【锋行链盟】港交所主板上市详细流程

Pre-IPO Preparation - The core of the pre-IPO preparation phase is to clarify the feasibility of listing, build the structure, and resolve compliance issues, typically taking 6-18 months [3] - Key steps include determining listing goals and feasibility assessment, hiring professional teams, and restructuring for compliance [4] Listing Application Phase - The listing application phase involves submitting formal application documents to the Hong Kong Stock Exchange (HKEX), which usually takes 4-6 months, including multiple rounds of feedback [5] - Companies must choose a listing entity that is independent, profitable, and has clear ownership, with options including H-shares and red-chip structures [6] - The HKEX provides three sets of financial testing standards for listing, including profitability, market capitalization, and revenue requirements [7] Offering & Listing Phase - After receiving principle approval, companies enter the roadshow, pricing, allocation, and listing stages, which typically take 4-8 weeks [13] - The roadshow involves marketing the company to institutional investors, followed by pricing and allocation of shares [17] Post-Listing Compliance - Post-listing, companies must continuously comply with HKEX listing rules and regulatory requirements to avoid penalties such as suspension or delisting [14] - Ongoing obligations include continuous disclosure, corporate governance requirements, and refinancing options [15] Key Considerations - The entire process of listing on the HKEX is a systematic project requiring collaboration among companies, intermediaries, and regulatory bodies, emphasizing full disclosure and compliance [16]