Hong Kong's securities regulator has rejected draft proposals by the city's stock exchange to change listing rules that saw the bourse lose Alibaba Group's record US$25bn IPO to New York last year. The securities and futures commission said On Thursday its board had unanimously concluded it did not support the draft proposal to introduce so-called weighted voting rights for primary listings put forward last week by hong kong exchanges and clearing. The unusually forthright statement has publicly exposed a row between the institutions over the future of Hong Kong's stock market, at a time when the city's corporate governance standards are in the international spotlight following a new trading link with China.
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