Hong Kong Capital Markets Update – Issue 06, December 2025

On 17 December 2025, the Stock Exchange of Hong Kong Limited (the “Exchange”) published the consultation conclusions on proposed amendments to Listing Rules relating to ongoing public float requirements.

The Exchange will broadly adopt the proposals outlined in the 2nd Consultation Paper with minor modifications and clarifications (please refer to our Capital Markets Update Issue 2025-05). 

The key amendments are summarised as below:

1. New alternative ongoing public float threshold
2. A bespoke ongoing public float requirement for A+H issuers 
3. (i) New regular public float reporting requirements, and (ii) Additional public float disclosure obligations and a restriction from corporate actions for issuers with public float shortfalls
4. New requirements and consequence for Significant Public Float Shortfall
5. Abolish the practice of trading suspension

The Listing Rule amendments relating to ongoing public float requirements will come into effect on 1 January 2026.