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Capital Raising

Listing of Debt Issues to Professional Investors Only

Chapter 37 of the HKEX Listing Rules deals with listing debt securities that are offered only to professional investors and not to public investors in Hong Kong. Such debt listings are referred to in the HKEX Listing Rules as listings by selective marketing. In the case of such debt listings, most trading occurs off-exchange, with trading on-exchange being relatively rare. Listing is sought so that institutional investors with investment mandates that are limited to listed debt can subscribe for these issues. As a result, this type of debt listing has traditionally been subject to light touch regulation at the HKEX and stock exchanges worldwide.

Amendments to the HKEX Listing Rules for debt issuers to professional investors under Chapter 37 came into effect on 1 November 2020.

For further information please refer to our newsletter on the relevant changes to the HKEX Listing Rules, or the HKEX’s Consultation Conclusions issued in August 2020.