Market Chatter: China Securities Regulator Cracks Down on 'Low-Quality' Hong Kong Listings

MT Newswires Live03-20

The Chinese securities regulator has started cracking down on "low-quality" company listings in Hong Kong to control an IPO surge in the city, the Financial Times reported Friday.

The China Securities Regulatory Commission said the curbs come as the red-chip companies seeking listings in Hong Kong showed "relatively low ownership transparency and higher compliance risks," the report said.

Red-chip firms are companies incorporated outside China but conduct business mostly inside the mainland. That setup allows offshore investors to access mainland firms, the FT said.

CSRC Chairman Wu Qing earlier said there is a need to put a stop to "flawed" applications and prevent a rush of listings, the report said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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