Hong Kong Exchanges & Clearing Ltd. · HKEX:388
Hong Kong Exchanges & Clearing — IPO Roadshow (March 2025)
25 slides from Hong Kong Exchanges & Clearing's IPO roadshow presentation, Mar 28, 2025
Slide 1: FINI Market Training Webinar
Presented by: IPO Vetting, Listing Division H K E xX @ iB & & Pi 28 March 2025
Slide 2: Contents
Contents 01 | Introduction 02 | Key Enhancements A. Allocation Adjustments B. Placee lists C.Decoupling placee lists and ARA workflows D.Changes to ARA form and ARA template E. Two-way communication F. New Directors & Shareholders form G.Notifications 03 | Tips & Best Practices 04 | Q&A 2
Slide 3: Introduction
INTRODUCTION
Slide 4: Introduction
Introduction • Implemented enhancements to improve operational efficiency and user satisfaction • Gathered user feedback to identify areas for improvement • Catered for the business needs of both external and HKEX internal users
Slide 5: Key Enhancements
Key Enhancements A. Allocation Adjustments B. Placee lists C. Decoupling placee lists and ARA workflows D. Changes to ARA form and ARA template E. Two-way communication F. New Directors & Shareholders form G. Notifications
Slide 6: A. Allocation Adjustments
A. Allocation Adjustments • Separate display of preferential offer allocations • Permit revisions to the institutional offer demand until noon T - By extending the deadline, overall coordinators can better gauge the institutional offer demand 6
Slide 7: B. Placee lists
B. Placee lists Placee Categories: • “Non-SFC authorised fund” now under Placee Category (Without Required Supporting Document) - Uploading of supporting documents become optional for “Non-SFC authorised fund” • Added “Not Applicable” to Placee Category (With Required Supporting Document) - For comp
Slide 8: B. Placee lists (cont.)
B. Placee lists (cont.) Placee Categories: • Both FiNI interface and placee list template updated • Always use the placee list template in FiNI 8
Slide 9: B. Placee lists (cont.)
B. Placee lists (cont.) • Duplicate employer names now flagged • Added exception to “ID Number” requirement for beneficial owners of PRC governmental bodies - “N/A” is only accepted as ID Number if the PRC governmental body placee category is selected 9
Slide 10: B. Placee lists (cont.)
B. Placee lists (cont.) • New placee type for joint account holders - To cater for placees who have joint accounts 10
Slide 11: C. Decoupling placee lists and ARA workflows
C. Decoupling placee lists and ARA workflows • Placee lists and ARA workflows are now independent workflows • ARA form no longer required to be submitted before regulators finalise placee lists • FiNI generates a new draft ARA upon submission of the ARA Form: - Draft ARA may be generated and submitt
Slide 12: C. Decoupling placee lists and ARA workflows (cont.)
C. Decoupling placee lists and ARA workflows (cont.) • Re-submit a new draft ARA for regulatory review when IPO status reaches “Placing Approved” FiNI provides .pdf and .docx versions of the • Placing data (e.g. top 25 shareholders, latest generated draft ARA top 25 placees, etc.) populated in the A
Slide 13: C. Decoupling placee lists and ARA workflows (cont.)
C. Decoupling placee lists and ARA workflows (cont.) • A new draft ARA will only be open for re- submission after regulators revert submitted draft • Timestamp of when draft ARA is generated shown in file name - Ensure each version of draft ARA is downloaded 13
Slide 14: D. Changes to ARA form and ARA template
D. Changes to ARA form and ARA template • New fields for sale shares under the public offer and institutional offer tranches • Amended the Top 25 H Shareholders / Non- WVR Shareholders List to sort by “Number of H Shares / Non-WVR Shares Held Upon Listing” - Offline submission no longer required • N
Slide 15: D. Changes to ARA form and ARA template (cont.)
D. Changes to ARA form and ARA template (cont.) • Added a new column “Number of H Shares / Non-WVR Shares Held Upon Listing” to the Top 25 Shareholders List and expanded “Holder type” to include existing shareholders and directors • Added new field for H Share listings to show the number of H Shares
Slide 16: D. Changes to ARA form and ARA template (cont.)
D. Changes to ARA form and ARA template (cont.) • Standardised calculation logic for the offer share percentages under the "Allotment Results Details" section, to exclude the number of shares over- allocated, where applicable • Standardised calculation logic of offer percentages under the concentrat
Slide 17: E. Two-way communication
E. Two-way communication • Available on control list, placee lists and ARA workflows (ARA form and ARA template) • FiNI users may directly reply to comments from regulators - Comments cannot be deleted once submitted • Regulators and relevant FiNI users will be alerted via website and email notifica
Slide 18: E. Two-way communication (cont.)
E. Two-way communication (cont.) • To reply to a “posted” comment, simply place cursor over the timestamp to show the “Reply” button • Both the reply and initial comment will be shown: Initial Comment 18
Slide 19: E. Two-way communication (cont.)
E. Two-way communication (cont.) Example: • Overall coordinators or distributors may use the “Make Comment” button to initiate comments to regulators • Comments may be raised on single or multiple placee entries 19
Slide 20: F. New Directors & Shareholders form
F. New Directors & Shareholders form • Sponsors/sponsor counsels to input English and/or Chinese Names of the issuer’s directors, and existing shareholders - Help flag out directors and existing shareholders in placee lists • Available for input and submission as soon as IPO Reference Data has been
Slide 21: F. New Directors & Shareholders form (cont.)
F. New Directors & Shareholders form (cont.) • Names and “Type” must match prospectus disclosure • Must select from the dropdown menu for the “Type” of director/shareholder • Able to add/delete number of input rows • Bulk upload function will be released during 2025Q2 21
Slide 22: G. Notifications
G. Notifications Overall • New FiNI-wide broadcast message to all FiNI coordinator users via email and website notifications in case of emergencies • Enhanced notifications allow overall coordinators to view when and which distributors have received regulator comments • Sponsor counsels receive the
Slide 23: Tips & Best Practices
TIPS & BEST PRACTICES
Slide 24: Tips & Best Practices
Tips & Best Practices • No change to FiNI submission deadlines: - Submission of placee lists: 10:00 T+1 - Finalisation of placee lists: 17:00 T+1 - Publication of ARA: 23:00 T+1 • Available resources (posted on FiNI website): - FiNI Refresher and Market Training webinar videos - User Guide for Spons
Slide 25: For general enquiries
• For general enquiries: call FiNI hotline +852 2979 7111 or e- mail ClearingPS@hkex.com.hk • For FiNI user registration and Access Management Portal enquiries: e-mail cs_cps_cc@hkex.com.hk @hkex
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