Our inaugural report on Hong Kong-listed Specialist Technology Companies (defined by the Stock Exchange of Hong Kong (HKEX) as high-tech and new economy companies within five acceptable sectors: (i) next-generation information technology, (ii) advanced hardware and software, (iii) advanced materials, (iv) new energy and environmental protection and (v) new food and agriculture technologies) analyzes and traces these companies through the Chapter 18C listing regime.
The HKEX created a bespoke, dedicated listing pathway in 2023 to address the needs of these firms that are generally still engaged in research and development and sometimes operating at a pre-commercialization stage.
The report — our latest exploration of prominent opportunities in Asia's international capital markets — provides a comprehensive overview of the market and examines key data points and corporate governance practices for the 27 companies that listed as of September 30, 2026.
Some of our findings include the following:
- Listings of Specialist Technology Companies increased 280% in 2026 over the listing volume in 2025.
- The aggregate market capitalization of the first 27 Hong Kong-listed Specialist Technology Companies at IPO was approximately US$52 billion.
- Most of the companies are operating in the fields of next-generation information technology and advanced hardware and software.
- Of those 27 companies, 23 are incorporated in the People’s Republic of China, headquartered predominantly in Beijing, Shanghai and Shenzhen. Four of the companies are incorporated in Cayman Islands.
- The companies listed on average 10.3 years after founding and conducted an average of 8.6 rounds of pre-IPO investment.
- Average gross proceeds per offering were approximately US$199 million.
- Eight of the 13 companies listed during the first six months of 2026 were trading above their IPO price at the end of Q3, and the total market capitalization of these 13 companies grew an average of 23.5%.
This memorandum is provided by Skadden, Arps, Slate, Meagher & Flom LLP and its affiliates for educational and informational purposes only and is not intended and should not be construed as legal advice. This memorandum is considered advertising under applicable state laws.