Exchange Publishes Conclusions on Proposed Enhancements to Structured Products Listing Framework

• All proposals to amend Chapter 15A of the Listing Rules and enhance the structured products listing framework received majority support
• The Key Product Requirements will come into effect on 1 May 2026, while the remaining Listing Rule amendments will come into effect on 1 July 2026
• Existing issuers and guarantors will be provided with a 12-month transitional period to comply with the new issuer eligibility requirements

The Stock Exchange of Hong Kong Limited (the Exchange), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEX), today (Monday) published the conclusions to its consultation on the Review of Chapter 15A - Structured Products (Consultation Conclusions)¹.

The Exchange received 28 responses from a broad range of respondents. All proposals received strong support from a majority of respondents. Having considered respondents' views, the Exchange will adopt the consultation proposals, with some modifications and clarifications as set out in the Consultation Conclusions.

HKEX Head of Listing, Katherine Ng, said: "Structured products play an integral role in Hong Kong's securities market by enabling effective hedging and enriching market vibrancy. We are pleased to have received strong market support for our proposals. The updated listing framework will help ensure Hong Kong's global competitiveness as the world's leading structured product market, facilitate product innovation, and uphold robust standards of market quality and investor protection. Through these reforms, we aim to provide a more resilient and flexible framework to support market development, whilst further strengthening HKEX's multi-asset ecosystem."

The Listing Rule amendments will be implemented as follows:

• the Listing Rule amendments relating to the following product requirements (Key Product Requirements) will come into effect on 1 May 2026:

1. Minimum issue price - the minimum issue price of derivative warrants will be lowered to $0.15 from $0.25. The minimum issue price requirements for callable bull bear contracts will be removed;
2. Minimum market capitalisation - the minimum market capitalisation at issuance for derivative warrants and callable bull bear contracts will be lowered to $6 million from $10 million;
3. Emulation Issues - Emulation Issues must have product terms identical to existing issues other than issue price and issue size; and

• the remaining Listing Rule amendments will come into effect on 1 July 2026. Existing issuers and guarantors will be provided with a 12-month transitional period to comply with the new issuer eligibility requirements².

The Exchange will publish updated guidance to assist issuers' compliance with the new requirements.

The Consultation Conclusions and copies of the respondents' submissions are available on the HKEX website.

Notes:

1. The consultation paper was published on 30 September 2025. The consultation period ended on 11 November 2025.
2. Existing issuers and guarantors (i.e. those with either structured products listed on the Exchange, or a valid base listing document, as at 30 June 2026) will have until (and including) 30 June 2027 to comply with the new issuer eligibility requirements and the related disclosure requirements and ongoing obligations.

About HKEX

Hong Kong Exchanges and Clearing Limited (HKEX) is a publicly-traded company (HKEX Stock Code: 388) and one of the world's leading global exchange groups, offering a range of equity, derivative, commodity, fixed income and other financial markets, products and services, including the London Metal Exchange.

As a superconnector and gateway between East and West, HKEX facilitates the two-way flow of capital, ideas and dialogue between China and the rest of the world, through its pioneering Connect schemes, increasingly diversified product ecosystem and its deep, liquid and international markets.

HKEX is a purpose-led organisation which, across its business and through the work of HKEX Foundation, seeks to connect, promote and progress its markets and the communities it supports for the prosperity of all.

www.hkexgroup.com

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