HK approves new listing regime, despite concerns

The city's exchange operator will accept applications from pre-revenue biotech companies and issuers with dual-class shares from next Monday, despite lingering concerns.

Hong Kong's stock exchange has finally introduced new rules to accommodate companies with dual-class shares a controversial structure favoured by many large technology firms that is expected to give the local IPO market a big lift. 

In a move described by the exchange operator's chief executive as the dawn of an exciting new era, three new chapters were added to the main board listing rules on Tuesday. These enable biotech issuers that do not meet financial eligibility tests to come to market, establish a new concessionary listing route for mainland Chinese and international companies seeking a secondary listing, and, crucially, permit listings from ...

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