This webinar 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, together with the key implications of the Uncertificated Securities Market (USM) regime scheduled for launch on 16 November 2026.
Key points:
- Background to the competitiveness review, including competitive pressures from other markets and the limited number of recent Chinese US listings that would previously have been eligible in Hong Kong
- Revisions to Chapter 8A WVR requirements, including lowered financial eligibility thresholds, the increased 20:1 voting ratio available only to larger applicants, and the revised minimum economic interest rules with dual floors and residual Exchange discretion for extreme cases
- Restructured Innovative Company Requirements under the Guide for New Listing Applicants (Route A – New Technologies Route and new Route B – New Business Model Route), the Novelty Characteristic, presumptions for Chapter 18A/18C and Qualified Biotech/Specialist Technology Companies, and refined external validation and sophisticated-investor guidance
- Reduced financial thresholds for secondary listings under Chapter 19C (aligned with the revised primary WVR tests) and updated guidance on changes of listing status
- Other initial listing changes, including formalisation of the ownership continuity and control requirement, expanded use of US GAAP, and the ability of commercialised Biotech and Specialist Technology Companies to list under Chapters 18A or 18C even where they meet Rule 8.05 tests
- Application Proof reforms (publication now optional) and expanded publication of professional-party details where a listing application is returned as not substantially complete
- Overview of the USM legal framework, prescribed securities, Specified Jurisdictions, participating securities, participation dates and specified dates
- Mandatory timelines and sequencing for Bermuda, Cayman Islands, Mainland China and Hong Kong issuers, together with ASR and Registrar Participant appointment obligations, terms-of-issue amendments, and listing-document and announcement disclosure requirements
- Dematerialisation, post-participation restrictions on the issue of new certificates, register rules, and ongoing corporate-action implications for holders without a USI profile
The full recording can be found on our Publications & Presentations page.