HKEx New Listing Regime for Specialist Technology Companies

Specialist Technology Companies

Commercial companies

Pre-commercial companies

Minimum expected market capitalisation

HK$6 billion

HK$10 billion

Minimum revenue from Specialist Technology business segment(s) for the most recent audited financial year

HK$250 million

No requirement

Minimum research and development expenditure incurred for the three financial years prior to listing (as a % of total operating expenditure)

15%

30% - 50% depending on the revenue for the most recent audited financial year

Operational track record

At least three financial years of operations in its current line of business under substantially the same management and with ownership continuity and control for at least the most recent audited financial year prior to listing

Third party investment

Received meaningful investment from Sophisticated Independent Investors (“SIIs”), including a group of two to five Pathfinder SIIs