HKEX(HK:00388) Sou Hu Cai Jing·2025-12-17 11:07Core Points - The Hong Kong Stock Exchange (HKEX) is introducing alternative public float thresholds to provide issuers with greater flexibility in capital management [1][4] - New reporting responsibilities for public float levels will be implemented for all issuers, with additional disclosure requirements for those with insufficient public float, enhancing market transparency [2][4] - The new public float regulations will take effect on January 1, 2026 [1][4] Group 1 - The alternative public float threshold allows issuers to meet ongoing public float requirements by having at least 10% of shares held by the public and a market capitalization of at least HKD 1 billion [4] - For A+H issuers, the public float for H-shares must represent at least 5% of the total issued H-shares or have a market capitalization of at least HKD 1 billion [4] - All listed issuers will be subject to new periodic reporting requirements for public float, with additional responsibilities for those below the required levels, aimed at improving transparency and encouraging timely restoration of public float [4] Group 2 - The HKEX retains the right to delist shares of issuers that remain non-compliant for an extended period, reflecting a commitment to investor protection and maintaining market integrity [2] - The reforms are expected to complement previous initiatives such as the stock buyback mechanism and automatic share repurchase plan, enhancing market vitality and attractiveness [1][4] - The consultation summary and responses from stakeholders have been published on the HKEX website [5]