Hong Kong Exchange New IPO Settlement Digital Platform FINI to Launch on 22nd November 2023, Shortens IPO Pricing to IPO Listing from T+5 Days to T+2 Days
28th September 2023 | Hong Kong
Hong Kong Exchange (HKEX) new IPO settlement digital platform FINI will be launched on 22nd November 2023 and replacing CCASS (last day on 21/11/23), with FINI to shorten IPO pricing to IPO listing from T+5 days to only T+2 days. HKEX: “Hong Kong Exchanges and Clearing Limited (HKEX) is today (Wednesday) pleased to confirm the launch date for FINI, Hong Kong’s new digitalised IPO settlement platform, on 22 November 2023. The launch of FINI is a milestone development in the evolution of the city’s capital markets. The existing IPO settlement platform using CCASS, will no longer be used to initiate IPOs following market close on 21 November. All new listings whose prospectus is published on or after 22 November will be processed on the FINI platform. FINI is a major new initiative that will significantly shorten the time between the pricing of an IPO and the trading of shares from five business days (T+5) to two business days (T+2). FINI will modernise and digitalise Hong Kong’s IPO settlement process, driving efficiency and supporting the long term development of Hong Kong as a capital raising centre.” More info below. IPO ~ Initial Public Offering
“ Hong Kong Exchange New IPO Settlement Digital Platform FINI to Launch on 22nd November 2023, Shortens IPO Pricing to IPO Listing from T+5 Days to T+2 Days “
HKEX CEO Nicolas Aguzin: “FINI is a major development for Hong Kong’s capital markets, bringing greater efficiency and convenience to market participants and issuers, helping them to better manage their risks and costs. The new platform also underpins HKEX’s steadfast commitment to further enhancing the competitiveness and attractiveness of our markets, modernising Hong Kong’s market infrastructure and promoting collaboration. A sincere thanks to all our market participants and all our stakeholders who have supported us in this journey to connect capital with opportunities.”
Hong Kong Exchange New IPO Settlement Digital Platform FINI to Launch on 22nd November 2023
27th September 2023 – Hong Kong Exchanges and Clearing Limited (HKEX) is today (Wednesday) pleased to confirm the launch date for FINI, Hong Kong’s new digitalised IPO settlement platform, on 22 November 2023. The launch of FINI is a milestone development in the evolution of the city’s capital markets. The existing IPO settlement platform using CCASS, will no longer be used to initiate IPOs following market close on 21 November. All new listings whose prospectus is published on or after 22 November will be processed on the FINI platform. FINI is a major new initiative that will significantly shorten the time between the pricing of an IPO and the trading of shares from five business days (T+5) to two business days (T+2). FINI will modernise and digitalise Hong Kong’s IPO settlement process, driving efficiency and supporting the long term development of Hong Kong as a capital raising centre.
FINI is a cloud-based platform, which will enable different stakeholders such as IPO sponsors, underwriters, legal advisers, banks, Clearing Participants, share registrars and regulators to collaborate and perform their respective roles in an IPO, digitally. A new public offer pre-funding model is also being introduced in FINI, helping to reduce the scale of locked-up funds in over-subscribed IPOs. HKEX has worked with Hong Kong’s IPO market participants to complete several rounds of testing, market practice sessions and rehearsals to prepare for the migration to FINI. HKEX will continue to provide support to market participants leading up to 22 November to ensure their full readiness for FINI. Relevant FINI related Listing Rules, Hong Kong Securities Clearing Company Limited (HKSCC) Rules and HKSCC Operational Procedures will also take effect from the FINI launch date. More details about FINI and the transitional arrangements are available on the designated FINI webpage on the HKEX website.
About HKEX
Hong Kong Exchanges and Clearing Limited (HKEX) is a publicly-traded company (HKEX Stock Code:388) and one of the world’s leading global exchange groups, offering a range of equity, derivative, commodity, fixed income and other financial markets, products and services, including the London Metal Exchange. As a superconnector and gateway between East and West, HKEX facilitates the two-way flow of capital, ideas and dialogue between China and the rest of the world, through its pioneering Connect schemes, increasingly diversified product ecosystem and its deep, liquid and international markets. HKEX is a purpose-led organisation which, across its business and through the work of HKEX Foundation, seeks to connect, promote and progress its markets and the communities it supports for the prosperity of all. Visit: www.hkexgroup.com
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