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Magnificent nine in final countdown

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THE clock is ticking for the nine mainland companies expecting to list on the Hongkong stock exchange, an Asia Law and Practice seminar was told yesterday.

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Under current proposals, professionals handling the listings were faced with major challenges, the seminar was told.

Valuing assets in China is problematic as no free market applies to set prices.

Mainland authorities have their own valuation standards, many of which bear no relation to economic reality outside China.

There are problems with accounting standard adjustments now being put in place, linked to meeting Hongkong standards as recognised by the stock exchange.

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Meanwhile, time is running out for the listings, four of which have now been put on hold.

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