Securities regulator dismisses immature Singapore remarks on HK listingsLocal | 14 Mar 2018 3:36 pm
The Securities and Futures Commission has hit back at the Singapore Exchange's suggestion that the island is a better place for companies to list than Hong Kong because it is protected from Beijing's clout.
The executive vice-president of SGX, Chew Sutat, told reporters in Hong Kong last week that like it or not, Hong Kong is part of China, whereas Singapore is not.
SFC chairman Carlson Tong said the comment seemed "out of place,'' as he underlined that the commission is an independent regulator.
During a forum today, the SFC chief executive, Ashley Alder, also criticized Chew's remark as he spoke about working with the China Securities Regulatory Commission.
"The ability of both of us to grow [cross-border] flows by expanding the scope of Stock Connect and other connectivities is very, very dependent on our ability to strike arrangements with the CSRC that preserves the way in which we both operate under our different systems, that allows us to manage the increased risks of increased flows," Alder said.
"But it's a long, long way away from what the Singapore stock exchange was trying to give an impression, which I don't think was very adult, personally.-RTHK