As foreshadowed by many in the market, The Stock Exchange of Hong Kong Limited (“HKSE”) published its consultation conclusion on 24 April 2018 allowing listing of pre-revenue Biotech companies, the listing application for which will be entertained as soon as next week starting 30 April 2018.
We have published a series on this consultation, please refer to our latest Legal Update of 6 March 2018. The present consultation conclusion also addresses weighted voting rights (WVR) and the new secondary listing concessionary route, which we will update you separately.
Below is a recap of which Biotech companies are eligible for a listing on HKSE pre-revenue:
Given the specialised nature of the biotech sector, the HKSE announced that it is in the process of assembling a panel of industry experts to form a Biotech Advisory Panel to assist HKSE in reviewing listing applications, including prospectus disclosure and assessing the suitability (including sustainability) of the applicants. The Panel is advisory in nature only and members will be consulted (by the HKSE, the Listing Committee and/or the Securities and Futures Commission, as appropriate) on an individual and “as needed” basis.