FINI is an innovative electronic platform developed by HKEX, which will enable faster IPO settlement for all Hong Kong IPOs. It will be used by different IPO market participants, such as intermediaries, investment banks, brokers, share registrars and regulators, to handle IPO subscription and settlement processes.
FINI shortens the time between the pricing of an IPO and the trading of shares from five business days (“T+5”) to two business days (“T+2”), which greatly reduces the risk of pre-IPO price volatility and enhances overall market operational efficiency.
HKEX is also introducing a new pre-funding model in FINI to help reduce the amount of funds locked up in over-subscriptions.