Hong Kong Exchange Moves Closer to Allowing Dual-Class Shares
Hong Kong is making changes to its listing rules to allow companies with the controversial dual-class share structure to list on its bourse, in a bid to dent New York’s edge with blockbuster initial public offerings (IPOs).
Companies with dual-class share structures that are engaged in emerging and innovative sectors would be allowed to list on the Hong Kong stock exchange, according to a draft plan issued Friday by the Hong Kong Exchanges & Clearing Ltd., the operator of the bourse. To qualify, the tech companies would need to have minimum valuations of HK$10 billion ($1.28 billion) and minimum annual revenues of HK$1 billion.
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