Tension is brewing among asset managers, bankers and exchanges as dual-class shares bear down on Hong Kong and Singapore.
At issue is the high volume of fast-growing companies that want to list with the controversial structure, stripping voting rights from shares and alarming fund managers.
“It looks as though everyone is rushing to do them [dual-class shares] whether it’s Alibaba, whoever, all the IT start-ups want to do it,” says Hugh Young, head of Asia Pacific at Aberdeen Standard Investments. “It goes against the basic principles we have on shares . . . it’s all ‘trust me’, but when it goes wrong, you lose trust.”
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