Expansion of Confidentiality Application Scope for Hong Kong Stock IPOs? Rumors and Analysis

Hong Kong Stock Exchange’s IPO market remains hot, with ongoing regulatory actions and numerous rumors. One such rumor about extending the scope of confidentiality applications for Hong Kong stock IPOs to traditional industries has sparked widespread market discussion.

The core of this rumor is that Hong Kong regulators are considering expanding the scope of IPO confidentiality applications to cover traditional industries in the future. This制度可能在2月底发布的一份市场咨询文件中披露，但内容和时间安排可能会调整。

In response to the rumor, HKEX has stated that while it has not explicitly confirmed whether the scope of IPO confidentiality applications will be expanded, it will continue to work closely with the Hong Kong Securities and Futures Commission (SFC) to enhance the exchange’s competitiveness from multiple angles and will announce relevant progress to the market at the appropriate time. The SFC also affirmed the cooperation with HKEX and will explore measures to further improve Hong Kong’s listing market competitiveness, ensuring Hong Kong remains the preferred listing destination for quality companies.

A senior investment banker told Caixin that the制度可能在上半年推进，监管层主要考虑两个方面：一是发行人欢迎该制度；二是2025年推出的“科企专线”已完成初步试点并取得良好成效，为保密申请机制向传统行业延伸奠定了基础。

From an industry perspective, the key significance of this potential move is to optimize the listing制度，巩固香港作为全球高质量企业首选挂牌地位，特别是内地大型传统企业和跨国巨头。

Why does the rumor suggest extending the IPO confidentiality application制度 to traditional industries? Caixin’s review of past cases shows that industry events or certain answers may explain some possibilities. In recent years, sectors such as logistics, home manufacturing, retail chains, and traditional manufacturing have experienced setbacks in competitiveness and delays in listing due to early disclosure of listing information. If the confidentiality application制度 extends to traditional industries, it means these companies can have more buffer time for information disclosure during the preparation phase, preventing core sensitive information leaks and reducing market risks associated with uncertain listing windows.

Further, from multiple perspectives including securities firms, investment banks, and pre-IPO companies, this rumor may also reflect actual industry demands. Although HKEX and Hong Kong regulators have not explicitly responded, their signals indicate ongoing efforts to optimize the listing mechanism. If implemented, it could diversify the types of companies listed in Hong Kong and inject new vitality into the market.

Three Key Questions Analyzed

Regarding the rumor that the Hong Kong IPO confidentiality制度 will extend to traditional industries, Caixin has summarized three core questions based on insights from senior investment bankers and pre-IPO companies:

1. What is the main motivation behind HKEX promoting this制度 change?

A senior banker confirmed that the制度优化 mentioned is likely to be推进在今年上半年。Further analysis suggests that the main considerations for regulators and HKEX are to attract more high-quality companies through mechanism improvements, thereby strengthening their core competitiveness and consolidating their position in the global capital markets.

2. Why are companies concerned about the IPO confidentiality申请机制？

Some A-share listed companies told Caixin that their primary concern during Hong Kong listing is to seize the right timing for listing. The head explained that if listing information and related documents are disclosed early, external voices can become chaotic. The confidentiality filing mechanism allows companies to better control the listing pace and improve market system adaptability. Additionally, if market volatility or industry shifts occur, confidentiality filings can support flexible postponements, leaving more room for adjustments.

For traditional companies, if future policies include confidentiality申请范围, it can reduce the risk of information leaks during preparation and help industries leverage capital markets for economic recovery.

3. Does the rumor suggest any specific focus within traditional industries?

The rumor does not specify details about traditional industry segments. However, some investment bankers mentioned that military industry companies, due to national security concerns, may not be suitable for公开披露上市文件。Regarding whether there will be a focus on certain segments, the senior banker believes the优化更可能覆盖整体传统行业，而非仅针对个别细分赛道。

Another industry insider suggested that if the confidentiality申请范围 in Hong Kong IPOs is successfully expanded, it will further enhance Hong Kong’s attractiveness to certain traditional sectors and SMEs, injecting new vitality into the market.

Past Cases Highlighting Pain Points and Potential Breakthroughs

Currently, only two situations allow confidential submission of Hong Kong IPO applications: one is companies with a market cap of at least HKD 10 billion that are already listed overseas with good performance; the other is qualified special technology companies (18C) and biotech firms (18A). The rumor suggests breaking these industry restrictions, allowing more traditional sector companies to enjoy a “confidential period” before正式挂牌。

Historically, traditional companies going public in Hong Kong had to disclose core operational information months before listing, including customer data, financials, and business models. If industry shifts or sudden cancellations occur, this公开的核心数据 and战略 cannot be retracted, making companies vulnerable to竞争对手复制商业模式或调整策略，最终侵蚀市场份额。Caixin’s review shows that such risks are common, with many traditional firms facing difficulties due to early disclosure.

For example, a large logistics company in 2023 disclosed key data such as major clients, regional freight rates, costs, and profit models during its IPO application. Competitors then launched low-price subsidies in its优势区域，抢夺核心客户，导致营收增速下降超过15%。成本结构的曝光还引发上游供应商涨价和下游客户降价，毛利率受到双向挤压。

These cases demonstrate that过早披露核心商业信息，可能成为企业上市的隐形障碍。若此次保密机制扩大范围得以落实，或能解决行业的部分痛点。

“科企专线”成效显现，18C企业递交更活跃

为更好服务科技企业，香港交易所于2025年5月推出“科企专线”，为18C和18A企业提供一站式上市咨询，并允许以保密形式递交申请，旨在防止研发密集型企业因过早披露敏感信息而削弱竞争力。

Wind数据显示，截至目前，已有23家18C企业递交港股申请，其中2家失效，剩余21家在聆讯中；相比之下，18A企业递交更为活跃，累计71家，失效29家，撤回1家，仍有41家在聆讯阶段。

从上市情况看，Wind数据显示，已有31家18A企业成功登陆港股，今年上市的有瑞博生物和精锋医疗。已上市的18C企业有34家，MINIMAX、智谱、壁仞科技分别于今年1月9日、1月8日、1月2日上市。

港股IPO及新股市场热度持续，110家A股上市公司正排队赴港，港股IPO再融资也在年初大幅增长10倍。未来传闻是否落地，以及对内地企业赴港上市带来的新机遇，仍值得持续关注。

（文章来源：财联社）