Hong Kong Exchanges and Clearing chief executive Charles Li will step down from the position at the end of this year amid speculation that he may take up a major post in the next Hong Kong government in 2022.

The HKEX board of directors supported Li’s wish to retire early before his contract ended in October next year, the stock market operator said in a statement on Tuesday. He would serve as chief executive till Dec. 31, then switch to the position of senior adviser to the board for six months on Jan. 1, the HKEX said.

Co-president and chief operation officer Calvin Tai would become interim chief executive starting Jan. 1, it said.

With the latest announcement, Li is bringing forward his departure plans after revealing in May that he had no intention of renewing his contract next October with HKEX, which he had helmed since 2010.

Li on Tuesday paid tribute to his colleagues for their support and said that heading the HKEX had been the highlight of his career to date.

He mused that there would never be a perfect time to stand down from a great company such as HKEX, but given the strength of its current business and markets, he considered it was the right time to begin to pass on the mantle.

The 59-year-old is rumored to be among candidates whom Beijing is considering as a replacement to the unpopular Chief Executive Carrie Lam.

Washington might suspend its sanctions on Hong Kong if Carrie Lam stepped down in a graceful way, following which Li would be the best candidate to lead the city, columnist Lam Hang-chi wrote in a two-part article in the Hong Kong Economic Journal early this month.

Pro-Beijing media HK01 earlier cited sources familiar with Beijing politics as saying that Li had a high chance of being appointed as a minister or some other major official in the next government.

When previously asked by reporters if he had any intention to run for chief executive, Li did not give a direct reply, saying only that he “would not stick around at home and play with grandchildren” in retirement.

HKEX said in reply to Apple Daily’s enquiry that it would not comment on speculation about his next moves. “Mr Li is still performing his duty as the HKEX chief executive until the new chief executive comes in,” it said.

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