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HKEx says no change to listing rules that drove Alibaba IPO away
[HONG KONG] The Hong Kong stock exchange said on Monday it would not seek to change listing rules that were one of the main reasons that drove Alibaba Group Holding to list its US$25 billion initial public offering in New York and not Hong Kong last year.
In a statement, the Hong Kong Exchanges and Clearing (HKEx) said its listing committee had agreed the exchange should not pursue a plan to introduce so-called weighted voting rights for primary listings due to opposition from Hong Kong's stock market regulator. "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.
The Hong Kong Securities and Futures Commission (SFC) said in June that its board had unanimously concluded it did not support the draft proposal put forward by the HKEx due to concerns over investor protection.