The Hong Kong Exchanges and Clearing Limited has proposed a 31.6 billion pound ($39 billion) merger with the London Stock Exchange.
“The board of HKEX believes a proposed combination with LSEG represents a highly compelling strategic opportunity to create a global market infrastructure leader,” the Hong Kong exchange said in a statement on Wednesday.
Hong Kong Exchanges already has a base in London as owner of the London Metal Exchange. The LSE has long sought to bolster its footprint in Asia and recently launched a link with Shanghai.
“The board of HKEX believes that the two businesses are highly complementary and as such, looks forward to working with the relevant authorities to deliver a clear path to completion,” the HKEX said.