Li, Charles Xiaojia 李小加

To whom? He now says the design of One Country Two Systems is perfect, and it's only a problem of implementation. A bit like the Titanic then.

Has HKEx CEO Charles Li learned nothing from last year? A third-class board for third-class companies is not the way to go. It's time to merge the GEM and Main Board and execute the Expert Group recommendation of 2003, moving the Listing Rules regulation to the SFC. One Board, One Rule.

HKEx has finally thrown in the towel on its attempts to list second-class shares. Corporate governance was already bad enough without making it even easier to abuse minority shareholders. Charles Li’s campaign to do this exposed the blatant conflict of interests in the Exchange being a for-profit regulator. This conflict should now be addressed by transplanting the listing function to the SFC, the statutory regulator. The Listing Committee, dominated by issuer interests, needs radical reform too.

Following the hallucinations in HKEx non-elected director and CEO Charles Li Xiao Jia's blog yesterday, Webb-site had a dream last night!

Charles Li of HKEx (0388): in China, "there is very little flexibility, if any, for broker-dealers to move funds across client accounts, let alone embezzle funds or engage in other malpractice...there is no incentive for financial institutions to innovate". At Webb-site, we think that embezzlement of client funds and other malpractices are the kind of innovative broking we can do without. Does he also think that more listed company disclosure would reduce the potential for "innovative" insider dealing by making the water "too clean"?

Yesterday's comments by HKEx's CEO indicate a fundamental misconception driving its obsessive attempts to price its products in a currency which is not freely convertible.