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 Viewpoint - The implementation of Chapter 18C is a "necessary but insufficient" condition for transforming the Hong Kong stock market into a "hard technology hub," as it opens the door for hard tech companies but requires further development of backend processes to fully realize this transformation [1][10]. Summary by Sections Chapter 18C and IPO Trends - Since the implementation of the 18C special technology listing system in March 2023, there has been a surge in companies applying for IPOs, with 20 companies currently in the pipeline [5][6]. - The first company to list under this chapter, Xidi Zhijia, experienced a significant drop of over 17% on its first trading day, indicating market volatility [1][5]. Market Dynamics and Challenges - The 18C chapter has led to a "submission frenzy," particularly among companies in the robotics and AI sectors, as they seek to capitalize on favorable market conditions and the global tech stock trend [5][6]. - Despite the enthusiasm, the market faces challenges such as liquidity issues and the need for a robust secondary market to support these new listings [10][12]. Dual-track System of Profitability and Valuation - The shift to a "profitability + valuation" dual-track system allows companies with disruptive technologies to list even if they are not yet profitable, which is seen as a significant change in the market's approach [6][9]. - This new system has attracted significant interest from investors, particularly in the robotics and AI sectors, which are perceived as having high growth potential [6][7]. Future Outlook and Structural Changes - The introduction of Chapter 18C is expected to alter the market structure, potentially increasing the representation of hard tech companies in the Hong Kong stock market [10][12]. - However, for a true transformation into a hard tech hub, the market needs to enhance backend processes such as analyst coverage, specialized indices, and regulatory frameworks [10][12].