New listing regime proposals for emerging and innovative companies

On 23 February 2018, the Stock Exchange of Hong Kong Limited (the "HKEx") published a consultation paper seeking public comments on Listing Rules amendments aimed at expanding the listing regime to help list companies from emerging and innovative sectors, which the HKEx identified as gaps in Hong Kong's current listing regime affecting its overall competitiveness versus other major global listing venues. This consultation paper gives effect to the New Board Concept Paper Conclusions published in December 2017.

Key proposals include seeking amendments to the Listing Rules, under three new chapters, to allow the following three new types of companies to list on the Main Board:

  1. biotech companies that do not meet any of the financial eligibility tests, including companies without any prior record of profit or revenue; 
  2. high growth and innovative companies with weighted voting right structures; and 
  3. qualifying issuers seeking a secondary listing on the HKEx.

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