Gate News message, April 17 — The Hong Kong Securities and Futures Professional Association (SFPA) supports lowering the financial qualification thresholds for dual-class share structures, according to SFPA Chairman Chan Chi-wah. The association believes reduced thresholds will attract more quality innovative and new economy companies that may not meet the current 400 billion Hong Kong dollar market capitalization requirement to list in Hong Kong with weighted voting rights structures, enhancing the city’s competitive position as a new economy financing platform.
The SFPA proposes adjusting thresholds to either a 200 billion HKD pure market capitalization test or a 60 billion HKD market capitalization combined with 600 million HKD revenue requirement, maintaining the existing 10% revenue-to-market-cap ratio principle while lowering overall entry barriers. Chan noted that the current 400 billion HKD threshold is too stringent for mid-sized tech companies in expansion phase, pushing them toward Nasdaq listings. Lower thresholds would significantly expand the pipeline of potential listing candidates and attract more unicorn enterprises to Hong Kong.
Chan emphasized that the U.S. market imposes no such limits while the UK has already removed its 20x ratio cap. For top-tier founders, control rights are a core consideration in choosing a listing venue. The SFPA believes that with adequate disclosure in prospectuses and risk factors prominently displayed, investors should be aware of voting structures upon purchase. Dual-class shares would remain an option for select high-quality large-cap companies rather than a standard structure, and combined with innovation sector definitions, external recognition, corporate governance, and ongoing obligations, this conditional relaxation is acceptable for investor protection.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
XRP ETF Assets Reach $1.08B as Fresh Inflows Hit $11.87M
XRP exchange traded funds saw inflows of $11.87 million, increasing total assets to $1.08 billion, reflecting sustained institutional interest and confidence in XRP's role in cross-border payments amidst growing demand for crypto ETFs.
GateNews19m ago
CleanSpark (CLSK) Highest Shorted BTC Mining Stock at 34.89%
CleanSpark (Nasdaq: CLSK) has the largest share of short open interest among Bitcoin mining and treasury companies, with short positions representing 34.89% of the free float and 4.71 days to cover, according to the source analysis. The stock traded at $11.42, up from $8.18 at the end of March,
CryptoFrontier20m ago
BTC up 0.58% in 15 minutes: exchange net outflows and ETF buy orders converge to lift the price
Between 2026-04-17 08:45 and 2026-04-17 09:00 (UTC), the BTC price surged in the short term. The candlestick return was +0.58%, with a price range of 75265.0 - 75862.3 USDT and a range of 0.79%. Market volatility increased and attention rose, with trading volume significantly higher than usual, reflecting a convergence between capital flow and technical signals.
The main driver behind this unusual move is the exchange’s net outflow of BTC in sync with ETF capital inflows. Data shows that within the past 24 hours, exchanges recorded a net outflow of 2,844.68 BTC
GateNews29m ago
Spot Bitcoin and Ethereum ETFs Post Strong Inflows, BlackRock IBIT and ETHA Lead
Spot Bitcoin ETFs saw $26 million in inflows on April 16, led by BlackRock's IBIT with $81 million. Ethereum ETFs also performed well, with BlackRock's ETHA gaining $30.51 million, highlighting ongoing institutional interest in crypto markets.
GateNews29m ago
Citi Study: Bitcoin and Gold Together Outperform Single Asset Allocation in Long-Term Portfolios
A Citi study recommends combining Bitcoin and gold in investment portfolios for improved long-term returns, noting better performance in various market conditions. Wells Fargo predicts gold could rise to $8,000 by 2027, driven by central bank concerns. Meanwhile, Bitcoin funding rates have reached lows, historically marking turning points.
GateNews30m ago
Hong Kong Exchanges Proposes Shortening Stock Settlement Cycle from T+2 to T+1
HKEx has proposed shortening the settlement cycle for Hong Kong's stock spot market from T+2 to T+1 and is seeking market feedback on the new operational model.
GateNews30m ago
