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FINI: IPO settlement reform

Fini web banner_EN

FINI (Fast Interface for New Issuance) is a new platform being developed by HKEX that enables professional IPO market participants and regulatory authorities to interact seamlessly and digitally on the many important steps that comprise the end-to-end settlement process for new listings in Hong Kong.

By modernising both the logic and the infrastructure of the Hong Kong IPO settlement process, HKEX expects that the introduction of FINI will shorten the time gap between IPO pricing and trading. This will give investors quicker access to new listings, reduce market risk and improve efficiency for all parties involved. This reform will benefit all of Hong Kong by making our IPO market more efficient, robust and equipped for a digital future, whilst maintaining and extending Hong Kong’s global leadership as a competitive listing venue.

 

READ THIS FIRST

 

REGISTRATION [DEADLINE: 17 FEBRUARY 2023]

The formal on-boarding process has begun. Market participants are advised to read the following documents carefully, then submit the Online FINI Registration Form (if applicable) to HKSCC:

 

TESTING [DEADLINE: 31 MARCH 2023]

Market participants whose on-boarding registration has been approved by HKSCC may submit an Online FINI Testing Registration Form for requesting access to the FINI testing environment, which requires a dedicated Virtual Private Network (VPN) setup:

 

PRODUCTION USE [LAUNCH DATE TO BE ANNOUNCED]

Market participants may also use the following links to access different sections of the FINI User Guide:

 

HKEX warmly welcomes market participants to reach out for any enquiries or discussions by contacting projectfini@hkex.com.hk or +852 2211 5888.

NOTE: If an LC or RI intends to offer EIPO subscription services to a client and wishes to use the client’s BCAN as a client identifier when submitting the subscription to HKSCC, it must first obtain the client’s consent as per SFC’s requirement. Further information on the relevant consent requirements can be found in SEHK’s circular and HKSCC’s circular dated 26 November 2021.

 

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Updated 20 Jan 2023