Corporate Finance

[Webinar] Return of China Concepts Stock


In April 2018, HKEx made new rules to broaden Hong Kong’s listing regime. As part of the reforms, HKEx added a new chapter 19C to establish a new secondary listing route for Greater China and international companies that wish to secondary list in Hong Kong. The new chapter 19C offers a new regime in addition to the pre-existing secondary listing regime under the HKEx and SFC's Joint Policy Statement ("JPS") first published in 2007.

The dual primary listing and secondary listing have become popular topics amid the pressure felt by some of the China concepts stock listed in elsewhere especially US. Depending on the location and time of the company listed on the foreign stock exchange, its revenue / profit, market capitalisation, nature of business, existence of Weighted Voting Rights (‘WVR’) and Variable Interest Entity (‘VIE’) structure, a company already listed elsewhere may have several options to list in Hong Kong. Case studies will be used to illustrate such options.

Recently, in March 2021, HKEx published a consultation paper seeking public feedback on proposals to further enhance and streamline the dual primary listing and secondary listing regimes. HKEx' proposals include, among others:

1. Combining the 19C route and the JPS route into one consolidated secondary listing regime;
2.  Non-WVR issuers seeking for secondary listing are no longer required to demonstrate that they are "innovative companies";
3.  Lowering market capitalisation requirement for non-WVR issuers seeking for secondary listing to as low as HK$3 billion; and
4.  Allowing Grandfathered Greater China Issuers and Non-Greater China Issuers with non-compliant WVR and/or VIE structures to apply directly for a dual primary listing;

While the deadline for responding to the Consultation Paper above is 31 May 2021, this seminar will include the elaboration of certain important proposals introduced by it and its implications.


By the end of this webinar, participants will be able to:

- know about various options to list in Hong Kong for companies already listed elsewhere
- know about the relationship among biotech companies, WVR companies, VIE companies, dual primary listing and secondary listing
- know about certain important proposals introduced by the HKEx' consultation paper
​- obtain a one-page chart showing the relationship among them


1. Small and Medium Enterprise (GEM)
2. Sizable companies (Rule 8.05) (Main Board)
3. Pre-profit companies
i. Mineral companies (Chapter 18) (Main Board)
ii. Project companies (Rule 8.05B(2)) (Main Board)
iii. Biotech companies (Chapter 18A) (Main Board)
- Case studies

4. WVR companies
- Case studies

5. Delist from other exchange and list in Hong Kong
- Case studies

6. Dual primary listing in Hong Kong
- Case studies

7. Subsequent delist from other exchange
- Case studies

8. Secondary listing in Hong Kong

9. Joint policy statement 2013
- Case studies

10. Chapter 19C
- Case studies


- Sponsors and IPO practitioners
- Corporate finance advisers
- Executives, senior management and company secretaries of already listed companies preparing for listing in Hong Kong
- Asset and fund managers
- Investors who are interested in returning China Concepts companies


溫國良律師專長于香港上市業務(IPO)。溫律師現時在一家香港五大IPO律師事務所擔任合夥人。從2015年至今,溫律師以保薦人及包銷商律師的身份參與超過20個香港成功上市項目。 溫律師取得英國萊斯特大學一級榮譽法律學位。溫律師分別取得香港律師資格和英國律師資格。 溫律師積極參與了香港聯交所的2018年上市改革。在諮詢期間,溫律師代表了14家投行、券商和銀行業界人士,起草并遞交了對香港聯交所諮詢文件的回應。


2021年4月28日, 星期三 (12:00下午 - 1:30下午)
第6類 - 就機構融資提供意見
Simp. Chi / 普通話
SFC:1.50, PWMA:1.50