Policy Shift

SFC Signals Tightening on VASP Licensing Timeline

The Securities and Futures Commission (SFC) has abruptly shortened the grace period for legacy virtual asset platforms operating in Hong Kong. Executives face a stark choice: submit comprehensive compliance audits by June 1, or cease local operations.

By The Examiner Desk Updated 08:45 HKT

The Cost of Compliance

Legal and audit fees for a standard Type 1 & 7 VASP application are currently averaging HK$15M – HK$25M, severely limiting the field to institutional players.

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The Changing Anatomy of Hong Kong's IPO Pipeline

A shift from global mega-caps to specialized regional players defines the current HKEX landscape. Chapter 18C listings for specialist technology companies have yet to fill the volume gap left by traditional tech giants, forcing investment banks to restructure their ECM desks.

According to our Q2 analysis, median deal size has contracted by 42% compared to the 2019 baseline, while listing expenses as a percentage of funds raised have hit a record high.

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