--- title: "HKEX optimizes the listing system for structured products, effective from May, involving the issuance prices of warrants and bull-bear certificates" type: "News" locale: "en" url: "https://longbridge.com/en/news/283425728.md" description: "HKEX optimizes the listing system for structured products, with the main product regulations taking effect on May 1, 2026, and other amendments taking effect on July 1, 2026. The minimum issuance price for warrants is reduced to HKD 0.15, and the minimum issuance price requirement for callable bull/bear contracts will be removed. The issuer qualification requirements will have a 12-month transition period, with new requirements such as the substitution stock ratio. HKEX stated that this optimization will enhance the international competitiveness of Hong Kong's structured product market and the standards of investor protection" datetime: "2026-04-21T02:09:55.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/283425728.md) - [en](https://longbridge.com/en/news/283425728.md) - [zh-HK](https://longbridge.com/zh-HK/news/283425728.md) --- # HKEX optimizes the listing system for structured products, effective from May, involving the issuance prices of warrants and bull-bear certificates Hong Kong Exchanges and Clearing (HKEX) has published a consultation summary on optimizing the listing system for structured products. The main product regulations are set to take effect on May 1, 2026, while other amendments will take effect on July 1, 2026. Additionally, HKEX stated that a 12-month transition period will be provided for existing issuers and guarantors to comply with the new issuer qualification requirements, and further guidelines will be published to assist issuers in adhering to the new regulations. ## Minimum Issuance Price for Warrants Reduced to HKD 0.15 HKEX indicated that it received 28 responses from various stakeholders during the consultation period, with all suggestions receiving support from the majority of respondents, thus all consultation recommendations will be adopted. The main product regulation recommendations include a reduction in the minimum issuance price for derivative warrants (warrants) from HKD 0.25 to HKD 0.15. The minimum issuance price requirement for bull and bear certificates will be removed; the minimum market value requirement for the issuance of derivative warrants and bull and bear certificates will be lowered from HKD 10 million to HKD 6 million; and apart from the issuance price and issuance scale, the terms of the products mimicking the issuance must be identical to the existing issuance. ## New Replacement Share Ratio for Derivative Warrants and Bull and Bear Certificates Other recommendations include the introduction of a new replacement share ratio for derivative warrants and bull and bear certificates, and for exchange-traded funds (ETFs) issuing structured products, the minimum qualification threshold will change from a public holding market value of no less than HKD 4 billion within a 60-day qualification period to a total managed asset value of no less than HKD 1 billion within the same period; the minimum net asset value requirement for issuers will be raised from HKD 2 billion to HKD 5 billion; and issuers must obtain an investment-grade rating from all rated credit rating agencies. Additionally, the publication deadline for interim financial reports for issuers and guarantors will be shortened from four months to three months, which will take effect on July 1, 2026. HKEX's Listing Director, Eric Wu, stated that structured products are an indispensable part of the Hong Kong securities market, and the optimized listing system will ensure the international competitiveness and leading position of Hong Kong's structured products market while maintaining high standards of market quality and investor protection ### Related Stocks - [HKXCY.US](https://longbridge.com/en/quote/HKXCY.US.md) - [00388.HK](https://longbridge.com/en/quote/00388.HK.md) ## Related News & Research - [HKEX proposes halving settlement cycle to boost Hong Kong’s financial profile](https://longbridge.com/en/news/283162462.md) - [Apple Has Unusual Put Options Activity - Has AAPL Stock Peaked Ahead of Earnings?](https://longbridge.com/en/news/283386749.md) - [Indberetning af ledende medarbejderes og disses nærtståendes transaktioner med SKAKO aktier](https://longbridge.com/en/news/283293634.md) - [Charlton Aria gets Nasdaq notice over delayed annual filing](https://longbridge.com/en/news/283559316.md) - [Odyssey Therapeutics Inc - Announces Initial Public Offering Of Common Stock - SEC Filing](https://longbridge.com/en/news/283193051.md)