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HK to allow big tech firms to raise funds post revenue

Hong Kong's Securities and Futures Commission (SFC) will soon give its go-ahead for Hong Kong Exchanges and Clearing Limited (HKEX) to seek public feedback for setting up a listing regime for unprofitable or pre-revenue big tech companies. The regulators have made the biggest tweaks to their listing rules in four years to help the local bourse reclaim its pole position in hosting initial public offerings (IPOs), allowing big tech companies to raise funds even before they earn a single dollar. The reform, announced in February by Financial Secretary Paul Chan Mo-po, is aimed at putting some buzz back into a market where more than 170 companies have filed their IPO plans, but are awaiting the opportune condition to kick off their fundraising. Chan also wanted to provide a funding avenue for big tech companies that need to invest heavily in their research and development.

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