ONE of the biggest obstacles to the Hong Kong stock exchange’s goal for gender diversity on corporate boards — companies from the mainland that have historically been slow to change — is starting to crumble.

Major mainland firms are appointing female directors, or setting targets for diversity, ahead of the Hong Kong exchange’s end-of-2024 deadline that could end up creating more than 1,300 positions exclusively for women.

Food delivery company Meituan is the most recent high-profile firm to name its first ever woman to its board, adding Esquel Enterprises Ltd. chairman Marjorie Yang, who is also one of three women on the seven-person board of Hong Kong-listed Budweiser Brewing Co. APAC Ltd. in June.

Overall progress remains slow, though, and some of the mainland’s industry giants still have no women on their boards. That includes online search company Baidu Inc., smartphone brand Xiaomi Corp. and electric vehicle maker BYD Co.

But with investors putting more attention on the issue and the Hong Kong stock exchange quota looming, companies are revealing plans to boost diversity.

BYD, which this year dethroned Volkswagen AG as China’s best-selling car brand, is considering adding a female director to comply with the Hong Kong stock exchange rule and said in its most recent annual report that it is “committed to promoting gender diversity not only within the board but among its workforce generally.”

Xiaomi has said it will appoint at least one female director by the end of 2024 and increase the proportion of women on its board over time.

Car dealer Zhongsheng Group Holdings Ltd. is in the process of identifying suitable female candidates. Baidu said it provides equal opportunities across hiring, training and promotion.

Overall, boards at firms on Hong Kong’s Hang Seng Index are making inroads in their gender diversity push. Six companies increased the number of women on their boards, including Hong Kong’s MTR Corp. and CNOOC Ltd. (SD-Agencies)