【推荐】CBN丨HKtoallowpreprofittechfirmstolistinMarch香港股票资讯网首页官网

频道：信用卡知识日期：2025-03-03 09:46:57 浏览：0

Hi everyone. I’m Stephanie LI.

大家好，我是主持人李莹亮。

Coming up on today’s program.

重点提要

Hong Kong will allow tech firms with no earnings, no profit to list in March, benefiting five tech sectors;

Chinese securities regulator clarifies confidentiality responsibilities for firms seeking IPOs abroad

Here’s what you need to know about China in the past 24 hours

中国经济要闻

The Hong Kong Exchanges and Clearing (HKEX) will allow tech companies with no earnings or profit to list after a rule change in March, said Christopher Hui, secretary for financial services and the treasury of HKSAR, on Sunday.

Hui said the stock exchange is rolling out a new arrangement next month to make that happen, easing profitability requirements, in a move to promote financial integration between Hong Kong and other cities in the Greater Bay Area (GBA). This will be the biggest reform of its kind since 2018 when the exchange allowed tech firms with weighted voting rights and pre-revenue biotech start-ups to seek listings.

The new rules will apply to five sectors: next-generation information technology such as cloud computing and artificial intelligence, advanced hardware like semiconductors, self-driving vehicles, and metaverse, new materials, new energy, and new food and agriculture technologies.

HKEX completed a consultation in December paving the way for a new listing regime for tech firms. It will allow pre-revenue tech firms with a valuation of at least HK$15 billion and pre-profit ones with a valuation of HK$8 billion to go public in the financial hub.

For unprofitable firms currently to be listed on the main board, they need to biotech firms who have at least HK$4 billion in valuation, with at least HK$500 million in revenue annually.

Meanwhile, Hui said the government has been discussing with authorities in the Qianhai economic zone of Shenzhen to support the international private equity funds to access the mainland market.

Hui noted 600 private equity funds have been so far registered in Hong Kong after the government introduced a new registration regime for limited partnership funds to be established here in 2020. The increasing private funds have helped boost the demand for professional financial services, Hui added.

The People's Bank of China, the country's central bank, along with four other authorities, jointly issued two statements on Thursday aiming at providing stronger financial support for the construction and development of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin and Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone.

港交所再启主板上市规则改革，提升港股吸引力。

2月26日，香港特区政府财经事务及库务局局长许正宇表示，香港交易所3月将修改主板上市规则，允许无收入、无盈利的科技公司来香港上市，这有助于香港在金融方面与大湾区联通。业内预计，未来将有更多的中小型科技公司登陆港股。

香港特区政府财政司司长陈茂波于2月22日在发表2023-2024年度特区政府财政预算案时表示，港交所将于今年第一季实施先进科技公司上市制度，拓宽发行人上市渠道。

港交所此前只允许未有收入的生物科技公司赴港上市，这一次改革意味着港交所向更多有潜力的科技公司敞开了大门，为他们提供融资平台。根据港交所目前规定，按照18A规则上市的未盈利生物科技公司，在满足年收入大于5亿港元，市值大于40亿港元的条件之后，经联交所批准可移除股票简称中的“B”标记，即等同于常规下联交所主板上市。

截至目前，科技行业上市公司是港股市场最大的行业，医疗保健和信息科技行业合计占香港市场总市值超过三分之一。

港交所行政总裁欧冠升日前在业绩说明会上表示，港交所将通过不断优化上市制度、扩张产品生态系统，为投资者带来更多的机会和流动性。同时，港交所将不断扩张全球业务、开拓合作伙伴，持续增强港交所的联通性。

为进一步吸引新经济公司赴港上市，去年10月港交所发布了有关特专科技公司新上市规则的咨询文件。建议扩大港交所现有上市制度，允许特专科技公司赴港上市。新规则将适用于五大特专科技行业的公司：新一代信息技术、先进硬件、先进材料、新能源及节能环保，以及新食品及农业技术。

咨询文件的主要建议包括，商业化收益门槛：已商业化公司的定义为经审计的最近一个会计年度特专科技业务所产生的收益至少达2.5亿港元的公司。上市时的预期最低市值：80亿港元（已商业化公司）或150亿港元（未商业化公司）。研发：所有申请人均须于上市前已从事研发至少三个会计年度，研发投资金额须占总营运开支至少15%（已商业化公司）或50%（未商业化公司）。

此外，许正宇表示，至今有600个私募基金来港注册，私募基金要进入大湾区需法律、会计等服务的支持，这可以推动香港相关专业服务的发展。他表示，会向私募基金提供资助计划及税务安排，让私募基金更容易进入大湾区。上半年会落实港币人民币双柜台，目前有十几家上市公司愿意开设，人民币和港元价格要趋同，会向发行人提供相关交易印花税宽免，细节会与内地监管机构商讨。

许正宇表示，要提升香港股市的吸引力，除了便利无收入、无盈利的科技公司来香港上市，亦要加强绿色金融科技，预算案提出要举办国际绿色科技周，会与创新及科技局商讨细节。

Moving on to regional highlights

区域观察

Total investment and trade deals signed at the this year’s China Overseas Chinese Investment Conference in Guangzhou on Saturday reached 856 and worth 1.63 trillion yuan, according to the conference. Top leaders in Guangdong and about 450 overseas Chinese entrepreneurs and representatives attended the event. Overseas Chinese investors, from 28 countries and regions involving major member states along the route of the Belt and Road Initiative and under the Regional Comprehensive Economic Partnership (RCEP), have invested or traded in all 21 prefecture-level cities of Guangdong. Enterprises invested by overseas Chinese make up more than half of the foreign-funded enterprises in Guangdong.

侨商大会达成投资贸易额超万亿

：2月24-25日，中国侨商投资（广东）大会在广州举行，约450名在海内外具有广泛影响力的侨商侨企代表和侨界人士，还有10多个国家和地区的中华总商会等具有广泛影响力的侨界商协会组织，出席了本次大会。据了解，会议期间达成投资、贸易项目856个，总金额1.63万亿元。

Greater Bay Area, Greater future

新使命，大未来

Macao residents and tourists can go mask-free in outdoor areas from Monday with masks only required when taking public transport and in medical institutions and care homes, the SAR government said Sunday. For private venues and transportation, organizers can decide - according to their own needs - whether to require masks.

澳门取消户外口罩令：

澳门特区政府26日下午宣布，27日取消户外口罩令，并放宽室内佩戴要求。澳门新型冠状病毒感染应变协调中心表示，在一般情况下，所有在室外地方逗留的人士，不再要求戴口罩；若进入医疗机构、老人和康复院舍的人士、公共交通工具的司机和乘客，仍须继续佩戴口罩；其他室内场所和交通工具，由主管实体根据当时的疫情、空气流通情况、人员数量和密度、活动性质和持续时间等因素，自行评估及决定是否要求进入场所或乘搭该交通工具的人士戴口罩。

Next on industry and company news

产业及公司新闻

Chinese shipbuilders have won all 17 new orders for pure car and truck carrier (PCTC) worldwide in January, as domestic enterprises break Japanese and South Korean monopoly of PCTC construction thanks to the nation’s booming exports in new-energy vehicles. State-owned giant China State Shipbuilding Corp (CSSC) claimed nearly 50 percent of all PCTC orders in January, achieving another breakthrough in global market share. According to data from UK-based Clarkson Research, the 17 new orders totaled a combined 510,000 deadweight tons with 152,000 parking spots.

中国船企拿下全球全部17艘PCTC订单：

今年1月，全球范围内的汽车运输船新船订单共17艘，全部落入中国船企囊中，打破了日韩等国外船企的垄断。汽车运输船建造市场的发展一定程度上得益于中国汽车出口量的持续攀升。今年1月份，PCTC新船订单共17艘、51万载重吨、15.2万车位。中国船舶集团有限公司获得了其中近50%份额，实现了全球市场份额的再突破。

Chinese NEVs maker Seres Group and telecoms giant Huawei will enhance their cooperation to reach the target of one million NEV sales by 2026. Huawei and Seres will unveil their first flagship model equipped with an advanced smart driving system based on the new platform they co-built this year, with other new models expected to be launched later, Seres said in a statement on Saturday, citing the deal signed on the same day.

华为、赛力斯深度绑定冲百万销量

：2月25日，赛力斯与华为签署联合业务深化合作协议，公布双方联合业务目标为2026年实现新能源汽车产销100万辆。根据协议，为实现上述目标，赛力斯将协同产业资源，推动新技术、材料、工艺等应用于合作车型。另外，华为终端将充分发挥包括高阶智能驾驶与鸿蒙座舱在内的智能化、数字化、用户体验设计等优势，为赛力斯提供支持。签约会上，赛力斯还透露，将推出全新平台，首款旗舰车型计划于2023年发布，将搭载高阶智能驾驶系统。

Earnings reports express

财报速递

Haidilao International Holding surged as much as 20 percent today after the Chinese hotpot chain reported a profit in 2022, after racking up huge losses in 2021, thanks to a drastic reduction in the number of poorly performing stores and other measures to improve efficiency. And this year should be even better, it said. Haidilao raked in no less than 1.3 billion yuan in net profit last year, a huge improvement on the net loss of 4.2 billion yuan logged a year earlier, the company said in a filing on Friday. But revenue slid as much as 15.8 percent to 34.6 billion yuan due to the reduced number of outlets after a spree of overaggressive expansion.

海底捞去年

扭亏为盈

：

2月24日晚间，海底捞国际控股有限公司发布业绩预告。截至2022年12月31日，海底捞年度收入预计不少于346亿元人民币，较2021年的411亿元同比减少不超过15.8%；而净利润不低于13亿元，对比上年度净亏损约41.612亿元，实现扭亏。公告中称，预期利润主要归因于“啄木鸟”计划的实施，使餐厅营运效率提高。同时自2022年6月以来，随着新冠疫情的缓和，海底捞在中国大陆及其他地区的餐厅经营表现明显好转。此外，由于注销从公开市场及以要约收购方式回购的2026年票据，海底捞获得非经常性收益3.29亿元人民币。27日，海底捞开盘拉涨，股价一度大涨近20%。

Switching gears to financial news

金融市场消息

China's top securities watchdog and related departments have revised the regulation on secret protection and archive management in the overseas listing for domestic companies to match the newly released regulation for Chinese companies' overseas securities offering and listing. Both the regulations will come into force on March 31 this year. The revised rule asks domestic enterprises to adhere to relevant laws and regulations, including those related to confidentiality, when providing and disclosing documents to securities companies, accounting firms, and other securities service agencies and regulatory agencies, during the process of overseas issuance and listing, according to the CSRC on Friday.

境外上市信息安全责任进一步明确：

据证监会2月24日消息，证监会联合财政部、国家保密局、国家档案局形成了《关于加强境内企业境外发行证券和上市相关保密和档案管理工作的规定》，自2023年3月31日起配套《境内企业境外发行证券和上市管理试行办法》同步施行。根据《规定》，境内企业境外发行上市过程中向证券公司、会计师事务所等证券服务机构以及境外监管机构提供、披露，或者通过其境外上市主体等提供、披露文件资料时，须遵守保密等相关法律法规。境内企业向有关证券公司、证券服务机构提供文件、资料时，就提供的涉密敏感信息具体情况须提供书面说明，证券公司、证券服务机构妥善保存上述书面说明以备查。

China's local governments issued bonds worth 625.8 billion yuan in January 2023, according to the Ministry of Finance on Monday. Of the total, special bond issuance came in at 491.2 billion yuan in this period, while the issuance of general bonds amounted to 134.6 billion yuan. By the end of January, China's outstanding local government debts stood at around 35.7 trillion yuan.

1月全国发行新增债券6258亿元：

财政部网站2月27日发布2023年1月地方政府债券发行和债务余额情况。2023年1月，全国发行新增债券6258亿元，其中一般债券1346亿元、专项债券4912亿元。全国发行再融资债券177亿元，其中一般债券103亿元、专项债券74亿元。截至2023年1月末，全国地方政府债务余额357018亿元。

Wrapping up with a quick look at the stock market

股市收盘情况

Chinese stocks fell on Monday with the benchmark Shanghai Composite losing 0.3 percent and the Shenzhen Component down 0.7 percent. Hong Kong’s Hang Seng index also ended on the back foot by 0.3 percent, while the TECH index dipped 0.5 percent.

A股走弱、恒指失守2万点：

周一A股午后震荡走弱，创业板指一度跌超1%。截至收盘，沪指跌0.28%，深成指跌0.73%，创业板指跌0.79%。两市全天成交额7536亿元，北向资金净卖出19.19亿元。港股午后低位盘整，恒指收跌0.33%，失守2万点，恒生科技指数跌0.52%。

Biz Word of the Day

财经词汇划重点

The

PCTC (Pure Car and Truck Carrier)

is a purpose-built vessel for the transportation of different types of rolling cargo, such as new private cars and trucks, heavy construction equipment, and other heavy loads. The vessels are usually configured with 10-13 decks for the loading of different vehicle types; axle loads varying between 1.2 tons and over 22 tons.

汽车运输船(PCTC

)

是专门设计用以装运汽车、卡车或滚装货物的专用船舶，因此船与岸都无需装卸设备，而且滚装的装卸方式，具有速度快、货运质量高等优势和特点，因此世界上的轿车运输广泛应用汽车船。货舱设10-13层车辆甲板，主要用于装运包括乘用车、卡车、工程机械在内的各型车辆。