It is a big plus for Xiaomi.
On the evening of August 2, the Shenzhen Stock Exchange and the Hong Kong Stock Exchange reached a consensus on the conditions for the first time that different companies with the same shares were included in the Hong Kong Stock Connect, and the relevant rules were revised. Both Xiaomi and Meituan have met the revised conditions and are expected to be included in the Hong Kong Stock Connect.
The revised contents of the two exchanges include:
1, listing for 6 months plus 20 Hong Kong stock trading days;
2. The average daily market value of 183 days before the inspection day (including the day of the inspection day) is not less than HK$20 billion, and the total turnover of Hong Kong stocks is not less than HK$6 billion;
3. Meet the compliance conditions. Since the listing, stock issuers and beneficiaries of different voting rights have not been publicly accused by the Stock Exchange for violating the Stock Exchange’s regulations on corporate governance, information disclosure and investor protection measures with different voting rights structures. Public sanctions or trigger the termination of different voting rights.
As a representative company with different rights in the Hong Kong stock market, Xiaomi and Mei Group’s comments meet the above conditions.
Xiaomi was listed in Hong Kong on July 9, 2018. The US Mission ringed the clock in Hong Kong on September 20 of the same year, satisfying “6 months plus 20 Hong Kong stock trading days. “The request.” The market value of both is never less than 200 billion Hong Kong dollars, satisfying the condition that “ daily average market value is not less than HK$20 billion”. The liquidity of the two is also very good, the average daily turnover is in the hundreds of millions of Hong Kong dollars, 183 days before the inspection dayThe total turnover of Hong Kong stocks is not less than HK$6 billion. The standard is also in the air.
In the first half of 2018, the HKEx will write “the same rights and different rights” into the listing system to welcome more unicorns to go public in Hong Kong. On July 9 of the same year, Xiaomi became the first company to be listed in Hong Kong with different rights. The US group comment followed. However, shortly after the listing of Xiaomi in July last year, the Shanghai Stock Exchange and the Shenzhen Stock Exchange issued a notice that the stocks of different voting rights companies will not be included in the stock market of Hong Kong Stock Connect under the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect. On the following trading day, Xiaomi’s share price plummeted nearly 7%. The news also interrupted the stock gains at the beginning of Xiaomi’s listing and then entered the downside.
Before, Li Xiaojia, president of the Hong Kong Stock Exchange, said that Xiaomi and the US delegation will enter the Hong Kong stock market in July. Although it was not realized in July, with the clear rules, companies with different rights in the same stocks will be included in the Hong Kong stock exchange or will soon enter the implementation stage.
Tianfeng Securities previously reported that September 2019 potential Hong Kong stocks list, 18 stocks will be included, mainly new stocks. The agency believes that after the program adjustment, smallRice and the US Mission will be included in the Hong Kong Stock Connect.
This is a big plus for Xiaomi, whose recent stock price is sluggish. Xiaomi’s recent share price fell below HK$9. With the new rules, Xiaomi is expected to be included in the Hong Kong stock exchange, affected by this news, Xiaomi today rose 3%, returning to more than 9 Hong Kong dollars.
(Image courtesy of respondent)