The Stock Exchange of Hong Kong Limited (the Exchange), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEX), published today (Monday) its Listing Committee Report for 2025, which includes a review of the committee’s work during the year and an overview of its policy agenda for 2026 and beyond.
In 2025, the Listing Committee considered 133 listing applications, in addition to hearing 26 disciplinary cases and 15 review cases. The Exchange welcomed 119 new listings, representing a 68 per cent increase from 2024. This included some of the world’s largest IPOs of 2025, major A-to-H listings, 16 Biotech Companies and five Specialist Technology Companies, as well as new listings of international companies. During the year, the Exchange expanded the number of Recognised Stock Exchanges in Southeast Asia by adding the Stock Exchange of Thailand to the list. At the same time, it observed strong post-IPO follow-on activities, including the issuance of equity and equity-linked securities of significant size.
To support high-quality technology-driven businesses in their listing applications, the Exchange and the Securities and Futures Commission jointly announced the launch of a dedicated Technology Enterprises Channel (TECH) to support Specialist Technology Companies and Biotech Companies through the listing process and provided these companies with a new confidential filing option and facilitated their listings with a weighted voting right (WVR) structure.
To ensure its listing and ongoing regulatory framework remains open, transparent and fit for purpose, the Exchange implemented amendments to the Listing Rules to optimise IPO price discovery and open market requirements, and concluded enhancements to its ongoing public float regulatory framework to increase issuers’ flexibility in capital management. As part of the Exchange’s ongoing efforts to streamline the listing process, the Exchange also adopted proposals to expand the paperless regime, enabling issuers to use digital communication and payment technologies, and introduced the new AI-powered Annual Report Explorer to support issuers on their compliance journey.
“In 2025, Hong Kong was crowned the world’s top IPO fundraising venue. This achievement underscored the Exchange’s ongoing efforts to enhance market quality, efficiency and certainty of the listing process, whilst upholding our investor protection standards,” said Christopher Wong, Chairman of the Listing Committee.
Looking ahead, the Exchange will be finalising its proposals to enhance the competitiveness of its listing framework based on the market feedback, and will also conclude its consultation on enhancing Hong Kong’s structured products listing regime (Chapter 15A of the Main Board Listing Rules).
In view of stakeholder feedback, the Exchange also intends to consult the market on alternative platforms for trading, as well as to initiate a review of the listing regimes for SPACs and Specialist Technology Companies.
Mr Wong added: “These reforms will further elevate the attractiveness of our listing framework and ensure that it remains competitive and fit for purpose, supporting Hong Kong’s continued development as a global financial centre of choice.”
The Listing Committee, which consists of 27 independent members and the HKEX Chief Executive Officer as an ex-officio member, acts both as an independent administrative decision maker and an advisory body for the Exchange. It oversees the Listing Division, provides policy advice to the Exchange on listing matters, takes decisions of material significance for listing applicants, listed issuers and the individuals concerned, and acts as a review body.
The Listing Committee Report 2025 can be found on the HKEX website. The website also has information on the role and mode of operation of the Listing Committee.
About HKEX
Hong Kong Exchanges and Clearing Limited (HKEX) is a publicly-traded company (HKEX Stock Code: 388) and one of the world’s leading global exchange groups, offering a range of equity, derivative, commodity, fixed income and other financial markets, products and services, including the London Metal Exchange.
As a superconnector and gateway between East and West, HKEX facilitates the two-way flow of capital, ideas and dialogue between China and the rest of the world, through its pioneering Connect schemes, increasingly diversified product ecosystem and its deep, liquid and international markets.
HKEX is a purpose-led organisation which, across its business and through the work of HKEX Foundation, seeks to connect, promote and progress its markets and the communities it supports for the prosperity of all.
www.hkexgroup.com
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