HKEx Scraps Dual-Class Listings Proposal After Regulator Rebuff
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Hong Kong’s stock-exchange operator scrapped a move to introduce weighted voting rights after opposition from the city’s financial regulator.
The listing committee of Hong Kong Exchanges & Clearing Ltd. won’t proceed to a formal consultation on allowing dual-class listings, nor finalize its draft proposal, after considering the views of the Securities and Futures Commission, HKEx said in a statement on its website. The watchdog said in June that it didn’t support the plan because there was no assurance such companies would treat shareholders fairly.