Hong Kong's Confidential Filings Surge Following New Listing Privacy Policy

Hong Kong's stock exchange has introduced new rules allowing listing applicants to keep their financial information private, sparking a surge in confidential filings. The move aims to attract more companies to list in Hong Kong, which has seen a decline in initial public offerings (IPOs) in recent years. The new rules allow applicants to keep their financial information confidential until after the IPO process is complete. The move is seen as a positive step for Hong Kong's stock market, which has been facing stiff competition from other exchanges in the region.

The Hong Kong Stock Exchange (HKSE) has recently implemented new rules that allow listing applicants to keep their financial information private, marking a significant shift in its IPO process. This move aims to attract more companies to list in Hong Kong, which has seen a decline in initial public offerings (IPOs) in recent years. The new rules allow applicants to maintain confidentiality until the IPO process is complete.

The changes come as part of a broader effort by the HKSE to enhance its appeal to companies seeking to list their shares. The HKSE has been facing stiff competition from other exchanges in the region, and these new rules are seen as a positive step to revitalize its IPO market.

Guangdong Huayan Robotics Co., a Shenzhen-based company specializing in collaborative robots, has already taken advantage of these new rules. The company has filed for a Hong Kong IPO that could raise more than $200 million, according to people familiar with the matter [1]. This filing is one of several confidential submissions that have become more common in Hong Kong, particularly in the technology and biotechnology sectors.

Similarly, Baidu-owned video streaming platform iQiyi is considering a potential IPO in Hong Kong. The company is looking to raise around $300 million to fund its growth plans, according to sources familiar with the matter [2]. This potential IPO comes amid growing competition in the Chinese video streaming market and is seen as a strategic move to access better investor understanding and insulation from regulatory volatility.

The HKSE's new rules are part of a broader effort to optimize the IPO price discovery process and open market requirements. The exchange has published conclusions and further consultation papers on these proposals, and a two-month period for market feedback has been opened [3]. These changes aim to ensure a more transparent and efficient IPO process, which could further attract companies to list in Hong Kong.

In addition to these developments, Malaysian budget airline AirAsia is considering a potential listing in Hong Kong next year. The airline's owner, Capital A Berhad, is exploring the possibility of a secondary listing to access deeper pools of global and mainland Chinese investors [4]. This move is part of AirAsia's strategy to expand its network connectivity in Hong Kong, which serves as an important strategic transit hub.

The new rules and the surge in confidential filings are seen as a positive step for Hong Kong's stock market. By offering more flexibility and confidentiality, the HKSE aims to attract companies that may have been deterred by the previous IPO process. As the market continues to evolve, it will be interesting to see how these changes impact the number of companies choosing to list in Hong Kong.

References:
[1] https://www.chinadailyasia.com/article/617555
[2] https://www.ainvest.com/news/baidu-owned-iqiyi-considers-hong-kong-ipo-2508/
[3] https://www.deacons.com/2025/08/07/hong-kong-stock-exchange-implements-reforms-to-optimise-the-ipo-price-discovery-process-and-open-market-requirements/
[4] https://www.scmp.com/news/hong-kong/transport/article/3321330/airasia-plans-hong-kong-connectivity-expansion-and-potential-stock-market-listing?module=latest&pgtype=homepage