DRHP LensHong Kong IPO documents go through three public stages and follow the Listing Rules of The Stock Exchange of Hong Kong (HKEX), with the Securities and Futures Commission (SFC) behind them. They are long, bilingual and structured differently from US and Indian filings.
The three documents
| Document | When | What it adds |
|---|---|---|
| Application Proof | Filed with the listing application | Near-final draft, published on the HKEX website; lapses after six months |
| Post Hearing Information Pack (PHIP) | After the Listing Committee hearing | Updated draft, usually close to the final prospectus |
| Prospectus | At launch of the public offer | Price range or fixed price, offer size, cornerstone investors, timetable |
What to read first
- Summary and Structure of the Global Offering. Hong Kong public offer versus international placing, the clawback that grows the public tranche when it is oversubscribed, and the offer size adjustment option.
- Cornerstone Investors. Named investors who commit to buy a fixed amount at the offer price and usually agree not to sell for six months.
- Relationship with Controlling Shareholders. Controlling shareholders face a lock-up of six months, then a further six months in which they must not lose control.
- Financial Information. Track record of three financial years under HKFRS or IFRS, with the accountants' report.
- Connected Transactions. Hong Kong's term for dealings with related parties; check which ones continue after listing.
- Weighted voting rights. Allowed for innovative companies under Chapter 8A, marked with a "W" in the stock name.
Analyse the filing in minutes
Upload an S-1, F-1 or 424B (PDF, or the HTML file saved from SEC EDGAR), or a UK, EU, Hong Kong, Singapore or Australian prospectus. DRHP Lens reads the offer terms, summary financials, voting control, dilution and red flags, and cites every figure to its page. The file is read in your browser.
Analyse a prospectusFrequently asked questions
What is an Application Proof in a Hong Kong IPO?
The draft listing document filed with the listing application and published on the HKEX website. It may be incomplete and is replaced by the PHIP and then the prospectus.
What are cornerstone investors?
Investors named in the prospectus who agree to buy a fixed amount of shares at the offer price, usually with a six-month lock-up.
General education about how offer documents are structured in different markets. Rules change; read the current offer document and the regulator's rules it refers to. Not investment advice, and not a solicitation to buy any security in any jurisdiction.