[elliekelly]

Being the largest shareholder of HKEX does not mean they're the majority shareholder. Every ownership percentage you've quoted from Bloomberg is an aggregate across multiple investors except the 13.78% owned by the government.

I suspect you assumed largest meant majority because of the number of board seats the government controls. Interestingly, it appears that's unrelated to the government's financial stake in the entity. Securities laws in Hong Kong permit the Financial Secretary (a member of the Executive Council) to appoint up to eight board members. The government's authority over HKEX board appointments is outlined in Section 77[1] of the Securities Futures Ordinance.

[1] https://www.elegislation.gov.hk/hk/cap571?xpid=ID_1438403466...