New economy companies' application for listing dual-class shares in Hong Kong possible by late June: HKEx CEO

HONG KONG, Jan. 16 (Xinhua) -- New economy companies may be eligible to apply for listing dual-class shares in Hong Kong stocks market by the end of June, Hong Kong Exchanges and Clearing (HKEx) Chief Executive Charles Li Xiaojia unveiled Tuesday.

HKEx announced a listing rule reform in December, which will allow biotechnology companies without revenue and other new economy companies with dual-class shares to list in Hong Kong in the second half of 2018.

Li told Xinhua on the sidelines of the 11th Asian Financial Forum that HKEx is currently preparing for a market consultation on the rule change, which is expected to start after the Chinese Lunar New Year, falling on Feb. 16.

After the consultation is completed, HKEx plans to announce the new rules in early June and start to accept applications for listing from new economy companies by the end of the month, Li said.

HKEx has been in contact with many new economy companies recently to learn about their interest and demand, Li said, adding that he hopes the consultation can accurately and fully reflect the market's demand and help to strike a balance between the protection of investors and the demand of stock issuers.

Li also welcomed U.S.-listed new economy companies seeking a secondary listing in Hong Kong. The targeted companies include Alibaba, Baidu and JD.com. Enditem