SINGAPORE, Nov 29 (Reuters) - Hong Kong Exchanges & Clearing Ltd (HKEX) is likely to allow weighted voting rights, its chief executive said, as the Asia financial hub’s exchange operator looks to attract more new economy companies to remain a global listings powerhouse.
Hong Kong was the world’s biggest initial public offering (IPO) venue in 2016 but has been struggling to attract new companies this year, with the bulk of the those listing from property and financial sectors.
HKEX, Asia’s third-biggest equity bourse by market value, unveiled a proposal in June for a new board that would allow companies with share structures providing special voting rights, and those yet to make a profit, to list.
The exchange’s Chief Executive Charles Li said in Singapore on Wednesday that Hong Kong’s financial secretary had indicated that the exchange was likely to take in applications under the new voting structure in second half of next year. (Reporting by Anshuman Daga; Writing by Sumeet Chatterjee; Editing by Kim Coghill)