HONG KONG - The Hong Kong Stock Exchange hopes to slash the time between pricing an IPO and the shares trading to a single day as early as late 2020, bringing the bourse into line with rivals such as New York, a senior executive told Reuters.
Investors and investment bankers complain that Hong Kong’s current initial public offering settlement of five trading days leaves them exposed to market falls between the shares pricing and trading. It also makes it harder for the city to compete for IPOs with rival exchanges such as New York. “This has been becoming more and more important for investors because of the volatility of the market these days,” Bao said in an interview. “In today’s environment, any big news can come out overnight.”
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