exclusive Hong Kong exchange backs down on contentious plan to double profit qualification for IPOs after outcry

News Snapshot:

Companies seeking to raise funds on the HKEX’s Main Board must have earned at least HK$80 million in combined profits in the three years prior to the listing, the source saidThe HKEX received overwhelming opposition from brokers, accountants, investment bankers and legislators to its proposal to raise the profit threshold to HK$125 million