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 2024, which includes a review of the committee’s work during the year and an overview of its policy agenda for 2025 and beyond.
In 2024, the Listing Committee considered 80 listing applications and 32 disciplinary cases, in addition to hearing three review cases and one application made pursuant to Rule 2A.14 of the Listing Rules. The Exchange welcomed the listings of three Specialist Technology Companies under Chapter 18C of the Listing Rules, three new listings on GEM since the implementation of the GEM Listing reforms in January, and the completion of the first De-SPAC transaction.
During the year, the Exchange concluded various market consultations and implemented new Rules to align its climate disclosure requirements with international standards, enhance the Corporate Governance Code to strengthen issuers’ board effectiveness, and introduce the treasury shares regime to give issuers greater flexibility in responding to market conditions. The Exchange also introduced new Rules to further expand its paperless listing regime and implement severe weather trading in Hong Kong.
To ensure its listing regime is fit for purpose and meets the needs of a changing market, the Exchange and the Securities and Futures Commission also published joint announcements to make temporary modifications to the requirements for listing Specialist Technology Companies and De-SPAC Transactions, as well as to implement an enhanced timeframe for the new listing application process (including the introduction of an accelerated timeframe for eligible A-share listed companies).
“In 2024, we focused on enhancing the Exchange’s market quality, improving the efficiency and certainty of the listing process, whilst maintaining our investor protection standards,” said Renu Bhatia, Chairman of the Listing Committee.
“This year, we look forward to finalising the proposals to optimise IPO price discovery and open market requirements based on the market’s feedback. We intend to also consult the market on the structured products listing framework, with a view to enhancing the listing standards of structured products and facilitating new product development." Ms Bhatia added. “These reforms will increase the attractiveness of our listing framework globally and broaden capital market access for issuers and investors in Hong Kong.”
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 2024 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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