Lawmaker warns of ‘broken rice bowls’ if turf war between HKEX and SFC continues
Exchange operator reveals 38pc fall in quarterly profit and chairman Chow Chung-kong plays down ongoing spat between regulators
Stockbrokers fear the ongoing turf war between the two regulators in Hong Kong may result in broken rice bowls as a result of fewer listings in the city after the exchange operator reported a 38 per cent fall in second-quarter profits on Wednesday.
The two regulators have been at loggerheads after they announced a three-month consultation on listing reforms, which would allow the SFC to be involved in new listing approvals and listing policies at an earlier stage.
In his results statement on Wednesday, however, Chow said: “At HKEX, we will continue to work with the SFC on our joint market consultation, which will close in September, in relation to the exchange’s decision-making and governance structure for listing regulation, with an aim of ensuring that the structure addresses market development and meets future regulatory needs efficiently and effectively.”
