The battle between exchanges to host China’s new economy companies has hit a new level of intensity the collateral damage is also piling up.
Shanghai and Shenzhen stock exchanges issued a surprise announcement on July 14 that they would block mainland China investors from buying companies with weighted voting right structures WVR via a mutual market access scheme dubbed Stock Connect.
Hong Kong stock exchange’s chief executive Charles Li flew to mainland China to have a word with his peers.
The result was a fudge. WVR companies will initially be monitored for an indefinite period after which they may be eligible for trading on...