New listing rules likely to attract a dozen applicants in first round, says HKEX chief executive
Charles Li Xiaojia would not confirm if mobile phone maker Xiaomi, as many expect, will be at the front of the listing queue
More than a dozen technology and biotech companies could be part of the first batch to apply for a Hong Kong listing under new rules being introduced from next week, according to Charles Li Xiaojia, chief executive of Hong Kong Exchanges and Clearing (HKEX).
The new regime also opens the door to pre-revenue biotech companies, as well as dual-class shareholding companies already listed in the US, such as Alibaba Group Holding and Baidu.
“I do not know if companies will submit applications on Monday but I believe they will apply very soon after the new listing rules are effective,” said Li, as he announced the conclusions of a one-month consultation process.
“Many companies indicate they are ready to file a listing application. What they are waiting for is the introduction of the new listing regime.”
“It will not be in the single digits, more than a dozen companies will apply,” he said.