HKEX processing 106 new listing applications now, Bonnie Chan says

Speaking at the HKEX Future Tech Summit today (July 25), HKEX Chief Executive Officer Bonnie Chan said 106 new listing applications were being processed as of yesterday (July 24), and that Hong Kong had already listed 40 new stocks so far this year, the third highest number in the world.

She believes that the IPO market has shown signs of recovery thanks to the market's rebound and continuous market reforms, and described the number of companies preparing to list in Hong Kong as "overwhelming".

Chan said that many technology companies need to invest a lot of money in the research and development stage, so after consultation, the decision was made to introduce Chapter 18C in the listing rules, so that enterprises can raise funds in the open market at an earlier stage of their life cycle.

"The first 18C enterprise was welcomed last month, and there are still a lot of enterprises in the process of preparation... it is believed that they will soon submit their applications for listing."

Chan pointed out that the Mainland is actively developing high-tech strategic emerging industries such as biotechnology, electric vehicles and new materials. She mentioned that in the first quarter of this year, 30% of the global electric vehicle production came from listed companies in Hong Kong, reflecting that Hong Kong can provide global investors with the opportunity of China's innovation dividend.