SYDNEY : Hong Kong's push to attract more specialist technology companies to carry initial public offerings (IPO) has attracted just two firms to list in more than a year after regulators introduced new rules in an attempt to revive the city’s flagging capital markets.
FILE PHOTO: People walk past screens displaying the Hang Seng stock index and stock prices outside the Exchange Square in Hong Kong, China January 23, 2024. REUTERS/Joyce Zhou/File PhotoSYDNEY : Hong Kong's push to attract more specialist technology companies to carry initial public offerings has attracted just two firms to list in more than a year after regulators introduced new rules in an attempt to revive the city’s flagging capital markets.
Regulators hoped the changes would bring about a rush of deals from the smaller tech firms but just two have opted to list in the past 12 months.Under the 18C requirements, commercialized firms need to have a HK$6 billion market capitalization and revenue of at least HK$250 million for the most recent financial year. Earlier stage companies need a HK$10 billion market capitalization and while there are no minimum revenue restrictions, firms need to outline a clear plan to achieve revenue.
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