Hong Kong Stock Exchange Eases IPO Public Float Requirements and Reforms IPO Price Discovery Process

Last Friday (1 August 2025), the Hong Kong Stock Exchange (the “Exchange”) released the conclusions to its December 2024 consultation on the “Proposals to Optimise IPO Price Discovery and Open Market Requirements” (the “Conclusions”). The Exchange has largely adopted the proposals following broad market support, implementing a number of modifications and clarifications in response to market feedback. 

The new rules came into effect on 4 August 2025. This bulletin highlights the key new requirements, as revised in the Conclusions. 

In addition, the Exchange is running a further two-month consultation on the detailed proposed changes to the public float requirements applicable to listed issuers. The deadline for submitting comments to this further consultation is 1 October 2025. Please refer to our separate bulletin which covers this further consultation.

If you would like to discuss any aspects of the new rules or the ongoing consultation in more detail, please get in touch with your usual Linklaters contact.