HONG KONG Aug 29 Hong Kong's stock exchange
said on Friday it will seek market comments on weighted voting
rights for companies in the city, which could lead to changes to
Hong Kong Exchanges and Clearing Ltd, which
operates the city's stock exchange, unveiled a "concept paper"
on new shareholding structures after months of discussions
between finance industry executives, officials at the exchange
and the city's securities regulator.
The exchange will seek comments through Nov. 30 that could
allow for dual-class structures if there is support from market
participants for the weighted voting rights. Potential changes
to listing rules would be put for public consultation only
The discussions followed a decision by Alibaba Group
IPO-BABA.N to have its initial public offering in New York
after Hong Kong officials rejected the e-commerce company's
request to allow a small group of company insiders nominate the
majority of its board.
Alibaba's request went against Hong Kong's "one share, one
vote" principle, which has been staunchly defended by the
Securities and Futures Commission (SFC).
(Reporting by Elzio Barreto; Editing by Muralikumar