Specialist Technology Listings (Chapter 18C): Eligibility Deep Dive

Chapter 18C, effective March 2023, introduced a dedicated listing track for Specialist Technology Companies — defined as companies primarily engaged in the research, development and commercialisation of products and/or services that apply science and/or technology within an accepted industry sector. Eligible sectors include next-generation information technology, advanced hardware, advanced materials, new energy and environmental protection, new food and agriculture technologies. The eligibility threshold is bifurcated: Commercialised Companies (revenue above HK$250 million) must have market cap of at least HK$6 billion, while Pre-Commercial Companies (below the revenue threshold) must have market cap of at least HK$10 billion. Both categories require the company to have been in operation for at least three financial years under substantially the same management, and to have received investment from at least two sophisticated independent investors at least 12 months before the listing application. Chapter 18C fills a gap between Chapter 8 (which requires traditional financial tests) and Chapter 18A (limited to biotech), providing a route for deep tech companies in sectors like quantum computing, advanced semiconductors, and fusion energy that require significant capital before commercialisation.