Custom and practice
LOVERS of incident and variety can always count on the Hong Kong Stock Exchange. The members of its ruling coun- cil have been trying to assert their droit de seigneur over new issues of shares — that is, first go at the appetising ones. Now its vice-chairman, Philip Wong, has fallen foul of the regulators. In a letter which he wrote to the Financial Secretary and has now made public, Mr Wong says that he was asked to go quietly. It was (he maintains) suggested to him that he should resign on some such pretext as a wish to stand for the Legislative Council, in the constituency reserved for representatives of financial interests. Not good enough for the Stock Exchange but quite good enough for the legislature? Mr Wong says that he turned the suggestion down, being insufficiently skilled in the arts of pretence to sustain it.
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