The head of Hong Kong’s stock market operator has questioned the city’s commitment to the “one share, one vote” principle, in his clearest comments to date following Alibaba’s decision to take its blockbuster listing to the US.
Charles Li, chief executive of Hong Kong Exchanges and Clearing, wrote on his blog yesterday that inaction on regulatory reform “appears to have helped nobody”, yet had “hurt Hong Kong’s competitiveness in attracting new economy companies”.
“?‘One share, one vote’ is a rule that ensures those who have more of a firm’s share capital have more influence over the company; that is: money is king,” wrote Mr Li.
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