Hong Kong’s financial regulator has largely scrapped plans to reform the city’s listings process after finding alternative ways of policing markets and as it prepares for a heated debate on whether to allow dual-class shares.
The proposals, published more than a year ago, were effectively the first salvo in what has since become a multi-pronged effort by the Hong Kong Exchange and the Securities and Futures Commission to improve oversight. It is examining how the city can best compete against New York and London for new listings.
Last year’s plans generated nearly 9,000 responses — a record for the city — with most opposing the changes, according to sources familiar with the process.
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