港股IPO狂飙！科技类企业赴港IPO策略分享

Core Viewpoint - The Hong Kong Stock Exchange has launched a new policy called "Tech Company Special Line," providing a confidential listing channel and lowering the threshold for specialized technology and biotechnology companies, attracting more tech firms to consider listing in Hong Kong [1]. Group 1: Applicable Entities - The policy is aimed at specialized technology companies (e.g., AI, chips, new energy) and biotechnology companies (e.g., innovative drugs, medical devices), particularly those in early stages or with non-commercialized products [3]. - Core thresholds include industry attributes defined by the Hong Kong Stock Exchange under "Specialized Technology" (Chapter 18C) or "Biotechnology" (Chapter 18A) [4]. Group 2: Self-Assessment and Application Process - Companies must assess if they meet the criteria by checking their industry classification and ensuring R&D expenditures over the past three years are at least 15% of total costs for specialized technology or that core products have passed Phase I clinical trials for biotechnology [6]. - A self-assessment tool is available on the Hong Kong Stock Exchange website, where companies can download the qualification self-assessment form [8]. Group 3: Confidential Submission Process - The first step in the application process involves signing a Non-Disclosure Agreement (NDA) with the Hong Kong Stock Exchange to ensure confidentiality of submitted materials [11]. - Companies must submit a "confidential version" of their materials in a specified format, which will be reviewed by the exchange's specialized team within 30 days [13][14]. Group 4: Exclusive Services and Fast-Track Options - Companies can receive one-on-one guidance from the Hong Kong Stock Exchange's expert team, including advice on listing rules and fundraising strategies [16]. - Eligible companies, such as those already listed on A-shares with valuations over 10 billion, can benefit from a shortened review period of 30 days by indicating "fast track" in their application [17]. Group 5: Common Pitfalls to Avoid - Companies should ensure their technology descriptions are credible and supported by third-party certifications or partnerships [21]. - Transparency in related-party transactions is crucial; companies should disclose fair pricing or cut ties with related businesses if necessary [22]. - It is advisable to have at least two independent investors to strengthen investor relations [25]. Group 6: Post-Listing Compliance - Companies must disclose significant developments in technology commercialization and R&D milestones, while they can apply for exemptions on sensitive technical details related to national security [27]. - Maintaining market capitalization can be supported by releasing quarterly R&D updates and engaging with analysts regularly [28]. - Companies can utilize a "green channel" for issuing new shares, allowing for expedited approval processes [29]. Group 7: Comparison with Other Markets - The article compares the listing requirements and processes of the Hong Kong Stock Exchange with those of the A-share market and NASDAQ, highlighting differences in profitability requirements, review periods, and information disclosure levels [30].