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The Star
a day ago
- Business
- The Star
Hong Kong's all-male boards are all but gone as firms embrace diversity
Hong Kong's bourse operator has declared victory in its quest to eliminate all-male boards from companies listed on the region's third-largest stock exchange, an improvement in corporate governance that analysts said would help attract international investors. Fewer than 10 of Hong Kong's around 2,600 listed companies had all-male boards as of the end of June, according to Hong Kong Exchanges and Clearing (HKEX). A spokesman said these exceptions were companies that had long been suspended from trading or were merely out of compliance temporarily because of a resignation. Eighty-five companies had all-male boards on January 1 when HKEX's ban on single-gender boards went into effect. In 2022, when the bourse operator unveiled the ban, more than 800 firms – or 40 per cent of listed companies – did not have a woman director. 'This requirement helped to create hundreds of new roles for female directors, reinforcing our commitment to fostering a more inclusive and diverse corporate environment and enhanced governance in our markets,' said Katherine Ng, HKEX's head of listing, in a statement to the Post. An example of a non-compliant company is property investment firm Paladin, which has six male board members. Its shares were suspended from trading in November because of insufficient business operations. To resume trading, the exchange would require a new business operation plan and at least one woman would need to join the board, the company said in February. More than 800 women had been added to listed companies' boards in the past four years, HKEX said. As of June, 21 per cent of directors were women, up from 20 per cent six months ago and 16 per cent four years ago when the single-gender ban was unveiled. The number of boards with multiple women increased to 43 per cent as of June from 35 per cent in 2022, and 21 per cent of listed companies now had boards where women accounted for a third of the directors. 'Ensuring more women on boards is a fundamental reform for listed companies anywhere, and it is confidence-building for investors to see HKEX taking definitive measures to move this along,' said Damien Green, a director of the Financial Services Development Council, a government agency that promotes the city as an international financial centre. Green cited the ban on all-male boards as a factor that helped the exchange's main board return to the top of the global league table for initial public offerings (IPOs) in the first half of the year. 'Strengthening corporate governance in the HKEX listing rules will not slow our market down but instead will help accelerate it, as international investors find yet another reason to have confidence in deploying their capital in Hong Kong,' he said. Funds from Hong Kong's IPOs soared eightfold to US$13.5 billion in the first six months, making the city's exchange the world's top IPO venue for the first time since 2019, according to data from the London Stock Exchange Group. Despite progress, Hong Kong-listed companies trail their global peers in gender diversity on their boards. Globally, 27 per cent of board seats among around 3,000 companies in the MSCI All Country World Index were occupied by women as of 2024, up 1.5 per cent from a year earlier, MSCI said in February. Edmund Wong, a lawmaker for the accountancy sector, said he supported HKEX in promoting gender diversity, but added that the ability of directors was also important and that women with relevant experience could be in short supply in certain sectors. 'Listed companies in the construction sector or engineering may not easily find a lot of women,' Wong said. -- SOUTH CHINA MORNING POST
South China Morning Post
4 days ago
- Business
- South China Morning Post
Hong Kong's all-male boardrooms are all but gone as most companies embrace diversity
Hong Kong's bourse operator has declared victory in its quest to eliminate all-male boards from companies listed on the region's third-largest stock exchange, an improvement in corporate governance that analysts said would help attract international investors. Advertisement Fewer than 10 of Hong Kong's around 2,600 listed companies had all-male boards as of the end of June, according to Hong Kong Exchanges and Clearing (HKEX). A spokesman said these exceptions were companies that had long been suspended from trading or were merely out of compliance temporarily because of a resignation. Eighty-five companies had all-male boards on January 1 when HKEX's ban on single-gender boards went into effect. In 2022, when the bourse operator unveiled the ban, more than 800 firms – or 40 per cent of listed companies – did not have a woman director. 'This requirement helped to create hundreds of new roles for female directors, reinforcing our commitment to fostering a more inclusive and diverse corporate environment and enhanced governance in our markets,' said Katherine Ng, HKEX's head of listing, in a statement to the Post. An example of a non-compliant company is property investment firm Paladin, which has six male board members. Its shares were suspended from trading in November because of insufficient business operations. To resume trading, the exchange would require a new business operation plan and at least one woman would need to join the board, the company said in February. Advertisement More than 800 women had been added to listed companies' boards in the past four years, HKEX said. As of June, 21 per cent of directors were women, up from 20 per cent six months ago and 16 per cent four years ago when the single-gender ban was unveiled. The number of boards with multiple women increased to 43 per cent as of June from 35 per cent in 2022, and 21 per cent of listed companies now had boards where women accounted for a third of the directors. 'Ensuring more women on boards is a fundamental reform for listed companies anywhere, and it is confidence-building for investors to see HKEX taking definitive measures to move this along,' said Damien Green, a director of the Financial Services Development Council, a government agency that promotes the city as an international financial centre.
South China Morning Post
06-05-2025
- Business
- South China Morning Post
Hong Kong to offer ‘tailored guidance' for specialist tech firms seeking IPOs
Hong Kong's market watchdog and stock exchange operator have set up a special communication channel and a new confidential filing option to help technology and biotech companies prepare listing applications amid a rush of first-time share offerings in the city. Advertisement The Technology Enterprises Channel, which was announced by the Securities and Futures Commission (SFC) and Hong Kong Exchanges & Clearing (HKEX) on Tuesday, aims to assist emerging and innovative companies in raising funds, as outlined in Financial Secretary Paul Chan Mo-po's budget speech in February. The special channel will provide 'early and tailored guidance' for prospective companies, 'helping them address key matters at a preparatory stage and navigate regulatory requirements with greater clarity and confidence, thereby facilitating a more efficient pathway to successful listing in Hong Kong', said Katherine Ng, the head of listing at HKEX. The exchange will permit biotech and specialist technology companies – in the hi-tech, advanced hardware and software, new materials, new energy and food and agriculture technologies industries – to submit their application filings confidentially. This option is available immediately. Hong Kong's Financial Secretary Paul Chan speaks during a ceremony to mark the first trading day of the Year of Snake at the HKEX on February 3, 2025. Photo: AP IPOs in the city could raise between US$17 billion and US$20 billion this year, up from last year's US$11 billion, Chan said in March.
Yahoo
11-03-2025
- Business
- Yahoo
Hong Kong stock exchange says 'Sawasdee' to secondary listings by Thai companies
Hong Kong's stock market operator is opening the door for some of Southeast Asia's biggest companies in Thailand, such as state oil and gas company PTT and conglomerate CP All, to seek a secondary listing in the city and raise funds from a wider pool of global investors. Hong Kong Exchanges and Clearing (HKEX) added Stock Exchange of Thailand (SET) to its list of recognised stock exchanges on Monday, according to a statement. HKEX had earlier added Indonesia and Singapore to its approved Southeast Asian markets. SET has 636 listed companies on the main exchange and 222 smaller-capitalised firms on the Market for Alternative Investment. Its market capitalisation of US$559 billion as of June 2024 was the third-largest in Southeast Asia after Indonesia and Singapore, and the 25th worldwide, according to the World Bank. Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. "SET is home to companies from many dynamic sectors, including energy, healthcare, and technology," HKEX's head of listing Katherine Ng said. The addition of SET will facilitate potential cross-listings, giving Thai companies access to a wider global investor base and enriching HKEX's market offering, she added. State-controlled oil and gas company PTT is among the biggest in Thailand. Photo: Handout alt=State-controlled oil and gas company PTT is among the biggest in Thailand. Photo: Handout> Thailand's top companies with primary listing status would be eligible for a secondary listing, a move that could help strengthen Hong Kong's position as Asia's leading international financial centre, Ng added. Thailand would be the 20th recognised bourse, joining major market operators like the New York Stock Exchange, the Nasdaq and the stock exchanges of London, Paris, Frankfurt, Tokyo and Saudi Arabia, according to HKEX. Financial Secretary Paul Chan Mo-po in his latest budget speech last month indicated that the HKEX would be adding more foreign stock exchanges to the list, a move aimed at promoting the city as a fundraising hub for international companies. Delta Electronics is Thailand's biggest listed firm with a market value of about US$28.4 billion, while PTT has a market value of about US$24 billion and Airports of Thailand US$16.4 billion. Stockbrokers in Hong Kong welcomed the HKEX's decision, coming at a time when the artificial intelligence euphoria had recharged buying interest and boosted stock valuations. This year, the benchmark Hang Seng Index has risen 21 per cent, while the broader MSCI China Index has advanced 19 per cent in an unprecedented surge. "The move will widen the pool of listed companies on the Hong Kong stock exchange for investors," said Tom Chan Pak-lam, honorary president of the Institute of Securities Dealers, an industry body for local stockbrokers. "This is positive for the development of Hong Kong." The average daily turnover in the first two months this year in Hong Kong was HK$222.5 billion (US$28.5 billion), a 138 per cent increase from the same period a year ago, according to HKEX data. The headline average volume rose 26 per cent last year to HK$131.8 billion per day. This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2025 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2025. South China Morning Post Publishers Ltd. All rights reserved. Sign in to access your portfolio
South China Morning Post
10-03-2025
- Business
- South China Morning Post
Hong Kong stock exchange opens door for secondary listing by Thai companies
Hong Kong's stock market operator is opening the door for some of Southeast Asia's biggest companies in Thailand, such as state oil and gas company PTT and conglomerate CP All, to seek a secondary listing in the city and raise funds from a wider pool of global investors. Advertisement Hong Kong Exchanges and Clearing (HKEX) added Stock Exchange of Thailand (SET) to its list of recognised stock exchanges on Monday, according to a statement. HKEX had earlier added Indonesia and Singapore to its approved Southeast Asian markets. SET has 636 listed companies on the main exchange and 222 smaller-capitalised firms on the Market for Alternative Investment. Its market capitalisation of US$559 billion as of June 2024 was the third-largest in Southeast Asia after Indonesia and Singapore, and the 25th worldwide, according to the World Bank. 'SET is home to companies from many dynamic sectors, including energy, healthcare, and technology,' HKEX's head of listing Katherine Ng said. The addition of SET will facilitate potential cross-listings, giving Thai companies access to a wider global investor base and enriching HKEX's market offering, she added. State-controlled oil and gas company PTT is among the biggest in Thailand. Photo: Handout Thailand's top companies with primary listing status would be eligible for a secondary listing, a move that could help strengthen Hong Kong's position as Asia's leading international financial centre, Ng added.
