Market Views: do dual-class shares dilute investor protection?

After four years of deliberations, Hong Kong Exchanges and Clearing (HKEx), the operator of the city’s exchange, announced the addition of three new chapters to the main board listing rules on April 24. The new rules, which went into effect on April 30, include allowing the listing of biotech issuers that don’t otherwise meet financial eligibility tests, creating a secondary listing route for Greater China and international companies, and more controversially, permitting companies…