The Hong Kong Exchanges and Clearing Limited (referred to as the Hong Kong Stock Exchange) has approved new listing rules. Currently, the exchange is competing with other stock exchange operators worldwide, hoping to attract highly sought-after companies to list in Hong Kong.
On April 24, the Hong Kong Stock Exchange announced that the newly established Listing Rules aimed at broadening the Hong Kong listing system will take effect on April 30, and emerging and innovative industry companies wishing to apply for listing under the new system may submit formal applications starting from that date.
The new listing rules will allow companies with different voting rights structures to list, permit Greater China and international companies that are listed elsewhere to have a secondary listing in Hong Kong, and allow unprofitable biotechnology companies to list. This move represents the most significant reform of listing rules by this stock exchange operator in over 20 years.
The aforementioned new listing rules were proposed in December of last year.
