HONG KONG Jan 9 The Hong Kong stock exchange
has submitted a draft report to the Securities and Exchanges
Commission to consider new shareholding structures for publicly
listed companies, a person familiar with the matter told Reuters
The submission brings it closer the launch of a public
consultation process for allowing different shareholding
structures for Hong Kong initial public offerings.
The move comes after Hong Kong regulators in 2013 rejected
Internet giant Alibaba Group Holding Ltd's IPO because of the
firm's special request to keep a shareholder structure allowing
a group of top managers and founders - who together own only
around 13 percent of the company - to nominate and control the
company's board. That request went against the exchange's
Hong Kong Exchanges and Clearing Ltd (HKEx), the
stock exchange operator, said in November it was considering
launching a public consultation.
The SFC and the HKEx declined to comment.