Hong Kong needs to find new ways to attract so-called new-economy companies to stay competitive, Charles Li, chief executive of bourse operator Hong Kong Exchanges & Clearing Ltd (HKEX) (0388.HK), told Reuters on Tuesday.
HONG KONG (Reuters) – Hong Kong needs to find new ways to attract so-called new-economy companies to stay competitive, Charles Li, chief executive of bourse operator Hong Kong Exchanges & Clearing Ltd (HKEX) (0388.HK), told Reuters on Tuesday.
In June, HKEX started a consultation on the launch of a third board that could allow companies to list with dual-class share structures and would target companies in sectors such as the internet and bio-tech.
Public consultation ended last month, with financial industry professionals still divided over the matter.
Some bankers and corporate governance experts have expressed concern that a third board could lower governance standards in the city, which has seen a series of corporate scandals that have rattled investors and battered some stocks.
Li said public interest wouldn&rsquo-t be compromised for profitability.
&ldquo-Public interest is number one,&rdquo- he said.
&ldquo-The key is the market will understand that the bulk of the listing rule regulation is still going to be at the exchange (HKEX) but the SFC will take a proactive role whenever they see fit,&rdquo- he said, referring to the Securities & Futures Commission of Hong Kong.
The HKEX chief, speaking at a Reuters Newsmaker event in Hong Kong, also said he saw a sharp increase in international companies raising capital in Hong Kong since the start of the Hong Kong-Shenzhen stock connect, which allows non-Chinese investors to buy Shenzhen-listed shares via Hong Kong.
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