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following the implementation of chapter 18a of the listing rules for biotech companies, the hong kong stock exchange limited (“hong kong stock exchange”) has attracted many high-quality biotech companies to list in hong kong. in order to attract more types of technology companies with development potential but that do not meet the existing listing conditions to choose hong kong for listing, and to further expand hong kong's listing framework, on october 19, 2022, the hong kong stock exchange published a consultation document on new listing rules for special technology companies, proposing to expand hong kong's existing listing system to allow special technology companies to list in hong kong, and solicit public opinions on this.

on march 24, 2023, the hong kong stock exchange announced the official launch of a listing mechanism for special technology companies. specifically, the main board listing rules (main board listing rules,main board listing rulesnew chapter 18c of the listing rules for special technology companies (“chapter 18c”) applies to specialty technology companies that fail to meet the profit test under rule 8.05(1), the market capitalisation/revenue/cash flow test under rule 8.05(2) or the market capitalisation/revenue test under rule 8.05(3) of the main board listing rules but intend to seek listing.

the hong kong stock exchange published the guide for new listing applicants (“guide for new listing applicants”, which will take effect on january 1, 2024), contains guidance for special technology companies listed on the hong kong stock exchange or seeking to be listed on the hong kong stock exchange under chapter 18c. specifically, the contents of the “guidelines for new listing applicants” related to the listing application of special technology companies under chapter 18c include: