Listing with HKEX

Listing with HKEX.

We are extremely proud that Hong Kong has ranked as the world’s #1 IPO venue in seven of the last twelve years. This success in attracting global issuers and investors is testament to the opportunities available in Asia’s most dynamic and vibrant capital markets. In 2020 a total of 154 companies raised HK$398 billion – the highest amount raised in a single year since 2010. And, despite recent global market volatility, our primary market continues to take a leading position in the world's IPO fundraising league tables.

In April 2018 we introduced new chapters to our listing rules, for the first time, opening doors to pre-revenue biotech companies and new economy companies. Since then, we have welcomed 128 new economy companies , including 28 biotech companies and 10 secondary listing companies ^[1] together, raising a total of HK$554 billion.

Following Alibaba’s successful HK$101 billion listing in 2019, we continued to attract some of the world's biggest IPOs and new economy companies into our market. In 2020, we welcomed the listing of JD.com, JD Health, NetEase and Yum China, just to name a few. We remain focused on enhancing our processes and market infrastructure to make Hong Kong, and HKEX, an ever more attractive listing venue for companies from Hong Kong, Asia and around the world.

To find out more about our Markets, the benefits of "going public", the IPO process and the requirements for listing on our markets, please contact our Global Issuer Services team.

【1】Including Zai Lab Ltd., which is classified both as biotech company and secondary listing company.

We’re the world's leading IPO venue.

Hong Kong has been the #1 IPO venue globally, in seven out of the past twelve years.

2020 has seen a notable number of IPO fundraisings, including sizeable secondary listings and notable biotech listings.

We continue to build upon the role that we play as the venue of choice for investors and issuers in the Asian time-zone.

Offering a robust, highly liquid market with a diversified global and China investor base.

Direct access to international and Mainland Chinese investors via the Stock Connect Scheme: a unique collaboration between the Hong Kong, Shanghai and Shenzhen Stock Exchanges.

Stock Connect allows international and Mainland Chinese investors to trade over 2,000 securities in each other's markets through trading and clearing facilities in Hong Kong or Mainland China.

Our liquid and efficient post-IPO secondary markets continue to support issuers’ growth.

Welcoming new economy and biotech companies.

We are continually looking to consolidate our position as the premier, global fundraising venue for new economy and biotech companies.

Hong Kong’s Listing Rules were updated in 2018 with the introduction of Chapter 8A, 18A and 19C.

Chapter 8A, 18A and 19C enable pre-revenue biotech firms and innovative companies with weighted voting rights to seek a listing on our markets, as well as making secondary listings on our markets easier.

We are Asia's Financial Hub for the New Economy.

In April 2018, we updated our Listing Rules with three new chapters for emerging and innovative companies:

Chapter 8A: Supporting Companies with Weighted Voting Rights

Permitting the listing of companies with weighted voting right (WVR) structures; supporting the fundraising needs of innovative companies with visionary founders.

Chapter 18A: Supporting Pre-Revenue Biotech Issuers

Permitting the listing of pre-revenue biotech issuers that do not meet Main Board financial eligibility criteria; providing opportunity for early stage biotech companies to tap into the market.

Chapter 19C: Supporting Secondary Listings

A new secondary listing route for Mainland China and international qualifying issuers, providing fundraising.

Underpinned by a highly regarded, established and thorough regulatory regime.

Offering a transparent, efficient and respected listing process.

Sound and effective post-listing governance.

Protecting issuers' and shareholders' best interests.

Please refer to HKEX Listing Rules Chapter 8A and Guidance Letter HKEX-GL93-18 for more details.

Please refer to HKEX Listing Rules Chapter 18A and Guidance Letter HKEX-GL92-18 for more details.

Please refer to HKEX Listing Rules Chapter 19C and Guidance Letter HKEX-GL94-18 for more details.

Connecting China, Connecting the World.

Stock Connect is a unique collaboration between the Hong Kong, Shanghai and Shenzhen Stock Exchanges; it allows international and Mainland Chinese investors to trade securities in each other's markets through the trading and clearing facilities in Hong Kong or the Mainland. First launched on November 2014, the scheme now covers over 2,000 eligible equities in Shanghai, Shenzhen and Hong Kong. Learn more about Stock Connect.

#1 Choice for Chinese Companies with Global Aspirations

#1 Choice for Global Companies to Access China

Top 20 Hong Kong listed companies based on market capitalisation:

AIA Group Ltd. (01299)

Initial funds raised: HK$159,077M
Date of IPO: 29/10/2010

Alibaba Group Holding Ltd. - SW (09988)

Initial funds raised: HK$101,200M
Date of IPO: 26/11/2019

ANTA Sports Products Ltd. (02020)

Initial funds raised: HK$3,643M
Date of IPO: 10/07/2007

Budweiser Brewing Co. APAC Ltd.(01876)

Initial funds raised: HK$45,075M
Date of IPO: 30/09/2019

China Construction Bank Corporation - H Shares (00939)

Initial funds raised: HK$71,578M
Date of IPO: 27/10/2005

China Mobile Ltd. (00941)

Initial funds raised: HK$32,665M
Date of IPO: 23/10/1997

CNOOC Ltd. (00883)

Initial funds raised: HK$11,046M
Date of IPO: 28/02/2001

Hong Kong Exchanges and Clearing Ltd. (00388)

Date of IPO: 27/06/2000

HSBC Holdings plc (00005)

Industrial and Commercial Bank of China Ltd. - H Shares (01398)

Initial funds raised: HK$124,947M
Date of IPO: 27/10/2006

JD.com, Inc. (09618)

Initial funds raised: HK$34,558M
Date of IPO: 18/06/2020

JD Health International Inc. (06618)

Initial funds raised: HK$30,998M
Date of IPO: 08/12/2020

Meituan Dianping - W (03690)

Initial funds raised: HK$33,138M
Date of IPO: 20/09/2018

NetEase (09999)

Initial funds raised: HK$24,256M
Date of IPO: 11/06/2020

Ping An Insurance (Group) Co. of China, Ltd. - H Shares (02318)

Initial funds raised: HK$14,336M
Date of IPO: 24/06/2004

Prudential plc (02378)

Date of IPO: 25/05/2010

Smoore International Holdings Ltd. (06969)

Initial funds raised: HK$8,190M
Date of IPO: 10/07/2020

Tencent Holdings Ltd. (00700)

Initial funds raised: HK$1,787M
Date of IPO: 16/06/2004

Xiaomi Corporation - W (01810)

Initial funds raised: HK$42,610M
Date of IPO: 09/07/2018

WuXi Biologics (Cayman) Inc. (02269)

Initial funds raised: HK$4,572M
Date of IPO: 13/06/2017

Market capitalisation as of 31 December 2020, ranked alphabetically.

Home of the Technology Empowered.

With a focus on new economy innovation, HKEX is actively building product diversity on its market. Many high growth technology companies have chosen to launch their IPOs or secondary listings in Hong Kong. Their listings have transformed the composition of our market.

Strong growth momentum in new economy company fundraising since new listing rules:

128

Companies Listed

HK$554 billion

IPO Funds Raised

57%

IPO Funds raised contributed by new economy

Total Funds Raised Contribution ^[2]

38%

2017

65%

2020

Total Market Cap Contribution ^[3]

1.2%

2017

8.2%

2020

【2】Total funds raised contribution refers to new economy funds raised as a percentage of total funds raised in that year.
【3】Total market cap contribution refers to the market cap of new economy companies listed in a particular year as a percentage of total market cap as of 2020.

HKEX IPO Newsletter - January 2021 >
HKEX IPO Newsletter - July 2020 >
HKEX IPO Newsletter - March 2020 >

Source: HKEX, December 2020

Asia's #1 Biotech Funding Markets.

Working alongside innovators, research institutes, investors and the wider global healthcare industry, HKEX is committed to supporting the sector, by providing platforms that help steer the industry towards investments and growth. The industry is currently going through a global period of rapid change and expansion. Reforms within the global healthcare industry such as the accelerated review and approval of drugs, and the expansion of the reimbursement scheme have provided a real catalyst for transformation and innovation across this sector in Mainland China.

HKEX Biotech Newsletter - Feb 2021 >
More issues>
List of 18A companies >

Connecting the healthcare industry:

No. of Biotech Companies Listed under Chapter 18A:

None

2017

2018

2019

2020

Market Capitalisation of Healthcare Companies (HK$bn):

855

2017

856

2018

1555

2019

3536

2020

Source: HKEX, December 2020

Recent Biotech listings:

Ascletis (01672)

Initial funds raised: HK$3,137M
Date of IPO: 01/08/2018

BeiGene (06160)

Initial funds raised: HK$7,084M
Date of IPO: 08/08/2018

Innovent (01801)

Initial funds raised: HK$3,799M
Date of IPO: 31/10/2018

Shanghai Junshi (01877)

Initial funds raised: HK$3,541M
Date of IPO: 24/12/2018

CStone (02616)

Initial funds raised: HK$2,572M
Date of IPO: 26/02/2019

Shanghai Henlius (02696)

Initial funds raised: HK$3,425M
Date of IPO: 25/09/2019

Venus Medtech (02500)

Initial funds raised: HK$2,980M
Date of IPO: 10/12/2019

Alphamab (09966)

Initial funds raised: HK$2,104M
Date of IPO: 12/12/2019

InnoCare (09969)

Initial funds raised: HK$2,576M
Date of IPO: 23/03/2020

Akeso (09926)

Initial funds raised: HK$2,967M
Date of IPO: 24/04/2020

Peijia Medical Ltd. (09996)

Initial funds raised: HK$2,694M
Date of IPO: 15/05/2020

Kintor Pharmaceutical Ltd. (09939)

Initial funds raised: HK$1,861M
Date of IPO: 22/05/2020

Immunotech Biopharm Ltd. (06978)

Initial funds raised: HK$1,260M
Date of IPO: 10/07/2020

Ocumension Therapeutics (01477)

Initial funds raised: HK$1,786M
Date of IPO: 10/07/2020

Zai Lab Ltd. (09688)

Initial funds raised: HK$6,827M
Date of IPO: 28/09/2020

JHBP (CY) Holdings Ltd. (06998)

Initial funds raised: HK$3,112M
Date of IPO: 07/10/2020

Everest Medicines Ltd. (01952)

Initial funds raised: HK$4,019M
Date of IPO: 09/10/2020

RemeGen Co., Ltd. (09995)

Initial funds raised: HK$4,586M
Date of IPO: 09/11/2020

Antengene Corporation Ltd. (06996)

Initial funds raised: HK$2,841M
Date of IPO: 20/11/2020

HBM Holdings Ltd. (02142)

Initial funds raised: HK$1,711M
Date of IPO: 10/12/2020

Jacobio Pharmaceuticals Group Co., Ltd. (01167)

Initial funds raised: HK$1,516M
Date of IPO: 21/12/2020

Data as of 30 April, 2020, ranked by listing date

Step-by-step Listing Guide.

We offer a choice of routes for companies to the Hong Kong markets; and offer our Issuers step-by-step support on the journey to listing.

Our Main Board

A market for more established companies that satisfy our financial and track record requirements. Companies listed on our Main Board range from conglomerates, banks and property developers to internet companies and healthcare providers. Issuers can choose to list on the Hong Kong Main Board in the form of shares or Hong Kong depository receipts.

GEM

A market for small and mid-sized companies, with less stringent eligibility criteria but similar continuing obligations as the Main Board.

We know that an IPO is one of the most significant events for any company. We are here, every step of the way:

Step 1:

Potential issuer preparation

Appoint sponsors and other professional advisors

Due diligence and application documents preparation

Pre-consultation with listing department if necessary on confidential basis

Submitting listing application to HKEX listing department

Step 2:

Vetting and approval

Listing application accepted by HKEX

Vetting by listing department

Hearing by listing committee

Obtain listing approval in principal

Step 3:

Marketing and listing

Marketing period

List on Stock Exchange of Hong Kong

Listing celebration

Step 1:

Potential issuer preparation

Appoint sponsors and other professional advisors

Due diligence and application documents preparation

Pre-consultation with listing department if necessary on confidential basis

Submitting listing application to HKEX listing department

Step 2:

Vetting and approval

Listing application accepted by HKEX

Vetting by listing department

Hearing by listing committee

Obtain listing approval in principal

Step 3:

Marketing and listing

Marketing period

List on Stock Exchange of Hong Kong

Listing celebration

Listing Process for Listing on the Main Board >
Listing Process for Listing on GEM >
Frequently Asked Questions >

Main Board Listing Financial Eligibility.

Main Board Listing requires the review of three years’ of financial track record and the fulfilment of any one of the following tests:

Profit test:

Market capitalisation at the time of listing more than HK$500m

Profit attributable to shareholders of the most recent year more than HK$20m

Profit attributable to shareholders of the two preceding years more than HK$30m

Market Cap / Revenue test:

Market capitalisation at the time of listing more than HK$4bn

Revenue of the most recent audited year more than HK$500m

Market Cap / Revenue / Cashflow test:

Market cap more than HK$2bn

Revenue of the most recent audited year more than HK$500m

Aggregate positive cash flow from operating activities for 3 preceding financial years more than HK$100m

Qualifications for Listing >

In conversation with Alibaba Group

celebrating their Homecoming IPO.

“Hong Kong is a natural listing venue for Alibaba. Secondary listing enables both global institutional and retail investors to invest in Alibaba Group. ”

Maggie Wu, Group CFO of Alibaba Group

Play Video

Meet the HKEX Team.

Our talented team of professionals are dedicated to delivering on HKEX’s vision to be the global markets leader in the Asian time-zone: Connecting China, Connecting the World. Please do contact us to see how we can help you access expertise, business support and expand your reach amongst global investors.

Christina Bao

MANAGING DIRECTOR, Head of Global Issuer Services

Silvia Chen

SENIOR VICE PRESIDENT, Head of China Issuer Services

Winnie Han

SENIOR VICE PRESIDENT, Head of Northern & Western China Issuer Services

Michael Chan

SENIOR VICE PRESIDENT, Head of International Issuer Services

Start the conversation.

Please contact us if you have any questions about joining our markets. Alternatively, please access our Frequently Asked Questions.

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