港股掀起18C章递表热潮 硬科技或将改写港股版图

Core Insights - The implementation of Chapter 18C has created a significant opportunity for hard technology companies to access the Hong Kong capital market, although further development of backend processes is necessary for a complete transformation into a hard technology hub [1][6]. Group 1: Chapter 18C Overview - The Chapter 18C listing system was officially implemented in March 2023, allowing loss-making tech companies with disruptive technologies to enter the capital market by lowering financial thresholds and relaxing market capitalization and profitability requirements [2]. - Prior to 2025, only three companies successfully listed under Chapter 18C, but since then, four additional companies have listed, with around 20 more currently in the IPO application process [2][3]. Group 2: Market Dynamics - The surge in IPO applications is attributed to favorable market conditions in Hong Kong and a global trend towards technology stocks, alongside the introduction of a "special line" for tech companies that allows for confidential submissions, reducing initial communication costs and risks [2][3]. - The majority of companies applying for listings under Chapter 18C are from the robotics and AI sectors, which are seen as being on the verge of commercialization, fitting the "market value + R&D" criteria of the chapter [3]. Group 3: Implications of Loss-Making Listings - The perception of Chapter 18C as a "green channel" for loss-making companies is viewed as a double-edged sword, as it allows for early monetization of technological value but also risks significant stock price volatility in the absence of revenue anchors [4]. - Currently, among the seven companies that have listed under Chapter 18C, only one is expected to achieve profitability in 2024, highlighting the risks associated with loss-making listings [4]. Group 4: Future Outlook - The IPO wave driven by Chapter 18C is expected to alter the landscape of the Hong Kong stock market, potentially attracting more hard technology assets like semiconductors and quantum technologies, thereby shifting the traditional market structure dominated by finance, real estate, and consumer sectors [6]. - However, the development of a robust hard technology ecosystem in Hong Kong requires not only a conducive listing environment but also comprehensive support in areas such as analyst coverage, specialized indices, and talent development [6].