Tension is brewing among asset managers, bankers and exchanges as dual-class shares bear down on Hong Kong and Singapore.
At issue is the high volume of fast-growing companies that want to list with the controversial structure, stripping voting rights from shares and alarming fund managers.
“It looks as though everyone is rushing to do them [dual-class shares] whether it’s Alibaba, whoever, all the IT start-ups want to do it,” says Hugh Young, head of Asia Pacific at Aberdeen Standard Investments. “It goes against the basic principles we have on shares?.?.?.?it’s all ‘trust me’, but when it goes wrong, you lose trust.”
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