Major investment banks asked HKEX (00388.HK) +0.400 (+0.154%) Short selling $183.50M; Ratio 24.070% to allow companies with a primary listing in Hong Kong to conduct share buybacks and convertible bond issuances concurrently, Bloomberg said, citing people familiar with the matter. According to the report, banks and law firms already met with HKEX.
Earlier, Chinese tech firms, such as Alibaba (BABA.US) , JD.com (JD.US) and Trip.com (TCOM.US) , had raised billions of US dollars through convertible bond offerings and used some of the proceeds to repurchase American Depositary Receipts (ADRs).
Since doing so in Hong Kong requires the approval of an Extraordinary General Meeting (EGM) of shareholders, it cannot be done swiftly.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-06-17 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)
