Dr. Huang Tianyou, Chairman of the Hong Kong Securities and Futures Commission (SFC), delivered a keynote speech titled "Building a Bridge of Trust: From Listing Platform to Value Platform" at the Investor Day 2026, jointly organized by the Hong Kong Listed Companies Council (CHKLC) and the Hong Kong Investor Relations Association (HKIRA) on Wednesday, May 27.

On the surface, this was a talk about investor relations (IR) and capital market development; however, from the perspective of listed company chairmen, CEOs, and CFOs, it more closely resembled a public statement defining the "next-stage survival logic" of Hong Kong's capital market.

In the past, many companies viewed listing in Hong Kong quite simply: "Once listed, you can raise funds."

But Dr. Huang's speech clearly conveyed to the market that Hong Kong's future is not just about being an "IPO platform" but about transforming into a "value discovery platform."

This implies that for the heads of listed companies, the most critical question going forward is no longer just "whether you can list" but rather:

- Whether the market believes in your company; - Whether capital is willing to hold your stock long-term; - Whether your value can be consistently recognized; - Whether you have the ability to secure long-term funding support.

The following is an excerpt from Dr. Huang Tianyou's keynote speech:

**Building a Bridge of Trust: From Listing Platform to Value Platform** Keynote Speech at the Investor Day 2026, jointly organized by the Hong Kong Listed Companies Council and the Hong Kong Investor Relations Association Dr. Huang Tianyou, Chairman May 27, 2026

Distinguished guests, representatives of listed companies, friends from the investment community,

Good morning.

It is a pleasure to be here today at the Investor Day jointly organized by the Hong Kong Listed Companies Council and the Hong Kong Investor Relations Association. Over thirty listed companies and fund managers are gathered here. On the surface, this is a platform for exchange, but in my view, it reflects a deeper issue: in an era of increasingly cautious global capital and concentrated liquidity, how can Hong Kong ensure that quality companies are not merely 'listed' but are 'seen, understood, and fairly priced'?

Hong Kong has never lacked good companies or capital. What we truly need to strengthen is the 'bridge' between the two—enhancing the efficiency of price discovery, building a more solid foundation of trust, and improving the quality of long-term capital allocation.

Today's Investor Day serves as an excellent microcosm: when issuers and investors take a step closer, the market can go further. I would like to share my thoughts with you on three levels.

**1. From 'Being Listed' to 'Being Understood'**

The capital market does not evaluate a company solely based on whether it is listed or how much it earns this year. More crucially, it assesses whether the company is worthy of investors' continuous research, holding, and allocation.

The capital market can sometimes resemble a less-than-ideal marriage—uniting due to misunderstanding and parting due to understanding. Some investment decisions may initially be based on concepts, emotions, or partial impressions. However, as the market gains a deeper understanding of a company's true risks, governance quality, and execution capabilities, it may choose to exit. What we aim for is a long-term interactive relationship—one that begins with in-depth understanding and endures because of long-term trust.

In 2025, Hong Kong had approximately 2,700 listed companies. Companies with a market capitalization below HKD 10 billion accounted for over 80% of the total, yet their combined average daily turnover was less than 10%. Conversely, the roughly 300 companies with the highest market capitalization accounted for nearly 90% of the turnover.

Within such a structure, the challenge faced by many small and medium-sized listed companies may not be 'having no value' but rather 'the market potentially failing to see the value.' This is precisely where investor relations plays a vital role.

The four core responsibilities of an investor relations officer are:

- First, clearly articulating the corporate strategy; - Second, gathering market information and investor feedback; - Third, cultivating and maintaining the target investor base; - Fourth, alerting management to market risks and signals.

A high-caliber investor relations officer not only 'tells a good story' for the company but, more importantly, 'tells the true story clearly': transforming strategy, business model, capital expenditure, risk management, and governance quality into language that investors can understand, analyze, and compare, presenting it consistently and coherently to the market. Therefore, investor relations should be regarded as a core strategic function of a company, not merely a promotional or compliance accessory.

**2. From 'Having Performance' to 'Having Trust'**

The second level involves moving from performance to trust.

What the market ultimately buys is never just the profit of a particular year, but confidence in the sustainability of future cash flows. This confidence is built upon the independence and professionalism of the board of directors, robust internal controls and risk management, truthful and complete information disclosure, and the integrity culture of the management team.

On the surface, these questions relate to investor relations:

- Who are our investors? - Are they the target investors we aim to attract? - How should we attract and cultivate such investors? - What changes do they expect to drive, and what are the underlying requirements? - Have they invested in our competitors, and if so, why?

However, these should be core concerns of the board of directors: to win investor trust, one must care about the company's stock price and the reasons behind it. And the concern for the company's stock price should first and foremost be led by the board!

**3. From 'Having Transactions' to 'Having a Quality Market'**

The third level pertains to the entire market ecosystem.

As an international financial center, Hong Kong's advantages lie in its system, connectivity, and professional investor base. However, to move from 'having transactions' to 'having a quality market,' it cannot rely on any single party alone. It requires the joint efforts of issuers, investors, industry associations, and regulators.

For listed companies, I have three expectations:

- First, focus on enhancing shareholder value as the core, formulating clear and sustainable long-term development strategies, and not being led by short-term stock price fluctuations. - Second, have the board of directors take the lead in valuing investor relations: the Chairman, CEO, and independent non-executive directors should systematically understand how the market assesses the company's value and strive to participate in investor meetings and communications. - Third, adopt a more proactive and consistent approach in information disclosure, risk communication, and investor education, enabling the market to understand the company's direction and challenges earlier and more comprehensively.

For investors, through constructive interaction with listed companies, you promote a higher level of disclosure and governance, drive the long-term healthy development of listed companies, enable more effective capital allocation, and ultimately enhance the overall quality of the market.

As for professional associations, including the two co-organizers today, they serve as indispensable bridges and catalysts. The value of such events lies in helping listed companies better understand what investors truly care about and enabling investors to gain deeper insights into how companies strategize, allocate capital, and manage risks. When these dialogues are substantive and continuous, the market will naturally evolve from merely 'having transactions' to 'having quality, trust-based transactions.'

**Conclusion: From Listing Platform to Value Platform**

Everyone, I have always believed that the next stage of competition for Hong Kong is not just about how many companies list here, but whether we can become a market that genuinely possesses the capability to discover value, price value, and support the long-term development of quality companies.

If companies can create value, reinforce it through governance, and communicate it effectively, the market will be able to price that value correctly—then Hong Kong will not just be a listing platform, but a true value platform.

Today's Investor Day reminds us that human progress is driven by effective communication! I hope to see more sincere, specific, and long-term dialogue between issuers and investors, and I wish today's Investor Day a complete success.

Thank you all.