Hong Kong Securities News

The Exchange operates two boards. Main Board applicants must clear one of three financial tests under rule 8.05. The profit test asks for profit attributable to shareholders of not less than HK$35,000,000 in the most recent year and not less than HK$45,000,000 in aggregate across the two preceding years, on a trading record of at least three financial years. The market capitalisation, revenue and cash flow test asks for market capitalisation of at least HK$2,000,000,000 at listing, revenue of at least HK$500,000,000 in the most recent audited year, and positive operating cash flow of at least HK$100,000,000 over three years. The market capitalisation and revenue test raises the capitalisation bar to HK$4,000,000,000. GEM, the second board, is the smaller-company route: rule 11.12A accepts a cash flow test of at least HK$30,000,000 in aggregate over two financial years, or a research-led test requiring market capitalisation of at least HK$250,000,000, revenue of at least HK$100,000,000 over two years and research and development spending of at least 15% of total operating expenditure.

Free float is set by size. Rule 8.08 requires 25% of a class in public hands where the expected market value at listing does not exceed HK$6,000,000,000, falling to a floor of 15% between that level and HK$30,000,000,000 and to 10% above it, with at least 300 shareholders and no more than 50% of the public float held by the three largest public holders.

The benchmark is the Hang Seng Index, launched on 24 Nov 1969 and reviewed quarterly, with 93 constituents and an 8% cap on any single stock. As at 31 Jul 2026 its constituents carried a total market value of HK$31,318,941 million, covering 66.75% of the eligible Main Board universe by market value and 51.98% by turnover. Banks, insurers, Chinese mainland issuers listed through H shares, property companies and internet platforms dominate the top of that list.

Debt is the market’s other half. Hong Kong arranged more than US$130 billion of international bond issuance in 2024, around 30% of the regional total and the ninth time it led Asia since 2015. Government borrowing runs through the Exchange Fund Bills and Notes Programme, the Government Bond Programme, the Government Sustainable Bond Programme and the Infrastructure Bond Programme, the last two sharing a HK$500 billion ceiling. GSN covers listings and secondary offerings on both boards, HKEX and SFC rule changes, and issuance under those government programmes.