Launching IPOs in Hong Kong used to be a privilege largely reserved for big State-owned enterprises (SOEs). Due to stringent regulatory requirements aimed at protecting SOEs, most private mainland-based companies find it extremely difficult and time-consuming to list in Hong Kong.

Luckily attitudes are changing. This year, securities authorities said companies may not need to go through local administrative approvals to be listed in Hong Kong.

To some extent, this will level the playing field between private companies and SOEs.

Regulators have taken this step because the mainland stock market isn't big enough for the 600 or so companies waiting in line for an A-share listing. This may also be part of a bigger push to "mainlandize" the Hong Kong Stock Exchange.

Fortunately, there are some things about the Hong Kong market that will remain unchanged. Supervision over listings and delistings will still be conducted according to international standards. Whether a company finds favor with Hong Kong investors will be decided by the market.

The author is Ye Tan, a commentator.