Prepare for your USM-enabled IPO

Listing in an Uncertificated Securities Market (USM)

Computershare has been at the forefront of Hong Kong’s transition to the Uncertificated Securities Market (USM), helping shape the new regime through close collaboration with the Securities and Futures Commission, Hong Kong Exchanges and Clearing Limited, and the wider industry. As joint lead of the USM workgroup and principal author of the Federation of Share Registrar Limited’s information paper on USM, we have brought a market-wide perspective to the transition, supporting issuers, shareholders and market participants with practical guidance and trusted expertise.

From 16 November 2026, Hong Kong will enter the USM regime where paper-based title instruments (such as share certificates) will be progressively phased out and replaced with a digital system for recording title. Over a five-year period, all prescribed securities will be migrated to USM in an orderly schedule of tranches.

For companies undertaking an IPO, the main aspects of the transition to USM are as follows:

• After 16 November 2026, any company undertaking an IPO and issuing prescribed securities must have appointed an Approved Securities Registrar (ASR) to maintain their register of holders (ROH).
• The ASR will fulfil an expanded set of responsibilities within the new market regime, including operating a USI facility – a digital platform for investors to manage their holdings, including initiating or affirming transfers.
• By the listing date for the IPO, the chosen ASR must be USM-capable – i.e., can provide USM services to the issuer of the security.
• New listing applicants should include necessary disclosures and participation arrangements according to HKEX’s amended “Listing Rules”, published in March 2026, and refer to “Guide on the Uncertificated Securities Market” published in July 2026.
• To hold uncertificated securities in their own name, investors will need to apply for a USI profile from the ASR that has been appointed by the issuer of that security. With Computershare, they can do this in advance of applying for shares in an IPO.
  • For individual investors, the application can be done online, by providing proof of identity and other personal details, including their email address and bank account details.
  • For joint holders and corporate entities, the application process will require an in-person visit to Computershare’s counter for documents and signatures to be collected and verified.
• If an investor without a USI profile receives new uncertificated securities (e.g., through an IPO), they will have the status of provisional system member. While such holders will have full rights for such securities (e.g., when voting or receiving dividends), they will need to apply for a USI profile with the relevant ASR before they can transfer, or receive transfers of uncertificated securities.

Computershare will support both existing and new shareholders to get ready before listing. More information will be updated on this website. If you have any specific enquiries, please contact us.

Firstly, it’s important to know that some aspects of Hong Kong IPOs won’t change after the HK market transitions to USM in November 2026:

1. The prospective IPO audience is unchanged – the eligibility criteria will remain the same after the USM regime goes live in 2026.
2. The channel for applicants who wish to be registered holders will be unchanged – they will still apply via Computershare’s White Form eIPO website: www.eipo.com.hk
3. The payment methods for White Form eIPO applicants will be unchanged – either internet bill payment, or PPS payment (by internet or phone).

Some things will change:

1. All IPO allocations after USM goes live must be in the form of uncertificated securities. For IPOs that are due to go live after 16 November 2026, Computershare’s eIPO website will provide applicants with the opportunity to include their USI identifier – an alphanumeric ID that is unique within Computershare’s USI facility. If a USI identifier is not provided, a successful applicant will still be allotted shares, but as a provisional system member (see above). There may be provisions for companies to apply for a waiver (to be able to issue certificated securities) for one year after USM is implemented, but this is unlikely to be granted, except in extremely exceptional circumstances.
2. If the USI identifier is valid and the details of the successful application match with the USI profile, the holder will be able to immediately use Computershare’s app to manage their allocation.
3. Companies should have a webpage dedicated to USM kept for at least one year after listing. Computershare will provide a clear and concise online guide (in English and Chinese) to help investors create a USI profile. Links to these guides along with a short explanatory note of why USI profiles are beneficial for successful applicants, should be included in the webpage, all publicity and direct investor communications for the IPO. Computershare can assist you with a draft of these notes.
   
   Existing shareholders in the company (i.e., those who have invested prior to listing) should be encouraged to apply for a USI profile from Computershare before the IPO, if they do not already have one. The name and USI identifier of existing shareholders should be provided to Computershare as part of the company’s listing process. Computershare will help existing shareholders in the company to get ready before listing. Please contact us if you would like more information on this topic.

All applicants will still be able to check their allotment status at iporesults.com.hk., or by calling the IPO hotline.

Additionally:

Unsuccessful applicants will be notified via an email to their nominated email address. The mode of communication to successful applicants will vary depending on whether they submitted a valid USI identifier with their application.

For those with a valid USI identifier (i.e. full system members), they will receive a notification via email, providing them with updates on their allotment. For those who did not provide a valid USI identifier with their application (i.e., provisional system members), they will receive their notification by mail.

Assisting your investors with seamless IPO applications is essential to a smooth listing. New applicants for an IPO can consider promoting the benefits of obtaining a USI identifier before submitting an IPO application, including:

• A USI identifier is unique to each holding capacity; allotted new holdings can be viewed instantly in the respective USI profile in Computershare’s Investor Centre Hong Kong app.
• Once the USI identifier is established, it is permanent for registered holders with the same holding capacity, so there is no need to reapply for each IPO
• It helps ensure transfers can be made as soon as the company is listed, subject to the relevant transfer requirements being met

Computershare’s investor support teams will be well equipped to provide investors with answers to any questions they may raise.

You can trust Computershare with your USM-enabled IPO

Computershare is the leading share registrar in Hong Kong, servicing the majority of the companies in both the HSI (79%) and HSCEI (82%). We have more than 50 years of experience conducting IPOs for the Hong Kong market; since 2016, we have handled an average of 80% of the total capital raised. We have established groundbreaking innovation milestones such as:

• First White Form eIPO services (ICBC 2006)
• First HKEX & LSE simultaneous dual listing (Glencore 2011)
• First Blue Form eIPO services (HK Electric 2014)
• First NYSE & HKEX dual listing WVR issuer/ China Concept Stock adopting fully electronic application process & First paperless stock market listing (Alibaba 2019)
• First Dual HKEX and IDX listing (Merdeka 2026)

Our track record of moving to paperless solutions via digital innovation is unmatched, putting us in an ideal position to provide leadership as Hong Kong transitions to an uncertificated securities market.

Computershare has played a pivotal role in shaping and delivering the new Uncertificated Securities Market (USM) regime in Hong Kong. By jointly leading the USM workgroup alongside the Securities and Futures Commission (SFC) and Hong Kong Exchanges and Clearing Limited (HKEX), and as the master author of the FSR’s information paper on USM, we have consistently put the interests of issuers, shareholders, and the wider market first.

Our commitment to market education is reflected in our active engagement at industry events, webinars, and seminars, helping to ensure all stakeholders are well-informed and ready for the transition. As the market evolves, you can rely on Computershare’s expertise and leadership to guide you confidently through every step of the USM transformation.

As a trusted market leader, Computershare is committed to helping market participants understand and prepare for the transition to USM. Explore highlights from our USM industry education and engagement events.

Disclaimer: The information in this webpage, and in any oral presentation made by Computershare, is proprietary to Computershare and any disclosure, reproduction, adaptation, distribution, dissemination or making available of the information within this presentation is strictly prohibited unless prior written consent from Computershare is obtained. The personal and company data presented is entirely fictitious and created solely for reference and illustrative purposes. Any resemblance to actual persons, living or dead, or actual companies is purely coincidental.

Computershare accepts no responsibility for any loss or damage arising directly or indirectly from the use of or reliance on any information contained in this webpage. Nothing in this information paper constitutes legal or other professional advice. You should obtain independent legal or other professional advice before taking actions relating to any matters provided in this webpage.