Eight proposed revisions to the listing rules of the Hong Kong securities market: Allowing the Securities and Futures Commission to withdraw objections to listing notifications.

On July 6, Deputy Commissioner of the Hong Kong Treasury, Chen Haolian, together with representatives from the Hong Kong Securities and Futures Commission, briefed the committee on proposed amendments to the Securities and Futures (Stock Market Listing) Rules (Chapter 571V) (Listing Rules) with the aim of promoting market development while ensuring that the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange implement effective measures to enhance market quality and safeguard the rights of investors. The Securities and Futures Commission has conducted a comprehensive review of the Listing Rules and proposed amendments. Overall, the proposed revisions are aimed at enhancing the efficiency and flexibility of the Hong Kong Securities and Futures Commission in handling listing applications and regulating listed issuers, and providing investors with broader protection. The proposed amendments cover eight main areas: (1) Allowing the Securities and Futures Commission to rescind notices opposing the listing of securities under specific circumstances, enabling listing applicants to proceed with their original listing applications for a more efficient process; (2) Clarifying the conditions that the Securities and Futures Commission can impose on listing applicants for continuous application, enhancing the efficiency and flexibility of the Securities and Futures Commission in handling listing applications; (3) Allowing the Securities and Futures Commission to impose post-listing conditions on listed issuers in appropriate circumstances as an alternative to trading suspension to maintain an orderly and fair securities market; (4) Allowing the Securities and Futures Commission to revise or revoke conditions related to listing applications, post-listing matters, and resumption of trading, and impose new conditions as needed to respond to subsequent developments and modify regulatory actions taken accordingly; (5) Allowing the Securities and Futures Commission to initiate or respond to requests from listed issuers to resume trading, and empowering the board of the Securities and Futures Commission to delegate the decision-making power to executive directors or executive committee members to expedite the process of resuming trading; (6) Extending the right of the Securities and Futures Commission to request information from listed companies on post-listing matters, enhancing effective and ongoing communication with listed issuers; (7) Allowing decisions made by the Securities and Futures Commission under the Listing Rules to be subject to review by the Securities and Futures Appeals Tribunal, ensuring that regulatory decisions are reasonable, proportionate, and fair, and allowing affected listed issuers to apply for a review of relevant decisions; and (8) Removing certain automatic exemptions under the Listing Rules, including those related to preferential subscription issues based on shareholding ratios and employee share option issuances, to mitigate the risk of potential abuse by individual wrongdoers and strengthen investor protection. The Securities and Futures Commission conducted a market consultation on the proposed legislative amendments to enhance the Listing Rules from March to May 2025. The feedback received generally supported the proposed arrangements. Based on the committee's feedback, the aim is to submit the relevant legislative amendments to the Hong Kong Legislative Council later this year. Chen Haolian stated that Hong Kong, as a major global listing platform, has been actively promoting the continuous review of listing mechanisms and approval processes by the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange (Hong Kong Exchanges and Clearing Limited) to balance market development and regulatory needs. In order to facilitate more high-quality companies to list in Hong Kong, a number of listing system reforms have been introduced in recent years, including the introduction of a special technology company listing mechanism and the launch of the "Stock Connect for High-Growth Companies," enhancing the framework for overseas issuers to list and optimizing the listing application approval process, making the listing platform more in line with the latest economic trends and corporate needs. In fact, in terms of initial public offerings (IPOs), Hong Kong welcomed a total of 119 new listings in 2025, with IPO fundraising exceeding HK$280 billion, more than double the amount from the previous year, ranking first globally. The market has continued to thrive this year, with IPO fundraising exceeding HK$200 billion as of June.