HKEX FINI to Launch on 22 November

The Hong Kong Exchanges and Clearing Limited (HKEX) has announced the launch date for FINI, Hong Kong’s new digitalized IPO settlement platform, which is set for November 22, 2023. This launch marks a significant milestone in the development of Hong Kong’s capital markets.
Starting from November 22, 2023, the existing IPO settlement platform using CCASS will no longer be used for initiating IPOs. All new listings with prospectuses published on or after November 22 will be processed on the FINI platform.
FINI aims to reduce the time between IPO pricing and share trading from five business days (T+5) to just two business days (T+2). It will modernize and digitalize Hong Kong’s IPO settlement process, enhancing efficiency and supporting the long-term growth of Hong Kong as a capital raising center.
HKEX CEO Nicolas Aguzin emphasized that FINI will bring greater efficiency and convenience to market participants and issuers, helping them manage risks and costs. The platform underscores HKEX’s commitment to improving market competitiveness, modernizing infrastructure, and promoting collaboration.
FINI is a cloud-based platform that allows various stakeholders, including IPO sponsors, underwriters, legal advisors, banks, clearing participants, share registrars, and regulators, to digitally collaborate in the IPO process. It also introduces a new public offer pre-funding model to reduce the funds locked up in oversubscribed IPOs.
HKEX has conducted extensive testing, market practice sessions, and rehearsals in collaboration with IPO market participants to ensure a smooth transition to FINI. Support will continue to be provided to market participants leading up to the launch date.
Relevant FINI-related listing rules and related Hong Kong Securities Clearing Company Limited (HKSCC) rules and operational procedures will come into effect on the FINI launch date. More information about FINI and transitional arrangements can be found on this dedicated FINI webpage.