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港交所修订《上市规则》，降低同股不同权、已于海外上市公司的上市门槛，保密递交形式扩大至所有公司
HKEX amends the Listing Rules, lowering the listing threshold for weighted voting rights and overseas-listed companies in Hong Kong, expanding the scope of confidential submission, and optimizing the application withdrawal mechanism to attract more quality companies. 每 每日经济新闻Follow·
Yesterday·1179 words (about 5 min)
AI Summary & Key Points
Summary
HKEX released the amended Listing Rules on July 24, 2024. The main points include: lowering the market value threshold for primary listing of weighted voting right companies in Hong Kong from 400 亿港元 to 200 亿港元 (or a market value of at least 60 亿港元 with audited revenue of no less than 6 亿港元 in the past year); raising the upper limit on different voting rights multiples from 10:1 to 20:1 when the market value is at least 400 亿港元, and relaxing the shareholding ratio requirement for different voting rights from not less than 10% to not less than 5% when the holding amount is at least 40 亿港元; for companies already listed overseas seeking a secondary listing in Hong Kong, the financial thresholds for weighted voting right issuers are aligned with primary listing standards, and single-class share issuers listed on a qualifying exchange and maintaining a good compliance record for two years see the market value threshold reduced from 100 亿港元 to 60 亿港元, while those with five years of good compliance have a threshold of 30 亿港元; commercialized biotech and specialized technology companies may freely choose the main board general listing process or apply under Chapter 18A/18C, no longer being forced into the general process solely due to meeting the financial eligibility under Chapter 8; all applicants may use confidential submission, no longer limited to specific applicant categories; HKEX also optimizes the application withdrawal mechanism, requiring disclosure of the names and roles of all professional institutions involved in preparing the application materials, in addition to the sponsor's name, and stating the reasons for withdrawal. The head of HKEX's listing department, Wu Jiexuan, said the amendment aims to broaden listing channels while maintaining high standards of corporate governance and investor protection, attracting more quality companies to list in Hong Kong and consolidating its position as the premier global listing destination. The text cites official announcements and statements, ensuring factual accuracy and timeliness.
Main Points
* 1. The market value threshold for primary listing of weighted voting right companies in Hong Kong has been significantly lowered.
The new rule reduces the market value requirement from 400 亿港元 to 200 亿港元, or allows application if the market value is at least 60 亿港元 and audited revenue in the past year is no less than 6 亿港元, representing a threshold reduction of 50%-80%.
* 2. Increase in the multiple limit for different voting rights and relaxation of shareholding ratio requirements.
For companies with a market value of at least 400 亿港元, the upper limit on different voting rights multiples is raised from 10:1 to 20:1; if the holding amount of different voting rights is at least 40 亿港元, the shareholding ratio requirement is lowered from not less than 10% to not less than 5%.
* 3. Financial thresholds for secondary listing of overseas-listed companies are aligned with primary listing standards.
Single-class share issuers listed on a qualifying exchange and maintaining a good compliance record for two years see the market value threshold reduced from 100 亿港元 to 60 亿港元; those with five years of good compliance have a threshold of 30 亿港元.
* 4. Confidential submission is extended to all applicants, and the application withdrawal mechanism is made more transparent.
All new applicants may submit their listing application confidentially; upon withdrawal, the names and roles of all professional institutions involved in preparing the application materials must be disclosed, together with the reasons for withdrawal, enhancing transparency.
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原创 每经记者 2026-07-24 23:55 四川
每日经济新闻（微信号：nbdnews）
记者|李旭馗
编辑|金冥羽 黄胜 易启江 校对|黄胜
《每日经济新闻》记者获悉，7月24日，港交所正式发布经修订的《上市规则》，各项提升上市机制竞争力的改革举措即日起生效。
根据新规，同股不同权公司来港主要上市的门槛大幅降低。申请人需满足以下两项财务资格标准之一：一是市值不少于200亿港元；二是市值不少于60亿港元，且在经审计的最近一个会计年度收入不少于6亿港元。此前对同股不同权公司来港上市的市值要求为不少于400亿港元，或市值不少于100亿港元且在经审计的最近一个会计年度收入不少于10亿港元。
在同股不同权公司的投票权配置方面，新规规定，若公司上市时市值不低于400亿港元，不同投票权倍数上限可提高至20：1。此前不同投票权倍数上限为10：1。经济利益方面，若同股不同权公司在上市时的不同投票权持股金额不小于40亿港元，不同投票权持股占比要求可由不小于10%放宽至不小于5%。
对于已在海外上市的公司申请来港第二上市，新规将不同投票权架构发行人的财务门槛与上述主要上市标准看齐。对于同股同权的发行人，申请人需满足以下两项财务资格标准之一：对于在合资格交易所上市、两年内保持良好合规纪录的公司，市值门槛由此前的100亿港元降至60亿港元；对于在合资格交易所或认可证券交易所上市，五年内保持良好合规纪录的公司，市值门槛需不小于30亿港元。
新规还规定，已商业化的生物科技及特专科技公司现可自由选择根据《主板上市规则》第八章的一般上市流程，或按第十八A章（生物科技）、第十八C章（特专科技）申请上市，不再像此前一样因符合第八章财务资格而被强制要求走一般流程。
值得注意的是，所有新申请人现均可以非公开形式递交上市申请，保密递交不再局限于合资格的第二上市申请人、生物科技公司及特专科技公司，或个别情况下获得豁免的申请人。
港交所同时优化了申请退回机制，在退回上市申请时，除了公开保荐人名称外，也会公开所有参与准备申请材料的专业机构名称及角色，同时注明退回原因。港交所上市规则项下的发回机制，是对招股章程披露质量存在重大瑕疵或未达标准的申请予以形式审查上的退回，并非否决其上市申请，业内俗称“打回头”，此前仅有被发回申请材料的申请人连同其保荐人会被公示在港交所官网，且不会具体注明原因。
对于此次《上市规则》的修订，港交所上市主管伍洁旋表示：“在维持高水准的企业管治和投资者保障的前提下，我们希望通过拓宽公司上市渠道，吸引更多类型的优质公司来香港上市，为投资者创造更多机遇，从而巩固香港作为全球首选上市地的地位。”
（声明：文章内容和数据仅供参考，不构成投资建议。投资者据此操作，风险自担。）
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Key Quotes
> While maintaining high standards of corporate governance and investor protection, we aim to attract more types of quality companies to list in Hong Kong by broadening listing channels, creating more opportunities for investors, thereby consolidating Hong Kong's position as the premier global listing destination.
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International News
Policy Interpretation
Hong Kong Exchange
Listing Rules
Financial Regulation
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