Listing with HKEX.
We are extremely proud that Hong Kong has ranked as the world’s #1 IPO venue in seven of the last eleven 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 2019 a total of 183 companies raised HK$314 billion – the highest amount raised in a single year since 2010. And, despite recent global market volatility, our primary market continues to top 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 109 new economy companies , including 21 biotech companies and 8 secondary listing companies [1] together, raising a total of HK$457 billion.

Following Alibaba’s successful HK$101 billion listing in 2019, we have continued to attract more new economy companies and welcome some of the world’s biggest IPOs. In 2020, including the secondary listings of NetEase at HK$24.3 billion and JD.com at HK$34.6 billion. 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 eleven 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.

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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
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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
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Alibaba Group Holding Ltd. - SW (09988)
Initial funds raised: HK$101,200M
Date of IPO: 26/11/2019
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Bank of China Ltd. - H Shares (03988)
Initial funds raised: HK$86,741M
Date of IPO: 01/06/2006
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Budweiser Brewing Co. APAC Ltd.(01876)
Initial funds raised: HK$45,075M
Date of IPO: 30/09/2019
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China Construction Bank Corporation - H Shares (00939)
Initial funds raised: HK$71,578M
Date of IPO: 27/10/2005
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China Mobile Ltd. (00941)
Initial funds raised: HK$32,665M
Date of IPO: 23/10/1997
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China Overseas Land & Investment Ltd. (00688)
Initial funds raised: HK$844M
Date of IPO: 20/08/1992
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CITIC Ltd. (00267)
Date of IPO: 26/02/1986
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CNOOC Ltd. (00883)
Initial funds raised: HK$11,046M
Date of IPO: 28/02/2001
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Hang Seng Bank Ltd. (00011)
Date of IPO: 20/06/1972
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Hong Kong Exchanges and Clearing Ltd. (00388)
Date of IPO: 27/06/2000
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HSBC Holdings plc (00005)
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Industrial and Commercial Bank of China Ltd. - H Shares (01398)
Initial funds raised: HK$124,947M
Date of IPO: 27/10/2006
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Meituan Dianping - W (03690)
Initial funds raised: HK$33,138M
Date of IPO: 20/09/2018
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MTR Corporation Ltd. (00066)
Initial funds raised: HK$10,787M
Date of IPO: 05/10/2000
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Ping An Insurance (Group) Co. of China, Ltd. - H Shares (02318)
Initial funds raised: HK$14,336M
Date of IPO: 24/06/2004
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Prudential plc (02378)
Date of IPO: 25/05/2010
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Sun Hung Kai Properties Ltd. (00016)
Date of IPO: 08/09/1972
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Tencent Holdings Ltd. (00700)
Initial funds raised: HK$1,787M
Date of IPO: 16/06/2004
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Xiaomi Corporation - W (01810)
Initial funds raised: HK$42,610M
Date of IPO: 09/07/2018
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Market capitalisation as of 30 March 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: 

109
Companies Listed
HK$457 billion
IPO Funds Raised
58%
IPO Funds raised contributed by new economy
Total Funds Raised Contribution [2]
38%
2017
76%
2020 YTD
Total YTD Turnover Contribution [3]
2%
2017
8%
2019

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


HKEX IPO Newsletter - July 2020 >
HKEX IPO Newsletter - March 2020 >
Source: HKEX, September 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 - October 2020 >
HKEX Biotech Newsletter - May 2020 >
HKEX Biotech Newsletter - September 2019 >
HKEX Biotech Newsletter - May 2019 >

Connecting the healthcare industry:
No. of Biotech Companies Listed under Chapter 18A:
None
2017
5
2018
14
2019
21
2020 YTD
Market Capitalisation of Healthcare Companies (HK$bn):
855
2017
856
2018
1555
2019
2510
2020 YTD
Source: HKEX, September 2020
Recent Biotech listings:
Ascletis (01672)
Initial funds raised: HK$3,137M
Date of IPO: 01/08/2018
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BeiGene (06160)
Initial funds raised: HK$7,084M
Date of IPO: 08/08/2018
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Hua Medicine (02552)
Initial funds raised: HK$892M
Date of IPO: 14/09/2018
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Innovent (01801)
Initial funds raised: HK$3,799M
Date of IPO: 31/10/2018
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Shanghai Junshi (01877)
Initial funds raised: HK$3,541M
Date of IPO: 24/12/2018
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CStone (02616)
Initial funds raised: HK$2,572M
Date of IPO: 26/02/2019
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CanSino (06185)
Initial funds raised: HK$1,357M
Date of IPO: 28/03/2019
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Mabpharm (02181)
Initial funds raised: HK$1,175M
Date of IPO: 31/05/2019
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Shanghai Henlius (02696)
Initial funds raised: HK$3,425M
Date of IPO: 25/09/2019
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Ascentage (06855)
Initial funds raised: HK$479M
Date of IPO: 28/10/2019
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TOT Biopharm (01875)
Initial funds raised: HK$589M
Date of IPO: 12/11/2019
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SinoMab (03681)
Initial funds raised: HK$1,384M
Date of IPO: 08/11/2019
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Venus Medtech (02500)
Initial funds raised: HK$2,980M
Date of IPO: 10/12/2019
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Alphamab (09966)
Initial funds raised: HK$2,104M
Date of IPO: 12/12/2019
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InnoCare (09969)
Initial funds raised: HK$2,576M
Date of IPO: 23/03/2020
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Akeso (09926)
Initial funds raised: HK$2,967M
Date of IPO: 24/04/2020
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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:
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

or

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

or

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 >
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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

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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_245x245
Christina Bao
MANAGING DIRECTOR, Head of Global Issuer Services
Silivia_chen_245x245
Silvia Chen
SENIOR VICE PRESIDENT, Head of China Issuer Services
Winnie_Han_245x245
Winnie Han
SENIOR VICE PRESIDENT, Head of Northern & Western China Issuer Services
Micheal_chan_245x245
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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