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Pre-revenue Biotech Firms Can Apply to List in Hong Kong JC Legal Publishes Guide to Listing Requirements

09-18-2018 02:20 PM CET | Politics, Law & Society

Press release from: JC Legal

17 September 2018 – Biotech companies now enjoy a new mode of fundraising in Asia. Biotech companies failing to meet the prescribed financial criteria for listing in Hong Kong can also apply to list on the main board of the Hong Kong Stock Exchange (HKEx), ranked among the world’s top three stock exchanges by proceeds. The move is set to bring investments in biotech and scientific innovation to Asia, boosting biotech, medical and ancillary industries in the region. Hong Kong law firm JC Legal published an informative guide today on the highlights of listing requirements for pre-revenue biotech companies.

Hong Kong the Ideal Fundraising Hub
As an international financial centre with free capital flows and a key gateway to China, Hong Kong is an ideal fundraising hub for businesses, especially companies seeking to enter the vast Chinese market. The city enjoys ready access to a broad investor base that could lead to a more liquid and robust market. The rigorous corporate governance standards of the HKEx also ensure transparency, accountability and trust in Hong Kong listed companies. Financial services in Hong Kong are monitored by a sound regulatory regime compliant with international practices and supported by an established legal system that lays a strong foundation for companies to go public and lends confidence to investors.

Bright Prospects Ahead for Biotech
The financial criteria for listing on the HKEx main board requires that the proposed listing company meets one of three tests: the profit test, the market capitalisation/revenue test or the market capitalisation/revenue/cash flow test. With effect from 30 April 2018, the listing rules have been amended such that companies primarily engaging in the research and development, application and commercialisation of products with a medical or biological application that fail to satisfy either of the three financial tests are also eligible to apply for listing on the HKEx main board, provided that other prescribed conditions are met.

Asia is forecast to become the world’s second largest medical technology market by 2020, and the demand for drug treatments for Asia-specific cancers is immense. The amendment to the listing rules facilitates the transfer of technology and offers greater flexibility for the emerging and innovative sector to raise funds and tap into the vast market demand for better healthcare in Asia.

Read the full guide:

This guide is for information purposes only. Its contents do not constitute legal advice and should not be regarded as a substitute for detailed advice in individual cases. Transmission of this information is not intended to create, and receipt does not constitute, a lawyer-client relationship between JC Legal and the user or browser. JC Legal is not responsible for any third-party content which can be accessed through the hyperlink provided in this guide.

JC Legal is a dynamic law firm in Hong Kong covering the Asia-Pacific (Hong Kong, the Chinese mainland, Malaysia, Australia), Europe (the United Kingdom, France, Germany) and the United States. We help businesses run smarter with customised and cost-effective legal advice and solutions. Specialising in listing advisory, commercial transactions and litigation, due diligence and compliance, legal documentation as well as intellectual property management and licensing, our clientele spans from listed companies, small- and medium-sized enterprises to startups. For more information, please visit Follow us on LinkedIn and Instagram.

Lesley Cheung
JC Legal
Tel.: (852) 2608 0699
Address: 13/F, The Strand, 49 Bonham Strand, Sheung Wan, Hong Kong

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