The Hong Kong stock exchange (HKEx) and Hong Kong’s Securities and Futures Commission (SFC) are set to revise their “misleading” Joint Policy Statement on overseas company listings.
Speaking at IFLR’s Asia Capital Markets Forum this week, HKEx’s listing head, Mark Dickens said both the exchange and the SFC had agreed that the document now provided a very misleading outline of regulatory requirements relating to transaction structure in Hong Kong.
Chief among a long list of revisions to be made to the document, was the removal of the Hong Kong Companies Ordinance as a regulatory benchmark.
“The Joint Policy Statement says potential ListCos must have similar special resolution mechanisms to the Hong Kong Companies Ordinance,” Dickens said.
But different jurisdictions have different mechanisms for...