Charles Li halts Hong Kong IPO plan for Micro Connect fund under HKEX Chapter 21
Former HKEX chief shifts to private fund model after regime fails to see a successful listing in a decade, raising call for a review
Li, who had spearheaded multiple listing reforms and the connect schemes during his 11-year tenure at the HKEX, has not yet managed to advance the listing of MCIF, which he co-founded. He filed on June 18 to list the company under HKEX’s Chapter 21 regime – a framework designed for newly established investment companies seeking capital from institutional investors.
The application expired on December 18 after the company failed to complete the listing within a six-month window.
Li said he would now operate MCIF as a private fund and raise capital from the private sector. Micro Connect Group, the fund manager for MCIF and which he also co-founded, would commit US$100 million and seek additional funding from other investors.
“Recent conversations with potential limited partners and investment targets have reinforced strong demand for MCIF on both the funding and financing sides,” he said. “To prioritise speed and execution, we will now operate MCIF as a private fund in the near term. This approach offers greater flexibility in both fundraising and deployment, faster time to market, and access to a wider pool of global institutional investors.”
