Last week brought the somewhat disappointing listing of Chinese mobile phone maker Xiaomi, minus its proposed offering of China depositary receipts. This week amounted to a knock on top of a bruise for the CDR program. The Hong Kong stock exchange was somewhat surprised that the mainland exchanges had ruled out Xiaomi and potentially other companies issuing shares with weighted voting rights from being eligible for the Stock Connect scheme, the trading link between Hong Kong and mainland Chinese equity markets. It had been assumed that they would be included and the Hong Kong exchange had suggested so at the time of the Xiaomi IPO.
