Exchange Square, Hong Kong. Credit: Kapi Ng/Shutterstock.com New Hong Kong Listing Rules Eliminate Need to Disclose China-related Risks
In other recent listing rules changes, the HKEX also set a lower threshold for advanced technology companies including those in artificial intelligence and semiconductors to list on the exchange.
August 04, 2023 at 05:37 AM
2 minute read
Litigation
The Hong Kong Exchanges and Clearing Limited (HKEX) has revised its listing rules, removing a requirement for companies to disclose China-related risks in their applications to list in the city.
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Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
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Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
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