Moving Forward on Listing Reform

17 Pages Posted: 25 Oct 2017 Last revised: 16 Dec 2017

See all articles by Syren Johnstone

Syren Johnstone

Department of Law, University of Hong Kong; Asian Institute of International Financial Law

Nigel Davis

University of Hong Kong

Douglas W. Arner

The University of Hong Kong - Faculty of Law

Date Written: October 24, 2017

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

Suggested Citation

Johnstone, Syren and Davis, Nigel and Arner, Douglas W., Moving Forward on Listing Reform (October 24, 2017). University of Hong Kong Faculty of Law Research Paper No. 2017/033; AIIFL Working Paper No. 22, October 2017 . Available at SSRN: https://ssrn.com/abstract=3057959 or http://dx.doi.org/10.2139/ssrn.3057959

Syren Johnstone (Contact Author)

Department of Law, University of Hong Kong ( email )

Faculty of Law, Pokfulam Road
Pokfulam
Hong Kong
Hong Kong

HOME PAGE: http://www.law.hku.hk/faculty/staff/syren_johnstone.php

Asian Institute of International Financial Law ( email )

Faculty of Law, Pokfulam Road
Pokfulam
Hong Kong
Hong Kong

HOME PAGE: http://www.law.hku.hk/faculty/staff/syren_johnstone.php

Nigel Davis

University of Hong Kong ( email )

Pokfulam Road
Hong Kong, Hong Kong
China

Douglas W. Arner

The University of Hong Kong - Faculty of Law ( email )

Pokfulam Road
Hong Kong, Hong Kong
China

HOME PAGE: http://hub.hku.hk/rp/rp01237

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