To facilitate the listing of Specialist Technology Companies and Biotech Companies (Listing Rules 18A and 18C), the SFC and HKEx launched “TECH” on May 6. This initiative aims to assist tech companies in preparing for their IPOs and allows them to file IPO applications confidentially, thereby reducing the risk of leaking proprietary technology.

In recent years, HKEx has introduced various special listing regimes. CBI has compiled data on listings via Ch. 18A, 18B and 18C, and found that some listing regimes have seen a lack of market support one to two years after introduction. The listing requirements and acceptable industry sectors under these regimes are relatively vague, leading sponsors to encounter difficulties when handling due diligence and responding to regulator’s queries. Although HKEx will provide further guidance through TECH, the listing requirements remain generally unchanged. Therefore, sponsors should continue to pay additional attention when handling IPOs of Tech and Bio-Tech Companies in the future.