专为科技类企业准备的港股IPO攻略来了！

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has introduced 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: Target Audience - Applicable to specialized technology companies (e.g., AI, chips, new energy) and biotechnology companies (e.g., innovative drugs, medical devices), especially those in early stages or with non-commercialized products [3]. Group 2: Eligibility Criteria - Core thresholds include: - Industry attributes: Must belong to HKEX-defined "specialized technology" (Chapter 18C) or "biotechnology" (Chapter 18A) fields. - R&D investment: For specialized technology, R&D spending must account for ≥15% of total costs over the past three years; for biotechnology, core products must have passed Phase I clinical trials. - Commercialization stage: Companies can be unprofitable and have no revenue but must demonstrate technical feasibility and market potential (e.g., patents, letters of intent) [5]. Group 3: Application Process - Step 1: Determine eligibility using the self-assessment tool available on the HKEX website [6]. - Step 2: Submit a confidential application, including signing a Non-Disclosure Agreement (NDA) with HKEX [8]. - Step 3: Provide a "confidential version" of materials, ensuring compliance with format requirements [10]. - Step 4: The HKEX team will provide feedback within 30 days, focusing on technical feasibility and compliance [11]. Group 4: Specialized Services - One-on-one guidance from HKEX experts is available for free, covering listing rules and fundraising strategies [13]. - Qualified companies can benefit from a fast-track review process, reducing the review period to 30 days [14]. - Flexible equity design allows founders to retain control without additional proof of "innovation" [15]. Group 5: Common Pitfalls - Avoid vague technical descriptions; provide third-party certifications and endorsements [17]. - Ensure transparency in related-party transactions; disclose fair pricing evidence [20]. - Strengthen investor relations by involving independent investors and disclosing key investment terms [22]. Group 6: Post-Listing Compliance - Continuous compliance includes mandatory disclosures on commercialization progress and R&D milestones [22]. - Companies can maintain market value by issuing quarterly R&D updates and engaging with analysts [23]. - A green channel for fundraising allows specialized companies to issue new shares through a simplified process [24]. Group 7: Market Comparison - The article compares the listing requirements and processes of Hong Kong (Tech Company Special Line), A-shares (Sci-Tech Innovation Board), and U.S. stocks (NASDAQ), highlighting differences in profitability requirements, review periods, valuation levels, and disclosure pressures [25].