HKEX CEO: AI-Assisted IPO Vetting, 24-Hour Trading Requires Thorough Consideration
nashnova research
HKEX CEO Bonnie Chan said the exchange will deploy AI to screen IPO filings and speed up approvals, while laying out a roadmap for T+1 settlement and 24-hour trading — faster processing without lowering listing standards, with extended derivatives hours likely to come first.
AI for IPO screening — what will the machine actually do?
With a large queue of companies seeking Hong Kong listings, HKEX will use AI to help the Listing Division check whether disclosure documents are complete, while also adding staff.
This means → AI handles the paperwork — spotting missing items — not judging company quality. Listing standards will not be relaxed for the sake of speed.
In plain terms = the machine sifts filings; human reviewers spend their time on real quality gatekeeping.
How fast can approvals get?
HKEX and the SFC have pledged to complete reviews within 40 business days and two rounds of comments, provided applicants submit complete materials.
Companies already listed on the A-share market can be fast-tracked to 30 business days and one round of comments.
Chan said these targets are largely being met today; Hong Kong's IPO fundraising returned to the global No. 1 spot last year, validating the measures.
T+1 settlement — why not just flip the switch?
HKEX plans to shorten the cash-market settlement cycle from T+2 to T+1 and believes Hong Kong is capable of making the move.
Two supporting issues must be resolved first: stock borrowers need turnover time, and foreign investors face cross-border currency conversion requirements.
This means → the technology is ready; the hard part is getting every participant in sync. HKEX will detail supporting arrangements when it publishes its consultation conclusions.
24-hour trading — why treat cash and derivatives differently?
Trading systems need maintenance windows for updates and repairs — round-the-clock operation is not feasible.
The derivatives market could extend its close from 3 a.m. to 4–5 a.m., covering the U.S. trading session.
The cash market requires analysis of the impact on retail investors, mainland investors using Stock Connect, and other participant types — progress will be slower.
This reflects HKEX's priority order: derivatives extended hours as a pilot first; 24-hour cash trading remains under study.
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