SINGAPORE (Feb 17): Hong Kong and Singapore are at it again. The Asian financial hub rivals are reviving a debate on dual-class shares as global competition for the hottest initial public offerings intensifies.

Singapore is a few steps ahead. Prime Minister Lee Hsien Loong last week gave his approval to dual-class shares and other measures proposed by a panel to drive economic growth. The city-state’s stock exchange on Thursday started a public consultation, a final hurdle before allowing the structure. Hong Kong Exchanges & Clearing. Chief Executive Officer Charles Li in January revisited the topic after a 2015 proposal was shot down by his regulator.

(See also: SGX consults public on possible introduction of dual-class share structure)

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