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HKEX seeks to shorten IPO settlement period


Hong Kong Exchanges and Clearing (HKEX) announced plans to launch a new Initial Public Offering (IPO) settlement platform called FINI. The move aims to boost efficiency by reducing the settlement period from five days to two days, shortening the interval between IPO pricing and share trading. FINI, scheduled for rollout in October, will enable key players such as IPO sponsors, underwriters, legal advisers, banks, clearing participants, share registrars, and regulators to digitally collaborate in an IPO process. The cloud-based platform also includes a novel public offer pre-funding model designed to mitigate the issue of large sums being tied up in over-subscribed IPOs.

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