Hong Kong’s stock exchange is stepping up its game to attract more listings away from the US and mainland China, writes Luo Weiteng
With the introduction of its biggest listing reform for 25 years in April this year, local bourse operator Hong Kong Exchanges & Clearing Ltd (HKEx) sends a strong message to promising companies the world over: our doors are wide open for you.
The listing reform opens the gateway to companies from emerging and innovative sectors, with weighted voting right (WVR) structures and biotechnology companies without any prior record of revenue or profit to be listed on the local bourse. It also provides a concessionary secondary listing route for Greater China and international innovative companies listed on qualifying exchanges overseas, says Ronny Chow, a partner at Deacons in Hong Kong.
“Alongside this major listing reform, the HKEx also allows Chinese companies currently listed on the National Equities Exchange & Quotation [NEEQ, or New Third Board] to list in Hong Kong without first delisting from NEEQ,” says Chow.
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