HONG KONG: Hong Kong brokerages have called on candidates for the city’s top job to ditch a planned overhaul of how initial public offerings (IPOs) are screened, trying to kill efforts that have been backed by international investors including BlackRock Inc.
The lobbying targets a proposal by the Securities and Futures Commission (SFC) and Hong Kong Exchanges & Clearing Ltd (HKEX) to restructure the bodies that review listings applications. Brokers have told the three candidates that defeating the plan is a priority, saying it would hurt business and hand more power to the regulator, according to Vincent Lee, chairman of brokerage Tung Tai Group and one of 1,194 voters who will pick Hong Kong’s next leader on Sunday.
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