Hong Kong regulator slams exchange's proposal to change listing rules

[HONG KONG] Hong Kong's securities regulator does not support a controversial proposal by the city's stock exchange operator to change the city's listing rules, the regulator said in a statement on its website on Thursday.

The Securities and Futures Commission (SFC) said its board had unanimously concluded it did not support the draft proposal put forward last Friday by Hong Kong Exchanges and Clearing Ltd (HKEx).

HKEx is proposing a review of the listing rule that gives each shareholders equal voting rights in a company. The rule last year led to the bourse losing the record US$25 billion IPO of Alibaba Group Holdings.

REUTERS