Deals
Hong Kong Adds Dual-Class Shares, Paving Way for Tech Titans
- Companies including Xiaomi and Ant Financial may choose city
- Applicants can file under new rules starting April 30
Photographer: Anthony Kwan/Bloomberg
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Hong Kong Exchanges & Clearing Ltd. approved the biggest change to its initial public offering rules in two decades, putting it in a position to battle New York for some of the world’s hottest companies.
Technology firms that have shares with different voting rights will now be allowed to go public in Hong Kong, overturning rules that barred the likes of Alibaba Group Holding Ltd. from considering the former British colony. Businesses will be able to apply under the new regime starting April 30, HKEX said Tuesday.