Hong Kong: Introduction of TECH and confidential filing to facilitate new listings of Biotech Companies and Specialist Technology Companies

14 May 2025    2 minute read
Hong Kong Stock Exchange Capital Markets IPO Biotech Companies Specialist Technology Companies

In brief

On 6 May 2025, the Hong Kong Securities and Futures Commission and The Stock Exchange of Hong Kong Limited ("Exchange") jointly announced the following initiatives to facilitate the new listings of Biotech Companies and Specialist Technology Companies under Chapters 18A and 18C of the Main Board Listing Rules ("Listing Rules"): (i) the launch of Technology Enterprises Channel (TECH), a dedicated communication channel to assist these companies in addressing key matters at a preparatory stage and navigating regulatory requirements with greater transparency; and (ii) the introduction of a new confidential filing option for these companies to address their concerns about premature disclosure of proprietary technologies.

The Exchange has also updated the Guide for New Listing Applicants (clean and blackline) ("Guide"), stating that these companies will be presumed to have satisfied the innovative company requirements and the external validation requirement for listing with a weighted voting right (WVR) structure under Chapter 8A of the Listing Rules.

Contents

TECH

TECH assists prospective Biotech Companies and Specialist Technology Companies in understanding the applicable Listing Rules and preparing for their listings in Hong Kong before they submit formal listing applications. Key measures include:

  • Dedicating a specialised team with experience in reviewing and providing guidance on new listing applications under Chapters 18A and 18C of the Listing Rules.
  • Engaging with these companies to understand their businesses and assist them in comprehending the Listing Rules requirements.
  • Providing guidance on the eligibility and suitability requirements for listing, including Core Products, Sophisticated Investors, and acceptable sectors for Specialist Technology Industries.
  • Offering preliminary guidance on case-specific issues under the Listing Rules.

The Exchange encourages prospective Biotech Companies and Specialist Technology Companies to utilise TECH and initiate communication with the Listing Division by using the enquiry form and email address below:

Enquiry Form: Potential applicant / professional adviser should submit the Technology Enterprises Channel (TECH) - Enquiry Form and the additional information using Form M119.

Email address: IPO_TECH@hkex.com.hk

Confidential filing

Specialist Technology Companies and Biotech Companies, often in early development stages, face significant risks from premature disclosure on their operational strategies, proprietary technologies, and listing plans. To mitigate these risks, the Exchange allows confidential submission of Application Proofs for listings under Chapters 18A and 18C of the Listing Rules. This option is available for listing applications filed after 6 May 2025.

Biotech Companies and Specialist Technology Companies with a WVR structure

Biotech Companies and Specialist Technology Companies that fully meet the requirements under Chapters 18A and 18C of the Listing Rules, respectively, will be presumed to have satisfied the innovative company requirements and the external validation requirement set out in paragraphs 4 and 6 of Chapter 2.2 of the Guide, and will qualify as innovative companies for the purposes of Chapter 8A of the Listing Rules. However, these companies will remain subject to all other applicable requirements under Chapter 8A of the Listing Rules and Chapter 2.2 of the Guide.

These initiatives demonstrate the regulators' commitment in strengthening Hong Kong's position as a premier listing platform for emerging and innovative companies. Should you wish to obtain further information or to discuss what this development might mean for you, please contact our lawyers set out under Contact Information or your usual Baker McKenzie contact.

Contact Information
Christina Lee
Partner at BakerMcKenzie
Hong Kong
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christina.lee@bakermckenzie.com
Dan Ouyang
Partner
Beijing
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dan.ouyang@bakermckenzie.com
Hang Wang
Partner
Beijing
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hang.wang@bakermckenzie.com
Winfield Lau
Partner at BakerMcKenzie
Hong Kong
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winfield.lau@bakermckenzie.com

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