Under Chapter 3A of the Main Board Listing Rules, a capital market intermediary is appointed by an issuer under a written engagement agreement and conducts specified activities under paragraph 21.1.1 of the SFC Code of Conduct; the agreement must at least state its roles and responsibilities, fee arrangement (including fixed fees as a percentage of the total fees to all syndicate CMIs) and payment schedule. Those engaged for the same offering are collectively the syndicate CMIs. Basis: Main Board Listing Rules 3A.33 and 3A.34.
The links above lead to official sources such as HKEX and the SFC. The explanation on this site summarises them and may differ from the official definition; the official documents prevail.
This page explains the HK IPO term "Capital Market Intermediary" and links to related terms. Definitions are compiled from HKEX Practice Note 18 and the Listing Rules, for understanding subscription rules only — not investment advice.
