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Technology companies that give founders and executives more voting rights are now allowed to go public in the former British colony after a major rule change.
She will be the only woman to chair a Hang Seng Index member firm.
According to Hong Kong court filings, Zhao and Sequoia began negotiating terms of an investment in Binance in August. The deal would have given Sequoia a nearly 11% stake and valued the exchange at about $80 million.
Technology firms that have shares with different voting rights will now be allowed to go public in Hong Kong, overturning rules that barred the likes of Alibaba from considering the former British colony.
Seven cornerstone investors agreed to buy about $550 million of stock
The Securities Commission is seeking a range of penalties, including monetary fines, and will announce more results of its investigation in the next six months.
Hong Kong Exchanges & Clearing Ltd. wants to change its rules so that company founders can stay in control after their firms list, but the proposals may cause trouble for China’s tech titans, who use an unusual type of corporate structure that restricts foreign ownership of their firms.
Hon Hai is moving into sectors beyond pure electronics assembly as growth in the global smartphone industry sputters.
Alibaba’s decision to hold its $25 billion initial share sale in New York three years ago spurred intense debate among bankers, brokers, exchange officials, investors and politicians about lifting a longstanding ban on stocks with dual voting structures.
Mainland firms including Alibaba and Baidu have chosen to have their shares traded in New York.