In this comprehensive session, we explore the Chapter 18A regime introduced in 2018 that allows pre-revenue biotech companies to list on the Main Board without meeting the usual profit or revenue tests. The presentation covers the rapid growth of China’s biotech sector, the evolution of the HKEX biotech listing framework, detailed eligibility and suitability criteria (including Core Product requirements, sophisticated investor investment, minimum market capitalisation of HK$1.5 billion, enhanced working capital rules, and intellectual property ownership), listing document disclosure obligations, and the additional continuing obligations that apply post-listing. Recent developments such as the TECH consultation channel, confidential filing option, inclusion in Stock Connect, and updates to public float requirements are also discussed. Whether you are a biotech company considering an HKEX listing, an investor evaluating Chapter 18A stocks, or a legal professional advising on biotech IPOs, this webinar provides practical guidance and the latest regulatory insights from one of Hong Kong’s most experienced IPO lawyers. Watch the full recording to understand exactly what it takes for a pre-revenue biotech company to successfully list in Hong Kong today. #HKEX #BiotechListing #Chapter18A #PreRevenueBiotech #HongKongIPO #BiotechIPO #HKStockExchange Timecodes: 0:00 China’s Biotech Boom and Capital Markets Context 2:00 HKEX Chapter 18A — Why and How It Started 3:33 Market Impact and Stock Connect Inclusion 5:10 TECH Channel and Confidential Filing Reforms 7:02 Eligibility Framework and Scope of Chapter 18A 8:45 Defining Biotech and Core Product Suitability 10:29 Clinical and Regulatory Milestones — Drugs and Devices 13:37 Accepting Non-Competent Authority Trials — A Case Study 19:06 R&D Focus, Use of Proceeds, and IP Ownership 23:36 Sophisticated Investors and “Meaningful” Investment 25:34 Key 18A Eligibility: Market Capitalisation, Track Record, and Working Capital 29:02 Public Float — Initial and Ongoing Requirements 32:17 Existing Shareholders’ IPO Participation 35:26 Retail Allocation and Practice Note 18 37:21 Listing Document — Reduced Track Record and Core Disclosures 40:42 Disclosure Standards — Clarity, Balance, and Investor Protection 44:10 Summary, Risk Factors, and Industry Overview Requirements 47:38 Competitive Landscape and History & Development 49:24 Business Model, Clinical Data, and Licensing Terms 54:31 Commercialisation, Manufacturing, ESG, and IP Safeguards 56:24 Financial Information — Revenue, Burn Rate, and Funding Outlook 57:59 Continuing Obligations, Transactions, and Identification 59:47 Fundamental Change Restrictions and Delisting Framework 1:01:25 Transition Out of 18A Constraints and Closing Charltons Law Firm: https://www.charltonslaw.com/ Julia Charlton: https://www.charltonslaw.com/the-firm/people-culture/team-profile/julia-charlton/ Don’t forget to follow our social media: LinkedIn: https://linkedin.com/company/2995759/ Facebook: https://facebook.com/charltons Instagram: https://instagram.com/charltonslaw/ Youtube: https://www.youtube.com/@charltons-law Rumble: https://rumble.com/c/c-1647355
