Instead of a joint SFC-HKEx committee to rule on listings and develop policy, itself a compromise, investors are left with a consultative panel that lacks any formal powers.
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Clarence Yang has moved from London to Hong Kong to boost the asset manager's regional focus on governance and socially responsible investment, reinforcing a trend in Asia.
The government is more concerned with the short-term expansion of its stock market in the face of competition from Shanghai, says the Asian Corporate Governance Association.