Our reporter Xie Ruolin

Trainee journalist Mao Yirong

After more than three yearsShambalacasinonodepositbonuscodes2022, GEM (Growth Enterprise MarketShambalacasinonodepositbonuscodes2022, Hong Kong gem) restart IPO.

On May 24, Uber Holdings announced that it planned to sell 1.Shambalacasinonodepositbonuscodes2022.2.5 billion shares, which are expected to be listed on June 3. If the listing goes well, it will be the first company in Hong Kong GEM to pass the hearing and list in more than three years.

According to the official website of the Hong Kong Stock Exchange, at present, in addition to Uber Holdings, which has passed the hearing that it is about to be listed, there are also two companies that have submitted applications for GEM listing: Yuanjian Technology Holdings and Guangdong Jixin National Control Test, which submitted their IPO applications on December 8 last year and March 27 this year respectively.

Attract more high-quality enterprises to list in Hong Kong

According to SkyEye, Uber Holdings has submitted its Hong Kong shares five times between 2022 and 2024. If the listing is successful, Uber Holdings will become the first company in Hong Kong to successfully list on GEM after the GEM reform.

It is reported that as companies listed on GEM are generally small and medium-sized companies, compared with Hong Kong main board listed companies, may face investment risks and secondary market liquidity and other pressure.

HKEx has launched GEM reforms in recent years to support the listing and financing of high-quality small and medium-sized enterprises. On December 15 last year, HKEx published a consultation summary on the consultation document on the listing reform of GEM. On January 1 this year, the listing rules of GEM came into effect.

From the point of view of the listing rules after the GEM reform, the simplified turnaround mechanism has been re-introduced, and qualified GEM issuers have transferred to the motherboard without re-appointing sponsors, etc.; adding the listing standard of "market capitalization / earnings / R & D testing" to support high-growth enterprises engaged in R & D activities; shortening the lock-up period for controlling shareholders to 12 months after listing Abolish the mandatory release of quarterly results, and other ongoing responsibilities are consistent with those of the motherboard issuer.

With the promotion of GEM reform, it is expected to inject new vitality into the Hong Kong stock market, which is expected to attract more companies from emerging industries to choose to list on the Hong Kong growth Enterprise Market.

As of May 24, there were 324 GEM-listed companies on the HKEx, raising an average of HK $73.9 million, according to Wind. According to the Hang Seng industry, most enterprises come from the real estate construction industry, raw materials industry, industry, information technology industry, health care industry, and so on.

It is worth noting that Youbo Holdings and Yuanyuan Technology Holdings all belong to the semiconductor industry chain enterprises. According to public data, Uber Holdings is a manufacturer of semiconductor transmission media engaged in precision manufacturing of engineering plastic castings, and its income mainly comes from the sales of pallets and pallet-related products. Yuanyuan Technology Holdings is an one-stop precision engineering service provider for drawing production, specializing in complex precision machining and precision welding services for international companies in semiconductor and other industries.

Hong Kong stock IPO market is expected to pick up

Since last year, the IPO market of Hong Kong stocks has fallen to a "freezing point" and the listing of new shares has been weak. The Deloitte report shows that the performance of the Hong Kong IPO market is weak in 2023, with both the number of new shares and the amount of financing falling sharply compared with 2022.

The Hong Kong IPO market has continued to slow this year, picking up since March. According to Wind statistics, 18 companies have been listed during the year as of May 24. From the situation that has submitted IPO applications, there are more than 100, including many well-known enterprises such as old shop gold, Cao Cao travel, China Resources beverage and so on.

From a policy point of view, on April 19 this year, the China Securities Regulatory Commission issued five capital market cooperation measures with Hong Kong. Including measures such as supporting leading mainland enterprises to list in Hong Kong and supporting the inclusion of RMB stock trading counters in the Hong Kong Stock Connect, to further expand and optimize the Shanghai, Shenzhen-Hong Kong Stock Connect mechanism, help Hong Kong consolidate and enhance its status as an international financial center, and jointly promote the coordinated development of the capital markets of the two places. In this context, the Hong Kong stock IPO market is expected to rebound.

"the Hong Kong stock market IPO has been very hot from 2018 to 2021, with a large number of IPO, large amount of financing, and a large number of super-large IPO, and there is a boom in the listing of New economy companies, especially in the health care and technology industries." Chen Gang, co-director of Eddard's financial research department, told the Securities Daily.

In terms of industry, HKEx still has considerable attraction to companies in the biotechnology sector. From the perspective of the prospective IPO enterprises waiting for hearing, there are more than 10 pharmaceutical and biotechnology enterprises and more than 10 health care equipment and service enterprises. In addition, there are a large number of enterprises in the fields of artificial intelligence, new consumption and new energy.

Looking to the future, Liu Bowei, co-head of China Investment Bank at JPMorgan Chase, said that the IPO issue requires a lot of preparatory work and a long time. If there is a large Hong Kong stock IPO project and the future performance is satisfactory, it will be of great help to boost the overall market atmosphere. In addition, judging from the current situation, it is confident that the Hong Kong stock IPO market in the second half of the year will be better than the first half of the year.