香港资本市场通讯 – 2025年1月，第2期

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The Hong Kong Stock Exchange (HKEX) is consulting on optimizing the pricing and public market regulations for initial public offerings (IPOs) to enhance attractiveness and competitiveness for existing and potential issuers [1][2] - Proposed measures include adjustments to public float requirements, initial public float thresholds, and flexible pricing mechanisms to improve market participation and reduce discrepancies between offer prices and actual trading prices post-listing [1][3][4] Summary by Sections Public Market Regulations - HKEX suggests calculating public float percentage based solely on the relevant securities category for listing, excluding shares listed on other regulated markets [3] - A tiered initial public float threshold is proposed, with varying requirements based on expected market capitalization, aiming to attract larger issuers while aligning with international standards [4][5] - The report seeks feedback on whether issuers should maintain public float levels post-listing and the current suspension rules for those falling below thresholds [6] Initial Public Float - The proposed tiered structure for initial public float includes four levels based on expected market capitalization, with minimum public holdings ranging from 5% to 25% [4][5] Free Float - New applicants must ensure a minimum free float of 10% with a market value of at least 50 million HKD or a total market value of 600 million HKD at listing [7][8] A + H Issuers - The minimum threshold for A + H issuers is proposed to be reduced to 10% of total issued shares or a market value of at least 3 billion HKD, addressing concerns about high barriers for large issuers [9] IPO Pricing Mechanisms - HKEX is seeking opinions on maintaining a six-month lock-up period for cornerstone investors or allowing phased release of lock-up [10] - A minimum of 50% of IPO shares is proposed to be allocated to the book-building portion to enhance pricing influence [11] - The report suggests replacing current allocation rules for public subscription with options that allow for more flexible distribution based on demand [12][13] - A flexible pricing mechanism is proposed, allowing issuers to increase the final offer price by up to 10% post-prospectus publication [14] Public Consultation - The public consultation period for these proposals is open until March 19, 2025, with HKEX planning to publish a summary and final version of the listing rules after considering feedback [15]