CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Hong Kong To Tighten Up Listing Requirements In 2003

Hong Kong To Tighten Up Listing Requirements In 2003

by Mary Swire, Tax-News.com, Hong Kong

30 December 2002


Responding to scandals in Hong Kong, and moves to tighten up corporate governance in the USA and Europe, Hong Kong Exchanges and Clearing chief executive Kwong Ki-chi says that HKEx will issue a consultation paper in the first quarter next year aimed at tightening regulation of professionals involved in the listing process, including sponsors, accountants, lawyers and surveyors.

"The professionals have an important role in ensuring the quality of new listings. The HKEx paper will list the standards we expect them to meet," he said, adding that the paper would ask whether professionals should carry out more due diligence on mainland enterprises. Most of the record 117 new listings in 2002 were by mainland Chinese companies desperate to raise capital to underpin their rapidly expanding businesses - capital which cannot be raised on China's own feeble markets. But standards of transparency and governance on the mainland are not what they should be, meaning that the task of grooming mainland companies for listing requires above average attention from Hong Kong professionals.

Mr Kwong said the government's Financial Services and Treasury Bureau should take the lead in co-ordinating regulators to improve the quality of listed companies: "It will not achieve anything if the HKEx is trying to improve the quality of listed companies alone," he said. "In the US, it was the government which took the lead to improve corporate governance and introduce other market reforms after the outbreak of the US corporate scandals."


To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »