The Hong Kong Securities and Futures Professionals Association said the Hong Kong Exchanges and Clearing (HKG:0388) should maintain the existing six-month lock-up period for cornerstone investors in initial public offerings.

The association's response come after HKEX solicited feedback regarding proposals to boost initial public offering price discovery and open market requirements, the association said in a statement Saturday.

"Retaining the six-month lock-up period can protect the interests of retail investors," it said.

HKEX's six-month lock-up period regulation allows cornerstone investors to adopt long-term strategies and prevents market speculative behavior, the association said.

Allowing cornerstone investors to "to phase out the lock-up in a shorter timeframe could lead to a sudden increase in share supply in the market, putting substantial downward pressure on the stock price," the association said.

proposals by the Hong Kong Exchanges and Clearing (HKG:0388) to boost initial public offering price discovery and open market requirements