Mr Wheatley refuted suggestions that Hong Kong was able to attract PRC firms for listing because of its relatively lower listing standards.
“Why do companies bother with a New York listing, or indeed any other international listing, beyond the home market – and I count Hong Kong very much as a ‘home’ market for Chinese companies,” Mr Wheatley said, adding the Hong Kong market is a market for all of China, a developed market serving an emerging economy.
Since the first H share company was listed on the Hong Kong exchange in the early 90s, Hong Kong had always been the prime listing venue for major Mainland companies, Mr Wheatley said.
“Apart from its Listing Rules and legislative infrastructure which provide world class investor protection, the Hong Kong market offers advantages such as proximity to the Mainland, good research coverage of Mainland corporations, and access to institution investors from round the world as well as retail investors,” he added.
Meanwhile, the SFC had excellent regulatory co-operation with the SEC, Mr Wheatley said. The SFC would continue its co-operation with overseas regulators, including the SEC, and work towards the convergence of international regulatory standards, he said.
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