“含科量”增强 港股第18C章企业队伍持续壮大

Core Insights - The Hong Kong stock market is increasingly attracting technology companies, with two firms successfully listed under the special Chapter 18C rules as of November 3 [1] - The listing system reforms by the Hong Kong Stock Exchange (HKEX) are accelerating, providing a more inclusive mechanism for tech companies [4] Group 1: Listing Developments - As of November 3, 2023, two companies, Cloudwalk Technology and Deepu Technology, have successfully listed under the HKEX's Chapter 18C [1] - WeRide, which ended its subscription on November 3, is set to officially list on November 6 under the same rules [2] - Currently, there are 16 companies that have submitted applications under Chapter 18C but have not yet listed, spanning sectors like industrial robotics and AI healthcare [3] Group 2: Regulatory Changes - The HKEX introduced Chapter 18C on March 31, 2023, to support tech companies that are not yet profitable or do not meet the main board's revenue requirements [4] - The minimum market capitalization for companies under Chapter 18C was reduced in September 2024, from HKD 60 billion to HKD 40 billion for commercialized companies, and from HKD 100 billion to HKD 80 billion for non-commercialized companies [4] - A new "Tech Company Special Line" was launched in May 2025 to further support tech and biotech companies in their listing efforts [4] Group 3: Focus Areas and R&D Investment - Chapter 18C encompasses five major fields and 20 industries, including new generation information technology, advanced hardware and software, advanced materials, new energy, and agricultural technology [5] - Companies listed under Chapter 18C, such as Cloudwalk Technology and Deepu Technology, have high R&D expenditure relative to their operating costs, with Cloudwalk's R&D investment at 23.4% of its revenue and Deepu's at 33.5% [6] - The requirement for companies to engage in R&D for at least three years before listing under Chapter 18C aims to ensure a focus on innovation and potential commercialization [6] Group 4: Industry Trends - The core sectors for companies under Chapter 18C include service robots and AI applications, with firms focusing on AI-enabled solutions in various industries [7] - The robot industry faces high R&D costs and long commercialization cycles, making the relatively lenient profitability requirements of the Hong Kong market attractive for early-stage companies [7] - Companies are advised to ensure robust intellectual property management and stability of core technical personnel to maintain independent R&D capabilities [8]