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The recording of our webinar “Hong Kong Competitiveness Review: Listing Rule Amendments and the Uncertificated Securities Market” is now available on YouTube.
In this session, we examined the Listing Rule amendments that took effect on 24 July 2026 to implement the first phase of the Hong Kong Stock Exchange’s Listing Framework Competitiveness Review. The discussion covered the background to the reforms, the revised Chapter 8A requirements for companies listing with a weighted voting rights (WVR) structure (including lowered financial eligibility thresholds, the higher 20:1 voting ratio available only to larger applicants, and the updated minimum economic interest rules), and the restructured Innovative Company Requirements under the Guide for New Listing Applicants (Route A and the new Route B).
We also reviewed the reduced thresholds for secondary listings under Chapter 19C, other changes to the initial listing framework (ownership continuity and control, expanded use of US GAAP, and the treatment of commercialised Biotech and Specialist Technology Companies), and the reforms to Application Proof publication and the consequences of a listing application being returned as not substantially complete. The second part of the webinar provided an overview of the Uncertificated Securities Market (USM) regime scheduled to launch on 16 November 2026, including the legal framework, prescribed securities and Specified Jurisdictions, participation timelines and specified dates, ASR appointment obligations, terms-of-issue amendments, disclosure requirements, dematerialisation, and the ongoing obligations that apply once securities become participating securities.
The session is intended for listing sponsors, legal advisers, directors, company secretaries, compliance professionals, issuers and prospective listing applicants who need a practical working knowledge of the July 2026 Listing Rule changes and the forthcoming USM regime.