History looks to be repeating itself.
The 2002 penny stocks incident’, in which HK$10 billion $1.28 billion was wiped off the value of several companies, cast an unflattering light on Hong Kong’s listing regime. The conclusion drawn by the subsequent Expert Group appointed in March 2003 by the Financial Secretary was that HKEx, Hong Kong Exchanges and Clearing, should lose its listing function to a new division of the Securities and Futures Commission to be known as the Hong Kong Listing Authority.
In the end, that idea never got off the ground...
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