Archegos raises questions about Hong Kong listing rules

Deference to US disclosures stopped Baidu’s Hong Kong listing shining a spotlight on Archegos

HKEX overhauled its secondary listing rules in 2018
Photo: HKEX

The collapse of Archegos Capital Management in the US has raised important questions about the extent to which Hong Kong should defer to foreign regulators when it comes to secondary share listings.

On March 23, one of the Chinese technology stocks Archegos was heavily invested in – Baidu – listed on the Hong Kong Stock Exchange (HKEX). But since this was a secondary listing, the Securities and Futures Regulator (SFC) chose to apply US rules on major shareholder disclosures, which are far less

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