Monday 8th June 2009
Dear Reader,
What a busy weekend! Three new stories, somewhat inter-related. And don't worry - we haven't forgotten the follow-up to our Byford story - so please send us any whistle-blowing material you may have on PME (379), China Railway Logistics (8089), China Bio-Med Regeneration Technology (8158) or China Fortune Group (0290).
Tycoons gain in Listing
Committee shake-up
Well what did you expect after the blackout saga? The changes are not subtle,
and further diminish the outlook for corporate governance reforms in the Listing
Rules. We take you through the changes and the likely shape of the committee
until 2012 and its leadership until 2015.
The HKICS
blackout study
In a side-piece to our story on the Listing Committee, we look at the flaws in
the study commissioned by the Institute of Chartered Secretaries after they
opposed the backout extension, from none other than the brother of the Secretary
for Financial Services, whose bureau lobbied to overturn the rule.
Suitability in a
disclosure-based market
SEHK has announced possible waivers of the profit criteria. We don't object, but
the profit criteria should be scrapped. It has no place in a disclosure-based
market, and is no substitute for better accounting disclosure requirements and
effective legal remedies and deterrents, all of which HK still sorely lacks. We
make proposals for those.
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