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2026-07-24 17:33:21 The Stock Exchange of Hong Kong published consultation conclusions on proposals to enhance the competitiveness of Hong Kong's listing regime, stating that it received a total of 73 market submissions. All proposals received broad support and were fully adopted after minor amendments and clarifications. These new Listing Rule requirements take effect immediately upon publication. Regarding weighted voting rights (WVR) structures, the market cap threshold under the financial eligibility requirement was lowered from HKD40 billion to HKD20 billion, or from a threshold of HKD10 billion market cap with HKD1 billion revenue to HKD6 billion market cap with HKD600 million revenue. The upper limit for WVR ratios was relaxed from 10:1 to 20:1 for companies with a market cap of at least HKD40 billion at listing. The shareholding requirement was lowered from 10% to 5% for companies with shareholdings worth at least HKD4 billion at listing. Requirements for “innovative” companies were optimized to explicitly include issuers with innovative business models rather than only technological innovation. Applicants that are Biotech Companies or Specialist Technology Companies are presumed to be “innovative”. For secondary listings by overseas issuers, the financial eligibility thresholds for applicants with WVR structures were aligned with those for primary listings, while the market cap threshold for companies with one-share-one-vote structures was lowered from HKD10 billion to HKD6 billion. The Stock Exchange also streamlined guidance for conversion from secondary listing to primary listing and provided additional guidance on compliance actions. As for initial listing requirements, continuity of ownership and control has been codified into the Listing Rules, specifying that if an applicant can demonstrate that although ownership changes occurred during the relevant period, there was no material change in influence over company management, the applicant will be deemed to satisfy the requirement. The permitted scope for the use of US GAAP was expanded to cover subsidiaries of US-listed parent companies and companies with substantial US operations. Applicants of commercialized Biotech Companies or Specialist Technology Companies may choose to apply for listing under special chapters. All new applicants may submit listing applications confidentially. ~ AASTOCKS Financial News Website: www.aastocks.com | |