BPA calls for IPO market reform

The Business and Professionals Alliance for Hong Kong (BPA) on Thursday called for reforms to boost the SAR's stock market, including raising the local subscription rate for IPOs to up to 10 percent and overhauling the listing mechanism, to attract global capital. In a report released on Thursday, the BPA outlined a series of recommendations spanning from attracting family offices and overseas investments to assisting mainland enterprises to go overseas and more. The alliance's Priscilla Leung suggested loosening the IPO listing threshold, simplifying listing procedures and shortening handling times for applications and expanding channels to draw in more listings. Additional proposals include developing Hong Kong as a stablecoin hub, developing green finance and fintech upgrades, further developing the offshore RMB market and improving Belt and Road ties. Leung also pointed out that geopolitical tension in the Middle East can bring more capital and opportunities to Hong Kong. Meanwhile, BPA chairman Jimmy Ng said the report aligns with the country's 15th Five-Year Plan. He added that the report's suggestions could help cement the city's edge as an international capital safe haven. Edited by Aaron Tam