Hong Kong's bourse and securities regulator on Friday moved to shorten the approval time for company listings, the latest effort to boost the attractiveness of Hong Kong as a global venue for initial public offerings (IPO).

Hong Kong Exchanges and Clearing (HKEX) said it would communicate closely with the Securities and Futures Commission (SFC) to keep the timeframe for flagging concerns on listing applications to within 40 working days, according to a joint statement from HKEX and SFC.

HKEX and SFC review all listing proposals in Hong Kong but there is currently no set timeframe to approve or reject an application.

For companies already listed in the mainland seeking a flotation in Hong Kong, the regulators said feedback would be provided within 30 working days.

The new timeframes will come into force for applications filed from Monday next week.

Hong Kong's stock market saw a 16% drop in funds raised via IPOs and follow-on share sales in the first six months this year compared with the same period a year ago, amid a slowing Chinese economy and rising geopolitical concerns, data from LSEG show.

Total funds raised via IPOs declined by a quarter against a year earlier, with 30 companies listing, the data show.

(Reporting by Selena Li Editing by Mark Potter)