Chinese media mogul Li Ruigang says Hong Kong should create an open and welcoming regulatory system
Li Ruigang also turns on doubters and says ‘no one thinks I want to turn Hollywood red’
Hong Kong’s regulators should create a more welcoming regulatory system in line with global trends to attract investment, says the founder and chairman of Chinese media mogul CMC Capital, Li Ruigang.
Li, dubbed China’s Rupert Murdoch, was referring to the “dual share” system that is common among US firms, particulary in Hollywood and the Silicon Valley tech hub of California, but banned in Hong Kong.
It allows a minority shareholder – usually the founding shareholder whose stake has been diluted over many rounds of fund-raising – to keep control of key company decisions by having majority voting rights.
Li, who owns a stake in the world’s largest entertainment and sports talent agency, also dismissed those who questioned his background and called him a Chinese communist.