Banks Said to Urge Hong Kong to Be More Flexible on Convertible Bonds and Stock Buybacks [BNN Bloomberg (Canada)]
Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share (BABA)
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Source: BNN Bloomberg
The request follows a flurry of high-profile issuances by Chinese technology companies including Alibaba Group Holding Ltd., JD.com and Trip.com, which raised billions of dollars in convertible bond sales and used some of the proceeds to repurchase their American depositary receipts. They could do that as their main listings are in the US. In Hong Kong it wouldn't be possible. Hong Kong requires Extraordinary General Meeting approval for the kind of share buybacks that trio of tech companies did with the convertible bond proceeds, making it impossible to do such deals overnight, the people said. Banks and law firms have met with Hong Kong Exchanges & Clearing Ltd., the people said, asking not to be identified as the talks aren't public. A representative for HKEX said the company cannot comment on any ongoing discussions, but it is always looking for ways to enhance competitiveness and efficiency of markets for issuers and investors. The discussions come as authorities try to
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