Securities and Futures Commission (SFC)

The Securities and Futures Commission (SFC) is Hong Kong's securities regulator, the independent statutory body overseeing the city's securities and futures markets.

In the context of Chinese companies listing in Hong Kong, the SFC operates alongside the Hong Kong Stock Exchange as part of the dual regulatory structure. For mainland companies pursuing Hong Kong IPOs, SFC registration and filing requirements apply in addition to exchange listing rules. The SFC also coordinates with China's securities regulator on cross-border arrangements; for instance, the 2024 policy package supporting mainland industry leaders to list in Hong Kong involved both the China Securities Regulatory Commission and Hong Kong's SFC jointly adjusting rules such as lowering market-cap thresholds for Chapter 18C specialist technology listings.