The Stock Exchange of Hong Kong Limited (the Exchange), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEX), today (Monday) published its Listing Committee Report for 2023, which includes a review of the committee’s work during the year and an overview of its policy agenda for 2024 and beyond.

In 2023, the Listing Committee considered 73 listing applications, in addition to hearing eight review and 28 disciplinary cases. The Exchange launched a new listing route for specialist technology companies and, on 1 January 2024, implemented GEM listing reforms to provide an efficient and supportive listing environment for small and medium-sized enterprises.

During the year, the Exchange further broadened its global connections, adding the Saudi Exchange and the Indonesian Stock Exchange to the list of Recognised Stock Exchanges, increasing the attractiveness of the Exchange globally and enhancing opportunities for issuers and investors.

The Exchange also launched FINI1 in November to streamline the IPO settlement operations. FINI shortens the cycle between IPO pricing and the start of trading from five business days to two business days, giving investors quicker access to new listings, reducing market risk and improving efficiency for all parties. The Exchange also expanded its paperless initiative to modernise communications between issuers, investors and the public.

“In 2023, we continued to focus on enhancing the Exchange’s market competitiveness and broadening capital markets access in Hong Kong, improving the efficiency of the listing process, whilst maintaining our high standards,” said Renu Bhatia, Chairman of the Listing Committee.

“We look forward, in 2024, to publishing conclusions to our treasury shares consultation, giving issuers greater flexibility to manage their capital structure in response to market conditions. We will also launch a review of our Rules for structured products and expect to publish a consultation paper on enhancements to corporate governance requirements. This is all in addition to our conclusions on the adoption of ISSB2 climate disclosure standards for Hong Kong." Ms Bhatia added. “These reforms will help build on the quality and attractiveness of our markets, allowing the Exchange to capture the many opportunities ahead and strengthening Hong Kong’s leading position as an IFC.”

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 2023 can be found on the HKEX website. The website also has information on the role and mode of operation of the Listing Committee.

Notes:

1.Fast Interface for New Issuance.

2.The International Sustainability Standards Board.