// hk ipo decoder · est. MMXXVI
香港 IPO 招股书拆解与新股市场实时观察
The Hong Kong Stock Exchange’s (HKEX) 2024 consultation paper on listing regime enhancements, which proposed stricter financial disclosure requirements for n…
Hong Kong’s listing regime has entered a new enforcement cycle where anti-bribery compliance for overseas operations is no longer a box-ticking disclosure bu…
The 2025 proxy season has introduced the most significant recalibration of Hong Kong listed companies’ annual general meeting (AGM) arrangements in a decade,…
The SFC’s 2025-2026 thematic review of pre-IPO investments, coupled with HKEX’s tightened Listing Rule amendments under Chapter 7 and Practice Note 22, has p…
The Monetary Authority of Singapore (MAS) issued its revised “Guidelines to MAS Notice 626 on Prevention of Money Laundering and Countering the Financing of…
The Hong Kong Stock Exchange (HKEX) has tightened its enforcement of Chapter 18A of the Main Board Listing Rules, with a specific focus on the 'meaningful op…
Hong Kong’s listing regime is facing its most consequential structural shift in a decade, driven not by a single rule change but by the cumulative weight of…
The SFC and HKEX’s joint consultation on proposed enhancements to the Listing Regime for Specialist Technology Companies, finalised in March 2023 and effecti…
The HKEX’s consultation paper on proposed GEM reforms, published in September 2024, explicitly targets the board lot size mechanism as a lever to revitalise…
The 2025 half-year reporting season has exposed a widening chasm between the narrative of growth in IPO prospectuses and the subsequent reality of cash flow…
The Hong Kong Stock Exchange’s (HKEX) enhanced climate disclosure requirements, effective 1 January 2025 under Appendix 27 of the Main Board Listing Rules, h…
Hong Kong-listed companies are increasingly turning to capital reorganisation—specifically capital reduction and share premium cancellation—as a balance shee…
The SFC and HKEX have intensified scrutiny of cash-shell activities, culminating in a series of Listing Rule amendments effective 1 January 2024 that fundame…
The HKEX’s 2024 amendments to the Listing Rules, which took full effect for applications submitted on or after 1 January 2025, have codified a long-standing…
The Hong Kong Stock Exchange’s (HKEX) Listing Committee issued guidance in December 2024 (GL126-24) tightening the disclosure requirements for pre-IPO cash f…
The Hong Kong Securities and Futures Commission’s (SFC) 2024-25 enforcement report, published in April 2025, revealed that 37% of insider dealing investigati…
The HKEX’s Central Clearing and Settlement System (CCASS) processed an average daily turnover of HKD 158.6 billion in the first half of 2025, yet the granula…
The Hong Kong IPO market is entering a period where the mechanical certainty of clawback triggers—the formulaic rebalancing of shares between institutional a…
The collapse of a licensed broker handling pooled IPO subscription funds is the single most consequential operational risk that Hong Kong’s primary equity ma…
The re-emergence of co-investment mechanisms in Hong Kong IPOs during the 2024-2025 listing cycle represents a structural shift in how issuers are bridging t…
Hong Kong’s implementation of the Common Reporting Standard (CRS) has evolved from a background compliance obligation into a material due diligence hurdle fo…
The selection of comparable companies for a Hong Kong IPO valuation is not a theoretical exercise — it is the single most contested input in the price discov…
The Hong Kong IPO market has entered a period where a listing candidate’s prospectus is no longer sufficient to secure institutional demand. As of Q1 2025, t…
Hong Kong’s connected transaction regime is facing its most consequential test in a decade as the Listing Division of the Stock Exchange of Hong Kong (HKEX)…
The SFC and HKEX’s joint consultation paper published in December 2024 on proposed enhancements to the Listing Rules for connected transactions has shifted t…
The use of Hong Kong-listed shares as consideration in M&A transactions has entered a period of heightened scrutiny, driven by the 2024-2025 wave of deeply d…
The HKEX’s Q4 2025 quarterly review of new listing applications revealed a striking pattern: over 40% of Main Board applicants in the consumer goods and serv…
The Hong Kong Stock Exchange (HKEX) recorded a total of 64 new listings on the Main Board in the first half of 2025, with aggregate proceeds reaching approxi…
Hong Kong’s adoption of the OECD’s Pillar Two global minimum tax framework, specifically the implementation of Controlled Foreign Company (CFC) rules under t…
The Hong Kong Stock Exchange (HKEX) issued a consultation paper in June 2025 proposing a mandatory cooling-off period for INEDs who have served on a listed i…
The Hong Kong Stock Exchange’s (HKEX) decision in October 2025 to formally codify the “Corporate Weighted Voting Rights (WVR)” structure for Main Board listi…
The Hong Kong Stock Exchange’s (HKEX) 2024 amendments to the Listing Rules, effective 1 January 2025, now mandate that applicants for a Main Board listing de…
The decision by the Hong Kong Stock Exchange (HKEX) to issue a record 18 'Guidance Letters' in 2025 specifically addressing cybersecurity deficiencies in lis…
The Hong Kong Stock Exchange (HKEX) published its 2025 Listing Committee Report in June 2025, revealing that over 35% of newly listed Main Board applicants i…
The convergence of two regulatory forces is reshaping the due diligence playbook for Hong Kong IPOs in 2025. On one axis, the EU’s General Data Protection Re…
The Hong Kong Stock Exchange (HKEX) has seen a measurable shift in the composition of its new economy listings, with SaaS (Software-as-a-Service) companies r…
The Personal Data (Privacy) Ordinance (PDPO, Cap. 486) is no longer a peripheral compliance checkbox for Hong Kong IPO candidates. As of Q1 2025, the Privacy…
The SFC and HKEX’s joint consultation on proposed enhancements to the Listing Rules, published in December 2024, introduced a specific focus on an applicant’…
The Hong Kong Stock Exchange’s (HKEX) December 2024 consultation paper on enhancing listing regime for specialist technology companies, combined with the fir…
The Hong Kong Stock Exchange (HKEX) has tightened its delisting regime to an extent that makes the pre-2018 framework virtually unrecognisable. As of 2025, t…
The SFC’s latest thematic review of asset management activities, published in March 2025, flagged a 37% year-on-year increase in the notional value of OTC de…
Hong Kong’s IPO pipeline has entered a period of heightened regulatory scrutiny, with the SFC and HKEX intensifying enforcement actions against listed compan…
The Hong Kong Exchange and Clearing Limited (HKEX) has escalated its disciplinary enforcement in 2025, issuing a record 14 public censures and 8 director uns…
The SFC’s 2025 annual enforcement report recorded 27 cases involving late or inaccurate disclosure of interests under Part XV of the Securities and Futures O…
The Hong Kong IPO market is entering a period where valuation discipline is no longer optional. The HKEX’s 2024 consultation paper on GEM reform (published S…
The question of whether a Hong Kong IPO applicant commits to a specific dividend payout ratio has become a focal point for institutional investors in 2025, d…
The Hong Kong Stock Exchange’s (HKEX) 2024 consultation paper on GEM reforms, coupled with the SFC’s heightened scrutiny of pre-IPO shareholder arrangements,…
The Hong Kong market has entered a period of heightened dividend scrutiny. Following the HKEX’s 2024 amendments to the Corporate Governance Code (effective 1…
The window for executing a simultaneous dual primary listing on the Stock Exchange of Hong Kong (HKEX) Main Board and an overseas exchange—most commonly the…
Hong Kong’s IPO market has entered a period of heightened regulatory scrutiny over application integrity, following the SFC’s 2024 enforcement action against…
The decision by the Hong Kong Stock Exchange (HKEX) and the Securities and Futures Commission (SFC) to tighten their review of offshore listing vehicles in l…
The Hong Kong IPO subscription process has undergone a structural transformation since the HKEX fully migrated to a digital-first framework in October 2023,…
The Hong Kong Inland Revenue Department (IRD) has, since late 2023, intensified its scrutiny of employee share option plans (ESOPs) in post-IPO companies, fo…
The Hong Kong Stock Exchange’s (HKEX) updated Listing Decision LD143-2024, published in Q4 2024, has placed a sharper spotlight on the link between a pre-IPO…
The Hong Kong Exchange and Clearing Limited (HKEX) formally tightened its post-listing compliance framework for Weighted Voting Rights (WVR) companies in Jan…
The Hong Kong Stock Exchange (HKEX) recorded 72 new listings on the Main Board in 2024, raising a combined HKD 87.5 billion, yet the secondary market perform…
The Hong Kong Stock Exchange (HKEX) has effectively closed the window for ESG-agnostic initial public offerings. Effective 1 January 2025, all Main Board and…
The decision by the Hong Kong SAR Government to implement a two-tiered profits tax rate for family offices, effective from the 2025/26 fiscal year, has funda…
The Hong Kong Stock Exchange (HKEX) recorded 64 new listings in the first half of 2025, raising approximately HKD 110.3 billion — a 36% increase in funds rai…
The HKEX’s updated Corporate Governance Code, effective for financial years commencing on or after 1 January 2025, has placed an unprecedented spotlight on b…
The Hong Kong IPO pipeline for 2025 is increasingly populated by companies with a US nexus — either through a Delaware-incorporated holding structure, US ins…
The 2025 financial year has opened with a stark reminder for Hong Kong IPO applicants: the HKEX’s heightened scrutiny on investment portfolio risk is no long…
The Hong Kong Stock Exchange (HKEX) has maintained a rigid three-year track record requirement for Main Board IPO applicants since the codification of Chapte…
The Financial Dispute Resolution Centre (FDRC) handled a record 1,246 new cases in 2024, a 29.5% increase from the 962 cases filed in 2023, according to the…
The Hong Kong Stock Exchange (HKEX) has signalled a material shift in its enforcement posture regarding financial reporting deadlines. In its 2024 annual rep…
The Hong Kong Monetary Authority’s (HKMA) December 2024 circular on foreign currency liquidity risk management, coupled with the People’s Bank of China’s (PB…
The Hong Kong IPO market in 2025 faces a structural recalibration of foreign exchange risk disclosure, driven by the persistent depreciation of the Renminbi…
The SFC’s 2025 consultation paper on the Listing Regime, which proposed enhanced financial disclosure requirements for issuers with material non-cash earning…
Hong Kong’s GEM board has long been positioned as a stepping stone for growth enterprises, but the pathway to a Main Board transfer remains underutilised rel…
The Hong Kong IPO market in 2025 is confronting a structural risk previously confined to the notes of prospectuses: government subsidy dependency. As the HKS…
The Hong Kong equity capital markets entered the second half of 2025 with a pronounced shift in post-IPO price dynamics, driven by a tightening of stabilisat…
The Hong Kong equity capital markets have entered a period of heightened volatility in 2025, with the Hang Seng Index experiencing intra-month swings exceedi…
The Hong Kong IPO market is entering a period where gross margin analysis has become a decisive factor in pricing and post-listing performance, driven by a s…
The divergence between gross margin and operating margin has become the single most revealing metric for assessing whether a Hong Kong-listed issuer is trans…
The Hong Kong Stock Exchange (HKEX) has formalised its 2025 review of the Listing Rules, with a specific focus on the financial disclosure requirements for n…
Hong Kong’s listing regime remains the most active gateway for Chinese and regional issuers, with 71 new listings on the Main Board in 2024 raising a combine…
The Hong Kong Stock Exchange (HKEX) has recorded zero new listings via the Hong Kong Depositary Receipt (HDR) framework since 2023, a stark contrast to the 1…
The SFC and HKEX’s joint October 2024 consultation on proposed enhancements to the listing regime, specifically the review of the “public float” requirements…
Hong Kong’s IPO clawback mechanism, the regulatory framework that shifts allocation from institutional to retail investors when public demand exceeds predefi…
Hong Kong’s grey market for IPO shares has evolved from a niche channel for institutional block trades into a standard fixture for retail and professional in…
The Hong Kong IPO market in the first half of 2025 recorded a total of 30 new listings on the Main Board, raising approximately HKD 48.2 billion, a 22% incre…
Hong Kong’s primary equity market is entering a period of heightened scrutiny where traditional sentiment proxies—oversubscription multiples and grey market…
Hong Kong’s IPO pipeline has entered a critical recalibration phase in 2025. Following a prolonged drought that saw total funds raised on the Main Board fall…
Hong Kong’s initial public offering (IPO) market is entering a pivotal phase in 2025, driven by a confluence of regulatory adjustments and a tentative recove…
The decision between cash application and margin financing for Hong Kong IPO subscriptions has shifted from a simple liquidity calculation to a multi-variabl…
Hong Kong’s retail IPO allocation mechanism, codified under HKEX Listing Rule 18.02(3) and the SFC’s Code of Conduct for Persons Licensed by or Registered wi…
Hong Kong’s dual-board structure is facing its most consequential test in a decade. The HKEX’s GEM reform, effective 1 January 2024, introduced a streamlined…
The Hong Kong IPO timeline has compressed by 18-22 calendar days on average since the HKEX introduced Chapter 18C for specialist technology companies and rev…
The Hong Kong IPO market in 2025 is navigating a structural recalibration of its retail allocation mechanics, triggered by the HKEX’s December 2024 consultat…
The HKEX recorded 71 new listings in 2024, raising a combined HKD 87.5 billion — a 90% increase in funds raised year-on-year, driven largely by a resurgence…
The Hong Kong IPO market has entered a phase where pre-IPO media coverage functions less as passive information and more as an active market-making mechanism…
The SFC’s 2024-25 annual report, published in June 2025, recorded 27 enforcement actions against sponsors and listing agents for inaccurate or misleading fin…
Hong Kong’s IPO market recorded 70 new listings on the Main Board in 2024, raising a combined HKD 87.5 billion, according to HKEX annual data. This represent…
The SFC and HKEX’s joint consultation conclusions on optimising the IPO regime, published in December 2024, introduced a mandatory requirement for all Main B…
The Hong Kong IPO market in 2025 is undergoing a structural recalibration. The SFC and HKEX’s joint consultation on proposed Listing Rule amendments regardin…
Hong Kong’s IPO market has entered a period where the line between genuine public float and disguised control is becoming harder to read. The HKEX’s Consulta…
The Hong Kong IPO market in 2025 is defined by a widening information asymmetry between professional and retail participants. While retail investors often re…
The trading volume of a newly listed stock in its first 30 days on the Main Board is not merely a measure of liquidity; it is the single most accessible, rea…
The allotment results for Hong Kong IPOs, published on the HKEX disclosure platform (HKEXnews) typically one to two business days before listing, represent t…
The Hong Kong Stock Exchange (HKEX) reported in its *2024 IPO Review* that 70% of new listings on the Main Board that year saw their first-day closing price…
The SFC’s 2024-25 annual report, published in June 2025, recorded 73 active IPO applications from financial sector firms on the HKEX Main Board, a 22% year-o…
The SFC’s 2024 consultation on the Listing Regime for Specialist Technology Companies, codified in the HKEX Listing Decision LD149-2024, has placed unprecede…
The Hong Kong Stock Exchange’s (HKEX) decision to raise the minimum market capitalisation threshold for new listings under the strictly regulated “Chapter 18…
The SFC’s enforcement division secured a record HKD 1.27 billion in disgorgement and penalties in the 2024 fiscal year, with 73% of those cases involving fai…
The second quarter of 2025 has seen the Hong Kong Stock Exchange (HKEX) process a record volume of listing applications from technology and healthcare compan…
The Hong Kong Stock Exchange (HKEX) published its 2025 IPO market review in January, revealing that IPOs from technology and biotech sectors accounted for 47…
The Hong Kong Monetary Authority’s decision to maintain the Base Rate at 5.75% through its January 2025 meeting, tracking the US Federal Reserve’s pause, has…
The Hong Kong dollar overnight index average (HONIA) has traded at a compounded average of 3.87% year-to-date through 30 June 2025, according to HKMA data, c…
The HKEX’s 2024 Consultation Paper on Proposed Enhancements to the IPO Price Discovery Process (published October 2024) has refocused market attention on a s…
The HKEX recorded 71 new listings in 2024, raising a combined HKD 87.5 billion, according to the exchange’s 2024 Market Statistics. Yet a growing minority of…
A 2025 review of 47 Hong Kong Main Board IPO prospectuses filed between January and September shows that 34% contained inventory turnover disclosures that we…
The collapse of a high-profile Hong Kong IPO in late 2025, where the sponsor returned approximately HKD 4.7 billion in subscription monies to 23,000 applican…
Hong Kong’s IPO pricing mechanism is undergoing its most consequential structural recalibration in two decades. The Securities and Futures Commission (SFC) a…
The HKEX pre-opening session (開市前時段) has been the primary battleground for first-day IPO trading since the introduction of the fast-paced IPO settlement mode…
The Hong Kong IPO subscription financing market is undergoing a structural recalibration in 2025, driven by the SFC’s heightened scrutiny of margin lending p…
The SFC’s 2025 enforcement report, published in Q1 2026, recorded a 40% year-on-year increase in disciplinary actions against sponsors and directors of newly…
The Hong Kong Stock Exchange’s (HKEX) decision to mandate a 100% electronic submission of all listing documents via its new digital portal, effective 1 Janua…
The Hong Kong Stock Exchange (HKEX) has, since early 2025, intensified its scrutiny of litigation risk disclosures in listing applications, following a serie…
The Hong Kong IPO market in 2025 is confronting a structural tension that has reshaped investor calculus: the widening divergence between lock-up expiry date…
The SFC and HKEX’s joint consultation conclusions on GEM reform, effective 1 January 2025, introduced a new streamlined transfer pathway to the Main Board th…
The HKEX recorded 71 new listings in 2024, raising a combined HKD 87.5 billion — a 90% increase in funds raised year-on-year according to HKEX’s own 2024 Mar…
The SFC’s 2025 Enforcement Report recorded 187 active investigations and 36 disciplinary actions against intermediaries, with 14 of those actions directly in…
The Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) issued a joint circular in August 2024 mandating enhanced l…
Hong Kong’s listing regime has historically offered applicants three financial eligibility tests under the Main Board Listing Rules — the profit test, the ma…
The Hong Kong Exchanges and Clearing Limited (HKEX) published a consultation paper in December 2024 proposing to raise the minimum market capitalisation requ…
The Hong Kong market misconduct regime is entering a period of heightened enforcement activity, with the Securities and Futures Commission (SFC) signalling a…
The Hong Kong Stock Exchange (HKEX) has intensified its scrutiny of material contracts disclosure in listing applications, a trend that has become particular…
The Hong Kong Stock Exchange (HKEX) recorded 72 new listings on the Main Board in 2025, yet a growing subset of these deals faced an unexpected bottleneck no…
The recent HKEX consultation paper on GEM reform (published September 2024) and the subsequent amendments to the GEM Listing Rules effective 1 January 2025 h…
The SFC and HKEX’s joint consultation conclusions on GEM reform, published in December 2024, introduced a new “market capitalisation/revenue test” that allow…
The SFC and HKEX’s joint consultation on proposed enhancements to the Listing Rules for GEM and Main Board issuers, published in September 2024, has placed r…
The SFC and HKEX’s joint consultation paper published in September 2024, which proposed a comprehensive overhaul of the notifiable transaction regime under t…
The SFC’s 2024-25 enforcement report, published in January 2025, recorded a 40% year-on-year increase in investigations involving inadequate disclosure of of…
Hong Kong has seen a marked increase in the use of phantom share plans among pre-IPO private companies since the 2024 HKEX Listing Reform, which introduced C…
The Hong Kong IPO market has processed over 5.7 million share applications across 68 new listings in the first nine months of 2025, according to HKEX data, y…
The resumption of equity capital markets activity in Hong Kong during late 2024 and into 2025 has placed renewed scrutiny on the mechanics of share placings,…
The first half of 2025 has delivered a stark reminder that the Hong Kong IPO market’s most acute risk for investors is not the initial pricing discount, but…
A wave of HKEX Main Board IPOs from the 2022-2023 vintage is now approaching the terminal point of their cornerstone investor lock-up periods, creating a con…
The Hong Kong Stock Exchange (HKEX) recorded 72 new listings on the Main Board in 2024, with aggregate funds raised of approximately HKD 87.5 billion, a 25%…
The SFC and HKEX’s joint consultation paper published in December 2025 on proposed enhancements to the price stabilization and market making regime for IPOs…
The Hong Kong Stock Exchange’s (“HKEX”) December 2024 consultation paper on GEM reform, coupled with the Inland Revenue Department’s (“IRD”) intensified scru…
The sharp divergence between Hong Kong’s primary market pipeline valuation and secondary market pricing in 2025 has forced pre-IPO investors to re-examine li…
The Hong Kong IPO market has entered a period of acute valuation tension. As of Q1 2026, the Hang Seng Index’s trailing price-to-earnings (P/E) ratio sits at…
Hong Kong’s IPO market is entering a period where the post-listing behaviour of controlling shareholders demands closer scrutiny, driven by a structural shif…
The HKEX’s Listing Reform Package of 2025, which introduced Chapter 18C for specialist technology companies and streamlined Chapter 8A for weighted voting ri…
The Hong Kong Exchange (HKEX) has intensified its scrutiny of public float compliance in 2025, following a series of enforcement actions that saw two Main Bo…
The SFC and HKEX’s joint consultation on 19 June 2025 proposed codifying the common-law 'quiet period' for IPO applicants, a move that would transform a prev…
The Hong Kong Stock Exchange’s (HKEX) decision to tighten its review of research and development (R&D) expenditure capitalization has emerged as a decisive f…
The 2025-2026 financial year marks a decisive inflection point for offshore-incorporated Chinese companies pursuing Hong Kong listings under the red-chip str…
The 2025-2026 financial year has brought a decisive inflection point for the debate between Red Chip and H Share listing structures on the Hong Kong Stock Ex…
The SFC’s 2024-25 annual enforcement report, published in April 2025, recorded a 35% year-on-year increase in inquiries related to pre-IPO funding structures…
The Hong Kong Stock Exchange (HKEX) saw 72 new listings in 2024, raising a combined HKD 87.5 billion, a 75% increase in funds raised year-on-year. Yet beneat…
The Hong Kong Stock Exchange (HKEX) published its 2024 annual review of listing decisions in Q1 2025, revealing that related party transactions (RPTs) remain…
The HKEX’s December 2024 consultation on the proposed mandatory electronic dissemination of results announcements, coupled with the Listing Committee’s ongoi…
Hong Kong’s IPO compensation landscape is undergoing a structural recalibration. The HKEX’s 2024-2025 listing rule amendments, specifically the codification…
The 2025 interim review by the Hong Kong Stock Exchange (HKEX) of Listing Rule amendments concerning backdoor listings and shell activities has placed renewe…
Hong Kong’s listing regime is often described as rules-based, but the real test of any regulator’s credibility lies in its appellate architecture. The past 1…
The Hong Kong IPO market has entered a period of capital discipline recalibration. In 2024, 70 companies listed on the Main Board and GEM, raising a combined…
The Hong Kong Stock Exchange (HKEX) has placed an intensified focus on an applicant’s exposure to international sanctions regimes during the vetting process,…
The Hong Kong IPO market in 2025 is no longer a straightforward calendar arbitrage. The SFC’s revised *Code of Conduct* (effective 1 January 2025) mandates s…
Post-listing equity fundraising via rights issues has returned to the forefront of Hong Kong market mechanics in 2025, driven by a confluence of tighter liqu…
The calculus for Chinese companies listed in the US choosing between a secondary listing and a dual primary listing on the Hong Kong Stock Exchange (HKEX) ha…
The SFC’s dual filing regime under the Securities and Futures Ordinance (Cap. 571) is not a new concept, but its operational teeth have sharpened considerabl…
The SFC’s latest thematic review of licensed corporations’ handling of client assets, published in Q1 2025, found that 38% of sampled firms had at least one…
The Hong Kong IPO market in 2025 is seeing a structural shift in pre-IPO equity incentive design, driven by a tightening regulatory lens on share award schem…
Hong Kong’s IPO pipeline for 2025-2026 is heavily populated by pre-revenue biotech firms, high-growth tech companies, and special purpose acquisition company…
Share consolidation and share subdivision — collectively referred to as capital reorganisation exercises — have become an increasingly visible feature of Hon…
Hong Kong issuers have repurchased over HKD 120 billion of their own shares in the first seven months of 2025, a pace that already exceeds the full-year tota…
The Hong Kong market’s disclosure regime for substantial shareholder movements is undergoing a quiet but significant recalibration, driven by the SFC’s 2024-…
The SFC’s 2024-25 enforcement priorities, coupled with the HKEX’s October 2024 amendments to the Listing Rules on connected transactions and the ongoing mark…
Hong Kong’s short position reporting regime, codified under the Securities and Futures (Short Position Reporting) Rules (Cap. 571Y), has become a critical, y…
Hong Kong’s SPAC regime, which took effect on 1 January 2022 via Chapter 18B of the Main Board Listing Rules, has entered a critical phase of market validati…
The Hong Kong Stock Exchange (HKEX) has observed a marked acceleration in spin-off proposals from Main Board issuers since the second half of 2024, a trend t…
Hong Kong’s stamp duty regime for share transfers is undergoing its most consequential structural adjustment in decades, following the 2023-24 Budget’s reduc…
The SFC’s enforcement division secured a landmark conviction in July 2025 against a former sponsor managing director for misrepresenting client due diligence…
The third quarter of 2025 has seen state-owned enterprises (SOEs) account for 42% of the total funds raised on the Hong Kong Stock Exchange (HKEX) Main Board…
The Hong Kong Stock Exchange (HKEX) allocated a record 85 new stock codes in the first quarter of 2025, with 31% of issuers specifically requesting codes con…
The Hong Kong Stock Exchange (HKEX) has intensified its enforcement of the “sufficient business operations” requirement under Listing Rule 13.24 over the pas…
The first generation of Hong Kong-listed weighted voting rights (WVR) issuers is approaching a critical juncture. Xiaomi Corporation (1810.HK), which listed…
The HKEX’s 2024 listing regime amendments, which came into full effect on 1 January 2025, have placed an unprecedented focus on supply chain resilience as a…
The HKEX’s 2025 consultation on the proposed amendments to the Listing Rules regarding the sufficiency of operations for cash company or shell company determ…
The Hong Kong market saw a notable uptick in transactions requiring whitewash waivers in the first half of 2025, driven by a combination of distressed asset…
Hong Kong IPO applicants have disclosed an average of 18.3% of net profit attributable to tax incentives across the 47 Main Board prospectuses filed in the f…
The Hong Kong IPO market in the first quarter of 2025 has witnessed a pronounced bifurcation in subscription behaviour, with a growing cohort of institutiona…
The Hong Kong Stock Exchange (HKEX) recorded 73 new listings on the Main Board and GEM in the first three quarters of 2025, a 22% year-on-year increase from…
The Hong Kong equity capital markets in 2025 are witnessing a distinct structural shift: top-up placing transactions have become the dominant mechanism for s…
The Hong Kong Stock Exchange’s (HKEX) 2025 consultation paper on enhanced corporate governance, which proposed mandatory disclosure of ultimate controlling p…
The Hong Kong Stock Exchange (HKEX) recorded 71 new listings in 2024, raising a combined HKD 87.5 billion, a 90% increase from 2023’s HKD 46.3 billion. This…
The Hong Kong IPO market has entered a period of structural realignment in 2025-2026, where the composition and responsibilities of the underwriting syndicat…
The SFC and HKEX’s joint consultation on Listing Rule amendments in December 2024 proposed mandatory disclosure of key operational metrics in prospectuses fo…
The Hong Kong Stock Exchange (HKEX) has, since the 2024 codification of its reverse takeover (RTO) rules under the amended Listing Decision LD119-2024, sharp…
The Hong Kong Stock Exchange (HKEX) issued a revised listing decision in November 2024 (HKEX-LD143-1) tightening the acceptable boundaries for Variable Inter…
The Hong Kong Exchange (HKEX) has formally concluded its consultation on proposed enhancements to the Weighted Voting Rights (WVR) regime, publishing a consu…
香港 IPO 招股书拆解与新股市场实时观察
The Hong Kong IPO market in 2025 is no longer a venue where a growth narrative alone commands a 30x price-to-earnings (P/E) multiple. Following the HKEX’s in…
The SFC and HKEX’s joint consultation conclusions on 28 March 2025, which introduced a mandatory 10% clawback mechanism for cornerstone investors in certain…
The Hong Kong Stock Exchange (HKEX) processed 78 listing applications in H1 2025, yet only 30 proceeded to a formal listing hearing, according to the exchang…
The Hong Kong Stock Exchange (HKEX) has, since the introduction of the enhanced Corporate Governance Code in January 2022 (effective for financial years comm…
The Hong Kong IPO market in 2025 presents a paradox: while the HKEX recorded 78 new listings in the first three quarters, raising approximately HKD 55.6 bill…
The Hong Kong Stock Exchange (HKEX) published its Consultation Conclusions on Proposed Enhancements to the Weighted Voting Rights (WVR) Regime on 19 December…
The 2025 first-quarter HKEX filings reveal a pattern that pre-IPO analysts and sponsors cannot afford to ignore: of the 28 companies that submitted A1 applic…