The Hong Kong Stock Exchange (HKEX) is set to implement new rules designed to make the execution venue more attractive to overseas issuers.
The amendments, which are due to take effect on January 1st, 2022, relate to both dual-primary and secondary listing requirements, bringing them in line with the requirements faced by issuers on other exchanges such as the New York Stock Exchange (NYSE), Nasdaq and the London Stock Exchange.
This means that issuers will be to adopt one common set of standards for shareholder protection, a benefit that is aimed at issuers in Greater China especially. Such issuers, as of 2022, will be able to apply for dual primary listing in Hong Kong instead of a secondary listing.
It has also been reported that HKEX is set to open an office in New York to help market its US offerings. According to Bloomberg, the “modest office opening” will involve a staff of five band would be the first office in the US, adding to operations in Shanghai, Beijing, Singapore and London.
The developments also come at the same time that the US Securities and Exchange Commission is set to finalise its transparency requirements for overseas firms listed on US exchanges.
The rules are designed to highlight state-owned companies by requiring firms to disclose the percentage of shares owned by a government entity, a requirement that is expected to affect Chinese companies particularly.
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