With a view to attracting well-established high growth companies from emerging and innovative sectors to list on the Main Board, The Stock Exchange of Hong Kong Limited (HKSE) has released, for consultation purpose, proposed new rules (the "Proposal") to facilitate:

  1. listing of pre-revenue biotech companies;
  2. listing of companies with weighted voting rights; and
  3. secondary listing of issuers primary listed on The New York Stock Exchange, Nasdaq Stock Market or the Main Market of the London Stock Exchange.

We have discussed the proposed new rules on listing of companies with weighted voting rights (see our Legal Update of 1 March 2018). This article will touch on the changes in connection with the listing of pre-revenue biotech companies. The new secondary listing concessionary route will be discussed in our next Legal Update.

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