HKEX Report丨IPO & Listing Process on the SEHK with Highlights
Author: Chief China Economist's Office, Hong Kong Exchanges and Clearing Limited
REPORT SUMMARY
This paper presents in a succinct way the initial public offering (IPO) and listing process of enterprises on the Stock Exchange of Hong Kong, i.e. on the securities market operated by the Hong Kong Exchanges and Clearing Limited. Enterprises, in particular Mainland enterprises, seeking a listing in Hong Kong may decide on a choice among various shareholding structures. Apart from the listing requirements of the Main Board and GEM, the paper also introduces the professional services that an enterprise requires in the IPO and listing process, and the ways for equity re-financing after listing.
The Main Board listing conditions include financial requirements and other requirements, and shareholding structures for listing in Hong Kong include red-chip structure, variable Interest Entity (VIE) structure and H-share structure. The GEM market has lower listing eligibility criteria but similar continuing obligations compared to the Main Board.
The professional parties involved in listing in Hong Kong include sponsors and Compliance Advisers, underwriters, solicitors accountants and so on.
The IPO vetting processes for enterprise listing in Hong Kong include appointment of sponsors and other professional advisors, listing preparation process, submission of listing application to listing department, vetting by the Listing Department, hearing by the Listing Committee, marketing and sales of new shares and listing and post-listing trading.
FULL REPORT
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