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31 Jul 2020

Secondary listing on the Hong Kong Stock Exchange under listing rules chapter 19C 依据上市规则第19C章在香港联交所进行第二上市

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In April 2018, in an attempt to attract well-established high growth companies from emerging and innovative sectors to list on its Main Board, the Hong Kong Stock Exchange introduced a new Chapter 19C to its Listing Rules.  The new Chapter 19C offers a concessionary route for eligible companies to list, by way of a secondary listing, on the Main Board, thereby expanding its investor base.  The new Chapter 19C is one of three new chapters introduced to the Listing Rules at that time, the others being Chapter 8A (introducing weighted-voting-rights structures) and Chapter 18A (introducing pre-revenue biotech companies).

2018年4月,香港联交所推出新的上市规则第19C章,以吸引新兴及创新行业的成熟高增长公司在其主板上市。新的第19C章为符合条件的公司提供了在主板进行第二上市的渠道,从而扩大了其投资者基础。新设的第19C章是当时上市规则引入的三个新章节之一,其他章节是第8A章(引入不同投票权架构)和第18A章(引入未有收入的生物科技公司)。

At the beginning, interest in the concessionary route to secondary listing was muted, but in light of the Sino-US trade war and heightened Sino-US tensions, there has recently been a flurry of activity.  Alibaba, NetEase and JD .com have already done so, and reports in the media have indicated that others, such as Ctrip and Baidu, have already indicated an intention to do so.

最初,新设的第二上市渠道并未吸引足够的关注,但鉴于中美贸易战和中美紧张局势的加剧,近期发行人的动作越趋频繁。阿里巴巴、网易以及京东已经付诸行动,亦有媒体暗示,其他企业,例如携程和百度,也有意紧随其后。

In light of these developments, we thought this might be a good opportunity to provide a refresher as to the features and requirements of a secondary listing under Chapter 19C of the Listing Rules.

鉴于这些动态,我们借此机会对依据上市规则第19C章进行第二上市的特征和要求展开回顾。

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Michelle Chung
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Michael Mok
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