Hong Kong Stock Exchange proposes allowing dual class shares
The Hong Kong Stock Exchange has proposed allowing widely criticised dual class shares in changes to listing rules aimed at attracting China’s big tech companies.
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The Hong Kong Stock Exchange has proposed allowing IPOs with "weighted voting rights", including dual class shares, in a package to reform corporate governance for the territory.
The move is widely seen as an effort to attract the IPOs of big Chinese tech companies after a number bypassed Hong Kong to list in the US, such as Alibaba, Baidu and Sina.
Snap Inc., owners of social media outlet Snapchat, caused an outcry when it proposed launching an IPO with shares that carried no voting rights at all.
In mid-February, Robert Jackson, a commissioner with US financial regulator the Securities Exchange Commission (SEC), called on stock exc
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