Listing with HKEX

Listing with HKEX.

We are extremely proud that Hong Kong has ranked as the world’s #1 IPO venue in seven of the last thirteen years. This success in attracting global issuers and investors is testament to the opportunities available in Asia’s most dynamic and vibrant capital market. In 2020 a total of 154 companies raised HK$398 billion – the highest amount raised in a single year since 2010. And, despite recent global market volatility, our primary market continues to take a leading position in the world's IPO fundraising league tables.

In April 2018 we introduced new chapters to our listing rules, for the first time, opening doors to pre-revenue biotech companies and new economy companies. Since then, we have welcomed 128 new economy companies , including 28 biotech companies and 10 secondary listing companies ^[1] together, raising a total of HK$554 billion.

Following Alibaba’s successful HK$101 billion listing in 2019, we continued to attract some of the world's biggest IPOs and new economy companies into our market. In 2020, we welcomed the listing of JD.com, JD Health, NetEase and Yum China, just to name a few. We remain focused on enhancing our processes and market infrastructure to make Hong Kong, and HKEX, an ever more attractive listing venue for companies from Hong Kong, Asia and around the world.

To find out more about our Markets, the benefits of "going public", the IPO process and the requirements for listing on our markets, please contact our Global Issuer Services team.

【1】Including Zai Lab Ltd., which is classified both as biotech company and secondary listing company.

We’re a world leading IPO venue.

Hong Kong has been ranked the #1 IPO venue globally for seven of the past 13 years.

Our listing reforms have changed the DNA of our markets and Hong Kong is the “new economy marketplace” of the world

We will continue to enhance the attractiveness, depth, vibrancy and diversity of our markets, while being a capital raising venue of choice

Offering a robust, highly liquid market with a diversified global and China investor base.

Direct access to international and Mainland Chinese investors via the Stock Connect Scheme: a unique collaboration between the Hong Kong, Shanghai and Shenzhen Stock Exchanges.

Stock Connect allows international and Mainland Chinese investors to trade over 2,000 securities in each other's markets through trading and clearing facilities in Hong Kong or Mainland China.

Our liquid and efficient post-IPO secondary markets continue to support issuers’ growth.

Welcoming new economy and biotech companies.

We are continually looking to consolidate our position as the premier, global fundraising venue for new economy and biotech companies.

Hong Kong’s Listing Rules were updated in 2018 with the introduction of Chapter 8A, 18A and 19C.

Chapter 8A, 18A and 19C enable pre-revenue biotech firms and innovative companies with weighted voting rights to seek a listing on our markets, as well as making secondary listings on our markets easier.

We are Asia's Financial Hub for the New Economy.

In April 2018, we updated our Listing Rules with three new chapters for emerging and innovative companies:

Chapter 8A: Supporting Companies with Weighted Voting Rights

Permitting the listing of companies with weighted voting right (WVR) structures; supporting the fundraising needs of innovative companies with visionary founders.

Chapter 18A: Supporting Pre-Revenue Biotech Issuers

Permitting the listing of pre-revenue biotech issuers that do not meet Main Board financial eligibility criteria; providing opportunity for early stage biotech companies to tap into the market.

Chapter 19C: Supporting Secondary Listings

A new secondary listing route for Mainland China and international qualifying issuers, providing fundraising.

Underpinned by a highly regarded, established and thorough regulatory regime.

Offering a transparent, efficient and respected listing process.

Sound and effective post-listing governance.

Protecting issuers' and shareholders' best interests.

Please refer to HKEX Listing Rules Chapter 8A and Guidance Letter HKEX-GL93-18 for more details.

Please refer to HKEX Listing Rules Chapter 18A and Guidance Letter HKEX-GL92-18 for more details.

Please refer to HKEX Listing Rules Chapter 19C and Guidance Letter HKEX-GL94-18 for more details.

Connecting China and the World.

Stock Connect is a unique collaboration between the Hong Kong, Shanghai and Shenzhen Stock Exchanges; it allows international and Mainland Chinese investors to trade securities in each other's markets through the trading and clearing facilities in Hong Kong or the Mainland. First launched on November 2014, the scheme now covers over 2,000 eligible equities in Shanghai, Shenzhen and Hong Kong. Learn more about Stock Connect.

#1 Choice for Chinese Companies with Global Aspirations

#1 Choice for Global Companies to Access China

Top 20 Hong Kong listed companies based on market capitalisation:

AIA Group Ltd. (01299)

Initial funds raised: HK$159,077M
Date of IPO: 29/10/2010

Alibaba Group Holding Ltd. - SW (09988)

Initial funds raised: HK$101,200M
Date of IPO: 26/11/2019

ANTA Sports Products Ltd. (02020)

Initial funds raised: HK$3,643M
Date of IPO: 10/07/2007

Budweiser Brewing Co. APAC Ltd.(01876)

Initial funds raised: HK$45,075M
Date of IPO: 30/09/2019

China Construction Bank Corporation - H Shares (00939)

Initial funds raised: HK$71,578M
Date of IPO: 27/10/2005

China Mobile Ltd. (00941)

Initial funds raised: HK$32,665M
Date of IPO: 23/10/1997

CNOOC Ltd. (00883)

Initial funds raised: HK$11,046M
Date of IPO: 28/02/2001

Hong Kong Exchanges and Clearing Ltd. (00388)

Date of IPO: 27/06/2000

HSBC Holdings plc (00005)

Industrial and Commercial Bank of China Ltd. - H Shares (01398)

Initial funds raised: HK$124,947M
Date of IPO: 27/10/2006

JD.com, Inc. (09618)

Initial funds raised: HK$34,558M
Date of IPO: 18/06/2020

JD Health International Inc. (06618)

Initial funds raised: HK$30,998M
Date of IPO: 08/12/2020

Meituan Dianping - W (03690)

Initial funds raised: HK$33,138M
Date of IPO: 20/09/2018

NetEase (09999)

Initial funds raised: HK$24,256M
Date of IPO: 11/06/2020

Ping An Insurance (Group) Co. of China, Ltd. - H Shares (02318)

Initial funds raised: HK$14,336M
Date of IPO: 24/06/2004

Prudential plc (02378)

Date of IPO: 25/05/2010

Smoore International Holdings Ltd. (06969)

Initial funds raised: HK$8,190M
Date of IPO: 10/07/2020

Tencent Holdings Ltd. (00700)

Initial funds raised: HK$1,787M
Date of IPO: 16/06/2004

Xiaomi Corporation - W (01810)

Initial funds raised: HK$42,610M
Date of IPO: 09/07/2018

WuXi Biologics (Cayman) Inc. (02269)

Initial funds raised: HK$4,572M
Date of IPO: 13/06/2017

Market capitalisation as of 31 December 2020, ranked alphabetically.

Home of the Technology Empowered.

With a focus on new economy innovation, HKEX is actively building product diversity on its market. Many high growth technology companies have chosen to launch their IPOs or secondary listings in Hong Kong. Their listings have transformed the composition of our market.

Strong growth momentum in new economy company fundraising since new listing rules:

128

Companies Listed

HK$554 billion

IPO Funds Raised

57%

IPO Funds raised contributed by new economy

Total Funds Raised Contribution ^[2]

38%

2017

65%

2020

Total Market Cap Contribution ^[3]

1.2%

2017

8.2%

2020

【2】Total funds raised contribution refers to new economy funds raised as a percentage of total funds raised in that year.
【3】Total market cap contribution refers to the market cap of new economy companies listed in a particular year as a percentage of total market cap as of 2020.

HKEX IPO Newsletter - June 2022 >
HKEX IPO Newsletter - May 2021 >
HKEX IPO Newsletter - January 2021 >
HKEX IPO Newsletter - July 2020 >
HKEX IPO Newsletter - March 2020 >

Source: HKEX, December 2020

World’s leading healthcare funding markets

Working alongside innovators, research institutes, investors and the wider global healthcare industry, HKEX is committed to supporting the sector, by providing platforms that help steer the industry towards investments and growth. The industry is currently going through a global period of rapid change and expansion. Reforms within the global healthcare industry such as the accelerated review and approval of drugs, and the expansion of the reimbursement scheme have provided a real catalyst for transformation and innovation across this sector in Mainland China.

HKEX Biotech Newsletter - Jul 2021 >
More issues>
List of 18A companies >