Hkex's CEO Charles Li Delusional

Matters in the HKEX are obviously dire when the esteemed CEO of the whorehouse manages to utter gems like this...

"The U.S.-listed Chinese companies running into accounting problems would not have been able to list in Hong Kong, Hong Kong Exchanges and Clearing Ltd (0388.HK) Chief Executive Officer Charles Li told cable network CNBC on Friday."


The fool should take some time to read about the frauds in his whorehouse happening under his watch.... Ocean Grand, Fuji, Chaoda, First Natural, Akai, ...

He follows it up with more pungent garbage:

"He added that while the U.S. exchanges are disclosure-based, the Hong Kong Exchange is prescriptive, requiring companies to do certain things before they list"

How was the IPO application of Resourcehouse approved when it had never had profits?

The HKex whorehouse

Compromising what little integrity the HK market has by exempting Resourcehouse which has never made a profit (probably never will) from it's own rules...

Under rule 8.05(1)(a), in order to meet the existing profit test, a new applicant must have an adequate trading record. This means that an applicant, or its group (excluding any associated companies and other entities whose results are recorded in the applicant’s financial statements using the equity method of accounting), as the case may be, must satisfy the following requirement:
“a trading record of not less than three financial years (see rule 4.04) during which the profit attributable to shareholders must, in respect of the most recent year, be not less than HK$20,000,000 and, in respect of the two preceding years, be in aggregate not less than HK$30,000,000. The profit mentioned above should exclude any income or loss of the issuer, or its group, generated by activities outside the ordinary and usual course of its business;”