又一家！港股“无人驾驶矿卡第一股”来了！硬科技破冰，18C章“改写”港股版图？

Core Insights - The implementation of Chapter 18C is seen as a necessary but insufficient condition for transforming the Hong Kong stock market into a "hard technology hub" [1][9] - The recent surge in IPO applications under Chapter 18C indicates a growing interest in hard technology companies, although challenges remain in market liquidity and other backend developments [3][9] Group 1: Chapter 18C Overview - Chapter 18C was officially implemented in March 2023, allowing loss-making tech companies with disruptive technologies to access the capital market [4] - As of now, only three companies successfully listed under Chapter 18C before 2025, while four more have done so this year, with a total of 20 companies currently in the IPO application process [3][4] - The introduction of a "special line for tech companies" by the Hong Kong Stock Exchange in May 2023 has further reduced communication costs and risks for companies applying under Chapter 18C [4] Group 2: Market Dynamics and Trends - The current wave of IPOs under Chapter 18C is primarily driven by companies in the robotics and AI sectors, which are at a stage of technological maturity suitable for commercialization [5][6] - The influx of applications is attributed to favorable market conditions and a global trend towards technology stocks, as well as the need for companies to capitalize on policy incentives [5][6] - The market is witnessing a re-evaluation of existing assets in the robotics and AI sectors, with significant investments from venture capital and private equity firms in recent years [6] Group 3: Challenges and Considerations - The majority of companies that have listed under Chapter 18C remain unprofitable, raising concerns about market volatility and the potential for stock price fluctuations [7][8] - Experts suggest that the introduction of a dual-track system for profitability and valuation may lead to increased market pressure, necessitating a combination of relaxed entry requirements and stricter post-listing regulations [7][8] - To mitigate the negative impacts of unprofitable listings, a three-tiered approach involving pre-listing evaluations, liquidity buffers, and mechanisms for secondary offerings is recommended [8] Group 4: Future Outlook - The IPO boom under Chapter 18C is expected to drive changes in the market structure, particularly in the valuation of tech companies, although the overall liquidity issues in the Hong Kong market remain a concern [10] - The successful transformation of the Hong Kong stock market into a hub for hard technology will depend on the development of backend support systems, including analyst coverage and specialized indices [9][10] - The current market volatility and liquidity challenges highlight the need for further optimization of listing rules and regulatory frameworks to adapt to the fast-evolving tech industry [9]