Fierce debate over a proposed shake-up of Hong Kong’s listing regime has resulted in claims that detractors are turkeys scared of Christmas and even split publicly the city’s Listing Committee — the nexus of the territory’s role as the world’s largest venue for public floats.
Plans to reform the opaque process would shift the city’s decades-old balance of power between investors and issuers, giving the former potentially a greater say and putting the regulator at the centre of the process.
So far this year, companies have raised $22bn floating in Hong Kong, compared with $12.8bn in Shanghai and $11.7bn on the New York Stock Exchange, according to Dealogic. The city has been a top-three venue in all but one of the past 10 years.
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