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New listing applications at a glance
New applications acknowledged in 2025*
Main board
286
GEM
11
Number of companies listed in 2025*
Main board
69
GEM
-
Processing time from listing application date to date of hearing bundle letter
Median number of business days
29
* Represents the number of new applications accepted / companies listed from 1 January to 30 September 2025.
Listing eligibility requirements
Chapter 8 of the Main Board Listing Rules requires three years of financial track record and the fulfilment of any one of the following three tests:
Profit test
  • Market capitalisation at the time of listing of at least HK$500 million
  • Profit attributable to shareholders of the most recent year of not less than HK$35 million
  • Profit attributable to shareholders of the two preceding years of not less than HK$45 million
Market capitalization / Revenue / Cash flow test
  • Market capitalisation at the time of listing of at least HK$2 billion
  • Revenue for the most recent audited financial year of at least HK$500 million
  • Aggregate positive cash flow from operating activities for three preceding financial years of at least HK$100 million
Market capitalization / Revenue test
  • Market capitalisation at the time of listing of at least HK$4 billion
  • Revenue for the most recent audited financial year of at least HK$500 million
For the listing requirements of other types of companies including mineral companies, biotech companies, special purpose acquisition companies (SPACs) and specialist technology companies, please refer to the Listing Rules and Guide for New Listing Applicants.

For the listing requirement on GEM, please refer to the GEM Listing Rules.
Step-by-step listing journey
Step 1:
Potential issuer preparation
  • Appoint sponsors and other professional advisors
  • Due diligence and application documents preparation
  • Pre-consultation with Listing Dvision if necessary on confidential basis
  • Submit listing application to Listing Division
Step 2:
Vetting and approval
  • Listing application accepted by HKEX
  • Vetting by Listing Division
  • Hearing by Listing Committee
  • Obtain listing approval in principle
Step 3:
Marketing and listing
  • Marketing period
  • List on the Stock Exchange of Hong Kong
  • Listing celebration
Other resources
Listing Rules
Guide for New Listing Applicants
Progress Report for Applications