港交所重磅新规落地

Core Viewpoint - The new IPO regulations by the Hong Kong Stock Exchange (HKEX) aim to optimize market mechanisms and enhance international competitiveness, particularly by adjusting the allocation of shares to institutional investors and retail investors [1][9]. Summary by Sections New Regulations - The minimum allocation of new shares to the book-building portion has been reduced from 50% to 40% [1][3]. - Issuers can choose between Mechanism A or Mechanism B for share allocation during IPOs [1][5]. Mechanism A and B - Mechanism A retains the original approach of reallocating shares based on oversubscription multiples but reduces the reallocation ratios [4][5]. - Mechanism B introduces a fixed allocation percentage for public subscription, ranging from 10% to 60%, without a reallocation mechanism [5][9]. Impact on Institutional and Retail Investors - The new rules ensure that institutional investors receive at least 40% of the shares, which is expected to stabilize stock prices post-IPO [4][9]. - The changes are seen as beneficial for institutional investors, enhancing their participation in pricing and potentially increasing market liquidity [7][11]. Market Trends - As of July 25, 2025, 52 companies have listed on the Hong Kong Stock Exchange, nearing the total of 75 from 2024 and 2023 combined [8]. - The total funds raised through IPOs in 2025 reached HKD 127.36 billion, the highest since 2021, indicating a robust market recovery [8]. Overall Market Strategy - The HKEX aims to balance the interests of various types of investors and improve the robustness of the pricing and allocation mechanisms [8][9]. - The new regulations are designed to attract more high-quality companies to list in Hong Kong, aligning with international standards [9][10].