Hong Kong renaissance

4 January 2018 By Alec Macfarlane

The city lost many Chinese tech listings to New York. But it is building a critical mass of stocks, analysts and investors, and is poised to weaken governance rules in favour of founders. That sets the stage for the IPOs of rising stars Didi, Toutiao and Meituan-Dianping.

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The Hong Kong stock exchange is expected to allow companies with dual-class shares to be listed on its main board, according to a Nov. 29 report by Reuters.

“We should basically in a few weeks, hopefully be able to announce a structure where we will have a chapter inside the main board that allows companies to list in Hong Kong, with weighted voting-rights structures,” Charles Li, head of Hong Kong Exchanges and Clearing, said in an interview.

The city’s financial secretary had indicated that Hong Kong was likely to take in applications to list under the new voting arrangements in the second half of 2018, Li said.

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