Group 1 - The core viewpoint of the news is the launch of the "Tech Company Special Line" by the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange, which facilitates the listing application process for 18A and 18C issuers, enhancing the attractiveness of Hong Kong's capital market for biotech and specialized technology companies [1][2] - The new policy marks an upgrade of the listing rules for 18A and 18C, potentially increasing the number of biotech and specialized technology companies choosing Hong Kong as their preferred listing market [2][3] - The introduction of the "Tech Company Special Line" is expected to improve market efficiency and competitiveness in the Hong Kong IPO market, especially in the context of the comprehensive registration system implemented in the A-share market [2][3] Group 2 - The Hong Kong Stock Exchange's 18C listing rules are more inclusive in terms of industry, focusing on emerging sectors with growth potential, while the A-share Sci-Tech Innovation Board emphasizes core technology fields [4][5] - The 18C listing requires a higher expected market capitalization, attracting larger technology companies, while the Sci-Tech Innovation Board has a lower market cap threshold, allowing more mid-sized tech firms to list [5][6] - The investor structure for 18C is primarily institution-driven, requiring at least 50% of shares to be subscribed by independent institutional investors, enhancing market professionalism and liquidity [7][8] Group 3 - The lock-up period arrangements differ significantly between the two markets, with 18C expanding the applicable subjects for lock-up periods to prevent key shareholders from cashing out, while the Sci-Tech Innovation Board enforces strict lock-up periods to ensure long-term focus on company development [8]
港交所上市规则迭代升级 与A股科创板形成互补式融资生态
Zhong Guo Zheng Quan Bao·2025-05-20 20:36