Members of the Chinese Gold & Silver Exchange Society have voted to transform the city’s 114-year-old gold exchange into a corporation, with the aim of expanding internationally and supporting the ambition of government to restart Hong Kong as a hub for international trade.

Following Friday’s vote, the organization will become a company called the Hong Kong Gold Exchange. From Jan 1, it will take over the company’s assets and operations, said Haywood Chairman Cheung Tak-hay.

Cheung will serve as chairman of the new exchange, which has 25 board members and existing members can choose to become shareholders in the new organization. More than 137 members have agreed to become shareholders and more are expected to follow suit.

“The company is now structured as a club that is owned by its 172 member companies, which include gold refineries such as King Fook, Lee Cheong, Po Sang, as well as major banks,” Cheung said.

Cheung said the new corporate structure would make it easier to attract new members.