Hong Kong Exchange revives market-integrity debate as HKEX's Paul Chow outlines conditions for sustainable listings growth
Paul Chow, a senior figure at Hong Kong Exchanges and Clearing (HKEX), has set out a framework for Hong Kong's capital markets resurgence in commentary published 15 June 2026, arguing that growth and market integrity are not mutually exclusive goals. The piece, carried by Law.com International, addresses how Hong Kong is positioning its exchange in a competitive global listings environment. The commentary arrives as HKEX faces sustained competition from Singapore, London, and New York for major Asia-Pacific listings, and as Chinese companies assess whether to list domestically, in Hong Kong, or seek dual-listings in Western markets. Chow's framing — that rigorous disclosure standards and issuer growth ambitions can coexist — directly addresses investor concerns about governance quality following a period of high-profile delistings and regulatory interventions in Hong Kong-listed companies. For UK capital markets practitioners, the Hong Kong market resurgence narrative is directly relevant: a number of London-listed companies have active dual-listing discussions, and international law firms advising issuers on cross-listing structures must navigate the differing requirements of the Listing Rules applicable in each jurisdiction. The HKEX's evolving approach to governance and disclosure benchmarks will shape the advice English-law firms give to clients considering Hong Kong as a primary or secondary market.
Why this matters
The HKEX governance-versus-growth debate has direct implications for cross-listing mandates involving London-based issuers or advisers. If HKEX tightens its listing standards, the comparative attractiveness of each exchange shifts — affecting where clients choose to list and, consequently, which law firms capture the mandate. Dual-listing structures require English-law firms to coordinate prospectus verification and listing applications across two regulatory frameworks simultaneously. The story also connects to a structural trend: as US-China tensions persist, Hong Kong's positioning as an international financial centre with Chinese characteristics becomes a recurring advisory question for Magic Circle and US firm Asia desks.
On the Ground
On a cross-border listing with a Hong Kong component, a trainee would assist with prospectus drafting and proofreading, coordinate verification notes across English and Hong Kong law teams, and help prepare listing application forms for submission to HKEX.
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“What are the key listing rule differences between the London Stock Exchange's Premium Segment and the HKEX Main Board that a company considering a dual listing would need to navigate?”
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