Hong Kong Exchange Halts Listing by Introduction for Time Being
2009-12-22 01:53:03.209 GMT
By Mark Lee
Dec. 22 (Bloomberg) -- Hong Kong Exchanges & Clearing Ltd.
has stopped companies from listing by introduction while new
rules for such placements are being drafted, spokesman Henry
Law said today.
The moratorium on listings by introduction will remain in
place until new requirements are published, Law said by phone,
without giving a timeframe.
Hong Kong lawmakers held a special meeting yesterday to
discuss the issue, following the suspension of Asian Citrus
Holdings Ltd. on its trading debut Nov. 26. The company’s
shares opened more than eight times higher than their price in
London before plunging.
The Hong Kong exchange this month imposed disclosure rules
on companies that place shares in the local market from another
bourse, requiring them to provide the last closing price of
their stock on other exchanges ahead of their first day of
trading.
For Related News and Information:
News on Asian Citrus: ACHL LN <EQUITY> CN <GO>
News on market regulations in Hong Kong: TNI HK MKTREG <GO>
--Editors: Dirk Beveridge, Stan James
To contact the reporter on this story: Mark Lee at +852-2977-
6909 or wlee37@bloomberg.net
To contact the editor responsible for this story: Dirk
Beveridge
at +852-2977-6733 or dbeveridge1@bloomberg.net
