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Almost No Mandate
The tide is turning in Hong Kong's battle for pre-emptive rights. In a close shareholder vote, the board of HKEx almost lost its general mandate to issue new shares, by asking for a 20% cash mandate, against the recommendations of Project Vampire. And this is the company whose subsidiary makes the Listing Rules which allow such mandates in the first place. Things weren't much better over at Bank of East Asia, either.