The Stock Exchange of Hong Kong Limited (the SEHK) launched a public consultation on the new listing regime for Specialist Technology Companies (STCs) in October 2022. Under the consultation, SEHK seeks to allow listing of STCs, which cannot meet the profit, revenue and cashflow requirements under the traditional listing path. They are usually still in the stage of research and development (R&D), yet to commercialise their products or services, or are otherwise unable to meet the tests under the traditional listing regime due to the nature of their businesses. It is believed that STCs would be an attractive option for investors in Hong Kong due to their high growth potential1.
The consultation conclusion was published by SEHK on 24 March 2023. While majority of the consultation proposals have been adopted, some key changes have been made to take into account market responses. These include market capitalisation, R&D expenditure ratios, a benchmark on meaningful investments from Pathfinder Sophisticated Independent Investors and the required allocation of shares to independent price setting investors.
The new listing regime for STCs will be regulated under a new Chapter 18C (Ch 18C) of SEHK’s Main Board Listing Rules (MBLR) and its Guidance Letter on Specialist Technology Companies2 (Guidance Letter or GL), which took effect on 31 March 2023. STCs and their sponsors can now submit formal pre-IPO enquires as well as filing listing applications under this new listing framework3.
This article gives you an analysis of the listing and post-listing requirements under this new regulatory framework adopted by SEHK for STCs.
Publication
On March 11, 2025, the VAT in the Digital Age (VIDA) package was finally adopted by the EU Council. The legislation was officially published in the EU Official Journal on March 25, 2025.
Publication
The UK remains an attractive and stable market for developers and investors in the low carbon hydrogen sector. The UK government has acknowledged the pivotal role that hydrogen can play in achieving the UK's net zero targets and the need to stimulate supply and demand for low carbon hydrogen in tandem.
Subscribe and stay up to date with the latest legal news, information and events . . .
© Norton Rose Fulbright LLP 2025
