HONG KONG Jan 24 Hong Kong Exchanges and
Clearing Ltd (HKEx) and the Securities and Futures
Commission (SFC) will discuss a paper on new shareholding
structures for publicly traded companies in the first quarter
before putting it up for public consultation, a top exchange
official said on Friday.
The paper will touch on a broad range of topics, not just
"weighted voting rights," David Graham, chief regulatory officer
and head of listing at HKEx, told Reuters.
The move comes after Hong Kong regulators last year rejected
Internet giant Alibaba Group Holding Ltd's planned IPO after
the company requested to keep a shareholder structure that
allowed a group of top managers and founders to nominate and
control the board, while holding only around 13 percent of the
That request went against the exchange's one-share-one-vote
"We've worked on a paper and we're discussing that paper
with the listing committee and the SFC. We will be working on it
during the first quarter," Graham said on the sidelines of a
regulatory forum organised by the SFC.
(Reporting by Elzio Barreto; Editing by Denny Thomas)