HKEX’s New Listing Regime for Emerging and Innovative Companies

May 8, 2018

The Hong Kong Exchanges and Clearing Limited (“HKEX”) on 24 April 2018 published the conclusions to its consultation paper “A Listing Regime for Companies from Emerging and Innovative Sectors” (the “Consultation Conclusions”) and introduced three chapters to the Main Board Listing Rules (the “MB Rules”) to:

(1) permit listings of biotech companies that do not meet any of the financial eligibility tests under the MB Rules;
(2) permit listings of innovative and high growth companies with a weighted voting right (“WVR”) structure; and
(3) establish a concessionary secondary listing route for emerging and innovative Greater China and international companies (“Qualified Issuers”) that are primarily listed on a Qualified Exchange1.

The new MB Rules took effect on 30 April 2018, from which date companies seeking to list under the new regime can submit formal applications.

This TechNews highlights certain key features of the conditions for listing and additional requirements / investor safeguards that companies seeking to list under the new regime have to comply with. HKEX has also published guidance letters setting out the relevant listing eligibility and suitability criteria.

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Topics: Regulatory Updates & News

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