that article can not cite any numbers to support its accusations.
To get listed overseas helps to introduce monitoring pressure from more mature institutional investors overseas.
IPOs for all those corrupted state banks help to delay the explosion of bad debt bomb. If these crap banks issue stocks to chinese only, first, there is no enough demand, second, it is not gonna make the bank management more accountable at all.
I am just concerned that if these chinese firms failed to improve their corporate gov practices, what's the detrimental impact they will bring to Hong Kong stock market. After main reform in 1970s/1980s, HK has the most transparent and well-regulated stock market in asia (arguably). I am not sure whether the system will be corrupted by those mainland firms or not.
