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HKEX to launch digital IPO platform FINI on November 22

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Hong Kong bourse operator HKEX to launch digital IPO platform FINI on November 22, eyes cutting settlement times from 5 to 2 days

The Fast Interface for New Issuance, or FINI, will cut the time between listing pricing and the start of trade from the current five business days to twoShorter settlement times can ‘drive efficiency, reduce risk and free up capital, bringing benefits to all professional parties in the IPO process’, CPA Australia executive saysHKEXEnoch YiuPublished: 6:32pm, 27 Sep, 2023Why you can trust SCMP

Hong Kong Exchanges and Clearing (HKEX), which operates Asia’s third largest stock market, will launch a long-awaited new digitalised initial public offering (IPO) platform on November 22 in its latest push to reboot the city’s new listings market. The Fast Interface for New Issuance, or FINI, will speed up the IPO process by cutting the time between listing pricing and the start of trade from the current five business days to two, according to an exchange announcement on Wednesday.

Unlike the existing IPO system, which involves different parties using many manual processes and paperwork to exchange information, FINI will operate as a cloud-based platform enabling different listing stakeholders – such as sponsors, underwriters, legal advisers, banks, clearing participants, share registrars and regulators – to collaborate and perform their respective roles digitally in real time.

“This cloud-based, real-time settlement process can benefit market stakeholders in this digital era,” said Robert Lui, divisional president for Greater China at CPA Australia, an accounting body. “A shorter settlement time can drive efficiency, reduce risk and free up capital, bringing benefits to all professional parties in the IPO process.

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