A share structure allowed under Chapter 8A of the Main Board Listing Rules for qualifying new applicants, where some shares carry more voting power than ordinary shares. A new applicant must have a market capitalisation of at least HK$20 billion at listing, or at least HK$6 billion plus revenue of at least HK$600 million for the most recent audited financial year (rule 8A.06); non-WVR shareholders must be able to cast at least 10% of the votes (rule 8A.09); and voting power per share is capped at 10 times ordinary shares, or 20 times where market capitalisation at listing is at least HK$40 billion (rule 8A.10). Basis: rules 8A.06, 8A.09 and 8A.10.
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 "Weighted Voting Rights (WVR)" 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.
