科技类企业赴港IPO，小心这12个问题

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has launched a new policy called "Tech Company Special Line," which provides a confidential listing channel and lowers the threshold for specialized technology and biotechnology companies, attracting more tech firms to consider listing in Hong Kong [1][2]. 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][4]. - Core thresholds include being classified under HKEX's definitions of "specialized technology" (Chapter 18C) or "biotechnology" (Chapter 18A) [4][5]. Group 2: Self-Assessment and Application Process - Companies must assess their eligibility by checking if they meet the criteria outlined in the self-assessment form available on the HKEX website [8]. - If uncertain, companies can fill out the inquiry form and send it to HKEX for preliminary feedback within one week [9]. Group 3: Confidential Submission Process - The first step involves signing a Non-Disclosure Agreement (NDA) with HKEX to ensure that submitted materials are only visible to the review team [11]. - Companies must submit a "confidential version" of their materials, including a checklist of required documents [12][13]. - The review team will provide feedback within 30 days, focusing on technical feasibility and compliance [14]. Group 4: Exclusive Services of "Tech Company Special Line" - Companies can receive one-on-one guidance from HKEX experts, including interpretations of listing rules and fundraising strategies [16]. - Eligible companies can benefit from a fast-track review process, reducing the review period to 30 days [17]. - Flexible equity design is allowed, enabling founders to retain control without additional proof of "innovation" [18]. Group 5: Common Pitfalls to Avoid - Companies should provide clear descriptions of their technology and avoid vague claims without supporting evidence [21]. - Transparency in related-party transactions is crucial to avoid compliance issues [22]. - Establishing a diverse investor base is important to strengthen investor relations [24]. Group 6: Post-Listing Compliance - Continuous information disclosure is required, including updates on technological commercialization and significant collaborations [27]. - Companies are encouraged to maintain market value by releasing quarterly research updates and engaging with analysts [28]. - A green channel for refinancing allows specialized companies to issue new shares through a simplified process [29]. Group 7: Comparison with Other Markets - The HKEX's "Tech Company Special Line" offers no profitability requirement, a shorter review period, and lower information disclosure pressure compared to A-shares and U.S. markets [30][31].