On March 24, 2023, the Stock Exchange of Hong Kong Limited (the
"Exchange") issued the long-awaited
consultation conclusions (the "Consultation
Conclusions") on the listing regime for Specialist
Technology Companies on the Main Board under the new Chapter 18C,
three months after the expiry of the two-month consultation period
with over 90 responses from market participants. The new Chapter
18C, together with the Guidance Letter on Specialist Technology
Companies, will come into effect on March 31, 2023. Formal listing
applications under the new regime may be made on or after March 31,
2023.
The Exchange has made several important concessions in the
Consultation Conclusions in response to market comments on the
proposed requirements for market capitalization, research and
development (R&D) expenditure ratio,
investments from sophisticated independent investors
(SIIs), and minimum allocation to independent
institutional investors.
