Initial public offerings—Hong Kong—Q&A guide
Initial public offerings—Hong Kong—Q&A guide

The following Corporate practice note provides comprehensive and up to date legal information covering:

  • Initial public offerings—Hong Kong—Q&A guide
  • 1. What is the size of the market for initial public offerings (IPOs) in your jurisdiction?
  • 2. Who are the issuers in the IPO market? Do domestic companies tend to list at home or overseas? Do overseas companies list in your market?
  • 3. What are the primary exchanges for IPOs? How do they differ?
  • 4. Which bodies are responsible for rulemaking and enforcing the rules on IPOs?
  • 5. Must issuers seek authorisation for a listing? What information must issuers provide to the listing authority and how is it assessed?
  • 6. What information must be made available to prospective investors and how must it be presented?
  • 7. What restrictions on publicity and marketing apply during the IPO process?
  • 8. What sanctions can public enforcers impose for breach of IPO rules? On whom?
  • 9. Describe the timetable of a typical IPO and stock exchange listing in your jurisdiction.
  • More...

This Practice Note contains a jurisdiction-specific Q&A guide to initial public offerings in Hong Kong published as part of the Lexology Getting the Deal Through series by Law Business Research (published: November 2020).

Authors: Simpson Thacher & Bartlett LLP—Celia Lam; Christopher Wong

1. What is the size of the market for initial public offerings (IPOs) in your jurisdiction?

In 2018 and 2019, 208 and 163 companies, respectively, were newly listed on the Stock Exchange of Hong Kong Limited (HKSE), raising a total sum of approximately HK$288.01 billion and HK$314.24 billion, respectively.

2. Who are the issuers in the IPO market? Do domestic companies tend to list at home or overseas? Do overseas companies list in your market?

The HKSE generally welcomes issuers incorporated in different jurisdictions to seek listing status on the HKSE, as long as the relevant issuers can demonstrate to the satisfaction of the HKSE that they are subject to key shareholder protection standards that are at least comparable to those in Hong Kong.

Other than companies incorporated in Hong Kong, the HKSE has, as of April 2020, recognised companies incorporated in the People’s Republic of China (PRC), the Cayman Islands and Bermuda as ‘eligible’ for listing. The relevant listing applicant incorporated in any of these jurisdictions is not required to make specific submissions to seek the HKSE’s approval insofar as jurisdiction of incorporation is concerned.

Further, as of

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