HKEX (00388) Global Listing Services Head Xu Jingwei stated during an interview in Riyadh that the tech listing channel launched in May has received strong market feedback, with confidential filing providing greater flexibility for companies. Currently, around 300 firms have submitted listing applications, nearly half from the tech sector, followed by healthcare and biotech.

Xu noted that while there is no crystal ball to predict next year's IPO landscape, post-listing liquidity and secondary market performance remain healthy based on current investor and market reactions to new listings or refinancing. He hopes this trend will continue. The exchange will further streamline and optimize listing procedures to enhance corporate flexibility, aligning its processes and rules with capital market development.

HKEX is also reviewing potential improvements to its weighted voting rights (WVR) structure, introduced seven years ago. Xu mentioned that the exchange's newly operational Riyadh office aims to strengthen regional partnerships. Regarding the first Middle East-based consumer company planning a Hong Kong listing, he views this as an initial achievement, emphasizing Hong Kong's value proposition for regional firms in terms of liquidity and investor growth opportunities.

So far, Hong Kong ranks first globally in IPO fundraising, exceeding $27 billion, with post-listing refinancing surpassing $60 billion. Xu reiterated HKEX's rules-based approach to virtual asset listings, stressing that listed entities must have substantive operations. The exchange is researching cryptocurrency applications, focusing on optimizing market infrastructure.