HKEX Expands Confidential Filing Option To All New Listing Applicants

Hong Kong Exchanges and Clearing subsidiary the Stock Exchange of Hong Kong will expand its confidential filing option to all new applicants with immediate effect, according to RTHK. The exchange also said it will cut the market-capitalisation threshold for weighted voting rights to HK$20 billion from the initial HK$40 billion. Companies with a market value of at least HK$6 billion can qualify if they generate at least HK$600 million in annual revenue, versus the previous rule that allowed firms with a market value of not more than HK$10 billion if they generated at least HK$1 billion in annual revenue. The move follows consultation conclusions on proposals to enhance the competitiveness of Hong Kong’s listing framework. The exchange received 73 responses between March and May, and said the second phase of consultation will be launched in due course.