Market Turnover

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.

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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 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
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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
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Alibaba Group Holding Ltd. - SW (09988)
Initial funds raised: HK$101,200M
Date of IPO: 26/11/2019
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ANTA Sports Products Ltd. (02020)
Initial funds raised: HK$3,643M
Date of IPO: 10/07/2007
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Budweiser Brewing Co. APAC Ltd.(01876)
Initial funds raised: HK$45,075M
Date of IPO: 30/09/2019
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China Construction Bank Corporation - H Shares (00939)
Initial funds raised: HK$71,578M
Date of IPO: 27/10/2005
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China Mobile Ltd. (00941)
Initial funds raised: HK$32,665M
Date of IPO: 23/10/1997
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CNOOC Ltd. (00883)
Initial funds raised: HK$11,046M
Date of IPO: 28/02/2001
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Hong Kong Exchanges and Clearing Ltd. (00388)
Date of IPO: 27/06/2000
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HSBC Holdings plc (00005)
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Industrial and Commercial Bank of China Ltd. - H Shares (01398)
Initial funds raised: HK$124,947M
Date of IPO: 27/10/2006
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Initial funds raised: HK$34,558M
Date of IPO: 18/06/2020
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JD Health International Inc. (06618)
Initial funds raised: HK$30,998M
Date of IPO: 08/12/2020
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Meituan Dianping - W (03690)
Initial funds raised: HK$33,138M
Date of IPO: 20/09/2018
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NetEase (09999)
Initial funds raised: HK$24,256M
Date of IPO: 11/06/2020
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Ping An Insurance (Group) Co. of China, Ltd. - H Shares (02318)
Initial funds raised: HK$14,336M
Date of IPO: 24/06/2004
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Prudential plc (02378)
Date of IPO: 25/05/2010
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Smoore International Holdings Ltd. (06969)
Initial funds raised: HK$8,190M
Date of IPO: 10/07/2020
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Tencent Holdings Ltd. (00700)
Initial funds raised: HK$1,787M
Date of IPO: 16/06/2004
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Xiaomi Corporation - W (01810)
Initial funds raised: HK$42,610M
Date of IPO: 09/07/2018
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WuXi Biologics (Cayman) Inc. (02269)
Initial funds raised: HK$4,572M
Date of IPO: 13/06/2017
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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: 

Companies Listed
HK$554 billion
IPO Funds Raised
IPO Funds raised contributed by new economy
Total Funds Raised Contribution [2]
Total Market Cap Contribution [3]

【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 > 

Connecting the healthcare industry:
No. of Biotech Companies Listed under Chapter 18A:
Market Capitalisation of Healthcare Companies (HK$bn):
Source: HKEX, December 2020
Recent Biotech listings:
Ascletis (01672)
Initial funds raised: HK$3,137M
Date of IPO: 01/08/2018
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BeiGene (06160)
Initial funds raised: HK$7,084M
Date of IPO: 08/08/2018
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Innovent (01801)
Initial funds raised: HK$3,799M
Date of IPO: 31/10/2018
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Shanghai Junshi (01877)
Initial funds raised: HK$3,541M
Date of IPO: 24/12/2018
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CStone (02616)
Initial funds raised: HK$2,572M
Date of IPO: 26/02/2019
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Shanghai Henlius (02696)
Initial funds raised: HK$3,425M
Date of IPO: 25/09/2019
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Venus Medtech (02500)
Initial funds raised: HK$2,980M
Date of IPO: 10/12/2019
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Alphamab (09966)
Initial funds raised: HK$2,104M
Date of IPO: 12/12/2019
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InnoCare (09969)
Initial funds raised: HK$2,576M
Date of IPO: 23/03/2020
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Akeso (09926)
Initial funds raised: HK$2,967M
Date of IPO: 24/04/2020
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Peijia Medical Ltd. (09996)
Initial funds raised: HK$2,694M
Date of IPO: 15/05/2020
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Kintor Pharmaceutical Ltd. (09939)
Initial funds raised: HK$1,861M
Date of IPO: 22/05/2020
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Immunotech Biopharm Ltd. (06978)
Initial funds raised: HK$1,260M
Date of IPO: 10/07/2020
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Ocumension Therapeutics (01477)
Initial funds raised: HK$1,786M
Date of IPO: 10/07/2020
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Zai Lab Ltd. (09688)
Initial funds raised: HK$6,827M
Date of IPO: 28/09/2020
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JHBP (CY) Holdings Ltd. (06998)
Initial funds raised: HK$3,112M
Date of IPO: 07/10/2020
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Everest Medicines Ltd. (01952)
Initial funds raised: HK$4,019M
Date of IPO: 09/10/2020
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RemeGen Co., Ltd. (09995)
Initial funds raised: HK$4,586M
Date of IPO: 09/11/2020
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Antengene Corporation Ltd. (06996)
Initial funds raised: HK$2,841M
Date of IPO: 20/11/2020
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HBM Holdings Ltd. (02142)
Initial funds raised: HK$1,711M
Date of IPO: 10/12/2020
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Jacobio Pharmaceuticals Group Co., Ltd. (01167)
Initial funds raised: HK$1,516M
Date of IPO: 21/12/2020
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Data as of 30 April, 2020, ranked by listing date
Step-by-step Listing Guide.

We offer a choice of routes for companies to the Hong Kong markets; and offer our Issuers step-by-step support on the journey to listing.

Our Main Board

A market for more established companies that satisfy our financial and track record requirements. Companies listed on our Main Board range from conglomerates, banks and property developers to internet companies and healthcare providers. Issuers can choose to list on the Hong Kong Main Board in the form of shares or Hong Kong depository receipts.


A market for small and mid-sized companies, with less stringent eligibility criteria but similar continuing obligations as the Main Board.

Learn more >

We know that an IPO is one of the most significant events for any company.  We are here, every step of the way:

Main Board Listing Financial Eligibility.
Main Board Listing requires the review of three years’ of financial track record and the fulfilment of any one of the following tests:

Profit test:

Market capitalisation at the time of listing more than HK$500m

Profit attributable to shareholders of the most recent year more thanHK$35m

Profit attributable to shareholders of the two preceding years more thanHK$45m


Market Cap / Revenue test:

Market capitalisation at the time of listing more than HK$4bn

Revenue of the most recent audited year more than HK$500m


Market Cap / Revenue / Cashflow test:

Market cap more than HK$2bn

Revenue of the most recent audited year more than HK$500m

Aggregate positive cash flow from operating activities for 3 preceding financial years more than HK$100m
Qualifications for Listing >

5 June 2020

In conversation with Alibaba Group

celebrating their Homecoming IPO.

“Hong Kong is a natural listing venue for Alibaba. Secondary listing enables both global institutional and retail investors to invest in Alibaba Group. ”

Maggie Wu, Group CFO of Alibaba Group

Play Video
Meet the HKEX Team.
Our talented team of professionals are dedicated to delivering on HKEX’s vision to be the global markets leader in the Asian time-zone: Connecting China, Connecting the World. Please do contact us to see how we can help you access expertise, business support and expand your reach amongst global investors.
GIS Christina
Christina Bao
MANAGING DIRECTOR, Co-head of Sales and Marketing
GIS Winnie
Winnie Han
SENIOR VICE PRESIDENT, Head of China Issuer Services, Sales and Marketing
Michael Chan
SENIOR VICE PRESIDENT, Head of International Issuer Services
Abhishek Bakshi
SENIOR VICE PRESIDENT, Head of ASEAN Issuer Services, Sales and Marketing
Start the conversation.
Please contact us if you have any questions about joining our markets. Alternatively, please access our Frequently Asked Questions.
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