Main Board
- Minimum market capitalisation
- USD 64m
- Minimum free float
- 25%
- Track record
- 3 years
- Profit required
- No
- Minimum shareholders
- 300
- Lock-up
- 12 months
Rule 8.05 - one of three tests, each with a 3-year trading record, management continuity for 3 years and ownership continuity for the latest year: (1) profit test - profit attributable to shareholders at least HK$35m in the latest year and HK$45m in aggregate for the two preceding years (HK$80m total), market cap at least HK$500m (approx. USD 64m, Rule 8.09); (2) market cap HK$2bn + revenue HK$500m + operating cash flow HK$100m over 3 years; (3) market cap HK$4bn + revenue HK$500m (shorter record may be accepted, Rule 8.05A). Initial public float since 4 Aug 2025 is tiered by market value of the class: up to HK$6bn - 25%; HK$6-30bn - higher of 15% or HK$1.5bn; over HK$30bn - higher of 10% or HK$4.5bn. New initial free float: 10% with value HK$50m, or HK$600m in value. At least 300 shareholders; top 3 public holders max 50% of public shares. Controlling shareholders (Rule 10.07): no disposals for 6 months after listing, and for the next 6 months no disposal that would make them cease to be controlling. Specialist routes: Ch. 18A biotech, Ch. 18C specialist technology, Ch. 8A WVR.