Chapter 18A of the Main Board Listing Rules, a listing route for biotech companies that cannot meet the profit, market cap/revenue/cash flow or market cap/revenue tests of rule 8.05. It requires an initial market capitalisation of at least HK$1.5 billion at listing, at least two financial years in its current line of business under substantially the same management, and working capital covering at least 125% of the group's costs (including R&D) for at least 12 months. Basis: rule 18A.03.
The links above lead to official sources such as HKEX and the SFC. The explanation on this site summarises them and may differ from the official definition; the official documents prevail.
This page explains the HK IPO term "Chapter 18A Biotech" and links to related terms. Definitions are compiled from HKEX Practice Note 18 and the Listing Rules, for understanding subscription rules only — not investment advice.
