HONG KONG, Nov 17 (Reuters) - Hong Kong stock exchange Chief Executive Officer Charles Li said it would take months, not years, before initial public offerings (IPOs) and derivatives are made a part of a landmark scheme linking Hong Kong and the Shanghai stock exchanges that kicked off on Monday.

In an exclusive interview with Reuters, Li also said it was a matter of time before the Shenzhen stock exchange, a smaller bourse in China, will also be linked up with Hong Kong.

(Reporting by Tara Joseph and Lawrence White; Writing by Denny Thomas and Elzo Barreto; Editing by Kenneth Maxwell)