A crackdown by Hong Kong’s securities regulator on negative research into mainland Chinese companies has stirred fears of a chilling effect at a time when freedom of speech in the city is already under threat.
The Securities and Futures Commission has won recent enforcement actions against Moody’s, the credit rating agency, and Andrew Left, a well-known US short-seller who runs Citron Research, for what it said was inaccurate negative reporting on Chinese companies listed in Hong Kong.
Some investors are concerned that the rulings will further erode public debate in Hong Kong, a semi-autonomous Chinese territory that was guaranteed freedom of speech for 50 years by Beijing when it was handed back from British control in 1997.
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