Hong Kong is considering 'dual-class' share listings for non-tech firms, says official

cnbc2021-03-30

KEY POINTSHong Kong is considering whether to allow non-tech companies to list using the "dual-class shares" framework, said Christopher Hui, the city's secretary for financial services and the ...

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小獭獭
2021-03-30
小獭獭
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Veralam
2021-03-30
Veralam
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Typically, one class of shares have more voting rights than the other — a framework favored by many tech firms as it gives founders and insiders more control.“One thing that we’re looking into is ... in terms of the secondary listing regime that we have, whether the Greater China companies with weighted voting rights — and yet not in the innovation, technological sector — can benefit from this regime and come to list in Hong Kong,” Christopher Hui, Hong Kong’s secretary for financial services and the treasury, told CNBC’s“Squawk Box Asia.”The Hong Kong exchange in 2018 amended its rules to allow companies from“emerging and innovative sectors”to list using the dual-class framework. That has helped the city to attract major Chinese tech companies, includingXiaomiandAlibaba, to list on the Hong Kong stock market.The city has been among the world’s top markets for listings over the last few years.In 2020, the Hong Kong stock exchangesaw 154 new listings that raised $51.6 billion, according todata compiled by consultancy PwC. Prominent Chinese companies that made their debut in the city last year include e-commerce giantJD.comand gaming companyNetEase.Hui said he’s “very positive” about the outlook for public listings in Hong Kong, and expects the momentum in the last few years to continue.So far this year, more Chinese firms have listed in Hong Kong, including Tiktok rivalKuaishou, tech giantBaiduand streaming companyBilibili.SPAC listings in Hong KongStock exchanges in Hong Kong and other Asian cities are considering allowing the listings ofspecial purpose acquisition companies or SPACs.They are “blank check” companies that raise money through IPOs with the intention of merging with or acquiring an existing private firm in order to take it public.SPACs have gained much attention in the past year, with an increasing number of companies choosing to go public in the U.S. using such a method.Bloomberg reported Mondaythat Hong Kong is getting ready a SPAC listing framework by June to gather public feedback, and is targeting the first such deal by the end of this year.Asked whether the framework is on track for release, the Hong Kong official said the city’s regulator and exchange operator have been tasked to study how Hong Kong can implement SPAC listings.“I think for any new initiative, for market development idea to fly, we need to strike a balance, at the same time it has to be sustainable,” said Hui.“So we have to make sure that while on the one hand, we are taking advantage of this new trend to grow our market, yet at the same time have our investors duly 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