The Hong Kong Exchanges and Clearing Limited (HKEX) has announced that it no longer intends to make an offer for the London Stock Exchange Group plc (LSEG).

In a statement, the board of HKEX says it continues to believe that a combination of LSEG and HKEX is strategically compelling and would create a world-leading market infrastructure group.

"Despite engagement with a broad set of regulators and extensive shareholder engagement, the board of HKEX is disappointed that it has been unable to engage with the management of LSEG in realising this vision, and as a consequence has decided it is not in the best interests of HKEX shareholders to pursue this proposal," according to the statement.

HKEX Chief Executive Officer Charles Li, says, “Our vision for the business looking forward is to build upon the role we already play in Hong Kong, China, Asia and more widely.”