The SFC launched a consultation on abolishing mixed media offers ("MMOs") to enhance the efficiency of Hong Kong's IPO process.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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On August 16, 2024, the Securities and Futures Commission ("SFC") launched a two-month consultation on proposals to abolish mixed media offers ("MMOs") to facilitate a fully electronic process for public offerings and enhance the efficiency of the regulatory process in Hong Kong.
The SFC proposed amendments to remove the exemption permitting MMOs, which allow issuers to distribute printed application forms accompanied by electronic prospectuses. The SEHK is expanding the paperless listing regime, prompting the SFC’s changes.
Additionally, the SFC plans to cease granting waivers for MMOs in public offerings of SFC-authorized collective investment schemes listed on the SEHK.
Julia Leung, the SFC’s Chief Executive Officer, stated that the proposal supports ongoing initiatives to digitalize the listing process. The public can submit comments by 18 October 2024 through the SFC website or by email, post, or fax.
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