Moving Forward on Listing Reform

Abstract

This paper considers the process of listing reform in Hong Kong. It identifies the primary underlying threads in that process as undertaken to date and queries whether the overarching strategic objectives for market development have been adequately diagnosed. Exchanges compete on a range of factors that are influenced by both public and private interests, which requires a clear policy analysis of developmental objectives as a precursor to regulatory reform proposals. Three Propositions are derived that may assist to reposition the reform debate. It is suggested that if stakeholders take these Propositions on board in earnest, there will be a better prospect for moving forward together on listing reform.

Keywords: listing reform, stock exchange, hong kong, sfc, securities and futures commission,weighted voting rights,dual class shares, WVR,securities regulation, HKEX, hongkong exchanges and clearing limited