The Securities and Futures Commission (SFC) and The Stock Exchange of Hong Kong Limited (the Exchange) announced temporary modifications to the Listing Rules and guidance materials effective 1 September 2024. These changes address two areas: reducing the minimum initial market capitalization for specialist technology companies and lowering the independent third-party investment requirements for de-SPAC transactions. The initial market capitalization thresholds for commercial and pre-commercial specialist technology companies will be reduced, while the minimum independent investment for de-SPAC transactions will be capped at $500 million. Additionally, new criteria will refine the independence test for third-party investors in de-SPAC transactions. These modifications, set to last until August 2027, aim to enhance Hong Kong’s capital market attractiveness and adaptability.
Resources: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=24PR139