Asia’s financial hubs in race to host dual class shares

Singapore has given dual class shares the green flag, with HKEx lobbying to do so. If the latter follows the suit, it will lead a race to the bottom among Asia’s financial markets.

“Companies with a dual-class share structure that are primary-listed in developed markets can seek a secondary listing on Singapore Exchange.” This was the comment from the Singapore bourse operator on July 28 in response to queries raised during a public consultation process.

The approval of dual class shares in the lion city puts peer pressure on another Asian financial hub Hong Kong, where the Hong Kong Exchanges and Clearing HKEx is lobbying to a new market called the New Board to host companies with dual class shares.

The Asian Corporate Governance Association ACGA, whose members are mainly international institutional investors, called SGX’s new policy...

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