Chinese consortium brewing to defeat HKEx's quarterly deal

The Hong Kong Exchange will consult the public next month Li Zehiang take the lead in stating that the "blackout period" has come to an close, but the exchange of Hong Kong (0388) and the business consortium are on the same front as soon as June. The HKEx is planning to introduce quarterly reports next month, in consultation with the public, Li Zehiang (0001), Vice-Chairman, took the lead in openly declaring that the quarterly bulletin would only encourage short-term investment strategies, and that until the deadline last night, Mr Long had not explained further his remarks, and a Chinese property developer, who did not want to be named, said　　Even if it is only required to publish the quarterly Bulletin of the British management, it is difficult to accept, because it will greatly increase the administrative cost of the company. Hong Kong's listed companies are only required to publish the first half of the year (or medium term) and the two-year performance, if the implementation of the British quarterly report, that is, 4 reports will be published within one year. Yevi, who was a member of the listing committee of HKEx, did not hesitate to comment on the issue of the quarterly bulletin in Hong Kong, and he believed that the listing Committee would have to balance the concerns of all parties concerned, such as the needs of shareholders, investors and listed companies, in order to reach a consensus. Asked whether the listing Committee should be restructured?　　Yevi said the inconvenience is too early to comment, due to the situation sensitive, but agree to have a view of space. The exchange control Swire has also maintained the "blackout period" which caused the end of last year, the opposition camps are mainly from Hong Kong's wealthy Chinese, but the views received from the HKEx on the introduction of the quarterly bulletin have not only been strongly opposed by the Chinese consortium, but are associated with multinational groups such as control, Swire and state-owned enterprises and even quasi-government bodies such as the Hkab and the HKMA,　　Also expressed reservations about the implementation of the quarterly bulletin, that is, the response and resistance of the HKEx to the introduction of the quarterly bulletin is at any time greater than the last proposed extension of the "lock-up period". The quarterly advisory direction submitted by HKEx in 02 and 07 is to recommend the publication of a full quarterly financial report by listed companies, but the consultation paper to be published next month is to recommend the introduction of an English management report. The change in the direction of the unknown will increase the chances of the listed companies to accept the quarterly bulletin.　　According to the British model, listed companies are required to disclose two types of information at management level, one is the main transactions during the period of the company, and the financial impact of the transaction on the company, and the second is the general description of the company's financial situation. Ronnie Chan, chairman of the Hang Lung group, accepted the "British" report, which was relatively lax on disclosure requirements, some listed companies do consider it easier to accept, taking the chairman of the Hang Lung group, Ronnie Chan, as an example, earlier publicly expressed opposition to the introduction of "American" (that is, requiring listed companies to publish full quarterly financial reports) Quarterly,　　But the "British" Quarterly bulletin, which requires moderation, is considered acceptable. However, the management of Chinese property developers said that although the "British-style" quarterly bulletin was more relaxed, it would always significantly increase the administrative costs of listed companies. Therefore, he intends to express his opposition in the quarterly consultation to be submitted by the HKEx, and he expects that many listed companies will oppose it. The controversy over the last lock-up period was due to the fact that a number of listed companies had leaked their views and had not made a timely statement, but after the lesson of the last time, they would submit their opinions at an early stage and I believe that otherListed companies will do the same.　　"he said. Li Zehiang: Chasing a short profit is a faint head. At the end of last year, a joint agreement against the extension of the lock-up period for directors, the vice chairman of Zehou, when he was awarded an honorary degree, also offered to talk about the issue of quarterly reports, questioning the introduction of quarterly reports, which would only encourage listed companies to He said: "Short-term profit is often called a person's mind ... Unfortunately, many listed companies now need to publish quarterly results ... Senior management may have no choice but to focus on short-term profits. ”