Hong Kong’s watchdog SFC eyes listing reform to woo tech firms, flags digital-asset risks

Market regulator reviews rules to potentially allow smaller but high-potential tech companies to list in Hong Kong, SFC chair Kelvin Wong says

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SFC chairman Kelvin Wong says there is no timeline for when the review will be finished. Photo: Sun Yeung

Published: 9:30am, 30 Oct 2025Updated: 9:35am, 30 Oct 2025

Hong Kong’s market regulator is conducting a comprehensive review of the listing regime to attract more innovative companies, while also closely monitoring how firms use digital assets as part of their treasury operations, according to the chairman of the Securities and Futures Commission (SFC).

“These ongoing reviews will promote the market development of Hong Kong while at the same time ensure sufficient investor protection is in place,” Kelvin Wong Tin-yau said in a media briefing on Tuesday. There was no timeline for when the review would be finished, he said.

Chief Executive John Lee Ka-chiu in his policy address last month indicated that the SFC and bourse operator Hong Kong Exchanges and Clearing would carry out a comprehensive review to enhance the city’s initial public offering (IPO) market, which reclaimed the top global ranking this year.

Wong said the review had yet to be concluded, but the direction had been set to make sure it would allow more diverse enterprise listings under a framework introduced in 2018, which allowed pre-revenue biotechnology firms and companies with multiple voting rights to list.

The market regulator is closely monitoring the issue of digital asset treasury, which refers to how listed companies use digital assets, such as cryptocurrency, to manage excess cash. Photo: Nathan Tsui

“The regulatory principle here is to ensure the overall market quality of Hong Kong,” Wong said. “The reform will focus on whether it can allow more companies to list under the regime while at the same time ensuring fair treatment to investors.”

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