Hong Kong Exchanges and Clearing (HKEX) announced on Friday it will relax listing standards, allowing dual‑class share structures and confidential IPO filings for all companies. Katherine Ng, head of listing at HKEX, called the changes a “major step in enhancing the flexibility and diversity of Hong Kong’s listing regime.”

The move aims to keep the bourse competitive with US exchanges such as Nasdaq, where dual‑class shares and anonymous filings are standard. Lyndon Chao of the Asia Securities Industry and Financial Markets Association noted that “competition among exchanges — for both IPOs and liquidity — is clearly intensifying.”

Corporate governance advocates warn the reforms shift risk to retail investors. Lake Wang of the Asian Corporate Governance Association said Hong Kong lacks class‑action lawsuits that protect US shareholders, and that 98 per cent of the $32.4bn raised in Hong Kong IPOs this year came from Chinese firms.

Despite the rule changes, Hong Kong has missed large Chinese listings such as China Resources New Energy’s $3.6bn Shenzhen float and CXMT’s $10bn Shanghai IPO. HKEX will also publish the names of sponsors and law firms behind incomplete applications in a “name and shame” regime.