Hong Kong Exchanges and Clearing Limited (00388): Positive market response after the launch of the technology fast track, will study and optimize the structure of dual-class shares

Jason Hui, Head of Global Listing Services at the Hong Kong Stock Exchange (00388), stated in Riyadh during a media interview that the launch of the technology pipeline in May this year has received a positive market response, allowing for confidential filings to bring greater flexibility to companies. Currently, there are around 300 companies applying for listing, with nearly half from the technology industry, followed by healthcare and biotechnology. Hui mentioned that there is no crystal ball to predict the situation of new stocks next year, but based on current new stocks or follow-up financing investors and market responses, liquidity and future performance after listing are relatively healthy, and he hopes the situation can continue. The exchange will continue to promote and optimize listing procedures to make companies more flexible, and the listing process and regulations of the exchange will be tailored to the development of the capital markets. The Hong Kong Stock Exchange will also study whether there is room for improvement in the dual-class share structure introduced seven years ago. He also mentioned that the office established by the Hong Kong Stock Exchange in Riyadh, Saudi Arabia, has recently started operating and is expected to strengthen communication and exchange with relevant partners in the region. Regarding the first consumer company headquartered in the Middle East planning to go public in Hong Kong, Hui believes this is an initial achievement for the exchange, emphasizing that Hong Kong can provide added value for companies in the Middle East. Currently, Hong Kong's total capital raised from new listings exceeds 27 billion US dollars, temporarily ranking first globally, with follow-up financing after listing exceeding 60 billion US dollars. On this basis, if companies in the Middle East consider listing on other exchanges, Hong Kong can provide liquidity or opportunities for investor growth and enhancement. Regarding the listing of virtual asset companies on the Hong Kong Stock Exchange, Hui emphasized that the exchange is rule-based and the fundamental principle for listing is that companies need to have substantive business. The Hong Kong Stock Exchange is currently conducting research on virtual currencies, with one direction being that they are used in application scenarios, which relates to how to optimize or promote market infrastructure.