Hong Kong Stock Exchange's Chan Yiting: Enhance the bargaining power of influential investors and issuers.

On June 17th, at the 2026 Lujiazui Forum "Plenary Session Three: Establishing a Sound and Efficient Capital Market", Charles Li, CEO of the Hong Kong Stock Exchange Group, stated that when companies issue stocks, they are not only concerned about raising funds, but also pay great attention to whether the market can provide a reasonable pricing, especially for companies that have not made a profit or generated revenue, which cannot be priced using traditional PE methods. "Hong Kong has recently optimized the pricing and allocation mechanisms for new stocks. Our approach is to increase the bargaining power of investors and issuers with decision-making power." Li said, "What I mean is that in the IPO pricing process, retail investors have no decision-making power. Institutional investors have more say, so starting from last year, Hong Kong has shifted the allocation ratio more towards institutional investors, giving them greater decision-making power."