Hong Kong Exchanges and Clearing (HKEX, 00388.HK) proposed a revamp in a consultation paper on November 16. The reforms would shorten the gap between an IPO being priced and its trading debut from five business days to just one day.
The proposal would digitalize the IPO process with a new platform called Fast Interface for New Issuance (FINI), according to a statement released by HKEX. FINI will allow companies, regulators, bankers and brokers to interact when handling the entire settlement process.
"We believe that the FINI platform can not only maintains the key advantages of the success of the Hong Kong IPO market but also actively embraces new thinking and new technology to meet the increasing needs of global investors and issuers, " said Charles Li Xiaojia, chief executive of HKEX.
