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Zoe SL Chan

Hong Kong aims to adjust listing rules to grab a share of initial public offerings by mainland China’s space companies, in line with Beijing’s priorities and heightened activity in the sector following the blockbuster June listing by Elon Musk’s SpaceX.
That could lead to more head-to-head competition between the Hong Kong stock exchange and the Shanghai Stock Exchange, which is now drawing a majority of applications, including commercial space launch providers and reusable rocket makers CAS Space and Landspace Technology.
The objective was revealed on Wednesday in the annual policy address by Hong Kong Chief Executive John Lee Ka-chiu, who said that bourse operator Hong Kong Exchanges and Clearing (HKEX) would, in the first half of next year, launch a consultation on revising Chapter 18C of the city’s listing rules to court space-related IPOs.
The move aimed “to attract enterprises in emerging industries such as aerospace to raise capital in Hong Kong, consolidating our position as a financing hub for new economy enterprises”, Lee said.
The consultation would include a review of the market capitalisation threshold, Lee added.
Introduced in 2023, Chapter 18C defines special listing rules for companies in five technology sectors, placing commercial aerospace under advanced hardware and software. Eligible space activities under Chapter 18C include spacecraft development, space exploration and space-based communication and services.
The bourse operator introduced a three-year temporary reduction in Chapter 18C’s minimum market valuation requirements in August 2024.
Effective through August 31, 2027, the modification lowers the valuation threshold for pre-revenue companies to HK$8 billion (US$1.02 billion) from HK$10 billion and reduces the requirement for firms with at least HK$250 million in annual revenue to HK$4 billion from HK$6 billion.
The consultation should ease requirements for research and development milestones, commercialisation and disclosure standards, given the long investment cycle and heavy capital needs of aerospace technology, said Edward Au Chun-hing, a managing partner at Deloitte China.


“Authorities could lower the shareholding or investment ratio threshold for ‘Sophisticated Independent Investors’ and broaden the categories of recognised senior investors to help the market conduct reasonable valuation and validation,” he added.
Lee also said the Securities and Futures Commission would begin consultation on streamlining prospectus disclosure requirements in 2027. This would facilitate Hong Kong listings by quality overseas enterprises by further reducing compliance and financing costs for technology companies, he said.
Earlier on Wednesday, Hong Kong released its first five-year plan to align with Beijing’s 15th five-year plan. The national framework set a clear goal of making China a strong aerospace nation.
Excitement in advance of the US$75 billion Nasdaq listing of SpaceX sparked a space-technology boom in capital markets.
The Shanghai Stock Exchange allowed pre-revenue rocket makers onto its Nasdaq-style Star Market last year, drawing many companies into the queue.
Hong Kong has attracted some peripheral firms. Aerospace-related tool manufacturer Shanghai Top Numerical Control Technology was listed in May, and Adaspace Technology – which is focused on building AI computing facilities in space – also chose the city for its listing destination.
As of the end of August, funds raised through IPOs in Hong Kong topped HK$340 billion, surpassing last year’s total. However, the SpaceX listing put Nasdaq above the city’s exchange in the global ranking of IPO venues.
In a statement on Wednesday, HKEX chairman Carlson Tong said the bourse operator was looking forward to working closely with the Hong Kong government and other stakeholders to deliver on the government’s strategic priorities and “bolster the city’s position as a premier gateway for capital, opportunities and ideas between China and the world”.


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Exchange will examine listing-rule changes to attract space IPOs in alignment with Beijing’s prioritisation of space technology


Exchange will examine listing-rule changes to attract space IPOs in alignment with Beijing’s prioritisation of space technology.


Hong Kong to support rocket, satellite IPOs as SpaceX-led sector takes off

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Exchange will examine listing-rule changes to attract space IPOs in alignment with Beijing’s prioritisation of space technology

Exchange will examine listing-rule changes to attract space IPOs in alignment with Beijing’s prioritisation of space technology