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HKEX plans confidential filings and lower startup market cap threshold
Hong Kong Exchanges and Clearing expects to announce the reforms by the end of this month, after consultations with market participants began in March.
Hong Kong Exchanges and Clearing (HKEX) plans to move ahead with listing reforms that would allow certain confidential filings and lower the market capitalization requirement for startup listings, the South China Morning Post reports, citing two sources.
The exchange’s proposal follows months of consultations with market participants that started in March, with the changes expected to be announced by the end of July.
According to one source, HKEX needs to compete with other markets to attract more startups, and confidential filing would let candidates disclose certain details only after their listings are approved by the exchange.
The sources also said the market cap requirements for weighted voting rights companies and international listings may be reduced from the levels originally proposed in March, after a majority of market participants backed confidential filing.