At present, it takes about 2 months from the application to the approval of the listing of Hong Kong stocks, and HKEx has plans to shorten the time to about 40 days. The process of IPO of Hong Kong stocks is submission of form (1-6 months) → hearing (2-3 days) → roadshow (about 7 days) → offering (about 2 weeks) → announcement of placing results → listing. There was a dark offer on the day when the placing result was announced, and the dark offer time was16:15-18: 30; Subscription can be made at the initial stage of IPO.

legal ground

Article 47 of the Securities Law of People's Republic of China (PRC): Directors, supervisors, senior managers and shareholders holding more than 5% of the shares of a listed company sell their shares within six months after the purchase, or buy them again within six months after the sale, and the proceeds shall be owned by the company, and the board of directors of the company shall recover the proceeds. However, if a securities company holds more than 5% of the shares due to the exclusive purchase of the remaining shares after sale, it is not restricted by the six-month period for selling the shares. If the board of directors of the company fails to implement the provisions of the preceding paragraph, shareholders have the right to require the board of directors to implement it within 30 days. If the board of directors of the company fails to implement it within the above-mentioned time limit, shareholders have the right to bring a lawsuit directly to the people's court in their own name for the benefit of the company. If the board of directors of the company fails to implement the provisions of the first paragraph, the responsible directors shall bear joint liability according to law.