HKEX(HK:00388) Zheng Quan Shi Bao·2025-06-20 18:34Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) has undergone significant reforms and innovations over the past 25 years, enhancing its role as a key connector between China and the global financial markets [1][2][3] Group 1: Historical Context and Reforms - HKEX has experienced major transformations since its establishment, particularly highlighted by the 2018 listing rule reform, which allowed new economy companies to list in Hong Kong, reversing a trend of declining IPO rankings [1] - The 2018 reform was described as the most significant and controversial change in 25 years, enabling companies like Xiaomi, Meituan, JD.com, Alibaba, and Baidu to successfully list in Hong Kong [1][2] - The number of listed companies in Hong Kong has increased from 790 in 2000 to over 2600, demonstrating a growth of more than 200% [2] Group 2: Recent Developments - Since 2018, HKEX has continued to evolve, introducing a SPAC listing mechanism in 2022 and the 18C reform in March 2023, which allows unprofitable "specialized and innovative" tech companies to list [2] - In late 2024, HKEX will initiate a comprehensive reform of the new stock pricing mechanism, marking the most extensive change in 30 years [2] Group 3: Future Outlook - HKEX's role as a "super connector" remains unchanged, with an increasing importance in linking Chinese, Asian, and global emerging capital and innovative enterprises [3]