Hong Kong's leading shareholder activist has issued a stinging critique of the market regulator's unprecedented decision to restrict retail investor participation in UC Rusal's $2bn initial public offering.
The Securities and Futures Commission allowed the IPO to proceed on Friday but insisted on a minimum upfront investment of HK$1m ($129,000).
The regulator will also require Rusal to be traded on the Hong Kong stock exchange in blocks of 200,000 shares, making it too expensive for most small investors.
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