来源：市场资讯 （来源：郭二侠说财） 2023年3月港交所《主板上市规则》新增第18C章，为特专科技公司提供了新的上市途径。 特专科技，主要是为新一代信息技术、先进硬件及软件、先进材料、新能源及节能环保、新食品及农业 技术这5类行业设置，在降低对盈利要求的同时对营业记录、预期市值、收益、研发、第三方投资这些 方面有一些特殊要求。 符合条件的公司，即使在没有盈利的情况下也能上市，类似此前的18A生物科技公司上市。 2024年云迹科技在中国机器人服务智能体市场以6.3%的份额排名第一，在中国酒店场景机器人服务智 能体市场更是以13.9%的份额位居首位，超过第二名至第五名的份额总和。 截至2025年5月31日，云迹科技的产品已覆盖全球超3.4万家酒店及150家医院，服务华住、锦江、如 家、开元、洲际等头部酒店集团。2024年，公司与美团外卖达成合作，向万家酒店提供全程闭环配送联 动服务。 云迹科技是继晶泰科技、黑芝麻智能、越疆科技之后，第四家依据第18C章上市的特专科技公司。 一、招股信息 | 公司名称 | 云亦 (02670.HK) | | --- | --- | | 所属行业 | 酒店机器人 | | 招股目期 ...

Core Viewpoint - The Hong Kong IPO market has experienced unprecedented subscription enthusiasm in 2023, with record oversubscription rates and significant increases in both the number of new listings and total fundraising amounts compared to the previous year [1][2]. Group 1: IPO Market Performance - In the first three quarters of 2023, Hong Kong is expected to see 66 new listings, raising a total of HKD 182.3 billion, a 47% increase in the number of new listings and a 228% increase in fundraising compared to the same period last year [1]. - The average first-day return for new IPOs in Hong Kong was 33% in the first half of 2023, significantly higher than the 9% recorded in the same period last year [4]. - The top five new IPOs in 2023 were all large-scale projects raising over HKD 10 billion, with total fundraising for these top five increasing by 135% year-on-year to HKD 98.7 billion [5]. Group 2: Market Dynamics and Trends - The Hong Kong IPO market is benefiting from dual support from policies and capital, with measures from the China Securities Regulatory Commission encouraging leading enterprises to list in Hong Kong [2]. - The average daily trading volume in the Hong Kong stock market has remained above HKD 200 billion, contributing to an overall increase in company valuations [2]. - The financing amounts in the Hong Kong IPO market are diversified across various sectors, with manufacturing leading at 37%, followed by consumer and energy/resource sectors at 20% and 16%, respectively [6]. Group 3: Future Outlook - Deloitte forecasts that the strong momentum in the Hong Kong IPO market will continue into the fourth quarter of 2023, with over 80 new listings expected in 2025, raising between HKD 250 billion and HKD 280 billion [1]. - The Hong Kong government is exploring ways to optimize the "same share, different rights" listing rules to attract more overseas companies for secondary listings [3]. - The market is expected to see continued inflow of overseas capital, particularly as the Federal Reserve enters a rate-cutting cycle, which will support large IPOs in Hong Kong [1][2].

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].

Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) reported significant growth in the capital market, with a notable increase in fundraising activities and the development of the digital asset ecosystem [2][4]. Group 1: Capital Market Performance - In the first seven months of the year, Hong Kong's fundraising amount surged over 610% year-on-year to HKD 128 billion [2]. - In Q2, there were 27 IPOs raising a total of HKD 88 billion, marking an increase of over 900% compared to the previous year [4]. - The average daily trading volume increased by 85% year-on-year to HKD 243.7 billion [6]. Group 2: IPO Applications and Approvals - As of the end of July, there were over 220 IPO applications under review [2][4]. - The SFC processed 121 new listing applications in Q2, including 11 from unprofitable biotech companies and 11 from specialized technology companies [4]. - The SFC completed the review of 53 accepted listing applications within 40 business days [4]. Group 3: Asset and Wealth Management - The asset and wealth management sector in Hong Kong saw a robust growth, with assets under management for registered funds increasing by 39% year-on-year [6]. - The number of open-end fund companies rose by 56% year-on-year, and the average daily trading volume of ETFs surged by 135.5% [6]. Group 4: Digital Asset Ecosystem - The number of licensed virtual asset trading platforms in Hong Kong increased to 11, with 57 licensed entities allowed to provide virtual asset trading services [8]. - The first six Hong Kong SFC-approved virtual asset spot ETFs saw their market value and average daily trading volume rise by 73% and 13%, respectively [8]. - The SFC issued regulatory guidelines for licensed virtual asset trading platforms regarding collateral services and approved two platforms to offer such services [9].

Core Viewpoint - The market for 18C specialized technology companies in Hong Kong has shifted dramatically from a period of high demand in 2024 to a current state where no IPOs have been completed in 2025, highlighting the challenges these companies face in commercial validation and market expectations [1][9]. Group 1: Market Dynamics - In 2024, 18C specialized technology companies like Jingtai Technology and Hezhima Intelligent were highly sought after, but by 2025, the market has seen no completed IPOs among the 12 companies that have submitted applications [1][9]. - The Hong Kong Stock Exchange implemented reforms on September 1, 2024, lowering the minimum market capitalization requirements for specialized technology companies, with commercialized companies' thresholds reduced from HKD 60 billion to HKD 40 billion [1][9]. Group 2: Company Performance - Three listed 18C companies have shown varied performance, with Jingtai Technology's stock price increasing by 93% since its IPO, while Hezhima Intelligent has seen a decline of 31% [2][6]. - Jingtai Technology raised a total of HKD 32.2 billion through two rounds of financing, significantly exceeding its IPO fundraising of HKD 10.4 billion [4]. - Hezhima Intelligent's stock price fell sharply after a secondary offering at a discount to its IPO price, reflecting concerns over its financial performance and lack of clarity in earnings forecasts [6]. Group 3: Financial Metrics - Jingtai Technology's R&D spending was substantial, with 2024 expenditures at HKD 4.18 billion, representing 157% of its revenue [8]. - Hezhima Intelligent reported a revenue of RMB 4.74 billion for 2024, but also disclosed a significant adjusted net loss of RMB 13.04 billion, raising questions about its profitability despite revenue growth [6][11]. - The company Yujiang, despite being the smallest at IPO with a market cap of HKD 75 billion, has seen its stock price rise by 188%, although its financial performance remains weak with a net loss of RMB 0.95 billion [7][10]. Group 4: Future Outlook - The 12 companies that have submitted IPO applications in 2025 have met the commercial revenue threshold of HKD 2.5 billion, but many are struggling with weak fundamentals and unclear commercialization paths [11]. - Companies like Xidi Zhijia and Wuyi Vision are facing regulatory pressures and have yet to receive feedback from the securities regulatory authority, indicating potential challenges in their IPO processes [12].

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].

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 confidentiality of submitted materials [11]. - Companies must submit a "confidential version" of their materials, including a PDF encrypted file uploaded through HKEX's designated system [13]. - The review phase lasts 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 allows 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 issues during the review process [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].

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][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]. - Core thresholds include industry attributes defined by the Hong Kong Stock Exchange under "Specialized Technology" (Chapter 18C) or "Biotechnology" (Chapter 18A) [4][6]. Group 2: Self-Assessment and Application Process - Companies must assess if they meet the criteria by checking the "Special Line" page on the Hong Kong Stock Exchange website and downloading the self-assessment form [8]. - If uncertain, companies can fill out the inquiry form and send it to the Hong Kong Stock Exchange for preliminary feedback within one week [9]. Group 3: Confidential Submission Process - The first step 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 [13]. - The review phase will take 30 days, focusing on technical feasibility and compliance [14]. Group 4: Exclusive Services of the "Tech Company Special Line" - Companies can receive one-on-one guidance from the Hong Kong Stock Exchange 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 allows 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 [25]. Group 6: Post-Listing Compliance - Continuous information disclosure is required, including updates on technology commercialization and major 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 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].

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has announced the latest list of members for its Listing Committee, which consists of 28 members, effective from July 4, 2025, highlighting the committee's composition and its role in overseeing the listing process and regulatory compliance [1][5][9]. Group 1: Committee Composition - The new chairman of the Listing Committee is Huang Jiaxin, with Terence Keyes and Liu Guoxian serving as vice-chairmen [5][8]. - The committee includes a diverse range of professionals from finance, law, and accounting, with a total of 28 members, including 8 investor representatives and 19 industry representatives [7][9]. - The committee has seen the addition of 5 new members with backgrounds in investment, private equity, and law, while 5 members have retired [6][9]. Group 2: Member Selection and Criteria - The selection process for committee members is competitive, with a success rate of 9.4% for the 2025 applications, indicating a rigorous vetting process [7][9]. - Members are required to have significant experience in legal, financial, auditing, or corporate governance fields, with a preference for candidates from top investment banks, law firms, and leading funds [7][9]. - The committee aims for a balance of expertise, with a focus on professional independence and representation from various sectors [9][13]. Group 3: Responsibilities and Functions - The Listing Committee is responsible for approving listing applications, enforcing listing rules, handling significant listing matters, interpreting and amending listing rules, and ensuring market fairness and investor protection [11][12]. - The committee evaluates whether companies meet the necessary financial and governance standards for listing, and it has the authority to impose disciplinary actions for non-compliance [12][13]. - The decision-making process is structured as a closed-loop system involving pre-review, deliberation, voting, and review, ensuring confidentiality and integrity in the decision-making process [13]. Group 4: Market Trends and Future Outlook - The Hong Kong IPO market is showing signs of recovery, with an increasing number of Chinese companies considering re-listing in Hong Kong amid geopolitical tensions [9][10]. - The committee's focus on candidates with expertise in specialized technology and ESG (Environmental, Social, and Governance) disclosures reflects the evolving needs of the market [10][13]. - As cross-border restructuring and compliance issues become more complex, the committee's members will need to integrate legal, financial, and industry knowledge to address these challenges effectively [10].

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][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]. - Core thresholds include industry attributes defined by the Hong Kong Stock Exchange under "Specialized Technology" (Chapter 18C) or "Biotechnology" (Chapter 18A) [4][6]. Group 2: Self-Assessment and Application Process - Companies must assess if they meet the criteria by downloading the self-assessment form from the Hong Kong Stock Exchange website [8]. - If uncertain, companies can fill out the inquiry form and send it to the Hong Kong Stock Exchange for preliminary feedback within one week [9]. Group 3: Confidential Submission Process - The first step 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 [13]. - The review phase lasts 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 the Hong Kong Stock Exchange's expert team, including advice on 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 allows 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 [21]. - Transparency in related-party transactions is crucial to avoid compliance issues [22]. - Establishing a strong investor relationship with independent investors is essential [25]. Group 6: Post-Listing Compliance - Continuous information disclosure is required, including updates on technological commercialization and major 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 article compares the listing requirements and processes of Hong Kong's "Tech Company Special Line" with those of the A-share market and NASDAQ, highlighting differences in profitability requirements, review periods, and information disclosure levels [30].