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Launch of FINI platform

Consequential rules changes to complement FINI

In November 2020, HKEX published a Concept Paper setting out a vision for modernising Hong Kong’s IPO settlement process where a new platform named FINI (Fast Interface for New Issuance) was proposed to address various bottlenecks and pain points in the settlement process of a new listing. Greeted with support from the market, HKEX has since been working on the development of the FINI platform. FINI has now launched and further information is available on the FINI webpage.

The Exchange has introduced appropriate consequential changes (and housekeeping changes) to the Listing Rules and guidance materials (which are set out below) in relation to FINI in June 2023 which will apply to new listing applicants1 that publish prospectuses on or after 22 November 2023.

Revised Listing Rules and Housekeeping Rule Amendments (effective 22 November 2023)

- Information Paper
- Consequential Amendments to the Main Board Listing Rules
- Housekeeping Amendments to the Main Board Listing Rules
- Consequential Amendments to the GEM Listing Rules
- Housekeeping Amendments to the GEM Listing Rules

 
Guidance Letters (effective 22 November 2023)
- GL55-13
- GL81-15 
- GL86-16
- GL90-18 

 
Listing Decisions (withdrawn on 22 November 2023)
- LD61-1
- LD86-1
   
FAQ (effective 22 November 2023)

Transitional arrangements
 
Transitional arrangements (details available here) will apply to new listings around the FINI launch date (22 November 2023). The foregoing revised Listing Rules and guidance materials will not apply to IPOs that are completing settlement under the CCASS T+5 regime, if the issuer had published its prospectus before 22 November 2023. Such issuers should follow the rules set out below which will remain on this website until 4 December 2023, being the last possible listing date under the CCASS T+5 regime.
 
Listing Rules for issuers completing T+5 settlement under transitional arrangements
 
- Main Board (English)
- Main Board (Chinese)
- GEM (English)
- GEM (Chinese)
   
Guidance Letter
- GL55-13
- GL81-15
- GL86-16
- GL90-18
   
Listing Decisions
- LD61-1
- LD86-1
   
For the avoidance of doubt, new listing applicants who fail to list on or before 4 December 2023 for any reason during CCASS T+5 settlement must cancel and relaunch its IPO under FINI T+2.
 
 
 
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1 Please refer to FINI Transition Arrangements Guide for new listings that do not include a Hong Kong public offer.


Updated 21 Nov 2023