Janus Henderson chief insists dual-class listings in Hong Kong must have solid corporate governance standards

Hong Kong’s new listing reforms, due to kick-start later this month, are likely to attract more technology firms to list on its stock exchange – but only as long as the authorities can provide appropriate investor protection measures, the head of leading global fund manager Janus Henderson Investors has cautioned.

Hong Kong Exchanges and Clearing (HKEX), which runs the stock exchange, is now in a race with counterparts in mainland China, Singapore and the US to compete for new technology listings.

In what’s expected to be the largest listings shake-up in Hong Kong for three decades, dual-class shareholdings are likely to be included for tech and biotech companies without strict requirements on revenues and profit.

Such a structure will allow one class of shareholders to own more voting right than others, an arrangement favoured by many founders keen to maintain control while still holding minority stakes. 

The move comes after more than two years of consultation, and remains controversial, however.