A Hong Kong Listing Loses Its Luster

A rejuvenated Shanghai market and mainland authorities that are keen to have local companies list at home are the culprits

The marriage between mainland enterprises and the Hong Kong Stock Exchange was one of necessity. With domestic markets held back by an overhang of state-owned non-tradable shares - and, for a year, off limits while the authorities tended to the problem - China had little alternative but to raise capital overseas. Hong Kong's mature and well-governed market was the obvious choice.

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