- Validity period for eligible New Listing applications will be extended from six months to 12 months; the new measure will apply for three years
- This adjustment gives applicants greater flexibility to manage their listing timetable and reduces the need for duplicate work
- Regulatory standards and investor protection safeguards remain unchanged
The Stock Exchange of Hong Kong Limited (the Exchange), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEX), announces today (Friday) that it will grant a temporary waiver to extend the validity period of eligible New Listing1 applications from six months to 12 months from the date of the listing application form, subject to satisfaction of certain prescribed conditions2 and safeguards3 (the Temporary Waiver)4.
The Temporary Waiver gives applicants, sponsors and their advisers greater flexibility to manage their listing timetable and reduces the frequency of refiling applications thereby minimising submission of administrative updates that may later be superseded, allowing them to focus their time on the quality of the application materials and listing documents. This change will not alter the Exchange’s regulatory standards or the protections in place for investors. Applicants benefiting from the extension must still meet all applicable Listing Rules and provide complete, up-to-date information — including the latest business and financial information — so that regulators can properly assess each application and investors can make informed decisions.
Ms Katherine Ng, HKEX’s Head of Listing, said: “HKEX is committed to continuously enhancing the efficiency and competitiveness of Hong Kong’s listing framework, while upholding robust regulatory standards and public interest. With the support of the SFC, the extension builds on the Enhanced Application Timeframe5 introduced by the Exchange and the SFC in October 2024 and gives applicants greater flexibility to manage their listing timetable and supports a more focused and efficient application process.”
Throughout the New Listing application process, applicants, sponsors and their advisers are expected to monitor the progress, keep the regulators informed of material developments and submit a feasible timetable. Sponsors must exercise due skill, care and diligence in formulating a reasonable timetable, considering the time required by the regulators to review and complete the assessment. In view of the extension, the relevant timelines contemplated under the Enhanced Application Timeframe will be adjusted as appropriate by reference to the latest progress and timetable provided by applicants and sponsors.
The Temporary Waiver will be applicable to all New Listing applications that satisfy the prescribed conditions as set out earlier in this announcement and (a) remain valid on, or (b) are filed or refiled on or after, the date of this announcement6. Such waiver will apply for a fixed period of three years from the date of this announcement (i.e. 21 August 2026 to 20 August 2029). The Exchange will monitor its implementation and effectiveness and may review the relevant requirements or conduct public consultation where necessary and appropriate.
Notes:
- “New Listing” has the meaning ascribed to it in Main Board Listing Rule 1.01 and GEM Listing Rule 1.01, but for the purpose of this announcement, excludes any new listing of interests in a real estate investment trust or any reverse takeover of a listed issuer which is a deemed new listing under the Listing Rules.
- The conditions for the Temporary Waiver include (i) the Exchange has not indicated in its comment letter(s) that vetting of the applicant’s New Listing application was or has been suspended; and (ii) no direct requisition letter under the Securities and Futures (Stock Market Listing) Rules and/or a major concerns letter has been issued by the Securities and Futures Commission (SFC) and/or the Exchange. Notwithstanding the above, where the issues as set out in such regulatory letter(s) have been fully addressed to the satisfaction of both regulators prior to the expiration of the initial 6-months validity period, the relevant New Listing application shall still be granted the Temporary Waiver.
- Where there is a change in sponsor of the New Listing application during the period of the extension which warrants or triggers the requirement to re-submit a New Listing application under the Listing Rules, the New Listing application will lapse immediately on the day of such change.
- The SFC has formally consented to the Temporary Waiver pursuant to Main Board Listing Rule 2.04 and GEM Listing Rule 2.07.
- In October 2024, the SFC and the Exchange jointly announced the enhanced timeframe for New Listing application process to further enhance the market to provide greater clarity regarding the review process for New Listing applications.
- No separate waiver application is required to be made by applicants. Where the conditions are not satisfied, or where a change in sponsor requires a New Listing application to be made under the Listing Rules, the New Listing application will lapse upon expiry of the initial 6-months validity period or upon a change in sponsor (see note 3 above), as applicable.
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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