The Chamber of Hong Kong Listed Companies urged regulators to further ease listing requirements for innovative companies, saying lower barriers would help attract more technology firms to raise capital in the city, the South China Morning Post reported.
Chairman Chan Ka-keung said Hong Kong Exchanges and Clearing's proposed "novelty test" for companies seeking weighted voting rights listings sets an overly high threshold and could exclude quality firms that were not the first to adopt a technology or business model, according to the report.
Chan said Hong Kong should remain competitive with other listing venues in attracting innovative companies, the newspaper reported.
The chamber also supports proposals to lower market capitalization requirements for weighted-voting-rights issuers and to allow confidential filing of listing applications, according to the report.
Separately, the chamber launched the Hong Kong International Capital Markets Affairs Committee to help listing candidates understand local listing rules and support listed companies' fundraising efforts, the report said.
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