Shares of Hong Kong Exchanges and Clearing Ltd (HKG:0388) declined by 0.11 percent in today’s trading session after it announced that it will not change any listing rules.
Hong Kong Exchanges and Clearing Limited’s stock traded at 186.50 at the close in Tuesday’s trading, 0.20 lower than its previous close.
The Hong Kong Exchanges and Clearing (HKEx) announced in a statement that it will not change any listing rules even if these rules were among the reasons why Alibaba decided to go to New York for its USD25bn IPO.
The HKEx stated that its listing committee had agreed not to pursue a plan to introduce dual-share-structure listings in Hong Kong following the opposition of the Hong Kong Securities and Futures Commission.
“Whilst the Listing Committee continues to believe that this is an important topic for Hong Kong and one that deserved the full attention of the Hong Kong market, it does not believe that progress can be made, currently, on a workable proposal,” the statement said.
Alibaba listed in the US in September 2015 after Hong Kong declined to give it an exemption in October of 2013 that would have allowed founder Jack Ma Yun and other executives to nominate a majority of the board even though they only owned minority stakes. – BusinessNewsAsia.com