On 6 May 2025, the Securities and Futures Commission (“SFC”) and The Stock Exchange of Hong Kong Limited (“the Exchange”), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (“HKEX”), jointly announced the launch of the Technology Enterprises Channel (“TECH”).[1] TECH facilitates new listing applications from Specialist Technology Companies (as defined under Chapter 18C of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”)) and Biotech Companies (as defined under Chapter 18A of the Listing Rules). The initiative provides enhanced support, a confidential filing option, and streamlined pathways for companies with weighted voting rights (“WVR”) structures.

The Technology Enterprises Channel

TECH is tailored to support Specialist Technology Companies and Biotech Companies, which are often early-stage or pre-revenue entities with unique operational and regulatory challenges. To streamline the listing process, the Exchange has introduced the following support measures: –

• Dedicated Support Team: A specialised team with expertise in Chapters 18C and 18A of the Listing Rules will assist applicants in understanding and complying with the Listing Rules as well as the regulatory requirements;
• Early Engagement: Companies may engage with the Exchange during preparatory stages to assess alignment with regulatory requirements, ensuring greater clarity and confidence;
• Eligibility Guidance: TECH offers comprehensive guidance on key criteria, including requirements for Core Products (as defined under Chapter 18A of the Listing Rules), acceptance of biotech products or clinical trials under various regulatory authorities, qualifications and independence of “sophisticated investors”, and acceptable sectors for Specialist Technology Industries (as defined in Chapter 2.5 of the Guide for New Listing Applicants (the “Guide”));
• Preliminary Case-Specific Guidance: Prospective applicants can seek preliminary guidance on specific issues arising under the Listing Rules, addressing potential challenges before formal submission.

These measures enhance efficiency and transparency, particularly for innovative-sector companies navigating complex regulatory hurdles.

Confidential Filing Option

Recognising the heightened risks associated with premature disclosure of sensitive information, such as operational strategies or proprietary technologies, the Exchange has introduced a confidential filing option for Specialist Technology Companies and Biotech Companies.

Under this option, companies listing under Chapters 18C and 18A of the Listing Rules may submit their application proofs confidentially, as outlined in Chapter 6.4 of the Guide. This measure is particularly significant for early-stage companies that have not yet commercially launched their products, as it helps mitigate risks of competitive harm and reduces market speculation during the listing process. The confidential filing option has been available for applications filed since 6 May 2025.

Support for Weighted Voting Rights Structures

The announcement includes updates to the Guide that benefit companies seeking to list with a WVR structure, which allows certain shareholders to hold shares with enhanced voting power.[2]

Specialist Technology Companies and Biotech Companies that fully meet the requirements under Chapters 18C and 18A of the Listing Rules, respectively, are presumed to have satisfied the innovative company requirements and the external validation requirement for listing with a WVR structure under Chapter 8A of the Listing Rules.[3] This presumption, detailed in Chapters 2.2, 2.3, and 2.5 of the Guide, simplifies the listing process for these companies, enabling these companies to maintain control while accessing public capital markets. However, these companies remain subject to all other applicable requirements under Chapter 8A of the Listing Rules.

Conclusion

The launch of TECH on 6 May 2025 marks a pivotal step in Hong Kong’s strategy to solidify its position as a premier hub for technology and biotech listings. By offering tailored guidance, confidential filing options, and simplified requirements for WVR structures, HKEX and the SFC have created a more accessible and supportive environment for innovative companies. This initiative not only facilitates the growth of the technology and biotech sectors but also enhances the diversity, competitiveness, and resilience of Hong Kong’s capital market, benefiting both issuers and investors. As global demand for public listings in these sectors grows, TECH positions Hong Kong as a forward-thinking hub for emerging enterprises.

Please contact our Partner Mr. Rodney Teoh for any enquiries or further information.

This news update is for information purposes only. Its content does not constitute legal advice and should not be treated as such. Stevenson, Wong & Co. will not be liable to you in respect of any special, indirect or consequential loss or damage arising from or in connection with any decision made, action or inaction taken in reliance on the information set out herein.

[1] “Joint Announcement on Launch of Technology Enterprises Channel” by HKEX dated 6 May 2025.

[2] Please refer to Chapter 8A of the Listing Rules for more details on WVR structures.

[3] Please refer to HKEX Guidance Letter HKEX-GL93-18 for more details on the requirements for listing with a WVR structure.

在培训中，徐凯怡律师聚焦银行业监管的重点领域，深入剖析了员工激励机制、“纯执行Execution-only）”商业模式、营销推广等关键环节所涉及的合规要点。她以香港金融管理局（“金管局”）和证券及期货事务监察委员会（“证监会”）的相关监管文件为依据，结合生动的案例分析，深入浅出地讲解了银行在薪酬福利、投资产品销售等方面可能存在的合规风险与漏洞，并提出了切实可行的应对策略。

与会者积极参与互动练习和现场提问环节，气氛热烈。培训结束后，学员们表示受益匪浅，对徐律师的专业讲解和实用建议给予了高度评价。

如阁下有任何查询或想了解更多详情，请联络本所合伙人徐凯怡律师。

Against the backdrop of rapid AI adoption across industries, the article explores Hong Kong’s evolving approach to AI regulation, which remains fragmented and sector-specific. Different authorities – including the Securities and Futures Commission (SFC), the Hong Kong Monetary Authority (HKMA), and the Office of the Privacy Commissioner for Personal Data (PCPD) – each impose distinct regulatory obligations, creating a complex compliance environment for businesses operating across multiple sectors.

The chapter highlights high-risk AI applications in finance, healthcare, and legal services, where the potential for bias, data misuse, and consumer harm is particularly acute. Drawing from local regulatory guidance such as the SFC’s Circular on Generative AI and the HKMA’s High-Level Principles on AI, the authors provide a clear and practical framework for risk assessment, oversight, and compliance.

The article also introduces governance tools such as the “three lines of defence” model to help businesses align innovation with accountability, and examines data privacy issues, including the use of AI in processing sensitive personal data and the growing regulatory concern around unauthorised data scraping.

In the absence of a unified AI framework, the authors encourage businesses to take a proactive and tailored approach: identifying high-risk applications, engaging with sectoral regulators, and building strong internal controls for responsible AI use.

Read the full article here: Asia Business Law Journal

Please contact our Partner Heidi Chui for any inquiries or further information.

Stevenson, Wong & Co. acted as the Hong Kong legal adviser to Dominari Securities LLC and Revere Securities, LLC (the “Joint Underwriters”), the joint underwriters of MasterBeef Group (NASDAQ: MB) (“MasterBeef Group”) in the successful listing on the Nasdaq Capital Market on 10 April 2025 (the “Nasdaq Listing”). MasterBeef Group offered a total of 2,000,000 Ordinary Shares, priced at US$4.00 per share. The aggregate gross proceeds from the Offering was US$8 million.

MasterBeef Group is a full-service restaurant group in Hong Kong, specializing in Taiwanese hotpot and Taiwanese barbecue. MasterBeef Group, through its Hong Kong Operating Subsidiaries, operates 12 restaurant outlets under the Master Beef and Anping Grill brands.

Our Partners, Mr. Hank Lo and Mr. Gordon Tsang, and Associate Mr. Ben Chan and Mr. Peter Hon, acted as the Hong Kong legal counsel for the Joint Underwriters in the Nasdaq Listing and provided comprehensive Hong Kong legal services.

Please contact Mr. Hank Lo or Mr. Gordon Tsang for any enquiries or further information about this transaction.

Top Win, through its operating subsidiary in Hong Kong, Top Win International Trading Limited, is a wholesaler engaged in trading, distribution, and retail of luxury watches of international brands. As a purveyor of fine watches, it sources luxury products directly or indirectly from authorized dealers, distributors, and brand owners, located in Europe, Japan, Singapore, and other locations. These products are sold to customers, including independent watch dealers, watch distributors, and retail buyers within the watch industry.

Our Partners, Hank Lo and Gordon Tsang, together with Associate Gary Kwok, acted as the Hong Kong legal counsel for Top Win in the Nasdaq Listing.

For enquiries or further information about this transaction, please contact Hank Lo or Gordon Tsang.

The placing agents of the further issue include Harmonia Capital Limited, CNCB Capital, Donghai International, CMBC Capital, Huaan Securities (Hong Kong), ICBC International, Pulun International, Soochow Securities (Hong Kong), Target Securities, TF International and Zhongtai International.

Weifang Guokong is mainly responsible for the construction of infrastructure and promoting the strategic economic and social development in Weifang City. The group is mainly engaged in three principal business segments: infrastructure construction, road maintenance and commodities trading.

Our team comprised our partners Hank Lo, Erica Cheng or Gordon Tsang, senior associate Anthony Wong and trainee solicitor Selina Tsang.

Please contact Hank Lo, Erica Cheng or Gordon Tsang for any enquiries or further information about this transaction.