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posted 4 months ago
(First published on https://www.pwfo.org/blog/listing-in-hong-kong-specialist-technology-companies)
Hong Kong has been promoting entrepreneurship and startups for years. The two major startup flagships are The Hong Kong Science and Technology Park and Cyberport. There are currently a few thousand startups in these 2 communities. Some of them are unicorns. Numerous pitching events are held each year to award startups with innovative ideas and technological breakthroughs.
Capital raising is important to help startups grow. This also holds true for startups in China as well as around the globe. With this, the Hong Kong Stock Exchange Limited (HKEx) has recently amended the Listing Rules to permit technology companies without profits to have a listing in Hong Kong.
These companies must have been in operation for at least 3 financial years and have already been funded by investors to a significant extent.
They are categorized into: Commercial Company or Pre-Commercial Company with different revenue, market capitalization as well as research and development (R&D) requirements.
For Commercial Companies, market capitalization must be at least HK$6,000,000,000 and revenue HK$250,000,000 for the most recent audited financial year. At least 15% of its total operating expenditure must be on R&D.
For Pre-Commercial Companies, market capitalization must be at least HK$10,000,000,000 and in the most recent audited financial year:
These percentages must be met:
prior to listing.
The Pre-Commercial Companies must illustrate a creditable path of the commercialization of its products to achieve the revenue required of a Commercial Company in its listing documents. It must have sufficient working capital to cover at least 125% of the group’s costs for at least 12 months from the date of publication of its listing documents. Pre-Commercial Company can apply to HKEX to remove the designation if it fulfills the criteria for a Commercial Company.
A significant amount of the shares must be offered to the general public to subscribe. The controlling shareholders are subject to a lockdown period of 12 months / 24 months for Commercial Companies and Pre-Commercial Companies respectively.
For listing, founders should:
__________________________________________________________
Belinda will guide you on how to enter Hong-Kong, China. She will be delighted to give a 30-minute free Q&A interview to deal with any specific question you may have.
Send an email to [email protected] to book an appointment.
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