Is this true?
According to the bloomberg terminal 388 HK is owned 79% by funds( investment advisors) and only 13.78% by the Government.
Additionally 53% of shares are held by US entities and only 18% by Hong Kong entities
> HKEX's largest shareholder is the Hong Kong government
That just seems like a weird lie to tell when its so easily disproved.
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...
Can you use your bloomberg to find ownership by individual firms and see if any single holder exceeds the 13.78% the government holds according to your post?