onhaad: we had charles li talking about these dual class shares in hong kong. >> it is a great thing.think it is time. i was always against losing alibaba to the u.s. stock exchange, and we can see where we wound up in ipo's this year, very weak, and we need to wake up into the world of technology, including media and every company around. the disruption in every industry is huge. rishaad: do you think there is too much bureaucracy in hong kong in particular for new change to be embraced? do you see how artificial intelligence in tech is being embraced? it does seem that hong kong is missing a trick. >> i agree. it comes from the previous years. with carrie lam, the new chief executive, i was with her last night actually, and she is very gung ho on technology and making hong kong a smart city. rishaad: they're going to set up a committee. >> they have set up a committee. there are certain things. she is determined to make this happen. she knows that if we don't, we will be marginalized. the good thing about hong kong with shenzhen and technology, we can do things in hong kong that chi

hk exchange ceo charles li sat down with bloomberg in an interview and explained who they are hoping les: it is three key elements. one, we are opening a new chapter for biotech companies. their drugs, products not yet being approved so of course they don't have any revenue yet. rishaad: this is the thing that some people were pointing to, that you are selling out because you are ending this property requirement for a new ipo. charles: nothing hurts about having to have a profit. we have a mining company. there is no dispute there is value in there. unless you build a railroad, you cannot sell your minerals. pre-revenue concept today. you are able to list without a profit as long as you are big enough. i think in this new reform, biotech companies -- it is huge value that has been created in that space. china is a massive health care market. i think we want to make sure that we open for business for companies that are in the middle of clinical trials, but not get -- but not yet receiving approval. rishaad: that was one of the three you were talking about. charles: second is due class

hk exchange's ceo charles li sat down with bloomberg and said who they are trying to attract. key elements. one we are opening a new chapter of a biotech companies, so basically drawing some products that have not been approved. of course they don't have any revenue yet. rishaad: but this is the thing where you said you are selling out because you are ending this profit requirement for a new ipo. charles: there is nothing required to have a profit. we already have a chapter 18, which is a mining company. there is no dispute there is value in there. but unless you build a railroad, you will not be able to sell your minerals. we do have pre-revenue, pre-profit concept today. even in the main port today, you are able to list without a profit as long as you are big enough. but i think in this, in a new reform, biotech companies, there is a huge value that has been created in that space. and china is a massive healthcare market. so i think we really want to make sure we open for business for companies that are in the middle of, you know, clinical trials but not up to receiving the

emily: that was charles li, hk exchange's chief executive speaking to bloomberg's rishaad salamat.do its monster year. why america's e-commerce game -- king could be on track to becoming the first u.s. retailer to sell $1 trillion worth of products and services. plus, espn is in need of new leadership after a shocking announcement. just who will take the reins of the self-proclaimed worldwide leader in sports? that is next. this is bloomberg. ♪ ♪ emily: amazon had several milestones in 2017, including its share price hitting over $1000. the stock is up 54% for the year. the company could be on track to becoming the first u.s. retailer to sell $1 trillion worth of products and services by 2025. this according to the latest report from bloomberg intelligence. we spoke with the analyst who wrote that report along with michael wolff, ceo of activate. ♪ jitendra: so if you look at the end markets that amazon can realistically target globally, excluding china, the size of the market is $10.7 trillion today. against that market where amazon is today, the reference point i would give you i

emily: that was charles li, hk exchanges and clearing chief executive. slowing economy, china's travel industry embraces growth in the last couple of years. james leong expects the company also to carry on its robust growth. james: as china's currency becomes stabilized and china continues to run a large surplus, i think travel will continue to grow robustly in the near future. china, the current statistics, is only less than 5% of people have a passport compared to the u.s. where 20% people have it. >> how do you characterize the competition you are seeing them ethically? whether that is alibaba. how do you characterize that as they are starting to carve out more market share now? james: still a very big market. all parts of the market are growing very rapidly. andsing on food delivery the low-end travel market has been doing well. our high-end businesses are growing very nicely too. we actually think it is higher market. long-term wise, this has more potential. we think we are in a good position. tom: alibaba seems to be carving out space across a numb

ensuring the next alibaba does not slip through his fingers, we speak to charles li.

with the lies and incitement is unacceptable. charles: some are saying while president obama called on jerusalem to be the capital, this is more of a political decision. are those two intertwined? >> in the bible 650 times the word jerusalem is mentioned in the jewish bible. i showed a coin dated 67 a.d. and it shows the connection with between the jewish people and jerusalem. president trump made a promise during this campaign and we are happy the embassy will move to jerusalem. any country can decide where to put its embassy. charles: we agree on that. what bothers me is this is a decision the united states government made a long time ago, but no president had the guts to move on it. >> and look what happened. nothing happened. it reminds me of what happened with president truman in 1948, the timing is not right. he took a bold decision. many canadian tri -- many countd him. i'm optimistic about what happened today. 65 countries decided not to join the choir and condemn israel and the u.s. they either sab stained or didn't show up -- t

ed over 300 points after that news report was made, the lies really, but president trump using the words "fake news" is really sticking and charlesf trump supporters think the media is the enemy. that is a huge number. they're totally dog a disservice for americans because they're not presenting the truth especially when it comes to president trump. >> charles: i think less than 10 % of americans across the political divide have confidence in the media anyway and michael again it's one of these things where when the fbi is in the throws of an investigation of this much importance that you find someone whose a key component of that expressing these political views i guess we all have them but to express them certainly seems to taint everything. >> that's definitely the case we expect independence as well as transparency from our government and there's certainly a lack of that two items in the news today , lois learner and the settlement of the u.s. government irs for her actions, still no transparency there based on her lack of objectivity and now this investigator at the fbi advancing a political agenda and no affirmative transpa