At noon on October 19, the Hong Kong Stock Exchange released a consultation paper 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: next-generation information technology, advanced hardware, advanced materials, new energy and energy saving and environmental protection;
Key recommendations in the consultation paper include: Commercial Revenue Threshold: A marketed company is defined as a company that has generated revenue from its specialized technology business of at least HK $ 250 million in the last audited fiscal year. Minimum expected market capitalization at listing: HK $ 8 billion (marketed company) or HK $ 15 billion (non-marketed company). All applicants must be engaged in research and development for at least three fiscal years prior to listing and the investment in research and development must represent at least 15% (marketed companies) or 50% (non-marketed companies) of the total operating expenses.
At the same time, the Hong Kong Stock Exchange also released its third quarter financial report. Revenues 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 revenue was HK $ 13.255 billion, down 18% from the record 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.
At press time, the Hong Kong stock exchange was at HK $ 256, down 0.78%; it fell by 42.87% during the year.
