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Hong Kong Stock Exchange, after formally introducing Chapter 18CSpecial Technology CompanyLess than a year and a half after the mechanism was announcedMake short-term changes to the Listing Rules.Downward adjustmentSpecial Technology CompanyMinimum market capitalization at the time of listing.

Listing under Chapter 18C of the Listing RulesSpecial Technology CompanyThe market capitalization threshold will be lowered by 33% or 20%.

• For commercialized companies, the threshold is reduced from HK$6 billion to HK$4 billion;
• For non-commercialized companies, the threshold is reduced from HK$10 billion to HK$8 billion.

So far, there are 2 Chapter 18C companies listed(Jingtai Technology(02228.HK)、Black sesame smart(02533.HK)), the market value of which exceeded HK$10 billion when it was listed. In addition, the third18CchapterSubmittedCrossing the borderrobot, still in the process of listing.

After the above changes, the market value threshold is close to the unicorn standard(US$1 billion, approximately HK$7.8 billion), most unicorns and quasi-unicorn companies will meet the listing threshold requirements for special technology companies.

In addition, the HKEX amendments also includeSPAC(Special Purpose Acquisition Company)Independent third-party investment regulations for SPAC mergers and acquisitions,It will be reduced to the current requirement as set out in the Main Board Listing Rules, which is the percentage of the investment amount relative to the agreed valuation of the SPAC acquisition target, or HK$500 million, whichever is lower.