Hong Kong-listed shares in Xiaomi fell as much as 9.6 per cent on Monday after the Shanghai and Shenzhen stock exchanges said it and other companies with dual-class share structures would be ineligible for trading through mainland market linkups with the Hong Kong Stock Exchange.
On Saturday the Shanghai and Shenzhen exchanges announced that certain Hong Kong-listed companies, including those with dual-class shares as well as stapled securities, would be excluded from those bourses’ stock connect programs.
In the statement the exchanges said the decision to exclude certain equities was made to protect retail investors on the mainland from investing in securities they did not understand.
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