Hong Kong Exchanges and Clearing Limited (HKEX) has announced the launch date for FINI, a new digitalized IPO settlement platform in Hong Kong. Starting from November 22, 2023, all new listings with prospectuses published on or after this date will be processed on the FINI platform. This initiative aims to modernize and streamline Hong Kong’s IPO settlement process, reducing the time between IPO pricing and share trading from five business days to two business days. FINI is a cloud-based platform that allows various stakeholders, including IPO sponsors, underwriters, legal advisers, banks, Clearing Participants, share registrars, and regulators, to collaborate digitally. It also introduces a new public offer pre-funding model to reduce locked-up funds in over-subscribed IPOs. HKEX has conducted extensive testing and rehearsals with market participants to ensure a smooth transition to FINI. Relevant rules and procedures will come into effect on the launch date. More information can be found on the designated FINI webpage on the HKEX website.
Resource:
https://www.hkex.com.hk/News/News-Release/2023/230927news?sc_lang=en