ExclusiveHKEX to allow confidential filings, lower market cap threshold for start-ups: sources

HKEX is moving towards closed listings to compete with other exchanges that allow for confidentiality

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The Hong Kong Exchanges and Clearing (HKEX) in Central on July 17. Photo: Karma Lo

Published: 10:30am, 21 Jul 2026Updated: 5:22pm, 21 Jul 2026

Hong Kong Exchanges and Clearing (HKEX) would proceed with its listing reform to allow confidential filings and a lower market capitalisation requirement, as part of the exchange operator’s plan to increase its international competitiveness, two sources told the South China Morning Post.

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 start-ups to list here, which is why confidential filing and a lower market capitalisation are important,” one of the sources said.

HKEX proposed in March its biggest set of listing reforms since 2018 for its stock exchange, the third-largest in Asia, to improve the competitiveness of the exchange’s initial public offerings (IPOs).

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.

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}HKEX is moving towards closed listings to compete with other exchanges that allow for confidentiality

HKEX is moving towards closed listings to compete with other exchanges that allow for confidentiality