, Columnist
A Classy Compromise for Hong Kong
The answer is to keep this an exclusive club for young tech firms.
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Hong Kong's markets are closing the week on a dramatic note. As the stock exchange shut its iconic trading floor Friday, it appeared the government was preparing to leave the past behind in a more significant way by abandoning the principle of one share, one vote.
The stock exchange will allow companies with multiple classes of shares to raise capital in Hong Kong under a pilot plan to be introduced next year, the South China Morning Post reported. The program will be restricted to companies that have achieved a valuation of at least $1 billion and will be subject to investor protection provisions, possibly including sunset clauses that set time limits on such shareholding structures, the newspaper said.