Exchange Publishes Consultation Conclusions on Proposals to Enhance Listing Competitiveness

Regulatory

24 Jul 2026

All proposals to be adopted with modifications and clarifications following strong market support
New Listing Rule requirements will take effect immediately
A second-phase consultation on further competitive enhancements will be published in due course

The Stock Exchange of Hong Kong Limited (the Exchange), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEX), published today (Friday) the conclusions to its proposals¹ to enhance the competitiveness of Hong Kong’s listing framework (the Consultation Conclusions). These new Listing Rule requirements take effect immediately upon publication.

The Exchange received 73 responses from a broad range of respondents. The proposals received strong, and in many cases near-unanimous, support. The Exchange will adopt the proposals outlined in the consultation paper with minor modifications as set out in the Consultation Conclusions.

HKEX’s Head of Listing, Katherine Ng, said: “This reform is a major step in enhancing the flexibility and diversity of Hong Kong’s listing regime, ensuring it remains fit for purpose in an increasingly competitive global listing environment. By expanding access to our capital markets while maintaining robust corporate governance and investor protection, we are enabling a broader range of high-quality companies to list in Hong Kong and enriching opportunities for investors, elevating the city’s position as a global listing venue of choice. We would like to thank all respondents for their valuable feedback and support for this phase of our reform proposals. Our focus on enhancing the competitiveness of Hong Kong’s listing framework continues, and we look forward to further engaging with our broad stakeholders over the coming months.”

The proposals adopted are as follows:

Subject	Current Requirements	Key Proposals to be Adopted
Weighted voting rights
1. Financial eligibility	Market capitalisation:(A)≥HK$40 billion; or (B)≥HK$10 billion and revenue for the most recent audited financial year≥HK$1 billion.	To lower the thresholds to market capitalisation: (A) ≥ HK$20 billion; or (B) ≥ HK$6 billion and revenue for the most recent audited financial year ≥ HK$600 million.
2. Voting power and economic interest	Weighted voting ratio ≤ 10:1.	To allow a higher weighted voting ratio cap of 20:1 if market capitalisation at listing ≥ HK$40 billion.
2. Voting power and economic interest	WVR shareholding percentage ≥ 10% at listing (a lower percentage may be accepted on a case-by-case basis).	To allow WVR shareholding percentage ≥ 5% only if it represents an amount of ≥ HK$4 billion at listing.
3. Innovativeness and other suitability requirements	An applicant must demonstrate that it is an “innovative” company for listing with WVR.	To refine the “innovative” test to explicitly provide a path to listing, with WVR, for non-tech issuers applying a new business model.
	Applicants that are Biotech Companies or Specialist Technology Companies² are presumed to be innovative.	To expand the scope of technology companies presumed to be innovative (including qualified biotech and specialist technology companies even if they do not seek to list under Chapter 18A / 18C).
	An applicant must have previously received meaningful third-party investment from at least one sophisticated investor.	To provide greater clarity on external validation requirements.
Issuers listed overseas
1. Qualification requirements for secondary listings	WVR: Two-year compliant track record on a Qualifying Exchange with same financial eligibility thresholds as primary WVR listings.	WVR: To lower financial eligibility thresholds to match those for primary WVR listings.
1. Qualification requirements for secondary listings	Non-WVR: Market capitalisation: (A) ≥ HK$3 billion (for a five-year compliant track record on a Qualifying Exchange³ or Recognised Stock Exchange⁴); or (B) ≥ HK$10 billion (for a two-year compliant track record on a Qualifying Exchange)	Non-WVR: To lower the HK$10 billion market capitalisation threshold under test (B) to HK$6 billion.
2. Conversion to primary listing	Guidance is available to facilitate conversion from a secondary listing to a (dual) primary listing.	To publish streamlined guidance on secondary listed issuers’ conversion to primary listing and provide guidance on the typical steps required for compliance.
3. Further facilitative measures for issuers listed overseas	N/A	To continue to consider respondents’ suggestions on measures to further facilitate the listings of issuers listed overseas and conduct a public consultation if necessary.
Initial listing requirements and listing arrangements
1. Ownership continuity and control	An applicant must have been operating as an integrated unit under the same shareholder who is able to exert substantial influence on management in the relevant period.	To codify existing guidance: An applicant will be considered to have satisfied this requirement if it can demonstrate that there was no material change in influence on management during the relevant period despite a change in ownership.
2. Financial reporting standards	An applicant listed / to be listed in the US seeking a dual primary or secondary listing in Hong Kong may apply for a waiver to adopt US GAAP.	To expand the allowance of US GAAP to subsidiaries of US-listed parents and companies with substantial US business operations.
	US GAAP reporters must revert to HKFRS or IFRS upon a US delisting.	To remove this requirement.
	A reconciliation statement for unaudited financial reports must be reviewed by auditors.	To remove this requirement.
3. Commercialised Biotech and Specialist Technology applicants	A Biotech Company or Specialist Technology Company must list under the ordinary route to listing, and not the specialist routes (Chapters 18A or 18C), if it can meet any financial eligibility test under Chapter 8 of the Main Board Listing Rules.	To permit such applicants to seek a listing as a Biotech Company or Specialist Technology Company under the specialist routes even if they are financially eligible under the ordinary route to listing.
4. Confidential filing and enhanced Return Mechanism	Confidential filing option is only available to eligible secondary listing applicants, Biotech Companies and Specialist Technology Companies, or subject to case-by-case waivers for other applicants.	To expand the non-public filing option to all new applicants.
4. Confidential filing and enhanced Return Mechanism	An application that is not substantially complete may be returned, upon which the sponsor’s identity will be displayed on the Exchange’s website.	To enhance the Return Mechanism to display (in addition to the sponsor’s identity) the identities and roles of the professional parties involved in preparing the application materials upon a return of the listing application, and the reasons for return.

The reforms set out in the Consultation Conclusions constitute the first phase of the Exchange’s competitiveness review. The Exchange will continue to review the listing framework and publish another consultation paper on further areas of potential reform in due course.

The Consultation Conclusions and copies of the respondents’ submissions are available on the HKEX website.

Notes:

1. The consultation paper was published on 13 March 2026. The consultation period ended on 8 May 2026.

2. Applicants seeking to list under Chapters 18A and 18C of the Main Board Listing Rule.

3. Qualifying Exchanges are the New York Stock Exchange, Nasdaq Stock Market, and the Main Market of the London Stock Exchange plc.

4. Pursuant to Main Board Rule 1.01 (GEM Rule 1.01), a list of Recognised Stock Exchanges is published on the Exchange's website and will be updated from time to time.

Ends

Updated 24 Jul 2026