Core Viewpoint - Charles Li Xiaojia has suspended the IPO plan for Micro Connect International Finance (MCIF) due to the extended timeline outweighing anticipated benefits, impacting the company's deployment schedule and broader progress [1][2]. Group 1: IPO Suspension - The IPO application for MCIF expired on December 18 after failing to complete the listing within a six-month window [5]. - Li will now operate MCIF as a private fund and raise capital from the private sector, with Micro Connect Group committing US$100 million and seeking additional funding [5]. Group 2: Future Plans and Market Context - Li expressed strong demand for MCIF from potential limited partners and investment targets, indicating a shift to operate as a private fund for greater flexibility in fundraising and deployment [6]. - Despite the suspension, Li remains open to a potential future listing of MCIF and maintains plans to list Micro Connect Group [6]. - No company has successfully listed through HKEX's Chapter 21 regime, prompting calls for a review of this framework [6]. Group 3: Background Information - Li, who previously served as CEO of HKEX, co-founded MCIF and has been involved in various listing reforms during his tenure [3][7]. - Micro Connect has launched several projects, including the Micro Connect Macau Financial Assets Exchange in 2023, which allows institutional investors to trade daily revenue obligations [7].