The Stock Exchange of Hong Kong Limited (the “Exchange”) and/or the Securities and Futures Commission (the “SFC”) recently published various guidance concerning, among other things, (1) the regulatory reform relating to the Uncertificated Securities Market (“USM”), which is expected to be implemented on 16 November 2026, and (2) the launch of a new issuer communication platform, the HKEX Issuer Access Platform (“IAP”), in the fourth quarter of 2026.

1. Uncertificated Securities Market (USM) Regime

The Hong Kong USM regime aims to eliminate paper share certificates and facilitate the electronic holding and transfer of securities. At the core of the regime is the use of an Approved Securities Registrar (“ASR”), which will evidence and transfer securities through its Uncertificated Securities Registration and Transfer System, enabling investors to hold participating securities in uncertificated form directly in their own names and enjoy shareholder rights directly.

The key matters that listed issuers should note in relation to the USM regime are summarized below:

2.HKEX Issuer Access Platform (IAP)

The IAP is a new online communication platform established by the Exchange to unify regulatory filings, public submissions and two-way communications between listed issuers and the Exchange. A summary of the IAP is set out below.

The IAP will consolidate a wide range of functions. In general, the documentary filings and categories of approvals that users may submit and process through the IAP include, but are not limited to, the followings:

The issuer’s authorised representatives, relevant employees, professional advisers, printers and other market participants authorised by the issuer may register accounts on the IAP and conduct the relevant filings and communications through the platform.

Upon launch, the IAP will operate alongside the Electronic Submission System (“ESS”) and will assume the electronic form submission functions currently handled through ESS. In general, the IAP will become the primary platform through which issuers and their advisers handle Listing Rules compliance matters while also facilitating the publication of the relevant announcements and circulars (such as those relating to notifiable transactions and/or connected transactions) through its integration with the ESS.

The Exchange currently plans to launch the IAP in the fourth quarter of 2026. The registration and onboarding process will be conducted in phases:

• advisers may open accounts from July 2026; and
• issuers will be onboarded in phases from October 2026 to the second quarter of 2027, with each issuer receiving at least 12 weeks’ prior notice before transitioning to the platform.

Following completion of the transition to the IAP, the Exchange will introduce a redesigned market information page on its website, consolidating and displaying issuer information such as management details, corporate events and other key dates. Once issuers update their records, investors will be able to access updated information on an almost real-time basis, further enhancing market transparency.

For further information or advice regarding (1) the USM regulatory reforms, and (2) the  IAP, please do not hesitate to contact us.