MGM China adopts alternative public-float threshold in Hong Kong
Business2 min read
MGM China adopted the Hong Kong Stock Exchange’s Alternative Threshold for its minimum public-float requirement, effective 13 November 2026. The company said the threshold permits a 10% public float if its market value reaches at least HK$1 billion, following share-based incentive awards for executives Kenneth Feng and Jeny Lau.
MGM China has adopted the Hong Kong Stock Exchange’s alternative public-float threshold following share incentive awards for chief executive Kenneth Feng and chief financial officer Jeny Lau. The alternative threshold became effective on 13 November 2026.
The company can maintain a minimum public float of 10% of issued share capital under the alternative threshold if the float is worth at least HK$1 billion, it said in a Friday filing. An earlier exchange waiver had allowed a minimum float of 21.6%, compared with the standard 25% requirement. The company expects the approach to offer more flexibility in managing share incentive arrangements.
The company said it had previously given Feng cash-settled restricted stock units under a plan first adopted in August 2023. It will convert his remaining unvested units, granted in August 2023, June 2024 and June 2025, into share-settled awards. The awards will be met with shares bought on the open market rather than newly issued shares.
Lau will receive restricted stock unit awards settled in shares after a Friday decision by the company, it said. The awards for Feng and Lau will each be no more than 0.1% of the company’s total issued shares, but will bring the public-held proportion below 21.6%.
MGM China said its public float had a market value of HK$8.42bn and represented about 21.5% of issued shares when it adopted the alternative threshold. MGM Resorts remains the controlling shareholder with 56%, while chairperson and executive director Pansy Ho holds just under 22.5%.