Hong Kong Law
Newsletters
New Ongoing Public Float Requirements for HKEX Listed Companies from 1 January 2026
New ongoing public float requirements for Hong Kong-listed companies took effect on 1 January 2026 and apply to all listed companies including those listed before 1 January 2026
HKEX Issues Report & Guidance on Annual Report, Corporate Governance & ESG Report Disclosure
HKEX has published its Annual Review of Issuers’ Reports 2025 setting out findings and recommendations on listed issuers’ disclosure in their annual, CG and ESG reports
SFC Issues Circular on VATPs’ Shared Order Books
The SFC’s Circular permits Hong Kong licensed VATP operators to integrate order books with affiliated overseas VATPs, enabling cross-platform order matching via a Shared Order Book
HKEX Issues Guidance for HKEX Listed Issuers Navigating Opportunities in the Digital Asset Landscape
In November 2025, the Stock Exchange of Hong Kong Limited (HKEX) published Issue 13 of its Listing Regulation and Enforcement Newsletter which includes important guidance for companies listed on the HKEX (HKEX Listcos) engaging in digital assets-related activities.
HKEX Listing Regulation and Enforcement Newsletter: “Common Misunderstandings” of HKEX Listco Directors’ Duties
The HKEX addresses a common misunderstanding that delegation absolves directors of their responsibilities. Directors have sometimes argued that where a particular task or responsibility had been delegated and the delegated personnel did not alert them to any issues, there was nothing they could have done to prevent or detect the issuer’s HKEX Listing Rule breach or loss of assets.
Hong Kong SFC Expands VATPs’ Permitted Products and Services
On 3 November 2025, Hong Kong’s SFC issued the Circular on Expansion of Products and Services of Virtual Asset Trading Platforms to allow SFC-licensed VATPs to diversify their range of products and services
New SFC Custody Requirements for VATPs & Investor Warnings re. Stablecoin Market Movements
The SFC’s Circular sets out the minimum custody obligations of SFC-licensed VATPs and gives examples of best practices which, while not compulsory, provide ways of meeting the new minimum obligations.
HKMA Issues Guideline on Supervision of Stablecoin Issuers
The Guideline on Supervision of Stablecoin Issuers sets out how stablecoin issuers licensed by the HKMA under the Stablecoins Ordinance can meet the ongoing licensing criteria under Schedule 2 of the Ordinance
HKEX Listing Rule Changes Effective 4 August 2025 & Further Consultation on Ongoing Public Float
Major changes to the HKEX Listing Rules took effect on 4 August 2025, including reductions in the share allocation to the subscription tranche and the public float requirement on listing
SFC & FSTB Consult on Regulation of Virtual Asset Custodians
The FSTB and SFC issued a Public Consultation on a Legislative Proposal to Regulate Virtual Asset Custodian Services on a proposed licensing regime regulating VA custodian service providers in Hong Kong
Hong Kong SFC & FSTB Consult on Licensing Regime for Virtual Asset Dealing Service Providers
The FSTB and SFC issued a “Public Consultation on Legislative Proposal to Regulate Dealing in Virtual Assets” on a proposed licensing regime regulating Hong Kong VA dealing service providers
HKMA Consultations on Obligations of HKMA-Licensed Stablecoin Issuers
HKMA is consulting on the obligations, including in respect of AML and CFT, of fiat-referenced stablecoin issuers licensed by the HKMA under the Stablecoins Ordinance effective 1 August 2025