30 April, 2018
The Hong Kong Stock Exchange has released its consultation conclusions setting out final details of the new listing regime for companies from emerging and innovative sectors.
This follows a one-month consultation on the drafts of three new chapters of the Listing Rules. Whilst some changes have been made as a result of the consultation exercise, the Stock Exchange is proceeding with the new regime substantively in the form originally proposed.
The three new chapters, which come into effect on 30 April 2018, are:
- Chapter 8A, containing the new listing regime for innovative and high-growth companies with weighted voting rights;
- Chapter 18A, setting out the regime for the listing of biotech companies which do not meet the standard financial eligibility requirements; and
- Chapter 19C, which provides a concessionary secondary listing route for innovative companies with a primary listing on certain qualifying exchanges.
In addition, the consultation paper also includes the final form of three new guidance letters covering each of the new chapters which also come into effect on 30 April 2018.
A detailed summary of the new regime is set out in the attached briefing.
Formal listing applications under the new chapters can be submitted from 30 April 2018, with the Stock Exchange already accepting formal pre-IPO enquiries under the new regime.
For further information, please contact:
Matt Emsley, Partner, Herbert Smith Freehills
matt.emsley@hsf.com
