Li Xiaojia: It is a good thing that the same rights protection does not bring a large number of new economic companies separately

Shares of different rights share debut this year, Hong Kong Exchanges and Clearing Limited (00388) Chief Executive Officer Li Xiaogang described the combination of Hong Kong stock valuations, traffic peaked again, the reform of the listing system just met the right place, and that can bring extra for investors Investment opportunities, while no reduction in investor protection.

The coincidence of reform coincides with the times and people

Li Xiaojia said that when reforming the listing system, we should not only consider the timing but concentrate on accomplishing this task. However, with more new economy companies coming to Hong Kong and the recent turnover of Hong Kong stocks, the valuation will return to a healthy level, To more durable and stable upgrade (see version A2 – Li Xiaojia: Hong Kong stocks rose 3 major changes more lasting).

The Stock Exchange merged in 1986, welcomed the H shares and the red chip enterprises in the mainland in the 1990s, and is expected to be completed in the second half of this year with the listing of Weighted Voting Right (WVR) The biggest reform of Hong Kong’s listing system in the past 25 years.

Under the tide of the new economy, the Financial Secretary, Mr Chan Mau-wave, revealed that 10 new-economy companies are interested in listing in the form of WVR. How should the general investors meet this era?

Mr Lee said: “The most direct result of the reform is bringing a large number of new economy companies, which is a good thing and a great news. For investors, especially retail investors, we have had no opportunity to participate in very high growth companies for a long time.”

He also pointed out that from the point of view of minority shareholders, there is not much difference between WVR and the investor protection of the same-titled same-rights companies, and WVR companies are all normal ones. He added that one of the principles for the regulation of securities in Hong Kong is to prevent major shareholders from bullying minority shareholders. The existing restrictions on major shareholders still apply to WVR. The main difference between WVR and peer-equity companies lies in how large shareholders become major shareholders.

Limit the major shareholders of the special equity status

“(Investors) The only heart to have an idea, the same shareholders with the same class of big shareholders rely on the money to reach a major shareholder status, and shares with different shareholders may have to rely on intangible assets reached a major shareholder status .If you on this matter Do not like, do not want to invest, do not invest; definitely not because these companies are coming, you reduce protection without investment, the truth is not understand. “He added, will set the principle, WVR shareholders meeting under what circumstances Losing the status of a special equity stake will bring extra protection to investors. “Investing in WVR is only a matter of value. I do not like people who either do not rely on money and become large shareholders.

Last year, Hong Kong lost the world’s top IPO fund-raising, said Li Xiaoguang, it is difficult to judge whether Hong Kong listed reform topped the list, “at least a large group of previously impossible to come to the company, if everything else unchanged, this year, next year, the year after There are definitely more, better and more active companies listed than WVR. “