事关IPO！港交所，重磅新规

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is implementing reforms to optimize the pricing and allocation mechanisms for initial public offerings (IPOs) to enhance its competitiveness and attract a new generation of quality companies to list in Hong Kong [1][5]. Group 1: Changes in IPO Pricing and Allocation Mechanisms - The minimum allocation to the book-building portion of IPOs has been reduced from 50% to 40% [2]. - New applicants can choose between two allocation mechanisms: Mechanism A allows a maximum reallocation percentage of 35% to the public subscription portion, while Mechanism B sets a fixed allocation between 10% and 60% without a reallocation mechanism [2][6]. - The existing six-month lock-up period for cornerstone investors will remain in place to maintain investor commitment [2]. Group 2: Initial Public Holding and Free Float Requirements - New regulations will require issuers to meet minimum public holding and free float requirements at the time of listing, with HKEX retaining discretion to exempt certain applicants [3]. - The new rules will take effect on August 4, 2025, and will apply to all new applicants filing listing documents on or after that date [3]. Group 3: Rationale for Modifying the Pricing Mechanism - The current IPO pricing mechanism has not changed in 27 years, despite significant changes in the backgrounds of issuers and investors [5]. - The market has shifted from being dominated by retail investors to a landscape where institutional investors account for nearly 90% of trading [5][6]. - The reforms aim to create a more flexible, clear, and transparent framework for pricing and allocation, balancing the interests of institutional and retail investors [5][7]. Group 4: Future Consultation on Continuous Public Holding Requirements - HKEX is seeking further consultation on the continuous public holding requirements, recognizing the need for flexibility given the increasing number of large companies listing in Hong Kong [8]. - A tiered initial public holding requirement based on market capitalization will be introduced to provide clearer guidance for companies looking to list [8][9].