SFC, Securities Commission Malaysia announce Single Submission Arrangement to streamline simultaneous listings in Malaysia and Hong Kong

Regulatory Development: Operationalisation of the Simplified Dual Listing Framework

On September 30, 2026, the Securities and Futures Commission (""SFC"") of Hong Kong and the Securities Commission Malaysia (""SC"") formally brought into operation a simplified regulatory procedure for applicants pursuing simultaneous primary listings in both jurisdictions. This Single Submission Arrangement gave practical effect to the dual IPO listing framework contemplated under the Memorandum of Understanding executed between the two regulators on 23 July 2026, thereby establishing a harmonised procedural pathway that reduced prior duplication and associated compliance burdens at the application stage.

Key Features of the Simplified Dual Listing Framework

The Single Submission Arrangement introduced four principal structural features. First, applicants were permitted to rely on a single listing document to satisfy all statutory and listing requirements applicable in both Hong Kong (Main Board of The Stock Exchange of Hong Limited) and Malaysia (MAIN Market of Bursa Malaysia Securities Berhad). Second, the requirement for separate application submissions was eliminated; instead, applicants could file through a centralised, coordinated submission mechanism. Third, each regulator established dedicated dual-listing review teams with designated communication channels to serve as direct contact points for applicants and their professional advisers, ensuring active case management and seamless cross-agency coordination throughout the listing process. Fourth, the SFC, SEHK, and SC implemented aligned regulatory review procedures designed to synchronise timelines, minimise overlapping queries directed at applicants, and streamline overall processing.

Regulatory Statements and Strategic Rationale

Ms Julia Leung, Chief Executive Officer of the SFC, characterised the Single Submission Arrangement as a timely follow-up that crystallised the shared vision underlying the 2026 MoU to deepen regional capital market connectivity. She noted that by establishing a clear, accessible pathway and harmonised regulatory processes, both regulators enabled businesses in each jurisdiction to access more diverse international investor bases and deeper pools of capital while maintaining robust standards of investor protection.

SC Chairman Dato' Mohammad Faiz Azmi stated that the operationalisation of this framework reflected the strong regulatory partnership between the SC and the SFC and their shared commitment to promoting greater cross-border capital market connectivity. He further observed that by streamlining processes and eliminating duplicative submissions, the initiative would enhance access to cross-border fundraising opportunities and broaden investor reach, adding that connecting Malaysia with Hong Kong — described as "the world's third largest global financial centre" — would further strengthen the attractiveness of both markets as investment destinations.

Implementation Guidance and Reference Materials

To give effect to the new arrangement, the SFC published a Circular on the Single Submission Arrangement for Dual Listings in Hong Kong and Malaysia. Applicants were directed to refer to that Circular together with: (i) the Guidance for listing of Hong Kong companies on the Main Market of Bursa Malaysia Securities Berhad issued by the SC; (ii) the Explanatory Note on Malaysia-incorporated Company's Compliance with Core Shareholder Protection Standards and Other Matters issued by SEHK; and (iii) such other related guidance materials as were available on the respective websites of the SFC, SEHK, and SC. Applicants and their sponsors or advisers were encouraged to consult the relevant regulator(s) prior to formal submission in order to discuss proposed transaction structure and indicative timetable.

Notes

1. Memorandum of Understanding between the Securities and Futures Commission of Hong Kong and the Securities Commission Malaysia Concerning Mutual Recognition of Covered Funds, and Simplified Dual IPO Listing Framework dated 23 July 2026. 2. The SFC's dedicated team may be contacted at This email address is being protected from spambots. You need JavaScript enabled to view it.; the SC's dedicated team may be contacted at This email address is being protected from spambots. You need JavaScript enabled to view it..