Hong Kong disclosure is falling behind, says Webb

The Hong Kong stock exchange recently eliminated a corporate disclosure requirement. HKEx board member David Webb wants it reinstated.
Hong Kong government and stock exchange officials are fond of chestûbeating claims that Hong KongÆs exchange is the best regulated in Asia.

However shareholder rights activist David Webb, who was last week re-elected to the board Hong Kong Exchanges and Clearing HKEx, warns that disclosure was becoming less transparent in Hong Kong at a time when other Asian and Western exchanges are insisting that shareholders be given more information.

Only recently he pointed out on his website, Webb-site.com that the stock exchangeÆs listing committee, in a little-noticed amendment, had watered-down disclosure requirements by companies.

Under listing rules introduced in March 2004 companies were required to disclose large accounts receivables if they exceeded 8%...
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