Mainland Chinese companies listing in Hong Kong are still being welcomed with open arms by regulators and sponsoring banks but there are signs that investment institutions are beginning to exert some market discipline on Chinese companies in which they invest.
A recent example came in late March when the independent minority shareholders of state-owned oil and gas exploration company CNOOC voted down proposals by the board of the company to place huge sums of cash with sister company CNOOC Finance Corporation on an unsecured basis, rather than with independent commercial banks.
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