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Article: Equity Crowdfunding in Hong Kong: Potential, Challenges, and Investor Protection
Title | Equity Crowdfunding in Hong Kong: Potential, Challenges, and Investor Protection |
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Authors | |
Issue Date | 2016 |
Publisher | Routledge. The Journal's web site is located at http://www.tandfonline.com/toc/rcls20/current |
Citation | The Journal of Corporate Law Studies, 2016, v. 45 n. 4, p. 319-339 How to Cite? |
Abstract | Equity crowdfunding is a relatively new investment format that allows investors to purchase unlisted securities from a company that does not meet listing requirements for an initial public offering. Equity crowdfunding offers investment rewards but also has risks of fraud, herding, insolvency and dilution of shareholder equity. Regulation is a natural response to negative externalities like systemic risk caused by asymmetric information, adverse selection and lemon problems. While the US and the UK have extensive crowdfunding regulations, Hong Kong does not, although crowdfunding is not specifically banned under the Securities and Futures Ordinance. This article focuses on the current state of equity crowdfunding in Hong Kong but draws inspirations from legal requirements for equity crowdfunding in the US, the UK and Singapore, as well as the Korea Startup Market in South Korea. The author makes regulatory suggestions for consideration by Hong Kong’s law makers and policy makers. |
Persistent Identifier | http://hdl.handle.net/10722/243112 |
ISSN | 2023 Impact Factor: 1.2 2023 SCImago Journal Rankings: 0.331 |
DC Field | Value | Language |
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dc.contributor.author | Lee, EH | - |
dc.date.accessioned | 2017-08-25T02:50:12Z | - |
dc.date.available | 2017-08-25T02:50:12Z | - |
dc.date.issued | 2016 | - |
dc.identifier.citation | The Journal of Corporate Law Studies, 2016, v. 45 n. 4, p. 319-339 | - |
dc.identifier.issn | 1473-5970 | - |
dc.identifier.uri | http://hdl.handle.net/10722/243112 | - |
dc.description.abstract | Equity crowdfunding is a relatively new investment format that allows investors to purchase unlisted securities from a company that does not meet listing requirements for an initial public offering. Equity crowdfunding offers investment rewards but also has risks of fraud, herding, insolvency and dilution of shareholder equity. Regulation is a natural response to negative externalities like systemic risk caused by asymmetric information, adverse selection and lemon problems. While the US and the UK have extensive crowdfunding regulations, Hong Kong does not, although crowdfunding is not specifically banned under the Securities and Futures Ordinance. This article focuses on the current state of equity crowdfunding in Hong Kong but draws inspirations from legal requirements for equity crowdfunding in the US, the UK and Singapore, as well as the Korea Startup Market in South Korea. The author makes regulatory suggestions for consideration by Hong Kong’s law makers and policy makers. | - |
dc.language | eng | - |
dc.publisher | Routledge. The Journal's web site is located at http://www.tandfonline.com/toc/rcls20/current | - |
dc.relation.ispartof | The Journal of Corporate Law Studies | - |
dc.rights | Preprint: This is an Author's Original Manuscript of an article published by Taylor & Francis Group in [JOURNAL TITLE] on [date of publication], available online: http://www.tandfonline.com/doi/abs/[Article DOI]. Postprint: This is an Accepted Manuscript of an article published by Taylor & Francis Group in [JOURNAL TITLE] on [date of publication], available online at: http://www.tandfonline.com/doi/abs/[Article DOI]. | - |
dc.title | Equity Crowdfunding in Hong Kong: Potential, Challenges, and Investor Protection | - |
dc.type | Article | - |
dc.identifier.email | Lee, EH: eleelaw@hkucc.hku.hk | - |
dc.identifier.authority | Lee, EH=rp01257 | - |
dc.identifier.doi | 10.1177/1473779516671252 | - |
dc.identifier.hkuros | 275498 | - |
dc.identifier.volume | 45 | - |
dc.identifier.issue | 4 | - |
dc.identifier.spage | 319 | - |
dc.identifier.epage | 339 | - |
dc.publisher.place | United Kingdom | - |
dc.identifier.issnl | 1473-5970 | - |