Hong Kong Exchanges and Clearing Ltd. (HKEX) has published a consultation on the second phase of reforms to post-listing rules covering notifiable transactions, connected transactions and spin-off listings. The proposals would raise the major-transaction size-test threshold from 25% to 50%, expand the discloseable-transaction range from 5%-25% to 5%-50%, remove the profits ratio and very substantial transaction classifications, and revise the consideration-ratio calculation. HKEX also proposes raising the connected-subsidiary voting-rights threshold from 10% to 30%, allowing certain revenue-generating continuing connected transactions to use percentage-based annual caps, and permitting eligible issuers to self-assess spin-off compliance. The spin-off moratorium would fall from three years to one year, while qualifying issuers meeting Practice Note 15 and specified size and remaining-business tests would no longer need prior Stock Exchange approval. The consultation ends November 30. HKEX says greater flexibility would be balanced by timely disclosure, board accountability and investor protection.