Hong Kong Exchanges and Clearing will continue its pursuit of the London Stock Exchange despite having its £31.6bn takeover bid rejected by the coveted UK bourse, according to people close to the deal.

Those people said the LSE’s actions now raise the prospect of a “hostile” takeover by HKEX, although the Asian stock market operator’s preference is to continue to engage in discussions and see the bid get a “fair hearing” by LSE management and other stakeholders.