Hong Kong Stock Exchange: 119 companies newly listed in 2025 lead globally and will continue to take measures to enhance competitiveness.

On March 16th, the Hong Kong Stock Exchange published the "Committee Report for 2025", reviewing the work of the Listing Committee in 2025 and looking forward to the policy direction for 2026 and beyond. The Chairman of the Hong Kong Listing Committee, Walter Yung, stated that in 2025, Hong Kong's initial public offering (IPO) market once again led globally, and measures will continue to be taken to enhance competitiveness to promote the sustainable development of Hong Kong as an international financial center. The report noted that the Listing Committee processed 133 listing applications in 2025, and held hearings for 26 disciplinary cases and 15 review cases. Within the year, the Stock Exchange had a total of 119 new listings, an increase of 68% from 2024, including the largest global IPO of the year, several large A+H new listings, 16 biotechnology companies, five technology companies, and numerous international companies. The Stock Exchange also added the Stock Exchange of Thailand as a recognized securities exchange in Southeast Asia. Additionally, activities such as large stock and equity-linked securities offerings after listing were also very active. To assist high-quality technology companies in applying for listing, the Stock Exchange and the Securities and Futures Commission issued a joint announcement last year, launching the "Biotech and Tech Track" to provide assistance for the listing applications of technology and biotechnology companies, allowing these companies to submit their listing applications in confidence and facilitating their listing with different voting rights structures. To ensure the listing mechanism and continuous regulatory framework remain transparent and meet requirements, the Stock Exchange revised the "Listing Rules" to optimize IPO market pricing and public market provisions, and published a consultation summary on optimizing the regulatory framework for maintaining a minimum level of public shareholding, aiming to increase issuers' flexibility in capital management. To further enhance the convenience of the listing process, the Stock Exchange expanded its paperless listing mechanism, allowing issuers to flexibly use electronic communication and electronic payment technologies, and introduced a new artificial intelligence platform called "Annual Report Easy View" to support issuers' compliance processes. Following market consultation feedback, the Stock Exchange will formulate final proposals to enhance the competitiveness of the listing mechanism, and will also publish a consultation summary on optimizing the listing regime for structured products (Chapter 15A of the Main Board Listing Rules). Additionally, in response to market suggestions, the Stock Exchange plans to conduct market consultations on establishing an alternative trading platform, and will review the listing regime for special purpose acquisition companies and technology companies. Chairman Walter Yung of the Listing Committee stated that the Hong Kong IPO market once again led globally in 2025, fully affirming the efforts and work of the Stock Exchange in improving market quality, enhancing listing process efficiency and transparency, and safeguarding investor protection levels. He also expressed hope that through these reforms, the attractiveness and competitiveness of Hong Kong's listing mechanism will be further enhanced, meeting market needs and driving the continuous development of Hong Kong as an international financial center.