Legislator Chim Pui-chung has called for the setting up of another stock exchange tailor-made for small investors, small brokers and small companies, complaining that the Hong Kong stock exchange represents the interests only of fund managers and large listed companies.
'The stock exchange is now owned mainly by fund managers while its board of directors does not have representatives for retail investors,' Mr Chim said, as he led several broker bodies in handing a protest letter to exchange chief executive Paul Chow Man-yiu yesterday. 'If the stock exchange cannot improve the situation, the government should introduce another exchange.''
Mr Chim also called on the exchange to rethink a plan that would narrow trading spreads for shares trading at less than $20, saying the proposal would confuse investors.
Mr Chim said his next move might be a protest march.
Mr Chow said the exchange board would study the brokers' comments.
