On May 10, the Hong Kong Stock Exchange held the Future Technology Summit in Shenzhen, which opened the prelude to the mainland roadshow promotion of the new regulations for Hong Kong stocks special technology listing.
At the end of March this year, the Hong Kong Stock Exchange officially launched new regulations for the listing of special technology companies. The "Main Board Listing Rules" added Chapter 18C, and began to accept listing applications for special technology companies on March 31, which aroused widespread concern in the industry.
A reporter from Shanghai Securities News learned from the summit that relevant parties in the market are intensively preparing for the IPO declaration of special technology companies, and it is expected that relevant companies will submit listing application forms soon.
Au Guansheng, CEO of HKEX, said in a video speech that in some important industries in the world, China has begun to lead innovation, such as food technology, artificial intelligence, new energy vehicle industry, and one of the greatest adventures in human history - The field of space exploration. This enables China to play a more important role in many aspects, such as working hard to solve problems that have plagued mankind for a long time, such as hunger, disease, and epidemics, leading the global response to climate change, building a more sustainable relationship with the earth, and even exploring the unknown. universe.
"As a leading global financing center, HKEX can play an important role in helping tech entrepreneurs realize their dreams. Because we are the only market in the world that can provide these innovation leaders with both mainland and international capital." Champion said.
"In the past 14 years, the Hong Kong Stock Exchange has won the crown of the world's first IPO financing seven times. In particular, the reform of the listing system in 2018 has greatly stimulated the vitality of the Hong Kong market, and the main force of listing financing has gradually shifted from the traditional economy. The transition to a new economy has also allowed Hong Kong to evolve into a world-leading healthcare financing center," said Chen Yiting, Co-Director of Operations of HKEx.
According to reports, from the reform of the Hong Kong Stock Exchange’s listing system in 2018 to the first quarter of this year, new economic companies contributed 65% of the new stock funds raised. A total of 112 medical and health companies have landed in the Hong Kong capital market, of which biotechnology companies listed through Chapter 18A are There are 56 companies.
The biggest adjustment of this round of Hong Kong Stock Exchange’s listing mechanism reform is that it has opened up a channel for listing on the Hong Kong Stock Exchange’s main board for specialized technology companies that have not yet met the listing threshold of the main board. "The addition of Chapter 18C to the Main Board Listing Rules provides the possibility for special technology companies to enter the Hong Kong capital market for financing earlier, and will also enhance the competitiveness of the Hong Kong market and further consolidate Hong Kong's position as the world's leading IPO financing center. "Chen Yiting said.
The new rules for the listing of Tezhuan Technology will apply to companies in five major industries: new generation information technology; advanced hardware; advanced materials; new energy and energy conservation and environmental protection; new food and agricultural technology.
Chen Yiting said that these companies are engaged in emerging and innovative industries, and often need to invest a lot of money in the research and development stage. The road to commercialization of their products or business scale is usually relatively long.
"After extensive consultation with the market, the Hong Kong Stock Exchange has customized a set of listing rules for these specialized technology companies, hoping to empower the technology industry through system design and support more technology companies in financing and innovation." Chen Yiting said.
The venue of Hong Kong Union Securities saw that the summit was very popular, attracting a large number of technology companies, representatives of industrial parks in various districts of Shenzhen, and VC/PE investment institutions. CICC and Huatai also set up booths at the venue to attract potential listing applicants.
At the conference site, many guests expected that more companies would go public on the Hong Kong Stock Exchange in the future. Xu Jia, executive director of the Investment Banking Department of CICC, said that every reform of the listing rules of the Hong Kong Stock Exchange can generate a wave of listings and have a profound impact on the Hong Kong stock market. The Hong Kong market has shown a recovery trend. From the second half of 2022 to now, high-quality first-time projects have been launched frequently, and there are also many pending projects, and they are mainly new economy industries. The development and growth of new economy enterprises will reshape the Hong Kong capital market.