Wednesday December 17 2025

News Source: Global Exchanges

Focus: Listing Rules

Type: General

Country: Hong Kong

Link: https://tinyurl.com/3nb7ufa7




On 17th December 2025, the Hong Kong Exchanges and Clearing Limited (HKEX) published conclusions to its consultation on ongoing public float requirements.

The key reforms adopted include:

  • An alternative ongoing public float threshold: issuers may choose to comply with an alternative threshold (instead of the percentage threshold prescribed at the time of listing) to maintain a public float representing (a) at least 10 per cent of total issued shares in the listed class and (b) a market value of over HK$1 billion, to have more flexibility to conduct transactions for capital management purposes (share repurchases);
  • A bespoke ongoing public float requirement for A+H issuers: public float of H shares must represent at least 5 per cent of total issued shares in the class to which H shares belong (i.e. A shares and H shares), or have a market value of over HK$1 billion, to ensure a “critical mass” of H shares remains in public hands on an ongoing basis;
  • New regular public float reporting requirements for all listed issuers, as well as additional public float disclosure obligations and a restriction from corporate actions for those issuers with public float shortfalls, to enhance transparency and encourage timely restoration of public float; and
  • Identifying issuers with a significant public float shortfall with reference to their public float market value and percentage. These issuers will be identified by a stock marker (“-PF”) at the end of their stock name, instead of being suspended. Such issuers will be delisted if they fail to restore public float within 18 months (GEM: 12 months).

The Listing Rule amendments to implement the above proposals will come into effect on 1st January 2026 and apply to all listed issuers. The new requirements will supersede and replace the transitional ongoing public float requirements currently in effect. A new Guidance Letter (HKEX-GL121-26) on public float requirements will also take effect on the same day to facilitate issuers’ compliance with the new Rule requirements.

Click on the above link for further information