What are the ipo conditions for Hong Kong stocks? What's the difference with A shares?

Conditions and rules of IPO on the main board of Hong Kong stocks-any one of the three criteria can be met.

The first type: benefit test.

Requirements: 1. It has a business record of not less than three fiscal years, and during this period, the profit attributable to shareholders of the new applicant in the latest year is not less than HK$ 20 million, and the accumulated profit attributable to shareholders in the previous two years is not less than HK$ 30 million. The above profits should be deducted from the income or loss generated by business other than daily business;

Requirement 2. The management of at least the first three fiscal years remains unchanged;

Requirement 3. At least the ownership and control rights of the latest audited fiscal year remain unchanged;

The second type: market value/income/cash flow test

Requirements 1. Having an operating record of not less than 3 fiscal years;

Requirement 2. The management of at least the first three fiscal years remains unchanged;

Requirement 3. At least the ownership and control rights of the latest audited fiscal year remain unchanged;

Requirement 4. The market value at the time of listing is at least HK$ 2 billion;

Requirement 5. Its income in the latest audited fiscal year is at least HK$ 500 million;

Requirement 6. The total cash inflow of the business to be listed by the new applicant or its group in the first three financial years is at least HK$ 6,543.8 billion;

The third type: market value/income test

Requirements 1. Having an operating record of not less than 3 fiscal years;

Requirement 2. The management of at least the first three fiscal years remains unchanged;

Requirement 3. At least the ownership and control rights of the latest audited fiscal year remain unchanged;

Requirement 4. The market value at the time of listing is at least HK$ 4 billion;

Requirement 5. Its income in the latest audited fiscal year is at least HK$ 500 million;

The difference between A shares and A shares

First of all, the financial threshold of the A-share market is the highest, and the profit requirements of Hong Kong stocks are not as high as those of A-shares.

Secondly, in terms of marketization, A shares only involve GEM. Even if the GEM requires the number of shareholders, it is only half of that of US stocks. Hong Kong stocks have no specific requirements for the number of shareholders. The two sides have differences in this respect, but they are not very big.