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事关IPO!港交所,重磅新规!

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is implementing reforms to enhance the pricing and allocation mechanisms for initial public offerings (IPOs) to maintain its competitiveness and attract a new generation of quality companies to list in Hong Kong [1][6]. Summary by Sections Changes in IPO Pricing and Allocation Mechanisms - The minimum allocation to the book-building portion has been reduced from 50% to 40% of the initially proposed shares for IPOs [2]. - Two allocation mechanisms have been introduced for new listing applicants: Mechanism A and Mechanism B. Mechanism A allows for a designated allocation percentage based on oversubscription levels, with the maximum clawback percentage increased from 20% to 35% [2][3]. - Mechanism B requires issuers to pre-select an allocation percentage for the public offering, ranging from 10% to 60%, without a clawback mechanism [3]. Initial Public Holding and Free Float Requirements - New minimum public holding and free float requirements have been established for issuers at the time of listing, with specific thresholds based on market capitalization [4][11]. - The initial public holding requirement is tiered based on the issuer's market value, providing more flexibility compared to the previous fixed percentage [10][11]. Rationale for Changes - The pricing mechanism for new shares has not been updated for 27 years, despite significant changes in the market landscape, including a shift from retail to institutional investors [6][7]. - The reforms aim to create a more flexible, clear, and transparent framework for issuers and investors, addressing the increased participation of international and institutional investors [6][8]. Future Consultations - Further consultations will be conducted regarding the continuous public holding requirements to ensure they are appropriate for larger companies listing in Hong Kong [10][12]. - The new regulations are set to take effect on August 4, 2025, and will apply to all new listing applicants submitting documents on or after that date [5][10].