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Hong Kong Stock Exchange Moves to Attract Emerging and Innovative Companies

In a development that should be of interest to Israeli high tech, life sciences and high growth companies, the Hong Kong Stock Exchange (‘HKSE’) has implemented a new listing regime.

Earlier this year, the HKSE released a Consultation Paper seeking public comment on proposed new Main Board Listing Rules aimed at attracting the listings of emerging and innovative companies.  In late April, the HKSE released the results in its Consultation Conclusions with the new rules taking effect this week.

Specifically, the new rules allow the listing of the following three categories of company to its Main Board:

  1. Biotech companies that do not meet any of the financial eligibility tests currently required to list on the Main Board;
  2. Companies that are both high-growth and innovative yet have weighted voting right (‘WVR’) structures; and
  3. Companies wishing to conduct a secondary listing in Hong Kong.

The new rules also stipulate that for each new category of company, a new chapter will be added to the Rules providing further eligibility and suitability guidance from the Exchange.

This move is part of the HKSE’s push to enhance its global competitiveness and attract a younger generation of companies.  This initiative holds particular relevance for Israeli companies as many are likely to fall squarely within the criteria set out by the HKSE.

Please reach out to a member of our team should you require further information in relation to any of the above.