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ACGA’s submission to HKEX public float consultation

On 30 September 2025, ACGA submitted a response to HKEX’s consultation on proposed revisions to ongoing public float requirements. 

Public float rules have long been a cornerstone of the Hong Kong equity market. We support, in principle, the introduction of a tiered structure with enhanced disclosure obligations, subject to the refinements outlined in our submission. 

However, we emphasise that public float requirements remain particularly significant for corporate governance in Asian markets, including Hong Kong, where concentrated ownership is prevalent. We advocate for strengthening other core areas of corporate governance, particularly board independence, to balance the proposed relaxation of float requirements and further reinforce market quality and investor confidence. 

Thank you to members who shared their perspectives on this consultation.