HKEX(HK:00388) Feng Huang Wang·2025-12-18 02:52Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is implementing new continuous public float requirements to enhance capital management flexibility for issuers and improve market transparency, effective January 1, 2026 [1][3]. Group 1: Key Reforms - Introduction of an alternative continuous public float threshold allowing issuers to meet requirements by having at least 10% of shares held by the public and a market value of at least HKD 1 billion [2]. - Specific regulations for A+H issuers, requiring H-shares to constitute at least 5% of the total issued shares or have a market value of at least HKD 1 billion [2]. - New periodic reporting obligations for all listed issuers regarding public float, with additional disclosure requirements for those falling short, aimed at enhancing transparency and encouraging timely restoration of public float [2]. - Identification of issuers with severely insufficient public float, marked with a "-PF" suffix, with a remediation period of 18 months (12 months for GEM) before potential delisting [2]. Group 2: Implementation Details - The amendments to the Listing Rules will take effect on January 1, 2026, replacing existing transitional continuous public float regulations [3]. - New guidelines (HKEX-GL121-26) will also be effective on the same date to assist issuers in complying with the updated Listing Rules [3].