Should HKEx Allow Weighted Voting Rights? (10 July 2015)
Asia-Pacific Structured Finance Association (APSA)
Asian Institute of International Financial Law (AIIFL)
Hong Kong Research Grants Council Theme-based Research Scheme Project: “Enhancing Hong Kong’s Future as a Leading International Financial Centre”
APSA and AIIFL 2nd Roundtable Luncheon Discussion
Should HKEx Allow Weighted Voting Rights?
10 July 2015 (Friday)
12:00 noon – 2:00 pm
Clifford Chance, 27th Floor, Jardine House
One Connaught Place, Hong Kong
- Free (with priority to APSA members)
- Seats are limited. Admission to the seminar is on a first-come, first-served basis.
- Sandwiches and drinks will be provided
- Interested parties are welcome to join APSA now (annual membership fees: HK$4,000 for corporates; HK$500 for individuals; HK$100 for students)
The discussion was conducted in English and did not open to the media.
About the Roundtable Luncheon Discussion
The failed attempt by Alibaba to list on the SEHK, and its subsequent successful listing in New York as the world’s largest IPO has prompted a debate as to whether HKEx should allow companies with weighted voting rights structure to be listed on its exchange, and caused the HKEx to issue a concept paper on this issue. Whilst we await the consultation conclusions from the HKEx, this roundtable invites fellow leading practitioners and academics in Corporate Governance, Finance and related fields to discuss the concept paper and to make suggestions on how HKEx should move forward, and what arrangements could help solidify Hong Kong’s position among international financial centres. These suggestions could have important implications for Hong Kong.
Specifically, the following areas were discussed:
- Is there an economic case for weighted voting rights?
- What types of weighted voting rights structure should be allowed?
- Should all types of companies be allowed to adopt such structure?
- Should it be restricted to newly listed companies?
- Are additional, and if so, what, minority shareholder protections needed before such structure is allowed?
Susie Cheung, Co-Convenor of the Asia-Pacific Structured Finance Association, and General Counsel and Company Secretary of The Hong Kong Mortgage Corporation Limited (HKMC)
Pius Chong, Co-Convenor of the Asia-Pacific Structured Finance Association, and Managing Director, Head of Transaction Management, Capital Financing Asia Pacific, Global Banking and Markets of HSBC
Professor Say Goo, Professor of Law at The University of Hong Kong
Anthony Neoh, QC, SC, former Chairman of the Hong Kong Securities and Futures Commission
Gerard Fehrenbach, Acting Secretary General, Asian Corporate Governance Association
Maurice Ngai, President of The Hong Kong Institute of Chartered Secretaries