Hong Kong Exchanges and Clearing (HKG:0388) released new rules aimed at attracting issuers and investors and revitalizing Hong Kong as a preferred initial public offering venue, according to a Thursday press release by the bourse operator.

The bourse operator will allow every independent non-executive director to sit on the boards of up to six companies effective July 1, 2025.

Companies that go beyond the limit will be allowed a three-year transition period to correct the situation, the HKEX said.

The HKEX will also delay the transition period for disallowing an independent non-executive director who has sat on the board for nine years to 2032 instead of 2028. The majority of INEDS should not be long-serving ones by 2028, HKEX said.

"The new requirements will bring new and more diverse perspectives to the boardroom, thereby strengthening overall board effectiveness, independence and diversity," HKEX Head of Listing Katherine Ng said.