Hong Kong's Securities and Futures Commission has published consultation conclusions confirming amendments that will cease permitting mixed media offers, paving the way for a fully electronic subscription process for public offerings. All respondents supported the proposals and the SFC will adopt them in full. Once implemented, online channels will be the only means to subscribe to public offers of equity securities or interests in collective investment schemes listed or to be listed on the Stock Exchange of Hong Kong Limited, with electronic prospectuses issued and no printed application forms available. Subscriptions for public offers of debt securities will continue through existing channels. The SFC plans to gazette the amendment notice and table it in the Legislative Council for negative vetting as soon as practicable. The Stock Exchange of Hong Kong Limited has also published related consultation conclusions and decided to remove the availability of mixed media offers for listing applicants and listed issuers under its Listing Rules.
Hong Kong Securities & Futures Commission 2025-01-24
Hong Kong Securities and Futures Commission concludes consultation to end mixed media offers and move listed public offerings to fully electronic subscriptions
The Hong Kong Securities and Futures Commission has confirmed amendments to cease mixed media offers, transitioning to a fully electronic subscription process for public offerings. This change, supported by all respondents, will make online channels the sole method for subscribing to equity securities or interests in collective investment schemes on the Stock Exchange of Hong Kong Limited. Subscriptions for debt securities will remain unchanged.