HK regulator's intervention in company listings is long overdue
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ENOUGH is enough. Hong Kong's securities regulator said on July 13 that it has started using its power to object to questionable listings following a flurry of boom-and-bust equity market scandals. The bold move signifi-cantly undermines the established role of the city's stock exchange in approving initial public offerings and will complicate oversight in the short term.
The Securities and Futures Commission (SFC) has decided to step out of the shadows. In a lengthy speech on Thursday, chief executive Ashley Alder outlined how the SFC is doing away with a tradition of quietly communicating, behind the scenes, any concerns to the Hong Kong stock exchange relating to IPOs and follow-on issues.
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