When Charles Li was asked last week about the recent wild gyrations of some stocks in Hong Kong, the head of the Hong Kong Exchange compared the market to a city that is reasonably well-run but has “a few dark alleys and little corners”.
“We all need to relax,” he added. “This is a great market. You don’t want the regulator to solve all your problems.”
Investors in China Huishan Dairy might think differently after its shares plunged 90 per cent in an hour last Friday for no apparent reason, wiping more than $4bn off its market capitalisation. On Monday, Chinese developer Kaisa Group leapt by almost as much after ending a two-year share suspension.
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