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1、March 2022Hong Kong as an International Financial Centre Enhancement of Hong Kongs IPO offeringsFSDC Paper No.52ContentsExecutive SummaryIntroduction Capturing opportunities for Hong Kong Accelerated development of“new economy”and dynamic composition of IPO market in Hong Kong The evolving homecomin

2、g environment Strengthening Hong Kong as a premier global capital formation centre I.Updating the listing framework in response to market development Creating a friendly listing framework for innovative pre-revenue companies Interpretation and definition of“innovative companies”Comparison of listing

3、 requirement and investor safeguards II.Providing an effective financing channel for SMEs SME opportunities alongside development of GBA and ESG International and Mainland experiences in supporting SME financing Developing SME access to the exchange market Assessing the effectiveness of the current

4、market structure in support SME financing RecommendationAppendix145567779912121314141516Executive SummaryHong Kong is a global leading initial public offering(IPO)venue and one of the worlds largest capital markets.Buoyed by investor demand and market sentiment,the Hong Kongs IPO market continues to

5、 show strong momentum despite the pandemic.In terms of total proceeds,the IPO market hit a historical high in the first half of 2021 before slowing down somewhat,and Hong Kong is ranked as the worlds number one IPO venue 7 times over the past 13 years.Overall,in 2021,Hong Kong Exchanges and Clearing

6、 Limited(HKEX)hosted 98 new listings during the year,in which a total of HK$329 billion was raised1.Hong Kong plays a major role in enhancing global investors confidence in Chinese listed companies and upholding a high standard and focus on quality.This is a bedrock of its status as an international