On December 15, HKEx announced the reform of the listing mechanism: (1) accepting the listing of non-identical companies in the same share; and (2) allowing non-profit or non-revenue biotechnology companies to list in Hong Kong. The adjustment of the listing system is very important for the long-term development of the Hong Kong market. In the face of competition in New York, London, Singapore and the Mainland China's Shanghai, Shenzhen and other places, flexible system undoubtedly adds to the competitiveness. For the reform of the capital market in the Mainland China, the reform in Hong Kong can serve as a model.