The Financial Services Development Council (FSDC)
said in the report issued on Wednesday that Hong Kong's
government and regulators should consider revisiting the rule,
which prevents companies with unusual ownership structures from
listing in the city.
Alibaba Group Holding Ltd filed in the United States last month
for an initial public offering (IPO) expected to raise more than
Alibaba's decision to list in the U.S. was a blow to Hong Kong's
bourse, operated by Hong Kong Exchanges and Clearing Ltd. HKEx
was initially Alibaba's preferred IPO venue, but the city's
regulators balked at any potential violation of the
The FSDC was set up by Hong Kong's government in January 2013 to
examine how the city could maintain its status as a major Asian
financial hub amid competition from regional rivals.
Its report on Wednesday also drew attention to HKEx's need to
attract more international listings. In 2012 the city attracted
just two offerings from overseas companies, while last year the
only such deal came from a Chinese-owned company incorporated in
the British Virgin Islands.
(Reporting by Lawrence White; Editing by Christopher Cushing)
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