{"id":1356,"date":"2026-01-08T10:33:29","date_gmt":"2026-01-08T10:33:29","guid":{"rendered":"https:\/\/cfnlaw.com.hk\/navigating-the-new-public-float-requirements-key-changes-and-practical-considerations-for-listed-issuers\/"},"modified":"2026-04-24T01:39:14","modified_gmt":"2026-04-24T01:39:14","slug":"navigating-the-new-public-float-requirements-key-changes-and-practical-considerations-for-listed-issuers","status":"publish","type":"post","link":"https:\/\/cfnlaw.com.hk\/cn\/navigating-the-new-public-float-requirements-key-changes-and-practical-considerations-for-listed-issuers\/","title":{"rendered":"Navigating the New Public Float Requirements: Key Changes and Practical Considerations for Listed Issuers"},"content":{"rendered":"\r\n<section block=\"inner-page-banner\" class=\"relative text-white overflow-hidden\">\r\n        <img decoding=\"async\" class=\"absolute top-0 left-0 w-full h-full object-cover\" src=\"https:\/\/cfnlaw.com.hk\/wp-content\/uploads\/2025\/12\/Image-16.png\" alt=\"\" \/>\r\n        <div class=\"absolute top-0 left-0 w-full h-full bg-[rgba(0,0,0,0.40)]\"><\/div>\r\n    <div class=\"container mx-auto relative\">\r\n        <div class=\"container-md py-[60px] md:py-20 text-center\">\r\n            <div class=\"max-w-[800px] mx-auto\">\r\n                <p class=\"mb-1 text-eyebrow font-georgia uppercase text-highlight-orange\">Article<\/p>\r\n                <h5 class=\"heading5 font-georgia\">Navigating the New Public Float Requirements: Key Changes and Practical Considerations for Listed Issuers<\/h5>\r\n                <p class=\"mt-[10px] text-body-sm\">08 January 2026<\/p>\r\n            <\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/section>\r\n\n\n\r\n<section block=\"insights-detail-content\" class=\"container mx-auto relative pb-[30px] sm:pb-[40px] 2xl:pb-[60px] pt-[60px] sm:pt-20 2xl:pt-[100px]\">\r\n\r\n    <div class=\"container-sm flex flex-wrap lg:flex-nowrap gap-10 3xl:gap-14 5xl:gap-20\">\r\n        <div class=\"lg:flex-1 min-w-0\">\r\n            <div class=\"mb-[12px]\">\r\n                <a href=\"#\" id=\"zr-goback\" class=\"transition-all duration-300 hover:text-brand-purple text-black-80 text-body-md inline-flex items-center gap-[10px]\">\r\n                    <img decoding=\"async\" class=\"rotate-180 transition-all duration-300\" src=\"https:\/\/cfnlaw.com.hk\/wp-content\/themes\/cfn\/public\/images\/icons\/arrow-right.svg\" alt=\"arrow right\" \/>\r\n                    <span>\u8fd4\u56de<\/span>\r\n                <\/a>\r\n            <\/div>\r\n            <ul class=\"flex flex-wrap items-center text-body-md text-black-60\">\r\n                                                                                    <li class=\"text-black-40\">\r\n                                                            <a class=\"transition-all duration-300 hover:text-highlight-orange\" href=\"\/cn\/\" target=\"_self\">Home<\/a>\r\n                                                    <\/li>\r\n\r\n                        <span class=\"mx-[10px] inline-block\">\r\n                            <img decoding=\"async\" src=\"https:\/\/cfnlaw.com.hk\/wp-content\/themes\/cfn\/public\/images\/icons\/arrow-right.svg\" alt=\"arrow right\" \/>\r\n                        <\/span>\r\n                        \r\n                        \r\n                                                                    <li class=\"text-black-40\">\r\n                                                            <a class=\"transition-all duration-300 hover:text-highlight-orange\" href=\"\/cn\/insights-news\/\" target=\"_self\">Insights &amp; News<\/a>\r\n                                                    <\/li>\r\n\r\n                        <span class=\"mx-[10px] inline-block\">\r\n                            <img decoding=\"async\" src=\"https:\/\/cfnlaw.com.hk\/wp-content\/themes\/cfn\/public\/images\/icons\/arrow-right.svg\" alt=\"arrow right\" \/>\r\n                        <\/span>\r\n                        \r\n                        \r\n                                            \r\n                                                                                <li class=\"text-highlight-orange\">\r\n                                <span class=\"\">\r\n                                    Insights &#038; News Details                                <\/span>\r\n                            <\/li>\r\n                                                    \r\n                                                <\/ul>\r\n\r\n            <div class=\"mt-10 insights-detail-content\">\r\n                <p><b>The New Market Value-Based Thresholds<\/b><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Under the New Public Float Requirements, issuers are required to comply with one of the ongoing public float thresholds below at all times.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><b>The Initial Prescribed Threshold<\/b><\/p>\n<p><span style=\"font-weight: 400;\">(Main Board Rules 13.32B(1) and 19A.28B(1)(a) \/ GEM Rules 17.37B(1) and 25.21B(1)(a))<\/span><\/td>\n<td><b>The Alternative Threshold (NEW)<\/b><\/p>\n<p><span style=\"font-weight: 400;\">(Main Board Rules 13.32B(2) and 19A.28B(1)(b) \/ GEM Rules 17.37B(2) and 25.21B(1)(b))<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Existing issuers listed under this regime will continue to maintain a public float of at least 25% (or a lower percentage previously granted by the Exchange at listing).<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Issuers may opt for this new threshold, provided they meet both conditions:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(a)<\/span><span style=\"font-weight: 400;\"> \u00a0 <\/span><span style=\"font-weight: 400;\">The public float has a market value of at least HK$1 billion <\/span><span style=\"font-weight: 400;\">(Note (1))<\/span><span style=\"font-weight: 400;\">; and<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(b)<\/span><span style=\"font-weight: 400;\"> \u00a0 <\/span><span style=\"font-weight: 400;\">The public float constitutes at least 10% of the issuer\u2019s total issued shares of the listed class (excluding treasury shares) <\/span><span style=\"font-weight: 400;\">(Note (2))<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><b>\u00a0<\/b><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\"><i><span style=\"font-weight: 400;\">Note (1): The market value of an issuer\u2019s public float is calculated by multiplying (a) the number of shares held by the public as of the date of determination by (b) the volume weighted average price of the class of shares listed on the Exchange over the 125 trading days (or all trading days since listing, if shorter, in the case of a PRC issuer with other listed shares) immediately prior to the date of determination.<\/span><\/i><\/p>\n<p><i><span style=\"font-weight: 400;\">\u00a0<\/span><\/i><\/p>\n<p><i><span style=\"font-weight: 400;\">Note (2): The Alternative Threshold is not available to an issuer whose shares have traded for fewer than 125 trading days since listing. Where its listed shares have been suspended from trading for more than five consecutive business days during the 125-trading-day reference period, the Exchange reserves the discretion to extend the period.<\/span><\/i><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><b>Bespoke Rules for PRC Issuers with Other Listed Shares\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Under Main Board Rule 19A.28B (GEM Rules 25.21B), PRC issuers with shares listed on another exchange (such as A+H issuers) are subject to a bespoke requirement. Their H-share public float must satisfy one of the following:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(a)<\/span><span style=\"font-weight: 400;\">\u00a0 <\/span><span style=\"font-weight: 400;\">constitute at least 5% of the total number of issued shares in the class to which H shares belong; or<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(b)<\/span><span style=\"font-weight: 400;\"> \u00a0 <\/span><span style=\"font-weight: 400;\">have a market value of at least HK$1 billion.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><b>Additional Reporting &amp; Disclosure<\/b><\/p>\n<p><span style=\"font-weight: 400;\">All issuers now face increased disclosure duties under Main Board Rules 13.32D and 19A.28D (GEM Rules 17.37D and 25.21D) which are summarised below.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><b>Reporting Obligation<\/b><\/td>\n<td><b>Monthly Return<\/b><\/td>\n<td><b>Annual Report<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Confirmation of compliance with the applicable Ongoing Public Float Threshold<\/span><\/td>\n<td><span style=\"font-weight: 400;\">All issuers<\/span><\/td>\n<td><span style=\"font-weight: 400;\">All issuers<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Minimum public float percentage threshold<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Issuers relying on the Initial Prescribed Threshold<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Issuers relying on the Initial Prescribed Threshold<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Actual public float percentage<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Issuers relying on the Alternative Threshold<\/span><\/td>\n<td><span style=\"font-weight: 400;\">All issuers<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Actual public float market value<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Issuers relying on the Alternative Threshold<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Issuers relying on the Alternative Threshold<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Share ownership composition<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Not applicable<\/span><\/td>\n<td><span style=\"font-weight: 400;\">All issuers<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Share capital structure<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Not applicable<\/span><\/td>\n<td><span style=\"font-weight: 400;\">All issuers<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\">Disclosures concerning public float must be founded upon information that is publicly accessible or, alternatively, within the knowledge of the issuer\u2019s directors or supervisors (in the case of a PRC issuer).\u00a0 For this purpose, the Exchange does not expect issuers to exhaust all possible means to ascertain the underlying shareholders, for example, an issuer is not expected to conduct an investigation under section 329 of the Securities and Futures Ordinance (\u201c<\/span><b>SFO<\/b><span style=\"font-weight: 400;\">\u201d) (see paragraph 10 of Guidance Letter (HKEX-GL121-26) (\u201c<\/span><b>Guidance Letter<\/b><span style=\"font-weight: 400;\">\u201d)).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, an issuer must<\/span> <span style=\"font-weight: 400;\">make reasonable efforts to determine its public float for the purpose of the disclosure. For example, an issuer is expected to:\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(a)\u00a0 incorporate the information reported in filings made under Part XV of the SFO; and<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(b) put in place necessary internal control procedures to ensure that its core connected persons (and other persons who are not considered \u201cthe public\u201d) are aware of the requirement, and will promptly inform the issuer of their initial shareholdings and any subsequent changes in their shareholdings.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The issuer should incorporate information received under such procedures with any other non-public shareholding that has not been disclosed in public filings (e.g. in situations where the relationship of the shareholder with the issuer does not trigger filing requirement) but is known to directors or supervisors (in the case of a PRC issuer).\u00a0 This may include, for example, connected persons at subsidiary level holding less than 5% of the shares of the listed issuer.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>Annual Reports<\/b><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Main Board Rules 13.32D(2)(c)(iii)(1) and 19A.28D(2)(c)(iii)(1) (GEM Rules 17.37D(2)(c)(iii)(1) and 25.21D(2)(c)(iii)(1)) require an issuer to set out, in each of its annual reports, a statement showing the composition of ownership of the relevant class of shares listed on the Exchange as at the end of the relevant financial year.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><i><span style=\"font-weight: 400;\">Share Ownership Composition<\/span><\/i><\/p>\n<p><i><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/i><span style=\"font-weight: 400;\"> Summarised below, as a minimum, is a breakdown categorising shareholders as \u201cpublic\u201d or \u201cnon-public\u201d.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><b>\u00a0<\/b><\/td>\n<td><b>Group of shareholders<\/b><\/td>\n<td><b>Expected disclosure<\/b><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\"><b>Shareholders who are <\/b><b>not<\/b><b> members of \u201cthe public\u201d<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">(i)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Substantial shareholders of the listed issuer and their close associates<\/span><\/td>\n<td rowspan=\"2\"><span style=\"font-weight: 400;\">Individual shareholding of each shareholder on an individually named basis <\/span><span style=\"font-weight: 400;\">(Note)<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">(ii)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Directors, supervisors, chief executives of the listed issuer and their close associates<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">(iii)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Any other persons excluded from the definition of \u201cthe public\u201d, e.g. directors and substantial shareholders of subsidiaries of the listed issuer<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Aggregate shareholding of the group<\/span><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\"><b>Shareholders who are members of \u201cthe public\u201d<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">(i)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Persons who fall within the definition of \u201cthe public\u201d and have disclosed their interests pursuant to Part XV of the SFO<\/span><\/td>\n<td rowspan=\"2\"><span style=\"font-weight: 400;\">Individual shareholding of each shareholder on an individually named basis <\/span><span style=\"font-weight: 400;\">(Note)<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">(ii)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">A trustee holding shares which are regarded as being held by \u201cthe public\u201d pursuant to the Note to Main Board Rule 8.24 \/ Note 3 to GEM Rule 11.23, i.e. an independent trustee holding granted (vested or unvested) shares of a share scheme of the issuer on behalf of independent scheme participants<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">(iii)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Any other members of \u201cthe public\u201d<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Aggregate shareholding of the group<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><i><span style=\"font-weight: 400;\">Note: The disclosure should indicate the name of each shareholder and the nature of its relationship with the issuer.<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">Share Capital Structure<\/span><\/i><i><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/i><i><\/i><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Main Board Rules 13.32D(2)(c)(iii)(2) and 19A.28D(2)(c)(iii)(2) (GEM Rules 17.37D(2)(c)(iii)(2) and 25.21D(2)(c)(iii)(2)) require an issuer to set out, in each of its annual reports, a statement showing its share capital structure as at the end of the relevant financial year. This statement must detail all types\/classes of securities, including their percentage of total shares, ranking, and any special voting rights.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><b>Identification and Consequences of Significant Public Float Shortfall<\/b><\/p>\n<p><b><br \/>\n<\/b><span style=\"font-weight: 400;\">A public float shortfall is considered as a \u201cSignificant Public Float Shortfall\u201d under the Listing Rules unless a portion of the issuer\u2019s class of shares listed on the Exchange and held by the public:\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(a)<\/span><span style=\"font-weight: 400;\">\u00a0 <\/span><span style=\"font-weight: 400;\">represents at least 15% of the issuer\u2019s total number of issued shares in the class of shares listed (excluding treasury shares) (or for an issuer subject to a minimum public float percentage lower than 25% at the time of its initial listing, represents at least 50% of the issuer\u2019s Initial Prescribed Threshold); or\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(b)<\/span><span style=\"font-weight: 400;\">\u00a0 <\/span><span style=\"font-weight: 400;\">has a market value of at least HK$500 million and represents at least 5% of the issuer\u2019s total number of issued shares in the class of shares listed (excluding treasury shares).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the case of a PRC issuer with other listed shares, a public float shortfall is considered as a Significant Public Float Shortfall under the Listing Rules unless its H shares listed on the Exchange and held by the public:\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(a)<\/span><span style=\"font-weight: 400;\"> \u00a0 <\/span><span style=\"font-weight: 400;\">have a market value of at least HK$500 million; or\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(b)<\/span><span style=\"font-weight: 400;\">\u00a0 <\/span><span style=\"font-weight: 400;\">represent at least 5% of the PRC issuer\u2019s total number of issued shares in the class to which H shares belong (excluding treasury shares).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">An issuer must, upon becoming aware of a Significant Public Float Shortfall: (a) issue an initial announcement; and (b) until it has restored its public float, include a warning statement in all announcements and documents required to be published by the Listing Rules.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Exchange will identify issuers with a Significant Public Float Shortfall based on the market capitalization and percentage of their public float. Trading in such shares will not be suspended immediately, but a marker \u201c-PF\u201d will be added after the stock name. If the issuer fails to restore its public float within a remedial period of 18 months (12 months for GEM), the Exchange will cancel the listing of the shares of such issuer.<\/span><\/p>\n<p><b>\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Issuers should therefore conduct proactive modeling and scenario planning and take at least the following actions:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(a)<\/span><span style=\"font-weight: 400;\">\u00a0 <\/span><span style=\"font-weight: 400;\">continuously monitor the company\u2019s position against the Significant Public Float Shortfall<\/span> <span style=\"font-weight: 400;\">safety nets (e.g., 15% or HK$500 million + 5%) to avoid accidentally triggering the severe \u201c-PF\u201d regime; and<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(b)<\/span><span style=\"font-weight: 400;\">\u00a0 <\/span><span style=\"font-weight: 400;\">before any share buyback, placement, or takeover, rigorously model the impact on both main threshold and the Significant Public Float Shortfall<\/span> <span style=\"font-weight: 400;\">safe harbour levels.<\/span><\/p>\n<p><b>\u00a0<\/b><\/p>\n<p><b>Mandatory Actions Upon a Public Float Shortfall<\/b><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Under Main Board Rules 13.32E(1)(b) and 19A.28E(1)(b) (GEM Rules 17.37E(1)(b) and 25.21E(1)(b)), an issuer must publish an announcement to inform the public within one business day after it becomes aware that it has a public float shortfall.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Main Board Rules 13.32E(2)(b), 13.32E(3), 19A.28E(2)(b) and 19A.28E(3) (GEM Rules 17.37E(2)(b),17.37E(3), 25.21E(2)(b) and 25.21E(3)) set out that for as long as a public float shortfall exists, the issuer itself, its directors, supervisors (for PRC issuers), and their close associates must not take any action that will further lower the issuer\u2019s public float percentage, unless in exceptional circumstances.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">This ordinarily means that directors should not, and should procure that their close associates should not, further increase their shareholding in the issuer.\u00a0 The Exchange has the power to impose sanctions on any director or other person if they are found to have caused by action or omission, or knowingly participated in, a contravention of the Listing Rules, e.g. a breach of the public float requirements.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Paragraph 26 of the Guidance Letter explains some of the \u201cexceptional circumstances\u201d to include the following:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(a)<\/span> <span style=\"font-weight: 400;\">the issuer subsequently seeking privatisation (e.g. by repurchasing shares through the making of a general offer);\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(b)<\/span><span style=\"font-weight: 400;\"> \u00a0 <\/span><span style=\"font-weight: 400;\">compliance with court orders or regulatory enforcement actions; and<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">(c)<\/span><span style=\"font-weight: 400;\">\u00a0 <\/span><span style=\"font-weight: 400;\">the temporary holding of shares pursuant to a pre-existing arrangement, followed immediately by disposal as part of a transaction to restore a public float shortfall.\u00a0<\/span><\/p>\n<p><b>\u00a0<\/b><\/p>\n<p><b>Conclusion<\/b><\/p>\n<p><b>\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The New Public Float Requirements are introduced to address the increasingly different circumstances of existing and new issuers listed on the Exchange and allow flexibility for issuers to comply with the public float requirements as the Exchange welcomes more new listings.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For further information, please feel free to contact the authors of this newsletter or your usual contact at CFN Lawyers LLP for assistance.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>Authors<\/b><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><\/td>\n<td><span style=\"font-weight: 400;\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">PATRICK WONG<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">Partner<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">Email: patrick.wong@cfnlaw.com.hk<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Tel: +852 3583 0263<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">FION LEUNG<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">Paralegal<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">Email: fion.leung@cfnlaw.com.hk<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Tel: +852 3468 5219<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n            <\/div>\r\n        <\/div>\r\n        <div class=\"w-full lg:w-[350px] xl:w-[380px] 2xl:w-[420px]\">\r\n            <div class=\"mb-5 2xl:mb-6 p-4 xs:p-5 2xl:p-6 bg-light-purple\">\r\n                <p class=\"inline-flex items-center text-body-md text-brand-purple gap-2\">\r\n                    <img decoding=\"async\" class=\"w-4 xs:w-5 2xl:w-6 h-4 xs:h-5 2xl:h-6\" src=\"https:\/\/cfnlaw.com.hk\/wp-content\/themes\/cfn\/public\/images\/icons\/share-icon.svg\" alt=\"\" \/>\r\n                    <span>\u5206\u4eab<\/span>\r\n                <\/p>\r\n                <div class=\"mt-5 2xl:mt-6\">\r\n                    <a href=\"javascript:void(0);\" id=\"btn-copy-link\" class=\"mb-5 last:mb-0 group hover:text-brand-purple transition-all duration-300 p-4 2xl:p-5 bg-white text-body-lg text-dark-grey flex items-center justify-between gap-5 relative\">\r\n                        <div class=\"inline-flex items-center gap-3 xs:gap-4 2xl:gap-5\">\r\n                            <img decoding=\"async\" class=\"w-6 xs:w-7 2xl:w-8\" src=\"https:\/\/cfnlaw.com.hk\/wp-content\/themes\/cfn\/public\/images\/icons\/link-icon.svg\" alt=\"\" \/>\r\n                            <span class=\"copy-text\">\u590d\u5236\u94fe\u63a5<\/span>\r\n                        <\/div>\r\n                        <img decoding=\"async\" src=\"https:\/\/cfnlaw.com.hk\/wp-content\/themes\/cfn\/public\/images\/icons\/arrow-next.svg\" alt=\"\" \/>\r\n                        <span class=\"block absolute bottom-0 left-0 w-0 h-[2px] bg-highlight-orange transition-all duration-300 group-hover:w-full\"><\/span>\r\n                    <\/a>\r\n                <\/div>\r\n            <\/div>\r\n\r\n            \r\n            \r\n        <\/div>\r\n    <\/div>\r\n\r\n<\/section>\r\n\r\n<script>\r\n    document.addEventListener(\"DOMContentLoaded\", function() {\r\n        let goBack = document.getElementById(\"zr-goback\");\r\n        goBack && goBack.addEventListener(\"click\", function(e) {\r\n            e.preventDefault();\r\n            window.history.back();\r\n        });\r\n\r\n        const copyLinkBtn = document.getElementById(\"btn-copy-link\");\r\n        if(copyLinkBtn) {\r\n            copyLinkBtn.addEventListener(\"click\", function(e) {\r\n                e.preventDefault();\r\n                navigator.clipboard.writeText(window.location.href);\r\n\r\n                const textSpan = this.querySelector(\".copy-text\");\r\n                const originalText = textSpan.innerText;\r\n\r\n                textSpan.innerText = \"Link Copied!\";\r\n                setTimeout(() => {\r\n                    textSpan.innerText = originalText;\r\n                }, 2000);\r\n            });\r\n        }\r\n    })\r\n<\/script>\r\n\n\n\r\n<section block=\"related-insights-news\" class=\"container mx-auto relative pt-[30px] sm:pt-[40px] 2xl:pt-[60px] pb-[150px] sm:pb-[170px] 2xl:pb-[190px]\">\r\n\r\n    <div class=\"container-md\">\r\n        <h4 class=\"mb-5 font-georgia text-dark-grey heading4\">Other Related Insights &#038; News<\/h4>\r\n        <div class=\"grid grid-cols-1 sm:grid-cols-2 lg:grid-cols-3 gap-6 2xl:gap-8 4xl:gap-10\">\r\n                        \r\n                <a href=\"https:\/\/cfnlaw.com.hk\/cn\/bowie-fung-represented-at-hsuhkaia-executive-certification-in-family-office-consulting\/\" class=\"p-5 block h-full group bg-white shadow-[0_0_40px_0_rgba(0,0,0,0.10)]\">\r\n                    <div class=\"block overflow-hidden\">\r\n                                                <img decoding=\"async\" class=\"w-full object-cover aspect-[3\/1.4] group-hover:scale-[1.1] transition-all duration-300\" src=\"https:\/\/cfnlaw.com.hk\/wp-content\/uploads\/2025\/11\/Image-27.png\" alt=\"\" \/>\r\n                                            <\/div>\r\n                    <div class=\"mt-5\">\r\n                                                    <span class=\"uppercase text-white inline-flex justify-center items-center text-eyebrow font-georgia p-[10px]\"\r\n                                style=\"color: #ffffff; background-color: #414042\">\u5f8b\u6240\u52a8\u6001<\/span>\r\n                                            <\/div>\r\n                    <h6 class=\"mt-[10px] group-hover:text-brand-purple group-hover:underline underline-offset-2 transition-all duration-300 heading6 font-georgia overflow-hidden line-clamp-2\">\r\n                        \u51af\u5b9d\u4eea\u5f8b\u5e08\u5728\u9999\u6e2f\u6052\u751f\u5927\u5b66\u4e0e\u53cb\u90a6\u4fdd\u9669\u9999\u6e2f\u8054\u5408\u4e3e\u529e\u7684\u5bb6\u65cf\u529e\u516c\u5ba4\u987e\u95ee\u8bc1\u4e66\u8bfe\u7a0b\u4e2d\u4e3b\u8bb2\u300c\u5bb6\u65cf\u529e\u516c\u5ba4\u6cbb\u7406\u3001\u6cd5\u89c4\u4e0e\u98ce\u9669\u7ba1\u7406\u300d                    <\/h6>\r\n                    <div class=\"mt-5 text-body-md text-black-80 overflow-hidden line-clamp-3 text-ellipsis\">\r\n                        \u9648\u51af\u5434\u5f8b\u5e08\u4e8b\u52a1\u6240\u6709\u9650\u6cd5\u5f8b\u8d23\u4efb\u5408\u4f19\u521b\u59cb\u5408\u4f19\u4eba\u51af\u5b9d\u4eea\u5f8b\u5e08\uff08Bowie Fung\uff09\u53d7\u9080\u62c5\u4efb\u9999\u6e2f\u6052\u751f\u5927\u5b66\u5546\u5b66\u9662\u4e0e\u53cb\u90a6\u4fdd\u9669\u9999\u6e2f\u8054\u5408\u4e3e\u529e\u7684 \u300c\u5bb6\u65cf\u529e\u516c\u5ba4\u54a8\u8be2\u9ad8\u7ba1\u8bc1\u4e66\u8bfe\u7a0b\u300d \u5ba2\u5ea7\u8bb2\u5e08\u3002\n                    <\/div>\r\n                <\/a>\r\n\r\n            \r\n                <a href=\"https:\/\/cfnlaw.com.hk\/cn\/spotlight-on-cross-border-wealth-planning-kevin-tsen-invited-as-a-keynote-speaker-for-the-greater-bay-area-legal-pioneer-lecture-series\/\" class=\"p-5 block h-full group bg-white shadow-[0_0_40px_0_rgba(0,0,0,0.10)]\">\r\n                    <div class=\"block overflow-hidden\">\r\n                                                <img decoding=\"async\" class=\"w-full object-cover aspect-[3\/1.4] group-hover:scale-[1.1] transition-all duration-300\" src=\"https:\/\/cfnlaw.com.hk\/wp-content\/uploads\/2025\/12\/Image-15.png\" alt=\"\" \/>\r\n                                            <\/div>\r\n                    <div class=\"mt-5\">\r\n                                                    <span class=\"uppercase text-white inline-flex justify-center items-center text-eyebrow font-georgia p-[10px]\"\r\n                                style=\"color: #ffffff; background-color: #414042\">\u5f8b\u6240\u52a8\u6001<\/span>\r\n                                            <\/div>\r\n                    <h6 class=\"mt-[10px] group-hover:text-brand-purple group-hover:underline underline-offset-2 transition-all duration-300 heading6 font-georgia overflow-hidden line-clamp-2\">\r\n                        \u805a\u7126\u8de8\u5883\u8d22\u5bcc\u89c4\u5212\uff0c\u542f\u8fea\u6cd5\u5f8b\u5b9e\u52a1\u65b0\u77e5\u2014\u2014 \u66fe\u8c6a\u6e0a\u5f8b\u5e08\u5e94\u9080\u4e3b\u8bb2\u7ca4\u6e2f\u6fb3\u5927\u6e7e\u533a\u6cd5\u5f8b\u524d\u6cbf\u7cfb\u5217\u8bb2\u5ea7                    <\/h6>\r\n                    <div class=\"mt-5 text-body-md text-black-80 overflow-hidden line-clamp-3 text-ellipsis\">\r\n                        \u8fd1\u65e5\uff0c\u9648\u51af\u5434\u5f8b\u5e08\u4e8b\u52a1\u6240\u6709\u9650\u6cd5\u5f8b\u8d23\u4efb\u5408\u4f19\u7684\u5408\u4f19\u4eba\u66fe\u8c6a\u6e0a\u5f8b\u5e08\u5e94\u9080\u62c5\u4efb\u7531\u534e\u5357\u5e08\u8303\u5927\u5b66\u5f8b\u5e08\u5b66\u9662\u4e0e\u5317\u4eac\u6052\u90fd\u5f8b\u5e08\u4e8b\u52a1\u6240\u8054\u5408\u4e3b\u529e\u7684\u201c\u7ca4\u6e2f\u6fb3\u5927\u6e7e\u533a\u6cd5\u5f8b\u524d\u6cbf\u7cfb\u5217\u8bb2\u5ea7\u201d\u4e3b\u8bb2\u5609\u5bbe\uff0c\u4ee5 \u201c\u4fe1\u6258\u53ca\u4fe1\u6258\u5728\u5bb6\u65cf\u529e\u516c\u5ba4\u4e2d\u7684\u5e94\u7528\u201d\u4e3a\u4e3b\u9898\u53d1\u8868\u4e86\u4e13\u9898\u5206\u4eab\u3002                    <\/div>\r\n                <\/a>\r\n\r\n            \r\n                <a href=\"https:\/\/cfnlaw.com.hk\/cn\/finalist-transactional-boutique-law-firm-of-the-year-alb-hk-law-awards-2025\/\" class=\"p-5 block h-full group bg-white shadow-[0_0_40px_0_rgba(0,0,0,0.10)]\">\r\n                    <div class=\"block overflow-hidden\">\r\n                                                <img decoding=\"async\" class=\"w-full object-cover aspect-[3\/1.4] group-hover:scale-[1.1] transition-all duration-300\" src=\"https:\/\/cfnlaw.com.hk\/wp-content\/uploads\/2025\/11\/Image-28.png\" alt=\"\" \/>\r\n                                            <\/div>\r\n                    <div class=\"mt-5\">\r\n                                                    <span class=\"uppercase text-white inline-flex justify-center items-center text-eyebrow font-georgia p-[10px]\"\r\n                                style=\"color: #ffffff; background-color: #414042\">\u5f8b\u6240\u52a8\u6001<\/span>\r\n                                            <\/div>\r\n                    <h6 class=\"mt-[10px] group-hover:text-brand-purple group-hover:underline underline-offset-2 transition-all duration-300 heading6 font-georgia overflow-hidden line-clamp-2\">\r\n                        \u9648\u51af\u5434\u5f8b\u5e08\u4e8b\u52a1\u6240\u6709\u9650\u6cd5\u5f8b\u8d23\u4efb\u5408\u4f19\u8363\u81ba\u300a\u4e9a\u6d32\u6cd5\u5f8b\u6742\u5fd7\u300b2025\u9999\u6e2f\u6cd5\u5f8b\u5927\u5956\u63d0\u540d                    <\/h6>\r\n                    <div class=\"mt-5 text-body-md text-black-80 overflow-hidden line-clamp-3 text-ellipsis\">\r\n                        \u6211\u4eec\u5f88\u8363\u5e78\u5ba3\u5e03\u9648\u51af\u5434\u5f8b\u5e08\u4e8b\u52a1\u6240\u5165\u56f4\u300a\u4e9a\u6d32\u6cd5\u5f8b\u6742\u5fd7\u300b\uff08ALB\uff092025\u9999\u6e2f\u6cd5\u5f8b\u5927\u5956\u201c\u5e74\u5ea6\u7cbe\u54c1\u4ea4\u6613\u5f8b\u5e08\u4e8b\u52a1\u6240\u201d\u6700\u7ec8\u5019\u9009\u540d\u5355\u3002                    <\/div>\r\n                <\/a>\r\n\r\n                    <\/div>\r\n    <\/div>\r\n\r\n<\/section>\r\n","protected":false},"excerpt":{"rendered":"<p>The Hong Kong Stock Exchange (the \u201cExchange\u201d) has recently introduced new public float requirements (\u201cNew Public Float Requirements\u201d) which have become effective since 1 January 2026. These new changes involve, among other things, additional monthly and annual reporting disclosure obligations and will affect monthly returns commencing February 2026. <\/p>\n<p>This article summarises certain key changes and provides practical considerations for listed issuers as a result of the introduction of the New Public Float Requirements.<\/p>\n","protected":false},"author":1,"featured_media":1279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[25],"tags":[],"class_list":["post-1356","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legal-lens-cn"],"acf":[],"_links":{"self":[{"href":"https:\/\/cfnlaw.com.hk\/cn\/wp-json\/wp\/v2\/posts\/1356","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cfnlaw.com.hk\/cn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cfnlaw.com.hk\/cn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cfnlaw.com.hk\/cn\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cfnlaw.com.hk\/cn\/wp-json\/wp\/v2\/comments?post=1356"}],"version-history":[{"count":11,"href":"https:\/\/cfnlaw.com.hk\/cn\/wp-json\/wp\/v2\/posts\/1356\/revisions"}],"predecessor-version":[{"id":2433,"href":"https:\/\/cfnlaw.com.hk\/cn\/wp-json\/wp\/v2\/posts\/1356\/revisions\/2433"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cfnlaw.com.hk\/cn\/wp-json\/wp\/v2\/media\/1279"}],"wp:attachment":[{"href":"https:\/\/cfnlaw.com.hk\/cn\/wp-json\/wp\/v2\/media?parent=1356"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cfnlaw.com.hk\/cn\/wp-json\/wp\/v2\/categories?post=1356"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cfnlaw.com.hk\/cn\/wp-json\/wp\/v2\/tags?post=1356"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}