Former HKEX Chief Charles Li Bets on ‘Cash Rights’ With New Hong Kong Listing Program
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Charles Li, Founder and Chairman of Micro Connect
Micro Connect International Investment Ltd., led by Charles Li, the former Hong Kong Stock Exchange chief, filed on Wednesday for a listing on the Hong Kong bourse under Chapter 21 — a rarely used route meant for investment companies and restricted to professional investors.
If approved, the listing would mark Hong Kong’s first successful “Chapter 21 company” listing in more than 14 years.
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- Micro Connect International Investment Ltd., led by ex-HKEX chief Charles Li, filed for a rare Chapter 21 listing in Hong Kong, the first in over 14 years, targeting only professional investors initially.
- The company, newly incorporated in May 2024, aims to pioneer "cash rights" investing, focusing on returns directly from target companies' cash flows rather than equity or debt.
- Regulatory hurdles remain, as Chapter 21 listings face strict limits and scrutiny due to past shell company concerns.
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Who’s Who
- Micro Connect International Investment Ltd.
- Micro Connect International Investment Ltd. is pursuing a Hong Kong Stock Exchange listing through a rare "Chapter 21" route, targeting professional investors. Led by Charles Li, they aim to raise capital for "cash flow-based investing" in small and micro-enterprises. This newly formed Cayman Islands entity is part of Li's "Micro Connect 3.0" vision, a new asset class of "cash rights," and it's backed by Micro Connect, a BVI company controlled by Li.
- Micro Connect
- Micro Connect, led by Charles Li, is attempting a Chapter 21 listing in Hong Kong. This investment company aims to democratize capital for small enterprises through "cash rights" investing. Founded in 2021, Micro Connect initially invested 4.4 billion yuan into 13,000 Chinese shops, and launched the Micro Connect (Macau) Exchange in 2023.
- Micro Connect (Macau) Exchange
- Micro Connect (Macau) Exchange (MCEX) was launched in August 2023 as phase two of Charles Li's Micro Connect Group. It is a platform aimed at improving transparency and trading standards for retail-facing investment products, specifically designed for Li's "cash rights" investment model for small and micro enterprises.
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What Happened When
- August 2021：
- Micro Connect was founded and began investing its own capital into small storefront businesses across more than 200 cities in China.
- August 2023：
- Phase two started with the launch of the Micro Connect (Macau) Exchange, or MCEX.
- Early 2024：
- Micro Connect concluded its initial proof-of-concept phase and stopped direct investments.
- September 2024：
- Micro Connect introduced a comprehensive upgrade via its proprietary 'Star of Micro Connect' system.
- May 23, 2025：
- The newly established investment vehicle, Micro Connect International Investment, was incorporated in the Cayman Islands.
- Wednesday, June 18, 2025：
- Micro Connect International Investment Ltd. filed for a listing on the Hong Kong bourse under Chapter 21.
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