港股IPO新规，最全解读！

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has revamped its IPO rules after 27 years to better align with the current market dynamics, focusing on more accurate pricing and attracting quality companies to list in Hong Kong [2][3]. Group 1: Reasons for Rule Changes - The changes are driven by a significant shift in market composition, where institutional investors now account for nearly 90% of trading, compared to over 50% by retail investors 27 years ago [3]. - The goal of the new rules is to enhance pricing accuracy and satisfy both institutional and retail investors, thereby encouraging more companies to consider listing on the HKEX [3]. Group 2: Key Contents of New Rules - The minimum allocation of shares to the book-building portion has been reduced from 50% to 40%, which aims to increase the public offering share and ease the pressure on companies to find anchor investors, ultimately improving IPO success rates [6]. - The allocation mechanism for public offerings has been adjusted to allow issuers to choose between two options: - Mechanism A allows for a flexible adjustment of shares based on demand, with a maximum reallocation of 35% to retail investors if oversubscribed [7][8]. - Mechanism B introduces a fixed allocation percentage of 10%-60% for retail investors, with no reallocation mechanism [8]. - A new tiered mechanism for public shareholding requirements has been introduced, where larger companies face lower public shareholding thresholds, thus reducing share dilution for major shareholders [10][12]. Group 3: Implications for Companies - Companies must choose between Mechanism A and B based on their shareholder strategy, with different implications for retail investor engagement and institutional investor stability [14]. - The requirement for at least 40% of shares to be allocated to institutional investors emphasizes the importance of institutional participation in determining pricing, which can lead to more rational pricing and reduced stock price volatility post-IPO [9][15]. - Companies are advised to maintain strong relationships with institutional investors well in advance of their IPO, ensuring transparency and realistic projections to build trust [16].