的最大的变化是什么?

商务旅行大幅减少。因为我是汇丰控股和联合利华的董事会成员,汇丰控股的总部位于伦敦,而联合利华要在伦敦和鹿特丹分别召开三次董事会会议。还有香港交易所的其他路演活动,所以我需要经常出差。但现在出差数量大幅减少,我想未来也不会像以前那样经常出差,我喜欢这种变化。

您的虚拟董事会进行得如何

我第一次参加的是联合利华的虚拟董事会;很有趣。除了语音,我们还可以打开视频,但只有我和另外一位董事选择了视频,在会议过程中我们说:‘只有我们两个……’然后我们都关掉了视频。当时是3月初,大家还不习惯视频会议。我想人们正在慢慢习惯这种方式,所以我们现在能在屏幕中看到来自不同地方的不同人。

您的个人生活在这场危机中发生的最大的变化是什么?

疫情让我被迫停工……这是件好事。我从书房里清理出很多东西,查看了所有电子邮件,读了很多书,而且我从来没有看过这么多奈飞网剧。(财富中文网)

译者: Biz

查史美伦曾经经历过多次经济危机,比如1987年的股灾、亚洲金融危机和大衰退。但与以往不同的是,新冠疫情导致的经济危机并非源自金融行业。现任香港交易所主席的查史美伦已经在金融领域从业数十年。她表示:“此次危机与以往不同。”因此度过危机的难度更大。

与此同时,香港在疫情期间采取的公共卫生响应措施表现出色,包括较早开始要求所有人佩戴口罩,执行严格的隔离措施,现在抵达香港机场的所有人都需要接受病毒检测。上周五,香港的健身房和电影院重新开放,政府解除了部分社交隔离限制,并允许八人以下的聚会。

查史美伦此前曾在中国证券监督管理委员会和香港证券及期货事务监察委员会任职,现任汇丰控股和联合利华董事。香港防疫的良好表现使查史美伦必须比其他国家的同行更早一步,考虑经过一段时间的远程办公之后交易所如何“复工”。

此外,查史美伦接受《财富》杂志采访后不久,香港交易所宣布CEO李小加将在明年卸任,查史美伦的角色或许又会有所转变。

史美伦说,由于没有太多历史经验可以借鉴,所以她在疫情期间的管理策略就是维护交易所的“核心价值观”:“尽我们所能,对市场稳定和运营韧性保持高度警惕。”

《财富》杂志的专栏中采访了多位女性商界领袖,包括登上《财富》“最具影响力商界女性”年度榜单的女性,邀请她们讨论在公共健康与经济危机期间如何发挥领导力。查史美伦是最新一期的采访嘉宾。本采访内容经过编辑和精简。

《财富》:关于新型冠状病毒和您的工作,您最大的担忧是什么?

一直以来,我们都坚持以人为本。所以我们最关心的是员工的健康和安全。香港在应对疫情方面表现非常出色,随着全球病毒感染人数增长速度放缓,我们现在正在谨慎地开展分阶段复工。我们将采取严格的“分班上岗”措施,为全体员工复工做好准备。尽管如此,在这个关键时期,我们依旧鼓励尽量采用数字通信和远程会议等形式,以最大程度减少面对面接触。保持工作场所的卫生也是我们的首要任务,彻底清洁和配戴口罩已经成为新的常态。

您认为从长远来看,这场疫情危机会对您公司的业务产生哪些影响?

香港交易所本周公布的季度业绩显示,我们的核心业务营收年比增长了约20%,充分证明了业务的稳健性和韧性。IPO业务部门表现依旧抢眼,在第一季度,香港交易所的IPO数量再次在全球排名第一。随着全球经济逐步进入恢复期,我们的工作重点将是继续保持竞争力,并抓住眼前的机会。香港和香港交易所将继续利用其独特的地理位置,作为连接亚洲与世界的桥梁,为全球经济复苏做出贡献。 [编者按:香港交易所公布的第一季度净利润下降了13%。]

面对此次前所未有的危机,您利用了哪些管理方面的经验或原则?您有没有路线图?如果有的话,是什么样的路线图?

今天我的立场,与之前的危机中作为政府监管者的立场截然不同。在之前的经济危机中,我们担心出现系统性风险,比如小型经纪商可能无法存活下去。我想现在肯定也有一些小型经纪商因为业务量减少等原因,面临着类似的情况,但这是政府监管部门需要担心的问题。作为一家市场监管机构,我们更关心的是整个市场的健康,而不仅仅是市场参与者的健康状况,因为小型经纪商在我们的市场参与者中只占很小一部分,所以这是现在与之前的区别。

您的公司有没有针对疫情采取直接援助措施?

早在二月份的董事会会议上,我们就承诺捐款1,000万港币(约合130万美元),用于新冠疫情救济。[编者按:香港交易所表示这笔资金已经通过其所在市场的本地慈善合作伙伴捐出,例如心灵鸡汤儿童基金(ChickenSoup)和长者安居协会(Senior Citizen Home Safety Association)等。香港交易所将继续与其他机构合作,向更多有需要的人群和社区提供支持。]

如果说这次危机带来了某些好处的话,您认为是什么?

可持续发展……当然是减少碳足迹。这次危机证明,金融服务业在商务旅行领域占很大一部分,现在我们可以大幅减少出行。我想这会在业内产生连带效应。

在这场危机中,您的职业生活发生的最大的变化是什么?

商务旅行大幅减少。因为我是汇丰控股和联合利华的董事会成员,汇丰控股的总部位于伦敦,而联合利华要在伦敦和鹿特丹分别召开三次董事会会议。还有香港交易所的其他路演活动,所以我需要经常出差。但现在出差数量大幅减少,我想未来也不会像以前那样经常出差,我喜欢这种变化。

您的虚拟董事会进行得如何?

我第一次参加的是联合利华的虚拟董事会;很有趣。除了语音,我们还可以打开视频,但只有我和另外一位董事选择了视频,在会议过程中我们说:‘只有我们两个……’然后我们都关掉了视频。当时是3月初,大家还不习惯视频会议。我想人们正在慢慢习惯这种方式,所以我们现在能在屏幕中看到来自不同地方的不同人。

您的个人生活在这场危机中发生的最大的变化是什么?

疫情让我被迫停工……这是件好事。我从书房里清理出很多东西,查看了所有电子邮件,读了很多书,而且我从来没有看过这么多奈飞网剧。(财富中文网)

译者: Biz

Laura Cha has witnessed other economic crises: the 1987 crash, the Asian financial crisis, the Great Recession. What’s different about the one prompted by the coronavirus is that it didn’t originate in the financial sector, where the chair of the Hong Kong Stock Exchange has worked for decades. “It’s unlike any other crisis,” she says, which makes it especially hard to navigate.

At the same time, Cha’s home base of Hong Kong has emerged as a standout in its public health response to the outbreak, adopting face masks early and en masse, implementing robust quarantine measures, and now, testing every arrival at its airport. It reopened gyms and cinemas on Friday and eased some social distancing restrictions; you can now gather in groups as large as eight.

That means Cha, who previously worked at the China Securities Regulatory Commission and the Securities and Futures Commission and sits on the HSBC Holdings and Unilever boards, finds herself ahead of some global peers in considering how the exchange can ‘reopen’ as a workplace, after a spell of remote work. What’s more, shortly after Fortune’s interview, the exchange announced CEO Charlies Li would step down next year, adding another kind of transition to Cha’s plate.

With few historical guideposts, Cha says her management strategy amid the pandemic is to focus on maintaining the exchange’s “core values;” by “[doing] our job keeping very vigilant about market stability and operation resilience.”

Her interview is the latest in a Fortune series that asks female business leaders—including those who appear on Fortune's annual Most Powerful Women in Business lists—to talk about leading through the public health and economic crisis. This interview has been edited and condensed.

Fortune: What's your No. 1 concern related to the coronavirus and your business?

First and foremost, our concern has always been our people, the health and safety of our staff. Hong Kong has done a very good job of managing through this pandemic and with the signs of the virus slowing globally, we are now carefully executing our staged return to the office. We will be using a strict split-team arrangement to pave the way for everyone to return. That said, we will continue to encourage digital communications and meetings where possible to minimize personal contact at this still-critical time. Office hygiene is also a top priority—robust cleaning and face masks have become the new normal.

How do you expect the crisis to impact your business in the long term?

Our first quarter earnings announced this week showed the robustness and resilience of our business, with core business revenues up by almost 20% year-on-year. Our IPO pipeline also remains strong, and in the first quarter we were again the No. 1 for number of IPOs globally. As the global economy gradually moves into recovery, our focus will be on maintaining our competitiveness and capitalizing on the opportunities presented to us. Hong Kong and HKEX remain uniquely placed to further connect Asia and the world to support the global recovery. [Editor's note: HKEX reported a 13% drop in first-quarter net profit.]

What management lessons or principles are you drawing on as you face this unprecedented crisis? What, if any, roadmap are you following?

My position today is different from when I was a regulator during previous crises. In previous crises, we were concerned about systemic risk; for example, the small brokers who might not be able to survive, and I think there will be some that face a similar situation now with a reduced business, etc. But that is a concern of the regulators. For us as a market regulator, we are less concerned about the health of our market participants than the health of our market because the small broker is only a small percentage of our market participants, so [compared to my] previous experience that’s a distinction.

Is your company taking any direct measures to aid in the coronavirus response?

Quite early on, during a February board meeting, we committed to donating HK$10 million ($1.3 million) to coronavirus relief. [Editor's note: The exchange says it's put some of that money into action through local partner charities in markets where it operates, such as ChickenSoup and Senior Citizen Home Safety Association. It will continue to work with other organizations to extend support to people and communities in need.]

What—if any—good do you think will come from this crisis?

Sustainability...definitely the reduction of the carbon footprint. This crisis shows that the travel we did as an industry in financial services was huge, and now we are able to do that with a lot less travel. I think that has to be an impact on the industry, with knock-on effects.

What's the biggest way your professional life has changed amid this crisis?

A lot less travel. Because I’m on the HSBC Holdings board in London and the Unilever board has six board meetings—three in London and three in Rotterdam...and the miscellaneous roadshows for the exchange, for example, so that adds up. Now it's been reduced and I can see going forward I don’t need to travel that much and I welcome that.

How have your virtual board meetings been?

The first virtual meeting was Unilever; it was interesting. We could do video in additional to audio, only two of us opted for video and halfway through we said, 'Only two of us...' so we turned off the video. People were not used to it; this was early March. I think people are getting used to it, so now we have the grids of different people in different places.

What's the biggest way your personal life has changed in all of this?

It gave me forced downtime...which was very welcome. I got to clean up a lot of things in my study, all the emails and all the reading, and I’ve never watched so much Netflix.

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