Under the new listing regime which allows pre-revenue biotech firms to list on the Main Board of Hong Kong Exchange and Clearing Limited (HKEX), the city is one step closer to becoming an international hub for biotechnology.
With the new Chapter 18A of the HKEX’s Main Board Listing Rules came into effect in April this year, biotech and life-science companies that are yet to record revenues or meet the usual financial eligibility tests can apply to list on the Main Board under strict regulations of the HKEX. The broadened listing regime will no doubt attract early-stage biotech firms seeking to hit the market.
While the research and development process of biotech products could be lengthy and capital-consuming, it is never too early for start-ups to begin taking a healthy dose of good corporate governance as a safeguard for their investors.
To spread the probity messages to the industry, ICAC’s Hong Kong Business Ethics Development Centre (HKBEDC) introduced Hong Kong’s anti-corruption laws and the importance of ethical business practices to about 100 representatives from the biotech field at the 2018 Hong Kong Biotech Horizons: Annual Global Biotech Summit.
The HKBEDC shared with these biotech firms, ranging from start-ups to those planning to list in Hong Kong, useful resources including “Starting-Up Right!” Corruption Prevention Kit for Start-ups & SMEs and “Compliance and Beyond” Training Package on Business Ethics for Listed Companies.
To find out more about HKBEDC’s services and resources on ethical management, biotechs are welcome to contact the HKBEDC at 2587-9812 or hkbedc@crd.icac.org.hk.
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