Hong Kong launches new measures to attract more tech, bio listings
Hong Kong launched a scheme on Tuesday to offer smoother listings for tech companies on its stock exchange, as it looks to capitalize on Chinese companies' growing appetite to raise funds offshore.
The new "technology enterprises channel" will make new listings easier for specialist technology and biotechnology firms, the bourse operator and Hong Kong's Securities and Futures Commission said in a joint statement.
Under the scheme, the exchange, a unit of Hong Kong Exchanges and Clearing, will provide guidance on the eligibility and suitability for listing for prospective companies.
Applicants can confidentially file for initial public offerings, as disclosures of their operational strategies may pose heightened risk compared to other industries, the statement said.
It also allows tech firms to list with a weighted voting rights (WVR) structure, which allows companies to hold shares that carry extra voting rights, provided they meet certain requirements.
Hong Kong is the main destination for mainland Chinese firms looking to raise capital offshore, and bankers have said that mainland firms, mainly those in the tech sector, are accelerating plans to raise money offshore.
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View this post on Instagram A post shared by 粵東磁廠 Yuet Tung China Works (@yuettungchinaworks_official) Yuet Tung China's works became known for its Canton rose porcelain – a paint pigment called "xihong" or Western red. Since the 1970s, patterns have been carefully transferred and stamped onto plain white porcelain by hand instead of hand sketching each design. The porcelain is fired in the kiln, and the designs are hand-painted with a thin brush. The porcelain returns to the kiln for the colours to set with the finishing touches. 5. SOYA SAUCE Soya sauce is a staple in Hong Kong households' cooking, and only a handful of masters still make it the traditional way. Most traditional sauce makers are family-owned, and closure seems inevitable when the younger generation has no interest in taking over. View this post on Instagram A post shared by Cha Guo 茶粿 (@chaguofilm) Yuet Wo soya sauce factory in Kwu Tung village, Sheung Shui, New Territories, has been here since the 1960s and faces the threat of urban development. Currently run by its third-generation Jack Pong, he explains that the traditional way of making soya sauce takes three to six months, requiring time to sun-dry the soya beans and the natural fermentation process. Yuet Wo also makes Chinese rice wine on-site and is one of the only two rice wine makers remaining. Pong has diversified the business by making vinegar from rice wines and introducing fruit wines like lemon and plum. He is determined to keep soy sauce production on home soil and is one of the few remaining brands of soya sauce made in Hong Kong. The Kowloon Soy Company in Central Graham Street is where I always stop by for souvenirs for friends. 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