Make it easier for Taiwan firms to list, says candidate Vincent Lee
Hong Kong should make it easier for the securities of Taiwanese-listed companies to be traded on the local stock market, says Vincent Lee Kwan-ho, one of five candidates contesting the functional constituency seat for the financial services sector.
"A key issue for the market is a lack of new listings and low turnover. The exchange can introduce measures to make it easier for the Taiwanese-listed companies to trade in Hong Kong via the form of depositary receipts," Lee told the South China Morning Post.
Depositary receipts allow companies that are already listed in overseas markets to have their shares trade in Hong Kong.
Lee said that if the exchange attracted more Taiwanese-listed companies to issue depositary receipts, it would attract more mainland investors to trade in Hong Kong, since mainlanders were banned from directly investing in Taiwan.
Lee also called for more regulation on so-called "dark pools", electronic trading platforms that execute large blocks of transactions for investors with no requirement for them to disclose their identities or the prices or volumes of their trades.
Lee, 56, has been a broker for more than 20 years and is chairman of his family-owned investment firm, Tung Tai Group. He has also been an independent director of Hong Kong Exchanges and Clearing for 12 years.
Trained as a certified public accountant, he worked in accounting and with banks for 10 years before joining the brokerage industry.
Chim Pui-chung, who occupied the financial services seat for 20 years from 1991, is not seeking re-election. Lee's four election competitors are Christopher Cheung Wah-fung, Tang Yu-lap, Patrick Lam Tak-ming and Frankie Yan Man-sing.