IPO Watch: The Chapter 18C Era
Analyzing HKEX listing volume, specialist tech routes, and investment banking pipeline contraction.
The SPAC Failure and 18C Pivot
Following the underwhelming performance of the HK SPAC regime, the HKEX pivoted heavily to Chapter 18C, designed for deep-tech firms. However, exorbitant valuation floors (HK$10B for pre-commercialized firms) mean only a handful of AI and quantum computing firms from the mainland can qualify.
| Listing Route | Min. Market Cap (Pre-Commercial) |
|---|---|
| Chapter 18A (Biotech) | HK$ 1.5 Billion |
| Chapter 18C (Spec Tech) | HK$ 10.0 Billion |