At noon on October 19, the Hong Kong Stock Exchange issued a consultation document on the new listing rules for special technology companies, suggesting the establishment of new channels for special technology companies to be listed on the Hong Kong Stock Exchange. The new rules will apply to the five special technology industries. Companies in: new generation information technology; advanced hardware; advanced materials; new energy and energy conservation and environmental protection;
The main recommendations of the consultation paper include: Commercialization revenue threshold: A commercialized company is defined as a company that generated revenue from its specialized technology business of at least HK$250 million in the most recent audited fiscal year. Expected minimum market capitalization at listing: HK$8 billion (commercialized company) or HK$15 billion (uncommercialized company). All applicants must have engaged in R&D for at least three fiscal years before listing, and the R&D investment must account for at least 15% (commercialized companies) or 50% (non-commercialized companies) of the total operating expenses.
At the same time, the Hong Kong Stock Exchange also released its third-quarter financial report. Revenue and other income in the third quarter of 2022 were HK$4.318 billion, down 19% from the third quarter of 2021; net profit attributable to shareholders was HK$2.263 billion, down 30% from the third quarter of 2021.
In the first three quarters of 2022, HKEx’s revenue and other income were HK$13.255 billion, down 18% from the record high recorded in the first three quarters of 2021; net profit attributable to shareholders was HK$7.099 billion, down 28% from the first three quarters of 2021.
As of press time, the Hong Kong Stock Exchange was at HK$256, down 0.78%; it fell 42.87% during the year.