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Listing with HKEX.

As one of the leading IPO centres globally, Hong Kong markets have between 2014 and 2023 raised funds reaching HK$2.29 trillion, as investors and issuers from across the world have been drawn to Asia’s most dynamic and vibrant capital markets.

HKEX has proactively enhanced its listing regime to improve market attractiveness in recent years, with new listing rule changes in April 2018 helping establish Hong Kong as a global new economy marketplace.


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Since the 2018 listing rule changes, 303 new economy companies have listed, raising HK$947 billion, of which 126 healthcare and biotech companies have listed, raising HK$276.6 billion.

Notable fundraises in recent years include Alibaba’s successful HK$101 billion listing in 2019 and the listings of NIO, KE Holdings and J&T Global Express in 2022 and 2023.

 We remain focused on enhancing our listing rules, 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.
A world leading IPO venue.
Capital Markets and Wealth Management

 

  • Asia's leading international IPO market
  • Asia's #1 offshore wealth management centre
  • 75+ of the world's top 100 banks have a presence in Hong Kong
Deep and Diverse Market Ecosystem

 

  • US$13bn ADT traded on the stock exchange
  • Global #1 listed structured products market by trading volume
  • Fast growing and diverse ETF trading hub
A super-connector with China
 
Compelling connect schemes

 

  • 71% of international investors' A-share holdings are through stock connect
  • US$330bn increase in international investors onshore China bond holdings since Bond Connect launch in 2017
  • US$3.0tn market value of 1,447 Mainland companies listed in Hong Kong
Offshore RMB Centre

 

  • Global #1 offshore RMB liquidity pool
  • 70% market share of RMB SWIFT payments globally
  • Global #1 daily turnover of RMB FX transactions (excluding Mainland China)
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 in 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 10 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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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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HSBC Holdings plc (00005)
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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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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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Market capitalisation as of 31 December 2023, 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: 

299
Companies Listed
HK$945bn
IPO Funds Raised
65%
IPO Funds raised contributed by new economy
Total Funds Raised Contribution [2]
49%
2018
72%
2023
Total Market Cap Contribution [3]
2.7%
2018
24%
2023

【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 2023.

Source: HKEX, December 2023
World 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.


Connecting the healthcare industry:
No. of Biotech Companies Listed under Chapter 18A:
28
2020
48
2021
56
2022
63
2023
IPO Fundraising of Healthcare companies (HK$b)
37.8
2018
175.8
2020
264.9
2022
275.9
2023
Source: HKEX, December 2023

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.

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.

GEM

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 than HK$35m

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

or

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

or

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 >
Meet the HKEX Team.
Please 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
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Chris Roberts

MANAGING DIRECTOR, Head of EMEA Issuer Services, Sales and Marketing

Abhishek
Abhishek Bakshi
SENIOR VICE PRESIDENT, Head of ASEAN Issuer Services, Sales and Marketing
GIS Winnie
Winnie Han
SENIOR VICE PRESIDENT, Head of China Issuer Services, Sales and Marketing
Hemant Sabherwal
Hemant Sabherwal
SENIOR VICE PRESIDENT, Head of Corporate Solutions, Global Issuer Services
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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