In order to attract more innovative companies to go public in Hong Kong, the Hong Kong Stock Exchange once again offered the “same share, different rights” as a killer. Recently, Hong Kong stocks have implemented the most vigorous reform of the listing system since 2018, and the optimization of listing rules for WVR structured companies has become the core gripper. The reporter learned that at present, a number of science and innovation enterprises have begun preparations such as restructuring and compliance and rectification, and are actively carrying out feasibility studies for the Hong Kong stock listing to seize the opportunities brought by this system optimization. In this round of reform, the Hong Kong Stock Exchange drastically lowered the listing threshold for WVR structured companies. The market capitalization requirement was lowered from HK$40 billion to HK$20 billion. If the company's revenue in the most recent fiscal year exceeds HK$600 million, the market value can be as low as HK$6 billion. Previously, WVR structured companies were required to meet a market capitalization of not less than HK$40 billion, or a market capitalization of not less than HK$10 billion, and revenue of not less than HK$1 billion in the most recent fiscal year. Wang Kai, chief asset allocation analyst at Everbright Securities, told reporters that the Hong Kong Stock Exchange has now lowered the listing threshold for WVR structured companies and expanded the scope of application to enterprises with innovative business models to accurately respond to the governance demands and financing pain points of emerging industries and future industrial innovators. This institutional innovation will enhance the appeal of the Hong Kong stock market to high-quality global science and technology innovation enterprises, help enrich the Hong Kong stock market structure, and further consolidate and enhance Hong Kong's position as an international financial center.
Zhitongcaijing · 1d ago
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In order to attract more innovative companies to go public in Hong Kong, the Hong Kong Stock Exchange once again offered the “same share, different rights” as a killer. Recently, Hong Kong stocks have implemented the most vigorous reform of the listing system since 2018, and the optimization of listing rules for WVR structured companies has become the core gripper. The reporter learned that at present, a number of science and innovation enterprises have begun preparations such as restructuring and compliance and rectification, and are actively carrying out feasibility studies for the Hong Kong stock listing to seize the opportunities brought by this system optimization. In this round of reform, the Hong Kong Stock Exchange drastically lowered the listing threshold for WVR structured companies. The market capitalization requirement was lowered from HK$40 billion to HK$20 billion. If the company's revenue in the most recent fiscal year exceeds HK$600 million, the market value can be as low as HK$6 billion. Previously, WVR structured companies were required to meet a market capitalization of not less than HK$40 billion, or a market capitalization of not less than HK$10 billion, and revenue of not less than HK$1 billion in the most recent fiscal year. Wang Kai, chief asset allocation analyst at Everbright Securities, told reporters that the Hong Kong Stock Exchange has now lowered the listing threshold for WVR structured companies and expanded the scope of application to enterprises with innovative business models to accurately respond to the governance demands and financing pain points of emerging industries and future industrial innovators. This institutional innovation will enhance the appeal of the Hong Kong stock market to high-quality global science and technology innovation enterprises, help enrich the Hong Kong stock market structure, and further consolidate and enhance Hong Kong's position as an international financial center.
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