Hong Kong exchange proposes looser IPO rules for tech companies as profit falls

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Hong Kong -Hong Kong's bourse operator said there were signs of new momentum in the initial public offering market as it posted a 30 per cent drop in third-quarter profit on Wednesday, beating analyst expectations for a steeper fall. Hong Kong Exchanges and Clearing Ltd (HKEX) also said it had launched a two-mon

th consultation to make it easier for tech specialist companies to float in the market, hoping to revive falling listing revenue.

Profit attributable to shareholders slumped to HK$2.26 billion from HK$3.25 billion in the same period last year, beating analysts' estimate of HK$2.22 billion. The bourse's proposed new listing rules would apply to companies in industries including next-generation information technology, advanced hardware, advanced materials, new energy and environmental protection, and new food and agriculture technologies, HKEX said in a statement.

The relaxed regime comes weeks after Washington imposed a sweeping set of export controls aimed at cutting China off from certain semiconductors made anywhere in the world with U.S. equipment.

 

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