HKEX to allow confidential filings, lower market cap threshold for start-ups, sources say

ExclusiveHKEX to allow confidential filings, lower market cap threshold for start-ups, sources say HKEX is moving towards closed listings to compete with exchanges in other countries which allow for confidentiality The move would be a result of the exchange’s months-long consultations with market participants that began in March, and was expected to be announced by the end of this month, the sources said. “The exchange would need to compete with other markets to fight for the start-ups to list here, which is why confidential filing and a lower market capitalisation are important,” one of the sources said. The confidential filing mechanism would allow candidates to disclose certain details only after their listings are approved by the exchange operator. The market cap requirements for weighted voting right (WVR) companies and international listings may also end up lower than those originally proposed in March. “A majority of market participants support having confidential filing, which has led HKEX to decide to go ahead with the plan,” another source said. [Image text:] MMe HKEXC SCCEA3782.62 HOLDINGS77.5+0.6500O03