HK to allow Chinese auditors

Another blow to investors in HK. The HKex/SFC (who knows why they require two different regulators and where the demarcation is) cannot pursue Chinese companies listed in HK already - check out the list of 'liquidations' that have assets mysteriously disappear (First Natural Holdings).
"A proposal to allow mainland companies listed in Hong Kong to be audited by mainland accountants came under fire from legislators yesterday.

Paul Chan Mo-po, who represents the accountancy sector, said the move could hurt local investors' interests. "This could create a problem, if non-Hong Kong auditors fail in their duty and the local regulator could not directly investigate or punish them," he said.

The proposal, expected to be introduced this year, is an extension of a stock-market rule that allows some Hong Kong-listed firms to be audited by overseas accountants."

What are the chances of the HKex/SFC pursuing an incompetent/corrupt auditor in China?..... ZERO. Secretary for Financial Services and the Treasury Chan Ka-keung is either being disingenuous or just plain ignorant to come up with this gem.

"Chan Ka-keung said that the rules were in line with international practices, and that local regulators could work with their counterparts overseas and on the mainland to solve any problems that arose."