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HK regulator says won't block moves towards stock listing rule change

[HONG KONG] Hong Kong's securities regulator will not oppose plans by the city's stock exchange to launch a public consultation that could ultimately change listing rules, its chairman said on Thursday.

Securities and Futures Commission Chairman Carlson Tong was responding to media reports that said the regulator would block such a move by the Hong Kong Exchanges and Clearing Ltd (HKEx), which is trying to lure more listings.

The move towards changing the rules follows last year's decision by e-commerce giant Alibaba Group Holdings to list its US$25 billion IPO, the world's biggest, in New York after Hong Kong officials rejected the company's request to allow a small group of insiders to nominate the majority of the board.

REUTERS