Hong Kong Exchanges & Clearing Ltd. · HKEX:388
Hong Kong Exchanges & Clearing — Investor Presentation (October 2022)
9 slides from Hong Kong Exchanges & Clearing's investor presentation, Oct 19, 2022
Slide 1: Consultation Paper on New Listing Rules for Specialist Technology Companies
Consultation Paper on New Listing Rules for Specialist Technology Companies Ms. Bonnie Y Chan, Head of Listing, HKEX Ms. Katherine Ng, Head of Policy and Secretariat Services, Listing, HKEX 19th October 2022
Slide 2: A New Listing Chapter for Specialist Technology Companies
A New Listing Chapter for Specialist Technology Companies Characteristics of Specialist Technology Companies Operate in emerging and innovative industries Require substantial capital and R&D investment to commercialise their products or scale up their businesses Take a relatively long time to genera
Slide 3: The Exchange’s Proposals | Our Approach
The Exchange’s Proposals | Our Approach Specialist Technology Definition: science and/or technology applied to products and/or services within an acceptable sector of a Specialist Technology Industry (see table below) Specialist Technology Industries Examples of Acceptable Sectors Next-generation in
Slide 4: The Exchange’s Proposals | Our Approach
The Exchange’s Proposals | Our Approach Categorisation Commercial Companies Have met the Commercialisation Revenue Threshold (HK$250 million1) Pre-Commercial Companies Have not met the Commercialisation Revenue Threshold (HK$250 million1) Subject to more stringent requirements due to heightened risk
Slide 5: Key Proposals
Qualifications for Post-IPO KEY PROPOSALS Listing IPO Requirements Requirements Commercial Companies Pre-Commercial Companies Expected market ≥ HK$8 billion at the time of listing ≥ HK$15 billion at the time of listing capitalisation R&D Engaged in R&D for ≥ three financial years R&D investment ≥ 15
Slide 6: Key Proposals
Qualifications for Post-IPO KEY PROPOSALS Listing IPO Requirements Requirements Commercial Companies Pre-Commercial Companies Indicative benchmarks for ≥ two “Pathfinder” Sophisticated Independent Investors 1 meaningful third party investment must have made large investments2 in the applicant ≥ 12 m
Slide 7: Key Proposals
Qualifications for Post-IPO KEY PROPOSALS Listing IPO Requirements Requirements All Specialist Technology Companies IPO Safeguards Optimised price discovery process Free float (shares not subject to lock-up upon listing) ≥ HK$600 million Additional disclosures including: Pre-IPO investment obtained
Slide 8: Key Proposals
Qualifications for Post-IPO KEY PROPOSALS Listing IPO Requirements Requirements Commercial Companies Pre-Commercial Companies Post-IPO lock-up Post-IPO lock-up on the following persons: Controlling shareholders Key persons (founders, WVR beneficiaries, executive directors and senior management, and
Slide 9: Q&A
3C Q&A
Hong Kong Exchanges & Clearing — Investor Presentation (October 2022) on 6ix