Deloitte China applauds new listing regime of Hong Kong

Following an announcement on a set of new listing rules for enhancing Hong Kong's listing regime to take effective on 30 April 2018 by the Stock Exchange of Hong Kong ("the Exchange") this week, the National Public Offering Group of Deloitte China is delighted to present you the highlights of this new listing regime, the most important listing reform since the introduction of the H-share regime 25 years ago.

An overview of the new HK’s listing regime (Effective 30 April 2018)

*Issuers that have developed at least one product as (i) new pharmaceutical (small molecule drugs); or (ii) biologics, which has completed Phase I clinical trials with the relevant competent authority having no objection to commence Phase II (or later) clinical trials (for previously approved pharmaceutical (small molecule drugs) product or biosimilar, an additional requirement for completion of at least one clinical trial conduced on human subjects); and (iii) medical device (including diagnostics) that is categorised as Class II media device or above, and has completed at least one trial on human subjects. Developers of other biotech products will be considered on a case by case basis.

**As “innovative” companies encompass a range of sectors with its definition likely to evolve over time, the Exchange publishes a guidance letter on the characteristics of an innovative company in place of a fixed definition to the market.

***Listing applications can be submitted on a confidential basis.


Effective 15 February 2018, the financial requirements of listing in Hong Kong were amended as follows as well:

An overview of major amendments to financial requirements for listing in HK (Effective 15 February 2018)

For the details of all these amendments, including to the Main Board Listing Rules, and the consultation conclusions on the listing regime for companies from emerging and innovative sectors, please visit the Exchange's website.

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