Following a market consultation, on 1 August 2025 The Stock Exchange of Hong Kong Limited (the HKEx) finalised a series of amendments to its Listing Rules (the Amendments), aiming at enhancing IPO price discovery and strengthening open market standards. They introduce changes that can be broadly categorised into:
- IPO offering mechanism;
- Open market requirements.
The Amendments are designed to enhance price discovery, improve allocation transparency, and promote a more active and accessible post-listing market. This article provides an overview of the key amendments and their practical implications for listing applicants and listed issuers of the Main Board of HKEx. The Amendments took effect on 4 August 2025.